Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.07%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.32%
baseline attrition
Rally response
+0.68%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VUGVanguard Growth ETF | $542M | 6.5% | — | 5.5 yr |
| VTVVanguard Value ETF | $347M | 4.2% | — | 10.5 yr |
| VIGVanguard Dividend Apprec | $347M | 4.2% | — | 10.5 yr |
| VEAVanguard FTSE Developed | $343M | 4.1% | — | 8.8 yr |
| IEFAiShares Core MSCI EAFE E | $319M | 3.8% | — | 10.5 yr |
| STIPiShares 0-5 Year TIPS Bo | $253M | 3.0% | — | 9.3 yr |
| AVDVAvantis International Sm | $219M | 2.6% | — | 3.8 yr |
| AAPLApple Inc. | $195M | 2.3% | +14.7% | 10.5 yr |
| DFACDimensional - US Core Eq | $188M | 2.3% | — | 5.0 yr |
| IJRiShares Core S&P Small-C | $175M | 2.1% | — | 10.0 yr |
| IVViShares Core S&P 500 ETF | $159M | 1.9% | — | 10.5 yr |
| DFAUDimensional - US Core Eq | $145M | 1.7% | — | 4.5 yr |
| MSFTMicrosoft Corporation | $140M | 1.7% | -0.6% | 10.5 yr |
| IUSViShares Core S&P U.S. Va | $121M | 1.5% | — | 6.3 yr |
| DFIVDimensional - Internatio | $118M | 1.4% | — | 4.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management71.8%+2.8pp$5.98B
Asset Management - Bonds3.3%-0.3pp$273M
Semiconductors3.1%+1.0pp$260M
Consumer Electronics2.3%-0.3pp$195M
Software - Infrastructure2.0%-0.4pp$167M
Drug Manufacturers - General1.9%-0.0pp$160M
Internet Content & Information1.5%+0.5pp$128M
Specialty Retail1.1%-0.1pp$89M
Home Improvement1.0%-0.3pp$84M
Banks - Diversified1.0%-0.0pp$79M
Country
US97.9%-0.2pp
TW1.0%+0.4pp
CA0.3%+0.1pp
NL0.2%+0.1pp
DK0.1%-0.2pp
Unknown0.1%+0.1pp
IE0.1%-0.0pp
GB0.1%-0.2pp
Top 5: 22.8% · Top 10: 35.2% · Top 25: 55.3%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| AVGO | $68M | +0.06B | 86.0% |
| GOOG | $57M | +0.05B | 84.3% |
| TSM | $45M | +0.05B | 105.6% |
| AAPL | $191M | +0.03B | 14.7% |
| MSFT | $153M | -0.00B | -0.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $153M | -0.00B | -0.6% |
Top buys this quarter · 15
| RH Rh | +$2M |
| NEE NextEra Energy, Inc. | +$1M |
| ABBV AbbVie Inc. | +$1M |
| MRK Merck & Co., Inc. | +$1M |
| FND Floor & Decor Holdings, Inc. | +$1M |
| RTX RTX Corporation | +$1M |
| MCD McDonald's Corporation | +$1M |
| XOM Exxon Mobil Corporation | +$0M |
| PEP PepsiCo, Inc. | +$0M |
| UNP Union Pacific Corporation | +$0M |
Top sells this quarter · 15
| AAPL Apple Inc. | −$11M |
| GOOG Alphabet Inc. | −$10M |
| AVGO Broadcom Inc. | −$7M |
| LOW Lowe's Companies, Inc. | −$5M |
| HD The Home Depot, Inc. | −$4M |
| MSFT Microsoft Corporation | −$4M |
| HBAN Huntington Bancshares Incorpor | −$3M |
| JNJ Johnson & Johnson | −$46M |
| TSM Taiwan Semiconductor Manufactu | −$78M |
| AMGN Amgen Inc. | −$34M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $8.33B | 632 | +20.59% | +17.59% | +3.00% | +0.07B |
| 2025-12-31 | $8.62B | 640 | +23.38% | +17.72% | +5.66% | -0.28B |
| 2025-09-30 | $8.61B | 642 | +27.69% | +17.52% | +10.17% | -0.38B |
| 2025-06-30 | $8.06B | 643 | +20.17% | +14.94% | +5.23% | +0.00B |
| 2025-03-31 | $7.37B | 604 | +13.26% | +8.30% | +4.96% | -0.72B |
| 2024-12-31 | $8.26B | 608 | +25.22% | +24.89% | +0.34% | -0.13B |
| 2024-09-30 | $7.84B | 602 | +29.70% | +36.04% | -6.34% | +0.73B |
| 2024-06-30 | $6.77B | 572 | +19.50% | +24.49% | -4.99% | +0.03B |
| 2024-03-31 | $6.55B | 568 | +23.30% | +29.62% | -6.32% | +0.02B |
| 2023-12-31 | $6.03B | 523 | +24.02% | +26.18% | -2.15% | -1.24B |
| 2023-09-30 | $6.56B | 638 | +17.74% | +21.57% | -3.83% | +1.25B |
| 2023-06-30 | $5.49B | 562 | +16.39% | +19.42% | -3.04% | +2.77B |
| 2023-03-31 | $2.56B | 357 | -3.67% | -7.82% | +4.15% | -0.10B |
| 2022-12-31 | $2.44B | 347 | -15.63% | -18.17% | +2.54% | +0.38B |
| 2022-09-30 | $1.96B | 310 | -10.96% | -15.51% | +4.55% | -0.03B |
| 2022-06-30 | $2.08B | 331 | -6.33% | -10.62% | +4.29% | +0.13B |