Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-7.98%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.05%
baseline attrition
Rally response
-7.17%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPLGSPDR Portfolio S&P 500 E | $321M | 5.2% | — | 8.5 yr |
| GLDMSPDR Gold MiniShares Tru | $151M | 2.4% | — | 4.3 yr |
| NVDANVIDIA Corporation | $129M | 2.1% | +60.9% | 9.8 yr |
| AMZNAmazon.com, Inc. | $128M | 2.1% | +9.5% | 10.5 yr |
| AAPLApple Inc. | $125M | 2.0% | +14.7% | 10.5 yr |
| AVDEAvantis International Eq | $120M | 1.9% | — | 1.5 yr |
| MSFTMicrosoft Corporation | $118M | 1.9% | -0.6% | 10.5 yr |
| GOOGAlphabet Inc. | $105M | 1.7% | +84.3% | 10.5 yr |
| SPDWState Street SPDR Portfo | $103M | 1.7% | — | 8.5 yr |
| SPABState Street SPDR Portfo | $95M | 1.5% | — | 8.5 yr |
| — | $94M | 1.5% | — | 0.8 yr |
| AVEMAvantis Emerging Markets | $92M | 1.5% | — | 2.8 yr |
| RECSColumbia Research Enhanc | $90M | 1.5% | — | 1.3 yr |
| METAMeta Platforms, Inc. | $81M | 1.3% | -0.4% | 10.5 yr |
| XFIVBondBloxx Bloomberg Five | $73M | 1.2% | — | 2.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management37.5%-0.8pp$2.32B
Semiconductors4.6%+1.8pp$288M
Asset Management - Bonds4.6%-2.5pp$287M
Unknown3.9%+3.3pp$241M
Internet Content & Information3.4%+0.3pp$210M
Banks - Diversified2.9%+1.2pp$177M
Software - Infrastructure2.8%-0.5pp$174M
Medical - Devices2.4%-0.6pp$148M
Specialty Retail2.4%+0.1pp$147M
Financial - Capital Markets2.2%+0.4pp$139M
Country
US90.4%-6.4pp
Unknown3.9%+3.3pp
IE1.5%+0.0pp
GB1.2%+1.1pp
CA0.9%+0.3pp
NL0.4%+0.4pp
JP0.4%+0.4pp
SG0.2%
Top 5: 13.8% · Top 10: 22.5% · Top 25: 39.4%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$21M |
| EQNR Equinor ASA | +$8M |
| MSFT Microsoft Corporation | +$118M |
| SBS Companhia de Saneamento Básic | +$6M |
| SKM SK Telecom Co.,Ltdnew | +$6M |
| VOD Vodafone Group Public Limited | +$5M |
| AER AerCap Holdings N.V.new | +$5M |
| KB KB Financial Group Inc. | +$5M |
| IHG InterContinental Hotels Group new | +$5M |
| MUFG Mitsubishi UFJ Financial Group | +$5M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $6.20B | 418 | +16.41% | +17.59% | -1.18% | +0.25B |
| 2025-12-31 | $6.06B | 339 | +14.82% | +17.72% | -2.90% | +0.18B |
| 2025-09-30 | $5.76B | 365 | +14.21% | +17.52% | -3.30% | +0.14B |
| 2025-06-30 | $5.24B | 354 | +13.94% | +14.94% | -1.00% | +0.11B |
| 2025-03-31 | $4.74B | 316 | +4.82% | +8.30% | -3.49% | +0.17B |
| 2024-12-31 | $4.72B | 294 | +16.18% | +24.89% | -8.71% | +0.03B |
| 2024-09-30 | $4.62B | 295 | +28.74% | +36.04% | -7.30% | +0.04B |
| 2024-06-30 | $4.28B | 1356 | +15.28% | +24.49% | -9.21% | +0.15B |
| 2024-03-31 | $4.13B | 1185 | +21.73% | +29.62% | -7.89% | -0.11B |
| 2023-12-31 | $3.95B | 1807 | +18.88% | +26.18% | -7.29% | -0.12B |
| 2023-09-30 | $3.62B | 1788 | +12.56% | +21.57% | -9.00% | +0.06B |
| 2023-06-30 | $3.71B | 1759 | +12.89% | +19.42% | -6.54% | -0.05B |
| 2023-03-31 | $3.57B | 1496 | -7.84% | -7.82% | -0.02% | +0.26B |
| 2022-12-31 | $3.15B | 1489 | -16.06% | -18.17% | +2.11% | -0.32B |
| 2022-09-30 | $3.27B | 1324 | -12.37% | -15.51% | +3.14% | -0.02B |
| 2022-06-30 | $3.42B | 1197 | -8.37% | -10.62% | +2.25% | +0.08B |