Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.91%
trims when stocks drop
when a holding falls −10%+
Middle response
-7.06%
baseline attrition
Rally response
-8.33%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $316M | 4.4% | — | 0.3 yr |
| DBDeutsche Bank AG | $222M | 3.1% | +28.4% | 2.3 yr |
| AVGOBroadcom Inc. | $192M | 2.7% | +86.0% | 3.3 yr |
| GOOGLAlphabet Inc. | $184M | 2.6% | — | 5.0 yr |
| — | $177M | 2.5% | — | 0.5 yr |
| TSMTaiwan Semiconductor Man | $176M | 2.5% | +105.6% | 5.0 yr |
| VVisa Inc. | $142M | 2.0% | -13.1% | 5.0 yr |
| SPOTSpotify Technology S.A. | $134M | 1.9% | -11.8% | 4.0 yr |
| TMOThermo Fisher Scientific | $128M | 1.8% | -0.9% | 5.0 yr |
| ISRGIntuitive Surgical, Inc. | $122M | 1.7% | -6.9% | 5.0 yr |
| MAMastercard Incorporated | $116M | 1.6% | -8.5% | 5.0 yr |
| BKNGBooking Holdings Inc. | $114M | 1.6% | -96.3% | 3.0 yr |
| SCHWThe Charles Schwab Corpo | $113M | 1.6% | +21.5% | 5.0 yr |
| ALCAlcon Inc. | $113M | 1.6% | -20.3% | 1.3 yr |
| NDAQNasdaq, Inc. | $110M | 1.5% | +13.3% | 5.0 yr |
Portfolio composition (YoY)
Industry mix
Unknown17.8%+4.0pp$1.27B
Semiconductors10.7%+6.3pp$762M
Medical - Diagnostics & Research6.2%-0.7pp$443M
Software - Application5.7%-8.1pp$407M
Internet Content & Information5.6%+1.8pp$399M
Software - Infrastructure4.2%-3.4pp$303M
Medical - Instruments & Supplies4.2%+0.8pp$299M
Financial - Credit Services3.8%-2.4pp$272M
Banks - Regional3.3%+3.2pp$234M
Medical - Devices3.2%-3.4pp$226M
Country
US65.7%-17.7pp
Unknown17.8%+4.0pp
DE3.1%
CH3.1%
TW2.5%+1.9pp
LU1.9%
GB0.9%+0.5pp
FR0.8%
Top 5: 15.3% · Top 10: 25.2% · Top 25: 47.6%
Top buys this quarter · 15
| TSM Taiwan Semiconductor Manufactu | +$121M |
| AVGO Broadcom Inc. | +$113M |
| EXC Exelon Corporation | +$98M |
| WAT Waters Corporation | +$87M |
| ARM Arm Holdings plc American Depo | +$31M |
| CAT Caterpillar Inc.new | +$18M |
| MPWR Monolithic Power Systems, Inc. | +$18M |
| IR Ingersoll Rand Inc. | +$16M |
| BDX Becton, Dickinson and Company | +$101M |
| IDXX IDEXX Laboratories, Inc. | +$100M |
Top sells this quarter · 15
| MSFT Microsoft Corporation | −$128M |
| MASI Masimo Corporation | −$108M |
| FERG Ferguson plc | −$78M |
| PCTY Paylocity Holding Corporation | −$65M |
| CDNS Cadence Design Systems, Inc. | −$55M |
| TMO Thermo Fisher Scientific Inc. | −$51M |
| ECL Ecolab Inc. | −$34M |
| PTC PTC Inc. | −$33M |
| DELL Dell Technologies Inc. | −$28M |
| BABA Alibaba Group Holding Limited | −$20M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $7.13B | 249 | +6.19% | +17.59% | -11.40% | +1.08B |
| 2025-12-31 | $6.74B | 204 | +13.56% | +17.72% | -4.16% | -0.37B |
| 2025-09-30 | $7.11B | 216 | +14.98% | +17.52% | -2.54% | -0.11B |
| 2025-06-30 | $6.99B | 198 | +18.17% | +14.94% | +3.23% | -0.35B |
| 2025-03-31 | $6.40B | 210 | +0.74% | +8.30% | -7.56% | -0.22B |
| 2024-12-31 | $6.90B | 212 | +15.03% | +24.89% | -9.86% | -0.18B |
| 2024-09-30 | $6.99B | 218 | +32.23% | +36.04% | -3.81% | -0.48B |
| 2024-06-30 | $7.04B | 219 | +17.11% | +24.49% | -7.38% | +0.04B |
| 2024-03-31 | $7.17B | 193 | +30.74% | +29.62% | +1.12% | -0.38B |
| 2023-12-31 | $6.89B | 193 | +28.50% | +26.18% | +2.32% | -0.39B |
| 2023-09-30 | $6.26B | 191 | +18.45% | +21.57% | -3.12% | -0.28B |
| 2023-06-30 | $6.95B | 203 | +20.65% | +19.42% | +1.23% | -0.29B |
| 2023-03-31 | $6.64B | 186 | -10.54% | -7.82% | -2.72% | +0.60B |
| 2022-12-31 | $5.61B | 181 | +7.22% | +7.56% | -0.34% | -0.94B |
| 2022-09-30 | $6.11B | 240 | -4.20% | -4.93% | +0.73% | -0.69B |
| 2022-06-30 | $7.10B | 249 | -19.18% | -16.11% | -3.07% | +0.92B |