Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.56%
adds when stocks drop
when a holding falls −10%+
Middle response
+3.00%
steady accumulation
Rally response
+0.79%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VUGVanguard Growth ETF | $960M | 10.5% | — | 9.5 yr |
| VEAVanguard FTSE Developed | $936M | 10.2% | — | 9.3 yr |
| AGGiShares Core U.S. Aggreg | $858M | 9.4% | — | 7.8 yr |
| VTVVanguard Value ETF | $673M | 7.4% | — | 9.5 yr |
| VGSHVanguard Short-Term Trea | $299M | 3.3% | — | 4.3 yr |
| MUBiShares National Muni Bo | $247M | 2.7% | — | 9.5 yr |
| VWOVanguard FTSE Emerging M | $244M | 2.7% | — | 6.0 yr |
| VTEBVanguard Tax-Exempt Bond | $212M | 2.3% | — | 7.5 yr |
| AAPLApple Inc. | $200M | 2.2% | +14.7% | 9.5 yr |
| CNEQAlger Concentrated Equit | $156M | 1.7% | — | 0.8 yr |
| MSFTMicrosoft Corporation | $156M | 1.7% | -0.6% | 9.5 yr |
| JPMJPMorgan Chase & Co. | $115M | 1.3% | +21.8% | 9.3 yr |
| IVViShares Core S&P 500 ETF | $114M | 1.2% | — | 9.5 yr |
| VBRVanguard Small-Cap Value | $114M | 1.2% | — | 7.0 yr |
| VBKVanguard Small-Cap Growt | $111M | 1.2% | — | 9.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management64.7%-3.4pp$5.91B
Asset Management - Leveraged3.4%+2.3pp$307M
Semiconductors3.1%+1.1pp$285M
Drug Manufacturers - General2.8%-0.2pp$252M
Software - Infrastructure2.6%+0.4pp$239M
Consumer Electronics2.2%+0.1pp$200M
Internet Content & Information1.8%+0.8pp$163M
Banks - Diversified1.7%-0.1pp$155M
Financial - Credit Services1.2%+0.3pp$114M
Discount Stores1.1%-0.0pp$97M
Country
US97.4%-0.4pp
GB0.6%+0.0pp
NL0.5%+0.3pp
TW0.3%+0.2pp
CH0.3%-0.0pp
IE0.3%-0.1pp
CA0.2%+0.1pp
ES0.1%-0.0pp
Top 5: 40.8% · Top 10: 52.4% · Top 25: 67.0%
Top buys this quarter · 15
| AXP American Express Company | +$14M |
| V Visa Inc. | +$10M |
| AZN AstraZeneca PLCnew | +$8M |
| HD The Home Depot, Inc. | +$7M |
| NUE Nucor Corporation | +$5M |
| XOM Exxon Mobil Corporation | +$5M |
| SPY State Street SPDR S&P 500 ETF | +$96M |
| MSFT Microsoft Corporation | +$156M |
| NEE NextEra Energy, Inc. | +$3M |
| TMO Thermo Fisher Scientific Inc. | +$3M |
Top sells this quarter · 15
| JCI Johnson Controls International | −$25M |
| ORLY O'Reilly Automotive, Inc. | −$13M |
| CL Colgate-Palmolive Company | −$13M |
| ALL The Allstate Corporation | −$12M |
| META Meta Platforms, Inc. | −$9M |
| SPGI S&P Global Inc. | −$8M |
| ACN Accenture plc | −$8M |
| AVGO Broadcom Inc. | −$8M |
| CAT Caterpillar Inc. | −$63M |
| ASML ASML Holding N.V. | −$40M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $9.14B | 615 | +15.41% | +17.59% | -2.18% | +0.21B |
| 2025-12-31 | $9.15B | 599 | +16.29% | +17.72% | -1.43% | +0.12B |
| 2025-09-30 | $8.80B | 602 | +13.78% | +17.52% | -3.73% | +0.20B |
| 2025-06-30 | $7.99B | 584 | +12.37% | +14.94% | -2.57% | -0.51B |
| 2025-03-31 | $7.93B | 539 | +7.35% | +8.30% | -0.96% | -0.04B |
| 2024-12-31 | $8.11B | 555 | +18.13% | +24.89% | -6.75% | +0.08B |
| 2024-09-30 | $8.01B | 557 | +29.60% | +36.04% | -6.43% | -0.05B |
| 2024-06-30 | $7.58B | 540 | +23.60% | +24.49% | -0.89% | -0.03B |
| 2024-03-31 | $7.43B | 532 | +30.60% | +29.62% | +0.98% | -0.15B |
| 2023-12-31 | $7.01B | 514 | +29.45% | +26.18% | +3.27% | +1.97B |
| 2023-09-30 | $4.58B | 371 | +27.36% | +21.57% | +5.79% | +0.12B |
| 2023-06-30 | $4.40B | 323 | +18.89% | +19.42% | -0.54% | +0.06B |
| 2023-03-31 | $4.00B | 253 | -6.22% | -7.82% | +1.60% | -0.14B |
| 2022-12-31 | $3.86B | 256 | -16.54% | -18.17% | +1.63% | +2.33B |
| 2022-09-30 | $1.42B | 239 | -14.39% | -15.51% | +1.12% | +0.02B |
| 2022-06-30 | $1.48B | 237 | -9.02% | -10.62% | +1.60% | +0.18B |