Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-17.28%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.89%
baseline attrition
Rally response
-3.75%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IWBiShares Russell 1000 ETF | $585M | 10.9% | — | 9.8 yr |
| IJHiShares Core S&P Mid-Cap | $559M | 10.4% | — | 9.5 yr |
| IWMiShares Russell 2000 ETF | $398M | 7.4% | — | 9.8 yr |
| USMViShares MSCI USA Min Vol | $393M | 7.3% | — | 2.8 yr |
| VWOVanguard FTSE Emerging M | $380M | 7.1% | — | 9.8 yr |
| SPYState Street SPDR S&P 50 | $341M | 6.4% | +17.6% | 4.3 yr |
| IJRiShares Core S&P Small-C | $306M | 5.7% | — | 6.3 yr |
| VOOVanguard S&P 500 ETF | $153M | 2.8% | — | 9.0 yr |
| INDAiShares MSCI India ETF | $146M | 2.7% | — | 6.8 yr |
| VVVanguard Large-Cap ETF | $133M | 2.5% | — | 9.8 yr |
| DFACDimensional - US Core Eq | $129M | 2.4% | — | 2.8 yr |
| VNQVanguard Real Estate ETF | $124M | 2.3% | — | 9.8 yr |
| VOVanguard Mid-Cap ETF | $121M | 2.3% | — | 9.8 yr |
| VBVanguard Small-Cap ETF | $92M | 1.7% | — | 9.8 yr |
| IWRiShares Russell Mid-Cap | $75M | 1.4% | — | 9.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management88.0%+1.8pp$4.72B
Oil & Gas Midstream6.0%-1.4pp$320M
Unknown1.0%+0.6pp$56M
Oil & Gas Exploration & Production0.8%+0.0pp$41M
Semiconductors0.4%+0.1pp$22M
Hardware, Equipment & Parts0.4%+0.2pp$20M
Internet Content & Information0.3%-0.1pp$15M
Drug Manufacturers - General0.3%+0.0pp$15M
Engineering & Construction0.2%+0.1pp$11M
Asset Management - Bonds0.2%-0.1pp$11M
Country
US97.0%-0.6pp
Unknown1.0%+0.6pp
CA1.0%-0.1pp
TW0.2%+0.1pp
GB0.2%+0.0pp
SG0.1%-0.0pp
CH0.1%+0.0pp
IE0.1%+0.0pp
Top 5: 43.2% · Top 10: 63.3% · Top 25: 83.9%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| SPY | $298M | +0.05B | 17.6% |
| LNG | $43M | +0.01B | 23.8% |
| TRGP | $33M | +0.01B | 28.0% |
| ET | $39M | +0.00B | 12.1% |
| NEXT | $36M | -0.00B | -1.5% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NEXT | $36M | -0.00B | -1.5% |
Top buys this quarter · 15
| SPY State Street SPDR S&P 500 ETF | +$37M |
| NEXT NextDecade Corporation | +$4M |
| AA Alcoa Corporation | +$3M |
| STT State Street Corporation | +$3M |
| WWD Woodward, Inc.new | +$2M |
| CVE Cenovus Energy Inc.new | +$2M |
| IBKR Interactive Brokers Group, Incnew | +$2M |
| B Barrick Mining Corporation | +$2M |
| ROST Ross Stores, Inc. | +$2M |
| WES Western Midstream Partners, LP | +$1M |
Top sells this quarter · 15
| LLY Eli Lilly and Company | −$34M |
| STX Seagate Technology Holdings pl | −$21M |
| LNG Cheniere Energy, Inc. | −$32M |
| SPOT Spotify Technology S.A. | −$9M |
| TRGP Targa Resources Corp. | −$32M |
| HIG The Hartford Financial Service | −$5M |
| AMZN Amazon.com, Inc. | −$5M |
| AXP American Express Company | −$4M |
| TDG TransDigm Group Incorporated | −$3M |
| EXPE Expedia Group, Inc.exit | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $5.36B | 355 | +21.57% | +17.59% | +3.98% | +0.02B |
| 2025-12-31 | $4.85B | 367 | +10.26% | +17.72% | -7.46% | -0.10B |
| 2025-09-30 | $4.94B | 433 | +18.16% | +17.52% | +0.64% | -0.19B |
| 2025-06-30 | $4.93B | 442 | +19.71% | +14.94% | +4.77% | -0.23B |
| 2025-03-31 | $4.86B | 412 | +18.48% | +8.30% | +10.18% | +0.20B |
| 2024-12-31 | $4.67B | 509 | +32.90% | +24.89% | +8.02% | -0.07B |
| 2024-09-30 | $4.42B | 533 | +34.75% | +36.04% | -1.29% | -0.12B |
| 2024-06-30 | $4.31B | 391 | +23.89% | +24.49% | -0.60% | -0.03B |
| 2024-03-31 | $4.13B | 384 | +27.69% | +29.62% | -1.94% | -0.01B |
| 2023-12-31 | $3.70B | 349 | +18.32% | +26.18% | -7.86% | -0.17B |
| 2023-09-30 | $3.55B | 396 | +16.90% | +21.57% | -4.67% | +0.24B |
| 2023-06-30 | $3.42B | 329 | +20.86% | +19.42% | +1.43% | -0.12B |
| 2023-03-31 | $3.27B | 313 | -2.43% | -7.82% | +5.39% | +0.08B |
| 2022-12-31 | $3.07B | 314 | +7.54% | +7.56% | -0.02% | +0.23B |
| 2022-09-30 | $2.65B | 327 | +0.08% | -4.93% | +5.00% | +0.26B |
| 2022-06-30 | $2.38B | 336 | -12.58% | -16.11% | +3.53% | +0.36B |