Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+7.46%
adds when stocks drop
when a holding falls −10%+
Middle response
-4.17%
baseline attrition
Rally response
-15.45%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VNOVornado Realty Trust | $152M | 24.4% | -28.2% | 2.8 yr |
| EWJiShares MSCI Japan ETF | $96M | 15.5% | — | 3.0 yr |
| COINCoinbase Global, Inc. | $52M | 8.3% | +1.4% | 5.0 yr |
| TSMTaiwan Semiconductor Man | $36M | 5.8% | +105.6% | 2.8 yr |
| INDAiShares MSCI India ETF | $19M | 3.1% | — | 0.3 yr |
| AMZNAmazon.com, Inc. | $19M | 3.0% | +9.5% | 10.8 yr |
| TMOThermo Fisher Scientific | $18M | 3.0% | -0.9% | 2.0 yr |
| AAPLApple Inc. | $18M | 3.0% | +14.7% | 10.8 yr |
| NVDANVIDIA Corporation | $18M | 2.9% | +60.9% | 3.0 yr |
| BRK-BBerkshire Hathaway Inc. | $18M | 2.8% | — | 10.0 yr |
| MSFTMicrosoft Corporation | $18M | 2.8% | -0.6% | 10.8 yr |
| GOOGAlphabet Inc. | $17M | 2.8% | +84.3% | 10.5 yr |
| VVisa Inc. | $17M | 2.8% | -13.1% | 8.5 yr |
| SPYState Street SPDR S&P 50 | $17M | 2.7% | +17.6% | 0.5 yr |
| METAMeta Platforms, Inc. | $17M | 2.7% | -0.4% | 10.8 yr |
Portfolio composition (YoY)
Industry mix
REIT - Office24.4%-16.2pp$152M
Asset Management21.5%+10.3pp$134M
Semiconductors9.0%+0.5pp$56M
Financial - Data & Stock Exchanges8.3%+0.8pp$52M
Internet Content & Information5.6%+0.8pp$35M
Specialty Retail4.9%+1.5pp$31M
Medical - Diagnostics & Research4.4%-0.2pp$28M
Software - Infrastructure3.0%-1.2pp$19M
Consumer Electronics3.0%+2.4pp$19M
Financial - Credit Services2.9%-3.0pp$18M
Country
US91.9%-0.4pp
TW5.8%+0.8pp
UY1.8%+0.9pp
Unknown0.3%-0.3pp
IE0.1%
CA0.0%
CH0.0%
GB0.0%
Top 5: 57.0% · Top 10: 71.7% · Top 25: 93.3%
Top buys this quarter · 15
| FIS Fidelity National Information | +$11M |
| MSFT Microsoft Corporation | +$18M |
| AMZN Amazon.com, Inc. | +$2M |
| MELI MercadoLibre, Inc. | +$11M |
| INTU Intuit Inc. | +$9M |
| V Visa Inc. | +$17M |
| AAPL Apple Inc. | +$18M |
| CLH Clean Harbors, Inc.new | +$0M |
| GVA Granite Construction Incorpora | +$0M |
| WWD Woodward, Inc.new | +$0M |
Top sells this quarter · 15
| CSX CSX Corporation | −$14M |
| GWRE Guidewire Software, Inc. | −$8M |
| TSM Taiwan Semiconductor Manufactu | −$7M |
| CHTR Charter Communications, Inc. | −$6M |
| PHM PulteGroup, Inc. | −$5M |
| CASY Casey's General Stores, Inc. | −$5M |
| NVR NVR, Inc. | −$4M |
| FSLR First Solar, Inc. | −$4M |
| BPOP Popular, Inc. | −$3M |
| UTHR United Therapeutics Corporatio | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $622M | 1188 | +29.43% | +17.59% | +11.84% | +0.05B |
| 2025-12-31 | $663M | 861 | +31.17% | +17.72% | +13.46% | -0.11B |
| 2025-09-30 | $658M | 22 | +22.65% | +17.52% | +5.13% | -0.02B |
| 2025-06-30 | $629M | 23 | +33.06% | +14.94% | +18.11% | -0.00B |
| 2025-03-31 | $532M | 24 | +8.31% | +8.30% | +0.01% | +0.04B |
| 2024-12-31 | $557M | 24 | +39.02% | +24.89% | +14.14% | -0.05B |
| 2024-09-30 | $552M | 23 | +60.13% | +36.04% | +24.09% | -0.01B |
| 2024-06-30 | $481M | 24 | +44.63% | +24.49% | +20.14% | -0.02B |
| 2024-03-31 | $520M | 23 | +81.91% | +29.62% | +52.29% | +0.06B |
| 2023-12-31 | $412M | 22 | +99.37% | +26.18% | +73.19% | -0.01B |
| 2023-09-30 | $334M | 21 | +43.37% | +21.57% | +21.80% | +0.09B |
| 2023-06-30 | $228M | 23 | +18.12% | +19.42% | -1.31% | -0.01B |
| 2023-03-31 | $198M | 22 | -39.18% | -7.82% | -31.36% | -0.05B |
| 2022-12-31 | $199M | 22 | -8.98% | +7.56% | -16.54% | -0.08B |
| 2022-09-30 | $311M | 34 | -13.22% | -4.93% | -8.29% | -0.05B |
| 2022-06-30 | $411M | 35 | -37.64% | -16.11% | -21.53% | +0.06B |