Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-7.79%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.26%
baseline attrition
Rally response
-29.12%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MSFTMicrosoft Corporation | $536M | 2.1% | -0.6% | 7.0 yr |
| AAPLApple Inc. | $367M | 1.5% | +14.7% | 6.3 yr |
| COSTCostco Wholesale Corpora | $284M | 1.1% | +5.9% | 6.8 yr |
| TSLATesla, Inc. | $246M | 1.0% | +43.4% | 5.0 yr |
| MUMicron Technology, Inc. | $238M | 1.0% | +289.6% | 5.0 yr |
| GOOGLAlphabet Inc. | $233M | 0.9% | — | 5.3 yr |
| ADPAutomatic Data Processin | $222M | 0.9% | -31.8% | 5.5 yr |
| EAElectronic Arts Inc. | $212M | 0.9% | +41.7% | 6.5 yr |
| GEVGE Vernova Inc. | $209M | 0.8% | +186.8% | 1.8 yr |
| SOFISoFi Technologies, Inc. | $201M | 0.8% | +36.5% | 2.0 yr |
| PFEPfizer Inc. | $196M | 0.8% | +18.8% | 5.8 yr |
| VVisa Inc. | $195M | 0.8% | -13.1% | 4.8 yr |
| MMCMarsh & McLennan Compani | $189M | 0.8% | — | 6.5 yr |
| VICIVICI Properties Inc. | $180M | 0.7% | -11.1% | 5.0 yr |
| TJXThe TJX Companies, Inc. | $178M | 0.7% | +32.7% | 6.5 yr |
Portfolio composition (YoY)
Industry mix
Software - Application4.8%+0.8pp$1.20B
Semiconductors4.6%+1.4pp$1.15B
Software - Infrastructure3.4%-0.1pp$851M
Banks - Regional2.9%+0.1pp$731M
Industrial - Machinery2.9%+0.1pp$726M
Asset Management2.7%-0.9pp$684M
Oil & Gas Exploration & Production2.7%+0.9pp$664M
Hardware, Equipment & Parts2.5%+1.6pp$625M
Financial - Credit Services2.3%-0.2pp$579M
Banks - Diversified2.2%+1.2pp$539M
Country
US82.3%-0.2pp
CA3.7%-0.1pp
IE2.5%+0.9pp
GB1.8%+0.1pp
CN1.1%-0.4pp
BM1.1%+0.9pp
NL0.9%+0.1pp
CH0.9%+0.6pp
Top 5: 6.7% · Top 10: 11.0% · Top 25: 20.7%
Top buys this quarter · 15
| AAPL Apple Inc. | +$298M |
| TSLA Tesla, Inc. | +$234M |
| MSFT Microsoft Corporation | +$179M |
| EQT EQT Corporation | +$154M |
| ADP Automatic Data Processing, Inc | +$145M |
| C Citigroup Inc. | +$144M |
| V Visa Inc. | +$138M |
| MU Micron Technology, Inc. | +$137M |
| NOW ServiceNow, Inc. | +$122M |
| TJX The TJX Companies, Inc. | +$113M |
Top sells this quarter · 15
| COST Costco Wholesale Corporation | −$540M |
| NFLX Netflix, Inc. | −$510M |
| AVGO Broadcom Inc. | −$279M |
| PLTR Palantir Technologies Inc. | −$261M |
| AMZN Amazon.com, Inc. | −$259M |
| MSI Motorola Solutions, Inc.exit | −$246M |
| ABNB Airbnb, Inc. | −$216M |
| DE Deere & Company | −$188M |
| T AT&T Inc.exit | −$187M |
| MA Mastercard Incorporated | −$185M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $24.95B | 974 | +22.24% | +17.59% | +4.65% | -3.65B |
| 2025-12-31 | $28.43B | 1108 | +18.63% | +17.72% | +0.92% | -2.07B |
| 2025-09-30 | $29.70B | 1150 | +17.06% | +17.52% | -0.46% | +0.46B |
| 2025-06-30 | $27.09B | 1129 | +17.85% | +14.94% | +2.91% | -2.51B |
| 2025-03-31 | $27.01B | 1144 | +6.53% | +8.30% | -1.77% | -0.57B |
| 2024-12-31 | $28.24B | 1146 | +16.60% | +24.89% | -8.29% | +0.47B |
| 2024-09-30 | $27.41B | 1130 | +27.12% | +36.04% | -8.92% | -1.74B |
| 2024-06-30 | $26.83B | 1179 | +10.59% | +24.49% | -13.90% | -0.27B |
| 2024-03-31 | $27.36B | 1114 | +18.12% | +29.62% | -11.51% | +0.26B |
| 2023-12-31 | $25.35B | 1119 | +20.51% | +26.18% | -5.67% | +2.97B |
| 2023-09-30 | $20.26B | 1339 | +12.84% | +21.57% | -8.72% | +0.24B |
| 2023-06-30 | $21.18B | 1324 | +14.91% | +19.42% | -4.51% | -0.10B |
| 2023-03-31 | $20.11B | 1325 | -12.47% | -7.82% | -4.65% | +0.56B |
| 2022-12-31 | $17.93B | 1394 | -21.58% | -18.17% | -3.41% | -1.24B |
| 2022-09-30 | $18.53B | 1361 | -2.41% | -15.51% | +13.10% | -0.07B |
| 2022-06-30 | $19.32B | 1397 | -19.39% | -16.11% | -3.28% | +5.12B |