Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-21.30%
trims when stocks drop
when a holding falls −10%+
Middle response
-20.93%
baseline attrition
Rally response
-25.03%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IVViShares Core S&P 500 ETF | $5.94B | 52.1% | — | 1.5 yr |
| SPYState Street SPDR S&P 50 | $4.01B | 35.1% | +17.6% | 7.5 yr |
| CWANClearwater Analytics Hol | $63M | 0.6% | -11.8% | 0.8 yr |
| NVDANVIDIA Corporation | $59M | 0.5% | +60.9% | 5.5 yr |
| FOLDAmicus Therapeutics, Inc | $46M | 0.4% | +77.2% | 1.0 yr |
| — | $43M | 0.4% | — | 0.3 yr |
| LBRDKLiberty Broadband Corpor | $42M | 0.4% | — | 2.8 yr |
| NSCNorfolk Southern Corpora | $42M | 0.4% | +23.6% | 2.0 yr |
| KVUEKenvue Inc. | $39M | 0.3% | -25.0% | 0.5 yr |
| SEESealed Air Corporation | $39M | 0.3% | +48.7% | 0.5 yr |
| VOOVanguard S&P 500 ETF | $39M | 0.3% | — | 1.3 yr |
| FXIiShares China Large-Cap | $37M | 0.3% | — | 6.8 yr |
| HOLXHologic, Inc. | $35M | 0.3% | +22.4% | 2.0 yr |
| AESThe AES Corporation | $35M | 0.3% | +19.9% | 1.5 yr |
| GTLSChart Industries, Inc. | $34M | 0.3% | +43.2% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management89.0%+11.3pp$10.15B
Semiconductors1.0%-5.0pp$119M
Software - Application1.0%-3.0pp$116M
Unknown0.8%+0.6pp$87M
Software - Infrastructure0.6%+0.2pp$72M
Medical - Devices0.5%+0.5pp$60M
Biotechnology0.5%+0.5pp$60M
Entertainment0.4%+0.3pp$45M
Railroads0.4%+0.4pp$44M
Telecommunications Services0.4%-0.6pp$43M
Country
US98.5%-0.2pp
Unknown0.8%+0.6pp
GB0.2%-0.3pp
CN0.2%+0.1pp
BM0.1%+0.1pp
CA0.1%+0.1pp
TW0.1%-0.1pp
IL0.0%
Top 5: 88.7% · Top 10: 90.5% · Top 25: 94.3%
Top buys this quarter · 15
| SPY State Street SPDR S&P 500 ETF | +$323M |
| CWAN Clearwater Analytics Holdings, | +$60M |
| FOLD Amicus Therapeutics, Inc. | +$46M |
| AES The AES Corporation | +$35M |
| PEN Penumbra, Inc. | +$33M |
| NSC Norfolk Southern Corporation | +$27M |
| GTLS Chart Industries, Inc. | +$27M |
| OS OneStream, Inc. Class A Commonnew | +$26M |
| MASI Masimo Corporation | +$25M |
| KVUE Kenvue Inc. | +$22M |
Top sells this quarter · 15
| UNH UnitedHealth Group Incorporate | −$260M |
| BABA Alibaba Group Holding Limited | −$167M |
| IBM International Business Machine | −$165M |
| UBER Uber Technologies, Inc. | −$163M |
| XOM Exxon Mobil Corporation | −$135M |
| CAT Caterpillar Inc. | −$119M |
| DELL Dell Technologies Inc.exit | −$114M |
| QCOM QUALCOMM Incorporated | −$82M |
| COIN Coinbase Global, Inc. | −$74M |
| PYPL PayPal Holdings, Inc. | −$73M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $11.41B | 408 | +29.25% | +17.59% | +11.66% | -3.07B |
| 2025-12-31 | $15.38B | 314 | +29.91% | +17.72% | +12.20% | +2.74B |
| 2025-09-30 | $13.42B | 308 | +42.95% | +17.52% | +25.44% | +3.14B |
| 2025-06-30 | $8.14B | 248 | +16.35% | +14.94% | +1.41% | -7.50B |
| 2025-03-31 | $13.54B | 374 | +5.26% | +8.30% | -3.04% | -0.29B |
| 2024-12-31 | $14.62B | 239 | +27.14% | +24.89% | +2.25% | +6.35B |
| 2024-09-30 | $7.98B | 284 | +37.90% | +36.04% | +1.86% | -1.21B |
| 2024-06-30 | $8.94B | 282 | +36.79% | +24.49% | +12.30% | +5.85B |
| 2024-03-31 | $2.95B | 367 | +40.02% | +29.62% | +10.39% | +1.14B |
| 2023-12-31 | $1.59B | 224 | +31.38% | +26.18% | +5.21% | -0.14B |
| 2023-09-30 | $1.53B | 311 | +24.25% | +21.57% | +2.68% | +0.69B |
| 2023-06-30 | $831M | 262 | +15.07% | +19.42% | -4.35% | -0.40B |
| 2023-03-31 | $1.15B | 368 | -11.16% | -7.82% | -3.34% | +0.12B |
| 2022-12-31 | $965M | 421 | -20.94% | -18.17% | -2.77% | +0.10B |
| 2022-09-30 | $814M | 294 | -17.42% | -15.51% | -1.91% | +0.14B |
| 2022-06-30 | $712M | 95 | -12.00% | -10.62% | -1.38% | +0.41B |