Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-7.24%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.97%
baseline attrition
Rally response
+5.75%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AVGOBroadcom Inc. | $25.99B | 6.1% | +86.0% | 8.3 yr |
| MSFTMicrosoft Corporation | $20.29B | 4.8% | -0.6% | 10.5 yr |
| NVDANVIDIA Corporation | $17.03B | 4.0% | +60.9% | 5.5 yr |
| GOOGAlphabet Inc. | $13.14B | 3.1% | +84.3% | 10.5 yr |
| PMPhilip Morris Internatio | $12.03B | 2.8% | +7.9% | 10.5 yr |
| METAMeta Platforms, Inc. | $10.17B | 2.4% | -0.4% | 8.3 yr |
| AAPLApple Inc. | $9.21B | 2.2% | +14.7% | 10.5 yr |
| AMZNAmazon.com, Inc. | $9.15B | 2.2% | +9.5% | 10.5 yr |
| GOOGLAlphabet Inc. | $7.32B | 1.7% | — | 10.5 yr |
| VVisa Inc. | $7.17B | 1.7% | -13.1% | 10.5 yr |
| WELLWelltower Inc. | $7.08B | 1.7% | +31.2% | 3.5 yr |
| RCLRoyal Caribbean Cruises | $6.89B | 1.6% | +35.9% | 8.8 yr |
| AZNAstraZeneca PLC | $6.72B | 1.6% | +36.2% | 0.3 yr |
| TDGTransDigm Group Incorpor | $6.37B | 1.5% | -10.5% | 10.5 yr |
| SHOPShopify Inc. | $5.93B | 1.4% | +24.2% | 6.3 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors13.7%+3.3pp$58.39B
Internet Content & Information7.3%+0.5pp$31.13B
Software - Infrastructure5.6%-0.7pp$23.70B
Aerospace & Defense5.5%-0.5pp$23.38B
Drug Manufacturers - General4.5%+0.2pp$19.24B
Software - Application4.0%+0.3pp$17.06B
Tobacco3.5%+0.1pp$14.88B
Specialty Retail3.3%-0.1pp$13.81B
Financial - Credit Services3.1%-0.4pp$13.32B
Asset Management2.9%+0.3pp$12.13B
Country
US85.6%-3.4pp
CA3.3%+1.4pp
GB3.0%+1.8pp
Unknown1.6%-0.5pp
FR1.1%+1.1pp
IE1.0%-0.0pp
TW0.9%+0.1pp
UY0.7%+0.0pp
Top 5: 20.8% · Top 10: 31.0% · Top 25: 49.8%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$6.78B |
| NET Cloudflare, Inc. | +$2.23B |
| COST Costco Wholesale Corporation | +$2.10B |
| APH Amphenol Corporation | +$1.47B |
| TMO Thermo Fisher Scientific Inc. | +$1.46B |
| SHOP Shopify Inc. | +$5.93B |
| MSTR Strategy Inc | +$1.35B |
| HCA HCA Healthcare, Inc. | +$1.34B |
| PWR Quanta Services, Inc.new | +$1.24B |
| CDNS Cadence Design Systems, Inc.new | +$1.10B |
Top sells this quarter · 15
| AVGO Broadcom Inc. | −$17.90B |
| GOOG Alphabet Inc. | −$11.02B |
| MSFT Microsoft Corporation | −$9.90B |
| AAPL Apple Inc. | −$9.02B |
| GE GE Aerospace | −$6.43B |
| AMZN Amazon.com, Inc. | −$5.34B |
| TSM Taiwan Semiconductor Manufactu | −$4.85B |
| PM Philip Morris International In | −$4.73B |
| META Meta Platforms, Inc. | −$4.54B |
| MU Micron Technology, Inc. | −$4.43B |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $424.78B | 434 | +18.77% | +17.59% | +1.18% | -177.90B |
| 2025-12-31 | $636.30B | 449 | +20.99% | +17.72% | +3.27% | +3.80B |
| 2025-09-30 | $617.62B | 444 | +21.78% | +17.52% | +4.27% | -0.89B |
| 2025-06-30 | $579.43B | 439 | +22.47% | +14.94% | +7.52% | -2.99B |
| 2025-03-31 | $507.73B | 438 | +8.34% | +8.30% | +0.04% | -5.21B |
| 2024-12-31 | $531.63B | 450 | +23.59% | +24.89% | -1.30% | -4.80B |
| 2024-09-30 | $520.40B | 435 | +35.15% | +36.04% | -0.88% | -0.54B |
| 2024-06-30 | $485.30B | 436 | +22.25% | +24.49% | -2.24% | -15.87B |
| 2024-03-31 | $493.84B | 429 | +28.63% | +29.62% | -0.99% | +3.06B |
| 2023-12-31 | $445.92B | 434 | +22.24% | +26.18% | -3.94% | +2.11B |
| 2023-09-30 | $393.69B | 431 | +18.47% | +21.57% | -3.09% | -8.52B |
| 2023-06-30 | $414.27B | 433 | +15.22% | +19.42% | -4.20% | -0.82B |
| 2023-03-31 | $388.71B | 436 | -7.21% | -7.82% | +0.61% | -0.92B |
| 2022-12-31 | $372.54B | 425 | -15.38% | -18.17% | +2.80% | -2.03B |
| 2022-09-30 | $342.83B | 432 | -13.97% | -15.51% | +1.53% | -4.32B |
| 2022-06-30 | $367.64B | 436 | -8.38% | -10.62% | +2.24% | -9.55B |