Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.60%
adds when stocks drop
when a holding falls −10%+
Middle response
-2.93%
baseline attrition
Rally response
+0.94%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MSFTMicrosoft Corporation | $928M | 5.1% | -0.6% | 9.5 yr |
| GSThe Goldman Sachs Group, | $903M | 5.0% | +58.1% | 7.5 yr |
| AAPLApple Inc. | $902M | 5.0% | +14.7% | 9.3 yr |
| RTXRTX Corporation | $889M | 4.9% | +48.1% | 2.3 yr |
| JPMJPMorgan Chase & Co. | $845M | 4.7% | +21.8% | 10.0 yr |
| CATCaterpillar Inc. | $840M | 4.6% | +117.8% | 10.3 yr |
| CVXChevron Corporation | $800M | 4.4% | +29.2% | 10.3 yr |
| AXPAmerican Express Company | $795M | 4.4% | +13.3% | 8.3 yr |
| TJXThe TJX Companies, Inc. | $744M | 4.1% | +32.7% | 4.0 yr |
| HDThe Home Depot, Inc. | $720M | 4.0% | -8.0% | 10.3 yr |
| VVisa Inc. | $708M | 3.9% | -13.1% | 9.8 yr |
| CMECME Group Inc. | $676M | 3.7% | +15.6% | 7.3 yr |
| MCDMcDonald's Corporation | $665M | 3.7% | +1.8% | 9.8 yr |
| AMGNAmgen Inc. | $652M | 3.6% | +16.5% | 8.0 yr |
| IBMInternational Business M | $642M | 3.5% | -0.1% | 7.3 yr |
Portfolio composition (YoY)
Industry mix
Financial - Credit Services8.3%-1.9pp$1.50B
Drug Manufacturers - General7.1%+4.0pp$1.28B
Banks - Diversified5.4%-0.0pp$985M
Software - Infrastructure5.2%+0.6pp$946M
Aerospace & Defense5.1%+1.9pp$925M
Financial - Capital Markets5.1%-0.3pp$917M
Consumer Electronics5.0%+1.8pp$902M
Oil & Gas Integrated4.7%+1.3pp$857M
Agricultural - Machinery4.6%-0.0pp$841M
Asset Management4.6%-2.0pp$834M
Country
US90.6%-5.9pp
CA3.7%+1.4pp
IE1.9%+1.8pp
GB0.6%+0.4pp
CN0.4%+0.3pp
Unknown0.4%+0.3pp
JP0.4%+0.3pp
TW0.3%+0.2pp
Top 5: 24.6% · Top 10: 46.1% · Top 25: 87.7%
Top buys this quarter · 15
| FDX FedEx Corporation | +$380M |
| MSFT Microsoft Corporation | +$318M |
| MDT Medtronic plc | +$304M |
| NSC Norfolk Southern Corporation | +$252M |
| CVX Chevron Corporation | +$232M |
| AAPL Apple Inc. | +$156M |
| WMT Walmart Inc. | +$144M |
| AXP American Express Company | +$795M |
| AMGN Amgen Inc. | +$143M |
| JPM JPMorgan Chase & Co. | +$122M |
Top sells this quarter · 15
| META Meta Platforms, Inc. | −$431M |
| PG The Procter & Gamble Company | −$151M |
| CME CME Group Inc. | −$124M |
| CAT Caterpillar Inc. | −$763M |
| MRK Merck & Co., Inc. | −$529M |
| FAST Fastenal Company | −$30M |
| VZ Verizon Communications Inc. | −$163M |
| SONY Sony Group Corporationexit | −$8M |
| NVS Novartis AG | −$6M |
| BA The Boeing Companyexit | −$6M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $18.13B | 151 | +19.81% | +17.59% | +2.22% | +2.48B |
| 2025-12-31 | $15.45B | 155 | +21.45% | +17.72% | +3.73% | +0.82B |
| 2025-09-30 | $14.19B | 152 | +17.97% | +17.52% | +0.45% | +0.59B |
| 2025-06-30 | $12.68B | 140 | +18.96% | +14.94% | +4.02% | +0.35B |
| 2025-03-31 | $11.53B | 141 | +12.15% | +8.30% | +3.85% | +0.42B |
| 2024-12-31 | $10.81B | 133 | +18.55% | +24.89% | -6.34% | +0.08B |
| 2024-09-30 | $10.72B | 144 | +27.87% | +36.04% | -8.17% | +0.40B |
| 2024-06-30 | $9.54B | 127 | +14.83% | +24.49% | -9.66% | +0.11B |
| 2024-03-31 | $9.35B | 137 | +17.88% | +29.62% | -11.75% | -0.13B |
| 2023-12-31 | $8.73B | 137 | +7.11% | +26.18% | -19.06% | -0.05B |
| 2023-09-30 | $8.13B | 136 | +14.47% | +21.57% | -7.10% | +0.27B |
| 2023-06-30 | $8.10B | 131 | +13.08% | +19.42% | -6.35% | +0.45B |
| 2023-03-31 | $7.39B | 135 | -3.42% | -7.82% | +4.39% | +0.64B |
| 2022-12-31 | $6.84B | 104 | -6.66% | -18.17% | +11.51% | +0.51B |
| 2022-09-30 | $5.48B | 86 | -10.21% | -15.51% | +5.30% | +0.59B |
| 2022-06-30 | $5.11B | 77 | -5.82% | -10.62% | +4.80% | +0.73B |