Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.86%
adds when stocks drop
when a holding falls −10%+
Middle response
+0.77%
steady accumulation
Rally response
-2.28%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AAPLApple Inc. | $556M | 2.6% | +14.7% | 10.5 yr |
| SPLGSPDR Portfolio S&P 500 E | $382M | 1.8% | — | 7.5 yr |
| VTIVanguard Total Stock Mar | $377M | 1.8% | — | 10.3 yr |
| SPYState Street SPDR S&P 50 | $371M | 1.8% | +17.6% | 10.3 yr |
| NVDANVIDIA Corporation | $370M | 1.8% | +60.9% | 10.3 yr |
| QQQInvesco QQQ Trust, Serie | $275M | 1.3% | — | 7.5 yr |
| IVViShares Core S&P 500 ETF | $245M | 1.2% | — | 10.5 yr |
| SPTMState Street SPDR Portfo | $245M | 1.2% | — | 7.3 yr |
| MSFTMicrosoft Corporation | $236M | 1.1% | -0.6% | 10.3 yr |
| AMZNAmazon.com, Inc. | $217M | 1.0% | +9.5% | 10.3 yr |
| SPYGState Street SPDR Portfo | $214M | 1.0% | — | 9.3 yr |
| QQQMInvesco NASDAQ 100 ETF | $213M | 1.0% | — | 5.3 yr |
| VTVVanguard Value ETF | $213M | 1.0% | — | 10.5 yr |
| VUGVanguard Growth ETF | $206M | 1.0% | — | 10.5 yr |
| VOOVanguard S&P 500 ETF | $179M | 0.9% | — | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management62.7%+1.4pp$13.18B
Asset Management - Bonds4.1%-0.4pp$862M
Semiconductors3.4%+1.0pp$706M
Asset Management - Income2.7%-0.1pp$578M
Consumer Electronics2.6%-0.4pp$557M
Software - Infrastructure1.9%-0.2pp$391M
Internet Content & Information1.7%+0.3pp$357M
Drug Manufacturers - General1.6%+0.0pp$339M
Specialty Retail1.3%-0.2pp$265M
Oil & Gas Integrated0.9%+0.1pp$191M
Country
US97.6%-0.5pp
CA0.6%-0.0pp
Unknown0.4%+0.2pp
IE0.3%-0.0pp
GB0.3%+0.0pp
TW0.2%+0.1pp
AU0.2%+0.1pp
CH0.1%+0.0pp
Top 5: 9.8% · Top 10: 15.6% · Top 25: 27.3%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NVDA | $227M | +0.14B | 60.9% |
| AAPL | $501M | +0.07B | 14.7% |
| GOOG | $68M | +0.06B | 84.3% |
| SPY | $324M | +0.06B | 17.6% |
| XOM | $69M | +0.03B | 47.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $229M | -0.00B | -0.6% |
Top buys this quarter · 15
| XOM Exxon Mobil Corporation | +$13M |
| AXTI AXT, Inc.new | +$13M |
| IBRX ImmunityBio, Inc. | +$11M |
| AZN AstraZeneca PLCnew | +$10M |
| NFLX Netflix, Inc. | +$10M |
| QCOM QUALCOMM Incorporated | +$5M |
| UBER Uber Technologies, Inc. | +$5M |
| MLI Mueller Industries, Inc. | +$4M |
| CRWD CrowdStrike Holdings, Inc. | +$4M |
| TSEM Tower Semiconductor Ltd. | +$3M |
Top sells this quarter · 15
| SPY State Street SPDR S&P 500 ETF | −$10M |
| AAPL Apple Inc. | −$9M |
| IREN IREN Limited | −$5M |
| CIFR Cipher Mining Inc. | −$5M |
| DOCN DigitalOcean Holdings, Inc. | −$5M |
| ABT Abbott Laboratories | −$4M |
| DIS The Walt Disney Company | −$4M |
| ABBV AbbVie Inc. | −$4M |
| ONDS Ondas Holdings Inc. | −$4M |
| ACLS Axcelis Technologies, Inc. | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $21.04B | 2596 | +20.12% | +17.59% | +2.53% | +0.70B |
| 2025-12-31 | $21.02B | 2531 | +19.34% | +17.72% | +1.62% | +0.60B |
| 2025-09-30 | $20.14B | 2464 | +21.57% | +17.52% | +4.05% | -0.20B |
| 2025-06-30 | $18.47B | 2382 | +17.36% | +14.94% | +2.41% | +0.16B |
| 2025-03-31 | $16.46B | 2265 | +8.56% | +8.30% | +0.26% | -0.54B |
| 2024-12-31 | $17.69B | 2232 | +21.21% | +24.89% | -3.68% | +1.13B |
| 2024-09-30 | $16.03B | 2371 | +30.78% | +36.04% | -5.26% | +0.25B |
| 2024-06-30 | $14.84B | 2303 | +17.74% | +24.49% | -6.75% | +0.60B |
| 2024-03-31 | $13.84B | 2268 | +22.82% | +29.62% | -6.80% | +0.12B |
| 2023-12-31 | $12.78B | 2200 | +23.57% | +26.18% | -2.61% | +0.43B |
| 2023-09-30 | $11.08B | 2028 | +16.04% | +21.57% | -5.53% | +0.14B |
| 2023-06-30 | $11.43B | 2005 | +15.15% | +19.42% | -4.28% | +0.27B |
| 2023-03-31 | $10.40B | 1949 | -9.21% | -7.82% | -1.39% | +8.73B |
| 2022-12-31 | $1.55B | 688 | -19.78% | -18.17% | -1.61% | -7.48B |
| 2022-09-30 | $8.63B | 1891 | -14.85% | -15.51% | +0.66% | -1.93B |
| 2022-06-30 | $11.12B | 2091 | -9.83% | -10.62% | +0.79% | -0.06B |