Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.53%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.71%
baseline attrition
Rally response
-3.36%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IAUiShares Gold Trust | $34M | 11.9% | — | 3.8 yr |
| SCHPSchwab U.S. TIPS ETF | $17M | 6.0% | — | 3.8 yr |
| TLTiShares 20+ Year Treasur | $17M | 5.8% | — | 3.8 yr |
| NVDANVIDIA Corporation | $11M | 4.0% | +60.9% | 5.0 yr |
| AAPLApple Inc. | $11M | 3.7% | +14.7% | 4.8 yr |
| MBBiShares MBS ETF | $8M | 2.7% | — | 4.0 yr |
| MSFTMicrosoft Corporation | $7M | 2.5% | -0.6% | 9.8 yr |
| GOOGLAlphabet Inc. | $7M | 2.5% | — | 5.0 yr |
| EQTEQT Corporation | $7M | 2.3% | +20.5% | 5.3 yr |
| EXEExpand Energy Corporatio | $5M | 1.9% | +1.7% | 4.3 yr |
| AMZNAmazon.com, Inc. | $5M | 1.9% | +9.5% | 4.8 yr |
| TSMTaiwan Semiconductor Man | $5M | 1.8% | +105.6% | 5.0 yr |
| GDXJVanEck Junior Gold Miner | $4M | 1.5% | — | 4.8 yr |
| AVGOBroadcom Inc. | $4M | 1.3% | +86.0% | 5.0 yr |
| METAMeta Platforms, Inc. | $3M | 1.1% | -0.4% | 5.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management23.1%+2.8pp$66M
Semiconductors10.0%+4.9pp$28M
Asset Management - Bonds5.8%+1.2pp$17M
Oil & Gas Exploration & Production4.7%-0.1pp$13M
Drug Manufacturers - General4.2%+0.3pp$12M
Consumer Electronics4.0%-0.2pp$11M
Software - Infrastructure3.6%-0.7pp$10M
Internet Content & Information3.6%+0.8pp$10M
Banks - Diversified2.7%-0.1pp$8M
Specialty Retail2.6%-0.4pp$7M
Country
US83.0%+2.9pp
TW2.9%+0.6pp
CA2.9%-2.2pp
GB2.2%+0.0pp
KR1.4%+0.7pp
IN1.3%-0.9pp
CH1.2%+0.2pp
JP1.0%-0.1pp
Top 5: 31.5% · Top 10: 43.3% · Top 25: 58.9%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$1M |
| PKX POSCO Holdings Inc. | +$0M |
| COHR Coherent, Inc.new | +$0M |
| FIX Comfort Systems USA, Inc.new | +$0M |
| DSGX The Descartes Systems Group Innew | +$0M |
| VLO Valero Energy Corporationnew | +$0M |
| FN Fabrinetnew | +$0M |
| DELL Dell Technologies Inc.new | +$0M |
| LPL LG Display Co., Ltd.new | +$0M |
| ACN Accenture plc | +$0M |
Top sells this quarter · 15
| NVDA NVIDIA Corporation | −$7M |
| AAPL Apple Inc. | −$6M |
| MSFT Microsoft Corporation | −$5M |
| TSM Taiwan Semiconductor Manufactu | −$4M |
| AMZN Amazon.com, Inc. | −$3M |
| JPM JPMorgan Chase & Co. | −$3M |
| XOM Exxon Mobil Corporation | −$2M |
| AVGO Broadcom Inc. | −$2M |
| TSLA Tesla, Inc. | −$2M |
| HTFL Heartflow, Inc. Common Stockexit | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $285M | 259 | +17.85% | +17.59% | +0.26% | -0.14B |
| 2025-12-31 | $426M | 351 | +18.59% | +17.72% | +0.87% | -0.03B |
| 2025-09-30 | $448M | 377 | +17.37% | +17.52% | -0.14% | +0.04B |
| 2025-06-30 | $382M | 361 | +17.40% | +14.94% | +2.45% | +0.09B |
| 2025-03-31 | $266M | 272 | +10.60% | +8.30% | +2.30% | -0.02B |
| 2024-12-31 | $287M | 284 | +16.48% | +24.89% | -8.41% | -0.01B |
| 2024-09-30 | $294M | 293 | +20.87% | +36.04% | -15.17% | -0.06B |
| 2024-06-30 | $334M | 252 | +5.52% | +24.49% | -18.97% | -0.00B |
| 2024-03-31 | $322M | 259 | +0.79% | +29.62% | -28.83% | +0.01B |
| 2023-12-31 | $295M | 236 | -2.24% | +26.18% | -28.42% | -0.00B |
| 2023-09-30 | $287M | 227 | -1.37% | +21.57% | -22.94% | +0.05B |
| 2023-06-30 | $257M | 235 | -2.58% | +19.42% | -22.00% | +0.01B |
| 2023-03-31 | $252M | 193 | -24.51% | -7.82% | -16.69% | -0.05B |
| 2022-12-31 | $293M | 234 | +4.65% | +7.56% | -2.91% | +0.05B |
| 2022-09-30 | $234M | 219 | -7.68% | -4.93% | -2.75% | +0.00B |
| 2022-06-30 | $253M | 225 | -23.08% | -16.11% | -6.97% | -0.02B |