Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+15.42%
adds when stocks drop
when a holding falls −10%+
Middle response
+4.72%
steady accumulation
Rally response
+4.52%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IVViShares Core S&P 500 ETF | $816M | 6.1% | — | 10.5 yr |
| VUGVanguard Growth ETF | $338M | 2.5% | — | 10.5 yr |
| AAPLApple Inc. | $322M | 2.4% | +14.7% | 9.0 yr |
| VIGVanguard Dividend Apprec | $270M | 2.0% | — | 5.3 yr |
| NVDANVIDIA Corporation | $232M | 1.7% | +60.9% | 8.5 yr |
| MSFTMicrosoft Corporation | $207M | 1.6% | -0.6% | 10.5 yr |
| SPIBState Street SPDR Portfo | $181M | 1.4% | — | 2.3 yr |
| PRFInvesco RAFI US 1000 ETF | $174M | 1.3% | — | 8.0 yr |
| AVUVAvantis U.S. Small Cap V | $156M | 1.2% | — | 4.0 yr |
| SGOViShares 0-3 Month Treasu | $152M | 1.1% | — | 3.3 yr |
| GOOGLAlphabet Inc. | $135M | 1.0% | — | 9.8 yr |
| AVLVAvantis U.S. Large Cap V | $134M | 1.0% | — | 3.3 yr |
| AMZNAmazon.com, Inc. | $128M | 1.0% | +9.5% | 9.5 yr |
| SPYState Street SPDR S&P 50 | $119M | 0.9% | +17.6% | 10.5 yr |
| VOOVanguard S&P 500 ETF | $118M | 0.9% | — | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management53.6%-2.8pp$7.13B
Asset Management - Bonds5.4%-0.9pp$725M
Semiconductors4.1%+1.3pp$543M
Consumer Electronics2.5%-0.0pp$330M
Asset Management - Income2.2%+0.5pp$290M
Software - Infrastructure2.2%+0.0pp$287M
Internet Content & Information2.1%+0.9pp$282M
Drug Manufacturers - General2.0%+0.5pp$270M
Banks - Diversified1.3%+0.2pp$177M
Oil & Gas Midstream1.3%-0.3pp$170M
Country
US96.7%-0.3pp
GB0.7%+0.2pp
Unknown0.5%-0.0pp
IE0.5%-0.1pp
TW0.5%+0.1pp
CA0.4%+0.1pp
BM0.1%-0.0pp
CH0.1%+0.0pp
Top 5: 14.8% · Top 10: 21.4% · Top 25: 34.1%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NVDA | $98M | +0.06B | 60.9% |
| GOOG | $35M | +0.03B | 84.3% |
| AAPL | $199M | +0.03B | 14.7% |
| SPY | $86M | +0.01B | 17.6% |
| JPM | $54M | +0.01B | 21.8% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $120M | -0.00B | -0.6% |
Top buys this quarter · 15
| CAT Caterpillar Inc. | +$40M |
| MSFT Microsoft Corporation | +$207M |
| AMZN Amazon.com, Inc. | +$28M |
| AZN AstraZeneca PLCnew | +$24M |
| NVDA NVIDIA Corporation | +$21M |
| META Meta Platforms, Inc. | +$20M |
| AAPL Apple Inc. | +$322M |
| SPY State Street SPDR S&P 500 ETF | +$17M |
| NFLX Netflix, Inc. | +$14M |
| COST Costco Wholesale Corporation | +$13M |
Top sells this quarter · 15
| EXAS Exact Sciences Corporationexit | −$7M |
| KMB Kimberly-Clark Corporation | −$7M |
| WES Western Midstream Partners, LP | −$4M |
| MU Micron Technology, Inc. | −$37M |
| CTRA Coterra Energy Inc. | −$4M |
| AMAT Applied Materials, Inc. | −$14M |
| PEP PepsiCo, Inc. | −$30M |
| PATK Patrick Industries, Inc. | −$2M |
| ATI ATI Inc. | −$2M |
| GLW Corning Incorporated | −$15M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $13.31B | 1606 | +16.59% | +17.59% | -1.00% | +1.20B |
| 2025-12-31 | $12.33B | 1466 | +15.55% | +17.72% | -2.17% | +2.11B |
| 2025-09-30 | $10.02B | 1270 | +13.69% | +17.52% | -3.83% | +0.24B |
| 2025-06-30 | $9.10B | 1178 | +14.50% | +14.94% | -0.44% | +0.23B |
| 2025-03-31 | $8.19B | 1105 | +8.07% | +8.30% | -0.24% | +1.91B |
| 2024-12-31 | $6.46B | 978 | +18.76% | +24.89% | -6.12% | +1.02B |
| 2024-09-30 | $5.41B | 802 | +31.16% | +36.04% | -4.87% | -0.10B |
| 2024-06-30 | $5.09B | 799 | +16.92% | +24.49% | -7.57% | +0.76B |
| 2024-03-31 | $4.25B | 694 | +20.67% | +29.62% | -8.95% | +1.39B |
| 2023-12-31 | $2.67B | 445 | +16.15% | +26.18% | -10.03% | +0.13B |
| 2023-09-30 | $2.29B | 405 | +11.78% | +21.57% | -9.79% | +0.09B |
| 2023-06-30 | $2.28B | 360 | +12.21% | +19.42% | -7.21% | +0.26B |
| 2023-03-31 | $1.92B | 295 | -8.79% | -7.82% | -0.98% | +0.06B |
| 2022-12-31 | $1.80B | 274 | -15.54% | -18.17% | +2.64% | +0.28B |
| 2022-09-30 | $1.42B | 243 | -12.12% | -15.51% | +3.39% | +0.36B |
| 2022-06-30 | $1.09B | 204 | -8.68% | -10.62% | +1.94% | +0.08B |