Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.27%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.71%
baseline attrition
Rally response
-10.00%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VOOVanguard S&P 500 ETF | $104M | 10.3% | — | 1.3 yr |
| IWFiShares Russell 1000 Gro | $73M | 7.3% | — | 2.0 yr |
| MGKVanguard Mega Cap Growth | $36M | 3.6% | — | 1.8 yr |
| MGVVanguard Mega Cap Value | $31M | 3.1% | — | 1.8 yr |
| NVDANVIDIA Corporation | $26M | 2.6% | +60.9% | 2.0 yr |
| AMZNAmazon.com, Inc. | $25M | 2.5% | +9.5% | 2.0 yr |
| VGKVanguard FTSE Europe ETF | $23M | 2.3% | — | 1.8 yr |
| GOOGAlphabet Inc. | $22M | 2.2% | +84.3% | 2.0 yr |
| BRK-BBerkshire Hathaway Inc. | $22M | 2.1% | — | 2.0 yr |
| GLDSPDR Gold Shares | $19M | 1.9% | — | 1.8 yr |
| SPYState Street SPDR S&P 50 | $17M | 1.7% | +17.6% | 2.0 yr |
| TSMTaiwan Semiconductor Man | $17M | 1.7% | +105.6% | 2.0 yr |
| JPMJPMorgan Chase & Co. | $15M | 1.5% | +21.8% | 2.0 yr |
| AEEAmeren Corporation | $15M | 1.4% | +12.7% | 1.5 yr |
| XLVState Street Health Care | $13M | 1.3% | — | 2.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management43.7%-4.3pp$441M
Regulated Electric10.3%+3.3pp$104M
Semiconductors4.9%+2.4pp$50M
Internet Content & Information3.9%-3.5pp$39M
Specialty Retail3.1%+0.8pp$31M
Banks - Diversified2.5%-0.4pp$25M
Banks - Regional2.3%+0.9pp$24M
Insurance - Diversified2.2%-1.3pp$22M
Renewable Utilities1.8%+1.2pp$19M
Oil & Gas Integrated1.8%+0.6pp$18M
Country
US88.5%+0.1pp
BR5.2%+0.4pp
TW1.7%+1.5pp
CA1.2%+0.8pp
CL0.9%+0.2pp
LU0.7%+0.5pp
Unknown0.5%+0.4pp
UY0.4%-0.1pp
Top 5: 26.8% · Top 10: 37.8% · Top 25: 57.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| GOOG | $41M | +0.03B | 84.3% |
| SPY | $114M | +0.02B | 17.6% |
| NVDA | $13M | +0.01B | 60.9% |
| ITUB | $7M | +0.00B | 64.3% |
| PBR | $8M | +0.00B | 54.2% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| META | $8M | -0.00B | -0.4% |
Top buys this quarter · 15
| AEE Ameren Corporation | +$8M |
| NVDA NVIDIA Corporation | +$7M |
| WTRG Essential Utilities, Inc. | +$7M |
| NU Nu Holdings Ltd. | +$7M |
| NSC Norfolk Southern Corporationnew | +$6M |
| D Dominion Energy, Inc. | +$5M |
| WBS Webster Financial Corporationnew | +$5M |
| FE FirstEnergy Corp. | +$5M |
| EA Electronic Arts Inc.new | +$5M |
| ED Consolidated Edison, Inc.new | +$5M |
Top sells this quarter · 15
| SNDK Sandisk Corporation | −$254M |
| SPY State Street SPDR S&P 500 ETF | −$111M |
| EVRG Evergy, Inc.exit | −$15M |
| DTE DTE Energy Companyexit | −$14M |
| CNP CenterPoint Energy, Inc. | −$11M |
| OGE OGE Energy Corp. | −$10M |
| EXC Exelon Corporationexit | −$10M |
| PNW Pinnacle West Capital Corporatexit | −$9M |
| PPL PPL Corporation | −$7M |
| EOG EOG Resources, Inc. | −$7M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.01B | 300 | +81.20% | +17.59% | +63.60% | -0.23B |
| 2025-12-31 | $893M | 220 | +26.24% | +17.72% | +8.52% | +0.03B |
| 2025-09-30 | $841M | 232 | +22.93% | +17.52% | +5.41% | +0.01B |
| 2025-06-30 | $741M | 205 | +18.55% | +14.94% | +3.61% | -0.14B |
| 2025-03-31 | $771M | 212 | -3.09% | -4.27% | +1.18% | +0.02B |
| 2024-12-31 | $773M | 245 | -0.17% | +2.49% | -2.66% | +0.09B |
| 2024-09-30 | $685M | 190 | +7.70% | +5.75% | +1.95% | +0.25B |
| 2024-06-30 | $399M | 111 | — | — | — | — |