Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-10.49%
trims when stocks drop
when a holding falls −10%+
Middle response
+0.78%
steady accumulation
Rally response
+0.90%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BRK-BBerkshire Hathaway Inc. | $22M | 4.6% | — | 9.8 yr |
| ERJEmbraer S.A. | $17M | 3.5% | — | 1.3 yr |
| JPSTJPMorgan Ultra-Short Inc | $15M | 3.2% | — | 6.0 yr |
| AMZNAmazon.com, Inc. | $14M | 3.0% | +9.5% | 10.0 yr |
| XOMExxon Mobil Corporation | $13M | 2.6% | +47.6% | 10.0 yr |
| INTCIntel Corporation | $12M | 2.5% | +94.3% | 7.0 yr |
| AAPLApple Inc. | $11M | 2.3% | +14.7% | 10.3 yr |
| TSMTaiwan Semiconductor Man | $11M | 2.3% | +105.6% | 1.5 yr |
| QTUMQuantum ETF | $11M | 2.2% | — | 1.5 yr |
| HWMHowmet Aerospace Inc. | $10M | 2.1% | +78.1% | 1.8 yr |
| NVDANVIDIA Corporation | $10M | 2.1% | +60.9% | 8.8 yr |
| BKThe Bank of New York Mel | $10M | 2.0% | +44.4% | 1.5 yr |
| ICSHiShares Ultra Short Dura | $9M | 1.9% | — | 0.3 yr |
| JPMJPMorgan Chase & Co. | $9M | 1.8% | +21.8% | 7.3 yr |
| GEGE Aerospace | $9M | 1.8% | +42.5% | 2.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management38.6%+2.5pp$185M
Asset Management - Income9.1%+1.3pp$44M
Semiconductors7.7%+2.7pp$37M
Aerospace & Defense7.4%+0.6pp$35M
Asset Management - Bonds6.1%-1.4pp$29M
Insurance - Diversified4.6%+2.5pp$22M
Specialty Retail3.5%-5.1pp$17M
Banks - Diversified3.5%+1.0pp$17M
Software - Infrastructure2.7%-0.5pp$13M
Oil & Gas Integrated2.6%+2.5pp$13M
Country
US90.4%-2.8pp
BR3.5%+2.1pp
TW2.3%+0.2pp
CH1.7%-0.8pp
GB1.4%
CN0.5%-0.3pp
CA0.0%
UY0.0%
Top 5: 16.9% · Top 10: 28.4% · Top 25: 54.1%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| TSM | $7M | +0.01B | 105.6% |
| HWM | $9M | +0.01B | 78.1% |
| NVDA | $8M | +0.00B | 60.9% |
| GE | $10M | +0.00B | 42.5% |
| BK | $9M | +0.00B | 44.4% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $8M | -0.00B | -0.6% |
Top buys this quarter · 15
| FTI TechnipFMC plcnew | +$7M |
| ATI ATI Inc.new | +$6M |
| AMZN Amazon.com, Inc. | +$6M |
| WD Walker & Dunlop, Inc. | +$5M |
| AMRX Amneal Pharmaceuticals, Inc.new | +$2M |
| PYPL PayPal Holdings, Inc. | +$1M |
| XPO XPO Logistics, Inc.new | +$0M |
| NVDA NVIDIA Corporation | +$10M |
| GNRC Generac Holdings Inc. | +$0M |
| SWK Stanley Black & Decker, Inc. | +$0M |
Top sells this quarter · 15
| NFLX Netflix, Inc.exit | −$9M |
| SPOT Spotify Technology S.A.exit | −$9M |
| IBM International Business Machineexit | −$8M |
| V Visa Inc.exit | −$8M |
| UBER Uber Technologies, Inc.exit | −$7M |
| META Meta Platforms, Inc. | −$6M |
| TREE LendingTree, Inc.exit | −$4M |
| TSM Taiwan Semiconductor Manufactu | −$2M |
| ACMR ACM Research, Inc. | −$2M |
| GVA Granite Construction Incorpora | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $479M | 140 | +33.20% | +17.59% | +15.61% | +0.03B |
| 2025-12-31 | $455M | 124 | +31.08% | +17.72% | +13.36% | +0.00B |
| 2025-09-30 | $457M | 120 | +35.41% | +17.52% | +17.89% | +0.02B |
| 2025-06-30 | $376M | 96 | +26.58% | +14.94% | +11.63% | -0.04B |
| 2025-03-31 | $351M | 103 | +9.89% | +8.30% | +1.58% | +0.08B |
| 2024-12-31 | $283M | 73 | +26.25% | +24.89% | +1.36% | -0.07B |
| 2024-09-30 | $350M | 443 | +35.35% | +36.04% | -0.69% | +0.02B |
| 2024-06-30 | $304M | 109 | +24.32% | +24.49% | -0.17% | -0.02B |
| 2024-03-31 | $316M | 113 | +33.71% | +29.62% | +4.09% | +0.01B |
| 2023-12-31 | $271M | 105 | +33.01% | +26.18% | +6.83% | +0.00B |
| 2023-09-30 | $243M | 108 | +27.27% | +21.57% | +5.70% | -0.00B |
| 2023-06-30 | $250M | 111 | +22.95% | +19.42% | +3.53% | +0.05B |
| 2023-03-31 | $182M | 93 | -4.21% | -7.82% | +3.61% | +0.02B |
| 2022-12-31 | $146M | 81 | -17.19% | -18.17% | +0.99% | -0.05B |
| 2022-09-30 | $190M | 92 | -12.27% | -15.51% | +3.24% | +0.03B |
| 2022-06-30 | $168M | 80 | -7.71% | -10.62% | +2.91% | -0.04B |