Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-25.12%
trims when stocks drop
when a holding falls −10%+
Middle response
-22.07%
baseline attrition
Rally response
-22.85%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IVViShares Core S&P 500 ETF | $664M | 7.5% | — | 0.8 yr |
| SPYState Street SPDR S&P 50 | $298M | 3.4% | +17.6% | 4.0 yr |
| WBDWarner Bros. Discovery, | $187M | 2.1% | +155.9% | 4.0 yr |
| NVDANVIDIA Corporation | $175M | 2.0% | +60.9% | 7.5 yr |
| BPBP p.l.c. | $170M | 1.9% | +47.2% | 3.3 yr |
| MUMicron Technology, Inc. | $163M | 1.8% | +289.6% | 6.8 yr |
| SATSEchoStar Corporation | $137M | 1.6% | +357.7% | 3.0 yr |
| AVGOBroadcom Inc. | $130M | 1.5% | +86.0% | 5.5 yr |
| NSCNorfolk Southern Corpora | $125M | 1.4% | +23.6% | 4.8 yr |
| — | $113M | 1.3% | — | 0.5 yr |
| PENPenumbra, Inc. | $97M | 1.1% | +22.8% | 2.3 yr |
| GTLSChart Industries, Inc. | $90M | 1.0% | +43.2% | 0.8 yr |
| SOXXiShares Semiconductor ET | $90M | 1.0% | — | 2.0 yr |
| MSIMotorola Solutions, Inc. | $87M | 1.0% | +0.2% | 5.5 yr |
| KVUEKenvue Inc. | $86M | 1.0% | -25.0% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management17.9%+10.4pp$1.59B
Unknown12.3%-1.2pp$1.08B
Semiconductors10.3%+2.1pp$912M
Shell Companies5.6%+3.2pp$496M
Communication Equipment3.6%+0.8pp$314M
Entertainment3.4%+2.1pp$298M
Biotechnology2.7%+1.6pp$242M
Oil & Gas Integrated2.5%-0.9pp$217M
Software - Infrastructure2.4%-2.9pp$216M
Software - Application2.3%-4.4pp$203M
Country
US74.1%+10.7pp
Unknown12.3%-1.2pp
GB5.4%+0.7pp
KY1.6%+0.8pp
CA1.5%+0.2pp
CN1.4%-1.7pp
IL0.8%-0.8pp
SG0.8%-0.8pp
Top 5: 16.9% · Top 10: 24.5% · Top 25: 37.3%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| STX | $50M | +0.18B | 366.3% |
| CLS | $26M | +0.07B | 257.4% |
| BP | $128M | +0.06B | 47.2% |
| MU | $10M | +0.03B | 289.6% |
| NVDA | $41M | +0.03B | 60.9% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| BABA | $14M | -0.00B | -3.5% |
Top buys this quarter · 15
| SPY State Street SPDR S&P 500 ETF | +$182M |
| PEN Penumbra, Inc. | +$94M |
| LLY Eli Lilly and Company | +$76M |
| TSLA Tesla, Inc. | +$74M |
| WBD Warner Bros. Discovery, Inc. | +$64M |
| MSI Motorola Solutions, Inc. | +$56M |
| SNN Smith & Nephew plcnew | +$56M |
| EA Electronic Arts Inc. | +$56M |
| MU Micron Technology, Inc. | +$53M |
| AES The AES Corporation | +$52M |
Top sells this quarter · 15
| NVDA NVIDIA Corporation | −$137M |
| SNDK Sandisk Corporation | −$98M |
| EXAS Exact Sciences Corporationexit | −$92M |
| C Citigroup Inc. | −$87M |
| CIEN Ciena Corporation | −$86M |
| AMZN Amazon.com, Inc. | −$70M |
| WDC Western Digital Corporation | −$63M |
| IBN ICICI Bank Limited | −$63M |
| PDD PDD Holdings Inc. | −$60M |
| TSM Taiwan Semiconductor Manufactu | −$55M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $8.84B | 1022 | +45.43% | +17.59% | +27.84% | +0.16B |
| 2025-12-31 | $8.22B | 910 | +35.21% | +17.72% | +17.49% | +2.39B |
| 2025-09-30 | $5.61B | 833 | +38.43% | +17.52% | +20.91% | +0.24B |
| 2025-06-30 | $4.68B | 768 | +31.11% | +14.94% | +16.16% | +0.29B |
| 2025-03-31 | $3.80B | 832 | +8.91% | +8.30% | +0.61% | -0.90B |
| 2024-12-31 | $4.79B | 724 | -2.98% | +24.89% | -27.87% | +0.84B |
| 2024-09-30 | $3.72B | 568 | -22.05% | +36.04% | -58.09% | -0.55B |
| 2024-06-30 | $3.92B | 650 | -58.80% | +24.49% | -83.29% | +0.93B |
| 2024-03-31 | $3.12B | 683 | -54.75% | +29.62% | -84.37% | +0.26B |
| 2023-12-31 | $3.27B | 607 | -43.63% | +26.18% | -69.80% | +0.02B |
| 2023-09-30 | $3.81B | 685 | -30.55% | +21.57% | -52.12% | +1.73B |
| 2023-06-30 | $3.62B | 704 | +26.18% | +19.42% | +6.76% | -0.00B |
| 2023-03-31 | $3.43B | 627 | +1.09% | -7.82% | +8.91% | -0.42B |
| 2022-12-31 | $3.54B | 703 | -11.51% | -18.17% | +6.67% | +0.22B |
| 2022-09-30 | $3.15B | 833 | -6.62% | -15.51% | +8.89% | -1.06B |
| 2022-06-30 | $4.03B | 884 | -10.07% | -10.62% | +0.55% | -1.09B |