Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.40%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.38%
baseline attrition
Rally response
-1.67%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $12.44B | 7.2% | +60.9% | 10.5 yr |
| AAPLApple Inc. | $10.95B | 6.3% | +14.7% | 10.5 yr |
| MSFTMicrosoft Corporation | $7.67B | 4.4% | -0.6% | 10.5 yr |
| AMZNAmazon.com, Inc. | $5.88B | 3.4% | +9.5% | 10.5 yr |
| GOOGLAlphabet Inc. | $4.91B | 2.8% | — | 10.5 yr |
| GOOGAlphabet Inc. | $4.10B | 2.4% | +84.3% | 10.5 yr |
| AVGOBroadcom Inc. | $4.09B | 2.4% | +86.0% | 8.0 yr |
| METAMeta Platforms, Inc. | $3.66B | 2.1% | -0.4% | 10.5 yr |
| TSLATesla, Inc. | $3.08B | 1.8% | +43.4% | 10.5 yr |
| LLYEli Lilly and Company | $2.17B | 1.2% | +12.2% | 10.5 yr |
| XOMExxon Mobil Corporation | $2.10B | 1.2% | +47.6% | 10.5 yr |
| BRK-BBerkshire Hathaway Inc. | $1.93B | 1.1% | — | 3.0 yr |
| JNJJohnson & Johnson | $1.73B | 1.0% | +51.5% | 10.5 yr |
| WMTWalmart Inc. | $1.60B | 0.9% | +42.8% | 10.5 yr |
| VVisa Inc. | $1.50B | 0.9% | -13.1% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors13.9%+4.4pp$24.20B
Internet Content & Information7.7%+1.4pp$13.34B
Software - Infrastructure6.6%-0.9pp$11.54B
Consumer Electronics6.3%-0.3pp$10.99B
Drug Manufacturers - General5.3%+0.7pp$9.23B
Specialty Retail4.3%-0.4pp$7.43B
Software - Application2.5%-1.3pp$4.39B
Financial - Credit Services2.3%-0.6pp$4.07B
Aerospace & Defense2.3%+0.4pp$4.02B
Auto - Manufacturers2.1%+0.3pp$3.66B
Country
US91.5%-1.3pp
CA3.1%+0.9pp
IE1.5%-0.2pp
GB1.4%+0.7pp
Unknown0.8%+0.0pp
CH0.3%-0.0pp
SG0.3%+0.1pp
IL0.3%+0.1pp
Top 5: 24.1% · Top 10: 33.9% · Top 25: 45.4%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$1.22B |
| NVDA NVIDIA Corporation | +$824M |
| AAPL Apple Inc. | +$10.95B |
| MSFT Microsoft Corporation | +$7.67B |
| AMZN Amazon.com, Inc. | +$5.88B |
| AVGO Broadcom Inc. | +$4.09B |
| META Meta Platforms, Inc. | +$3.66B |
| GOOG Alphabet Inc. | +$4.10B |
| TSLA Tesla, Inc. | +$3.08B |
| LLY Eli Lilly and Company | +$2.17B |
Top sells this quarter · 15
| EXAS Exact Sciences Corporationexit | −$39M |
| PDD PDD Holdings Inc. | −$18M |
| CFLT Confluent, Inc.exit | −$17M |
| NGD New Gold Inc.exit | −$14M |
| NU Nu Holdings Ltd. | −$12M |
| DT Dynatrace, Inc. | −$8M |
| SJM The J. M. Smucker Company | −$8M |
| ELS Equity LifeStyle Properties, I | −$8M |
| WTRG Essential Utilities, Inc. | −$8M |
| DOCU DocuSign, Inc. | −$7M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $173.67B | 2296 | +18.45% | +17.59% | +0.85% | +12.17B |
| 2025-12-31 | $167.89B | 2306 | +17.07% | +17.72% | -0.65% | -7.83B |
| 2025-09-30 | $172.28B | 2310 | +17.02% | +17.52% | -0.50% | -8.54B |
| 2025-06-30 | $166.89B | 2327 | +14.76% | +14.94% | -0.18% | +9.18B |
| 2025-03-31 | $141.53B | 2392 | +4.82% | +8.30% | -3.48% | -1.34B |
| 2024-12-31 | $150.28B | 2435 | +18.37% | +24.89% | -6.51% | -6.63B |
| 2024-09-30 | $153.91B | 2458 | +29.39% | +36.04% | -6.64% | -0.68B |
| 2024-06-30 | $145.49B | 2451 | +17.05% | +24.49% | -7.44% | +0.31B |
| 2024-03-31 | $142.65B | 2498 | +23.94% | +29.62% | -5.68% | -3.65B |
| 2023-12-31 | $136.26B | 2527 | +24.76% | +26.18% | -1.42% | -5.78B |
| 2023-09-30 | $127.46B | 2602 | +18.48% | +21.57% | -3.09% | -14.02B |
| 2023-06-30 | $147.18B | 2594 | +17.59% | +19.42% | -1.83% | -9.99B |
| 2023-03-31 | $145.84B | 2637 | -7.20% | -7.82% | +0.62% | -4.63B |
| 2022-12-31 | $139.23B | 2671 | +5.84% | +7.56% | -1.72% | -8.67B |
| 2022-09-30 | $139.74B | 2705 | -4.60% | -4.93% | +0.33% | -1.20B |
| 2022-06-30 | $147.73B | 2731 | -14.95% | -16.11% | +1.16% | -3.04B |