Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.79%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.59%
baseline attrition
Rally response
+4.09%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPYGState Street SPDR Portfo | $147M | 15.6% | — | 8.3 yr |
| VTVVanguard Value ETF | $137M | 14.5% | — | 10.5 yr |
| QQQInvesco QQQ Trust, Serie | $107M | 11.4% | — | 8.0 yr |
| VCITVanguard Intermediate-Te | $48M | 5.1% | — | 10.5 yr |
| VYMVanguard High Dividend Y | $32M | 3.3% | — | 10.5 yr |
| VWOVanguard FTSE Emerging M | $31M | 3.3% | — | 10.5 yr |
| AAPLApple Inc. | $29M | 3.1% | +14.7% | 9.5 yr |
| VIGIVanguard International D | $21M | 2.2% | — | 3.0 yr |
| SGOViShares 0-3 Month Treasu | $19M | 2.0% | — | 2.8 yr |
| VBVanguard Small-Cap ETF | $15M | 1.6% | — | 10.5 yr |
| NVDANVIDIA Corporation | $15M | 1.6% | +60.9% | 10.5 yr |
| XLFState Street Financial S | $15M | 1.6% | — | 10.5 yr |
| BNDVanguard Total Bond Mark | $15M | 1.5% | — | 10.5 yr |
| GOOGLAlphabet Inc. | $14M | 1.5% | — | 8.0 yr |
| RSPInvesco S&P 500 Equal We | $14M | 1.5% | — | 8.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management65.3%+0.7pp$616M
Asset Management - Bonds10.5%-3.3pp$99M
Consumer Electronics3.1%-0.1pp$29M
Internet Content & Information2.6%+0.7pp$24M
Semiconductors2.3%+1.4pp$22M
Banks - Diversified1.8%+0.1pp$17M
Asset Management - Income1.3%-0.7pp$12M
Software - Infrastructure1.3%+0.4pp$12M
Specialty Retail1.2%+0.2pp$11M
Auto - Manufacturers1.1%+0.2pp$10M
Country
US99.3%-0.1pp
IE0.4%+0.2pp
ES0.1%
CA0.1%-0.0pp
GB0.1%
SG0.0%
TW0.0%
CN0.0%-0.0pp
Top 5: 49.9% · Top 10: 62.1% · Top 25: 80.5%
Top buys this quarter · 15
| NVDA NVIDIA Corporation | +$6M |
| MSFT Microsoft Corporation | +$3M |
| AMZN Amazon.com, Inc. | +$2M |
| AAPL Apple Inc. | +$29M |
| GBDC Golub Capital BDC, Inc. | +$2M |
| CEG Constellation Energy Corporati | +$1M |
| JPM JPMorgan Chase & Co. | +$1M |
| META Meta Platforms, Inc. | +$1M |
| COST Costco Wholesale Corporation | +$1M |
| PRTA Prothena Corporation plc | +$1M |
Top sells this quarter · 15
| INTC Intel Corporation | −$1M |
| T AT&T Inc. | −$1M |
| CAT Caterpillar Inc. | −$5M |
| SNDK Sandisk Corporationexit | −$0M |
| STWD Starwood Property Trust, Inc. | −$0M |
| VZ Verizon Communications Inc. | −$0M |
| WPC W. P. Carey Inc.exit | −$0M |
| FSLY Fastly, Inc. | −$0M |
| BAC Bank of America Corporation | −$0M |
| MAIN Main Street Capital Corporatioexit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $943M | 199 | +23.09% | +17.59% | +5.49% | +0.05B |
| 2025-12-31 | $927M | 189 | +19.77% | +17.72% | +2.06% | -0.01B |
| 2025-09-30 | $912M | 182 | +24.96% | +17.52% | +7.44% | +0.01B |
| 2025-06-30 | $809M | 180 | +20.95% | +14.94% | +6.00% | -0.01B |
| 2025-03-31 | $735M | 179 | +13.17% | +8.30% | +4.87% | +0.04B |
| 2024-12-31 | $741M | 170 | +26.58% | +24.89% | +1.69% | -0.03B |
| 2024-09-30 | $725M | 186 | +32.39% | +36.04% | -3.65% | -0.01B |
| 2024-06-30 | $679M | 182 | +14.11% | +24.49% | -10.38% | +0.01B |
| 2024-03-31 | $640M | 176 | +20.14% | +29.62% | -9.49% | +0.00B |
| 2023-12-31 | $608M | 990 | +21.95% | +26.18% | -4.22% | -0.02B |
| 2023-09-30 | $566M | 989 | -15.28% | +21.57% | -36.85% | +0.05B |
| 2023-06-30 | $555M | 994 | -23.58% | +19.42% | -43.01% | +0.01B |
| 2023-03-31 | $494M | 1005 | -56.78% | -7.82% | -48.97% | -0.03B |
| 2022-12-31 | $491M | 1033 | -61.20% | -18.17% | -43.03% | +0.12B |
| 2022-09-30 | $476M | 891 | -44.40% | -15.51% | -28.89% | +0.01B |
| 2022-06-30 | $549M | 862 | -33.69% | -10.62% | -23.07% | +0.16B |