Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-14.13%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.39%
baseline attrition
Rally response
-7.87%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VTVVanguard Value ETF | $558M | 22.5% | — | 5.0 yr |
| OMFLInvesco Russell 1000 Dyn | $311M | 12.5% | — | 2.5 yr |
| AGGiShares Core U.S. Aggreg | $294M | 11.9% | — | 10.5 yr |
| IEFAiShares Core MSCI EAFE E | $195M | 7.9% | — | 10.0 yr |
| — | $184M | 7.4% | — | 1.5 yr |
| IEMGiShares Core MSCI Emergi | $152M | 6.1% | — | 9.8 yr |
| VUGVanguard Growth ETF | $136M | 5.5% | — | 5.0 yr |
| SGOViShares 0-3 Month Treasu | $113M | 4.5% | — | 3.0 yr |
| IVViShares Core S&P 500 ETF | $77M | 3.1% | — | 8.5 yr |
| VTIVanguard Total Stock Mar | $43M | 1.7% | — | 9.0 yr |
| MUBiShares National Muni Bo | $35M | 1.4% | — | 10.5 yr |
| POWWOutdoor Holding Company | $35M | 1.4% | +45.7% | 1.5 yr |
| VEAVanguard FTSE Developed | $26M | 1.0% | — | 10.5 yr |
| VOOVanguard S&P 500 ETF | $22M | 0.9% | — | 7.8 yr |
| AAPLApple Inc. | $18M | 0.7% | +14.7% | 10.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management81.2%-2.8pp$2.02B
Unknown7.7%+0.9pp$191M
Asset Management - Bonds5.3%+0.6pp$131M
Aerospace & Defense1.4%+0.5pp$36M
Consumer Electronics0.7%+0.1pp$18M
Semiconductors0.5%+0.4pp$13M
Asset Management - Global0.3%+0.0pp$8M
Drug Manufacturers - General0.3%+0.1pp$7M
Specialty Retail0.2%+0.1pp$5M
Internet Content & Information0.2%+0.1pp$5M
Country
US91.9%-1.1pp
Unknown7.7%+0.9pp
TW0.1%+0.1pp
IE0.1%-0.0pp
DE0.0%+0.0pp
UY0.0%
GB0.0%+0.0pp
CN0.0%+0.0pp
Top 5: 62.2% · Top 10: 83.1% · Top 25: 92.7%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| POWW | $22M | +0.01B | 45.7% |
| AAPL | $15M | +0.00B | 14.7% |
| NVDA | $3M | +0.00B | 60.9% |
| SPY | $1M | +0.00B | 17.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| JNJ Johnson & Johnson | +$1M |
| INTU Intuit Inc. | +$0M |
| SAP SAP SE | +$0M |
| MELI MercadoLibre, Inc. | +$0M |
| NFLX Netflix, Inc. | +$0M |
| MTDR Matador Resources Company | +$0M |
| MA Mastercard Incorporated | +$0M |
| SPGI S&P Global Inc. | +$0M |
| AMAT Applied Materials, Inc. | +$0M |
| WDAY Workday, Inc. | +$1M |
Top sells this quarter · 15
| ADP Automatic Data Processing, Inc | −$1M |
| NVDA NVIDIA Corporation | −$1M |
| RSG Republic Services, Inc. | −$1M |
| AON Aon plcexit | −$0M |
| WWD Woodward, Inc. | −$0M |
| MU Micron Technology, Inc.exit | −$0M |
| AJG Arthur J. Gallagher & Co. | −$0M |
| HLT Hilton Worldwide Holdings Inc.exit | −$0M |
| ASML ASML Holding N.V. | −$0M |
| SPY State Street SPDR S&P 500 ETF | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.48B | 217 | +18.30% | +17.59% | +0.70% | -0.14B |
| 2025-12-31 | $2.64B | 222 | +18.96% | +17.72% | +1.24% | -0.19B |
| 2025-09-30 | $2.71B | 232 | +13.95% | +17.52% | -3.57% | -0.16B |
| 2025-06-30 | $2.57B | 202 | +8.48% | +14.94% | -6.47% | +0.14B |
| 2025-03-31 | $2.39B | 198 | +10.67% | +8.30% | +2.37% | -0.08B |
| 2024-12-31 | $2.46B | 180 | +20.27% | +24.89% | -4.61% | -0.07B |
| 2024-09-30 | $2.54B | 220 | +32.78% | +36.04% | -3.26% | +0.20B |
| 2024-06-30 | $2.20B | 188 | +21.70% | +24.49% | -2.79% | -1.28B |
| 2024-03-31 | $3.35B | 588 | +23.59% | +29.62% | -6.03% | -0.06B |
| 2023-12-31 | $3.13B | 576 | +16.35% | +26.18% | -9.83% | -0.17B |
| 2023-09-30 | $2.99B | 555 | +15.81% | +21.57% | -5.76% | +0.06B |
| 2023-06-30 | $3.01B | 565 | +13.12% | +19.42% | -6.30% | -0.12B |
| 2023-03-31 | $2.97B | 601 | -4.76% | -7.82% | +3.05% | +0.03B |
| 2022-12-31 | $2.86B | 643 | -11.43% | -18.17% | +6.74% | -0.03B |
| 2022-09-30 | $2.63B | 600 | -10.38% | -15.51% | +5.13% | +0.04B |
| 2022-06-30 | $2.73B | 631 | -5.31% | -10.62% | +5.31% | +0.11B |