Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.55%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.79%
baseline attrition
Rally response
-2.95%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPLGSPDR Portfolio S&P 500 E | $5.08B | 21.6% | — | 1.3 yr |
| VOOVanguard S&P 500 ETF | $2.09B | 8.9% | — | 0.8 yr |
| IVViShares Core S&P 500 ETF | $1.98B | 8.4% | — | 0.8 yr |
| NVDANVIDIA Corporation | $737M | 3.1% | +60.9% | 7.5 yr |
| MSFTMicrosoft Corporation | $679M | 2.9% | -0.6% | 10.3 yr |
| AMZNAmazon.com, Inc. | $666M | 2.8% | +9.5% | 9.3 yr |
| AAPLApple Inc. | $605M | 2.6% | +14.7% | 10.3 yr |
| VVisa Inc. | $291M | 1.2% | -13.1% | 6.8 yr |
| FASTFastenal Company | $276M | 1.2% | +22.1% | 7.0 yr |
| FERGFerguson plc | $276M | 1.2% | +47.8% | 1.8 yr |
| GOOGLAlphabet Inc. | $267M | 1.1% | — | 9.5 yr |
| JNJJohnson & Johnson | $243M | 1.0% | +51.5% | 8.8 yr |
| AVGOBroadcom Inc. | $237M | 1.0% | +86.0% | 7.5 yr |
| GOOGAlphabet Inc. | $234M | 1.0% | +84.3% | 10.3 yr |
| APHAmphenol Corporation | $220M | 0.9% | +93.6% | 8.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management39.7%+27.3pp$9.34B
Semiconductors6.7%+0.9pp$1.57B
Specialty Retail4.5%+1.3pp$1.05B
Software - Infrastructure4.0%-2.4pp$944M
Internet Content & Information3.3%-0.5pp$788M
Drug Manufacturers - General2.9%-1.1pp$671M
Consumer Electronics2.6%-1.4pp$605M
Industrial - Distribution2.4%-0.8pp$561M
Banks - Diversified2.4%-0.3pp$558M
Software - Application1.9%-0.8pp$446M
Country
US90.5%+4.2pp
IE2.3%-4.2pp
CA1.7%-0.2pp
GB1.6%-0.3pp
BR0.6%+0.1pp
Unknown0.5%+0.0pp
IT0.3%+0.2pp
UY0.2%-0.0pp
Top 5: 44.9% · Top 10: 53.9% · Top 25: 66.7%
Top buys this quarter · 15
| KLAC KLA Corporation | +$166M |
| AMZN Amazon.com, Inc. | +$113M |
| NVDA NVIDIA Corporation | +$84M |
| RACE Ferrari N.V. | +$70M |
| AZO AutoZone, Inc. | +$62M |
| ROL Rollins, Inc. | +$60M |
| AZN AstraZeneca PLCnew | +$50M |
| NET Cloudflare, Inc. | +$50M |
| APP AppLovin Corporation | +$45M |
| NU Nu Holdings Ltd. | +$45M |
Top sells this quarter · 15
| UNH UnitedHealth Group Incorporate | −$82M |
| SPGI S&P Global Inc. | −$61M |
| AON Aon plc | −$58M |
| MAR Marriott International, Inc. | −$55M |
| JNJ Johnson & Johnson | −$47M |
| GFI Gold Fields Limited | −$27M |
| VRSK Verisk Analytics, Inc. | −$26M |
| SCCO Southern Copper Corporation | −$26M |
| MSFT Microsoft Corporation | −$22M |
| HD The Home Depot, Inc. | −$20M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $23.54B | 508 | +10.84% | +17.59% | -6.75% | +4.50B |
| 2025-12-31 | $20.13B | 503 | +14.50% | +17.72% | -3.22% | -0.90B |
| 2025-09-30 | $20.79B | 522 | +12.50% | +17.52% | -5.02% | +3.85B |
| 2025-06-30 | $15.94B | 519 | +13.27% | +14.94% | -1.67% | +1.57B |
| 2025-03-31 | $13.17B | 529 | +4.31% | +8.30% | -3.99% | -0.27B |
| 2024-12-31 | $13.76B | 550 | +14.34% | +24.89% | -10.55% | +0.24B |
| 2024-09-30 | $13.61B | 534 | +28.61% | +36.04% | -7.43% | +0.25B |
| 2024-06-30 | $12.48B | 550 | +15.54% | +24.49% | -8.95% | +0.30B |
| 2024-03-31 | $12.13B | 541 | +22.89% | +29.62% | -6.73% | +0.22B |
| 2023-12-31 | $11.12B | 551 | +22.01% | +26.18% | -4.17% | +0.94B |
| 2023-09-30 | $9.11B | 576 | +18.87% | +21.57% | -2.70% | +1.04B |
| 2023-06-30 | $8.39B | 589 | +17.37% | +19.42% | -2.05% | +0.65B |
| 2023-03-31 | $7.26B | 576 | -6.14% | -7.82% | +1.68% | -0.14B |
| 2022-12-31 | $6.96B | 596 | +8.86% | +7.56% | +1.30% | +0.01B |
| 2022-09-30 | $6.39B | 584 | -5.02% | -4.93% | -0.10% | -2.65B |
| 2022-06-30 | $9.51B | 705 | -14.61% | -16.11% | +1.50% | -0.69B |