Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.04%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.84%
baseline attrition
Rally response
-4.54%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPYState Street SPDR S&P 50 | $65M | 8.6% | +17.6% | 10.5 yr |
| AGGiShares Core U.S. Aggreg | $47M | 6.3% | — | 9.3 yr |
| VOOVanguard S&P 500 ETF | $47M | 6.2% | — | 10.5 yr |
| IEFAiShares Core MSCI EAFE E | $38M | 5.1% | — | 10.3 yr |
| VTEBVanguard Tax-Exempt Bond | $37M | 5.0% | — | 7.5 yr |
| MUBiShares National Muni Bo | $35M | 4.6% | — | 7.3 yr |
| BILState Street SPDR Bloomb | $26M | 3.5% | — | 3.5 yr |
| VEAVanguard FTSE Developed | $22M | 2.9% | — | 10.5 yr |
| FRPTFreshpet, Inc. | $20M | 2.7% | -29.1% | 10.0 yr |
| IVViShares Core S&P 500 ETF | $20M | 2.6% | — | 10.3 yr |
| SCMBSchwab Municipal Bond ET | $18M | 2.4% | — | 1.5 yr |
| AAPLApple Inc. | $17M | 2.3% | +14.7% | 10.5 yr |
| EFAiShares MSCI EAFE ETF | $17M | 2.2% | — | 10.5 yr |
| SPEMState Street SPDR Portfo | $15M | 2.0% | — | 7.5 yr |
| SCHFSchwab International Equ | $15M | 2.0% | — | 10.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management73.1%+8.6pp$550M
Asset Management - Bonds3.7%+1.1pp$28M
Packaged Foods2.7%+0.3pp$20M
Consumer Electronics2.3%+0.2pp$17M
Internet Content & Information2.0%-0.1pp$15M
Semiconductors1.8%+0.4pp$14M
Software - Infrastructure1.5%-0.2pp$12M
Insurance - Diversified1.4%-0.6pp$10M
Software - Application1.0%-1.1pp$8M
Asset Management - Cryptocurrency0.9%-1.3pp$6M
Country
US99.2%+0.2pp
Unknown0.4%+0.1pp
CA0.3%+0.3pp
GB0.1%-0.0pp
SG0.0%
Top 5: 31.2% · Top 10: 47.6% · Top 25: 70.1%
Top buys this quarter · 15
| AAPL Apple Inc. | +$5M |
| GRND Grindr Inc. | +$3M |
| MSFT Microsoft Corporation | +$8M |
| BLDR Builders FirstSource, Inc. | +$1M |
| CVX Chevron Corporation | +$1M |
| WMT Walmart Inc. | +$1M |
| OTF Blue Owl Technology Finance Co | +$0M |
| AMZN Amazon.com, Inc. | +$6M |
| WFC Wells Fargo & Company | +$0M |
| META Meta Platforms, Inc. | +$0M |
Top sells this quarter · 15
| AVGO Broadcom Inc. | −$13M |
| CLSK CleanSpark, Inc. | −$3M |
| ROST Ross Stores, Inc. | −$2M |
| SPY State Street SPDR S&P 500 ETF | −$1M |
| PRMB Primo Brands Corporationexit | −$1M |
| T AT&T Inc.exit | −$1M |
| PEP PepsiCo, Inc. | −$1M |
| TTD The Trade Desk, Inc.exit | −$0M |
| 0HQN.L Cboe Global Markets, Inc. | −$0M |
| SLB SLB N.V.exit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $753M | 217 | +14.59% | +17.59% | -3.00% | -0.01B |
| 2025-12-31 | $816M | 220 | +18.70% | +17.72% | +0.99% | +0.04B |
| 2025-09-30 | $776M | 203 | +23.35% | +17.52% | +5.84% | -0.30B |
| 2025-06-30 | $993M | 301 | +19.37% | +14.94% | +4.42% | -0.00B |
| 2025-03-31 | $891M | 293 | +9.98% | +8.30% | +1.68% | +0.03B |
| 2024-12-31 | $890M | 293 | +25.16% | +24.89% | +0.28% | +0.06B |
| 2024-09-30 | $795M | 281 | +33.48% | +36.04% | -2.55% | -0.02B |
| 2024-06-30 | $776M | 307 | +31.56% | +24.49% | +7.07% | +0.02B |
| 2024-03-31 | $734M | 315 | +41.26% | +29.62% | +11.64% | +0.02B |
| 2023-12-31 | $647M | 290 | +39.00% | +26.18% | +12.82% | -0.04B |
| 2023-09-30 | $613M | 275 | +30.95% | +21.57% | +9.38% | -0.07B |
| 2023-06-30 | $662M | 279 | +19.89% | +19.42% | +0.47% | -0.02B |
| 2023-03-31 | $612M | 260 | -14.58% | -7.82% | -6.76% | -0.01B |
| 2022-12-31 | $568M | 251 | -25.01% | -18.17% | -6.83% | +0.01B |
| 2022-09-30 | $536M | 255 | -20.68% | -15.51% | -5.17% | +0.01B |
| 2022-06-30 | $558M | 262 | -15.93% | -10.62% | -5.31% | +0.04B |