Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.48%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.33%
baseline attrition
Rally response
+0.47%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IWBiShares Russell 1000 ETF | $104M | 13.5% | — | 10.5 yr |
| PRFInvesco RAFI US 1000 ETF | $96M | 12.5% | — | 8.0 yr |
| VEAVanguard FTSE Developed | $93M | 12.1% | — | 10.5 yr |
| TFLOiShares Treasury Floatin | $68M | 8.8% | — | 8.0 yr |
| BSVVanguard Short-Term Bond | $49M | 6.4% | — | 8.3 yr |
| AGGiShares Core U.S. Aggreg | $40M | 5.3% | — | 8.0 yr |
| PRFZInvesco RAFI US 1500 Sma | $37M | 4.8% | — | 8.0 yr |
| TIPiShares TIPS Bond ETF | $37M | 4.8% | — | 5.0 yr |
| EFAiShares MSCI EAFE ETF | $28M | 3.6% | — | 10.5 yr |
| VWOVanguard FTSE Emerging M | $27M | 3.5% | — | 10.5 yr |
| JPSTJPMorgan Ultra-Short Inc | $22M | 2.9% | — | 6.5 yr |
| VONEVanguard Russell 1000 ET | $16M | 2.0% | — | 6.3 yr |
| BNDVanguard Total Bond Mark | $16M | 2.0% | — | 9.5 yr |
| IWMiShares Russell 2000 ETF | $11M | 1.5% | — | 10.5 yr |
| IWFiShares Russell 1000 Gro | $10M | 1.3% | — | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management81.0%+1.4pp$622M
Asset Management - Bonds10.8%-1.1pp$83M
Asset Management - Income3.0%+0.2pp$23M
Consumer Electronics0.6%-0.1pp$5M
Asset Management - Leveraged0.4%-0.1pp$3M
Communication Equipment0.4%+0.0pp$3M
Software - Infrastructure0.4%-0.1pp$3M
Insurance - Diversified0.4%-0.1pp$3M
Banks - Regional0.3%+0.3pp$2M
Discount Stores0.3%+0.0pp$2M
Country
US99.8%+0.3pp
NL0.2%+0.1pp
CA0.0%-0.0pp
Top 5: 53.3% · Top 10: 75.3% · Top 25: 92.4%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $3M | -0.00B | -0.6% |
Top buys this quarter · 15
| HBAN Huntington Bancshares Incorpornew | +$2M |
| DUK Duke Energy Corporation | +$0M |
| COP ConocoPhillipsnew | +$0M |
| MSFT Microsoft Corporation | +$3M |
| MCD McDonald's Corporation | +$0M |
| WMT Walmart Inc. | +$0M |
| LLY Eli Lilly and Company | +$0M |
| AAPL Apple Inc. | +$5M |
| ABBV AbbVie Inc. | +$0M |
| XOM Exxon Mobil Corporation | +$0M |
Top sells this quarter · 15
| SPY State Street SPDR S&P 500 ETF | −$1M |
| AZO AutoZone, Inc.exit | −$0M |
| GE GE Aerospace | −$0M |
| FMS Fresenius Medical Care AG & Coexit | −$0M |
| ROST Ross Stores, Inc. | −$0M |
| IBM International Business Machineexit | −$0M |
| CMI Cummins Inc. | −$0M |
| CULP Culp, Inc.exit | −$0M |
| UNH UnitedHealth Group Incorporate | −$0M |
| GOOG Alphabet Inc. | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $768M | 114 | +20.02% | +17.59% | +2.43% | +0.02B |
| 2025-12-31 | $760M | 111 | +17.43% | +17.72% | -0.29% | -0.05B |
| 2025-09-30 | $788M | 127 | +16.70% | +17.52% | -0.82% | -0.08B |
| 2025-06-30 | $780M | 112 | +14.94% | +14.94% | -0.00% | +0.00B |
| 2025-03-31 | $731M | 113 | +13.15% | +8.30% | +4.85% | +0.05B |
| 2024-12-31 | $710M | 106 | +21.08% | +24.89% | -3.80% | -0.06B |
| 2024-09-30 | $755M | 116 | +33.08% | +36.04% | -2.95% | +0.00B |
| 2024-06-30 | $684M | 101 | +14.41% | +24.49% | -10.08% | -0.03B |
| 2024-03-31 | $683M | 111 | +17.44% | +29.62% | -12.18% | +0.02B |
| 2023-12-31 | $639M | 103 | +19.79% | +26.18% | -6.39% | -0.00B |
| 2023-09-30 | $572M | 101 | +15.02% | +21.57% | -6.55% | +0.04B |
| 2023-06-30 | $568M | 105 | +19.09% | +19.42% | -0.34% | -0.02B |
| 2023-03-31 | $543M | 105 | -5.17% | -7.82% | +2.64% | +0.03B |
| 2022-12-31 | $488M | 102 | -14.20% | -18.17% | +3.97% | +0.04B |
| 2022-09-30 | $413M | 84 | -11.20% | -15.51% | +4.30% | -0.04B |
| 2022-06-30 | $467M | 104 | -8.66% | -10.62% | +1.96% | +0.02B |