Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.64%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.59%
baseline attrition
Rally response
-2.68%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $1.54B | 5.2% | +60.9% | 10.5 yr |
| AAPLApple Inc. | $1.32B | 4.4% | +14.7% | 10.5 yr |
| MSFTMicrosoft Corporation | $958M | 3.2% | -0.6% | 10.5 yr |
| AMZNAmazon.com, Inc. | $830M | 2.8% | +9.5% | 10.5 yr |
| AVGOBroadcom Inc. | $653M | 2.2% | +86.0% | 8.0 yr |
| GOOGLAlphabet Inc. | $569M | 1.9% | — | 10.5 yr |
| IEMGiShares Core MSCI Emergi | $529M | 1.8% | — | 8.5 yr |
| EEMiShares MSCI Emerging Ma | $519M | 1.7% | — | 10.5 yr |
| GOOGAlphabet Inc. | $454M | 1.5% | +84.3% | 10.5 yr |
| DFAEDimensional - Emerging C | $429M | 1.4% | — | 3.0 yr |
| METAMeta Platforms, Inc. | $403M | 1.3% | -0.4% | 10.5 yr |
| BRK-BBerkshire Hathaway Inc. | $355M | 1.2% | — | 10.5 yr |
| TSLATesla, Inc. | $300M | 1.0% | +43.4% | 5.5 yr |
| JNJJohnson & Johnson | $296M | 1.0% | +51.5% | 10.5 yr |
| JPMJPMorgan Chase & Co. | $258M | 0.9% | +21.8% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors10.7%+3.3pp$3.20B
Asset Management7.1%+0.7pp$2.13B
Internet Content & Information5.2%+1.0pp$1.56B
Software - Infrastructure4.8%-0.9pp$1.43B
Consumer Electronics4.5%-0.1pp$1.34B
Specialty Retail3.8%+0.0pp$1.14B
Drug Manufacturers - General3.5%+0.2pp$1.04B
Aerospace & Defense2.6%+0.6pp$764M
Banks - Diversified2.5%-0.0pp$737M
Software - Application2.2%+0.2pp$669M
Country
US96.9%-0.1pp
IE0.8%+0.0pp
GB0.6%+0.2pp
Unknown0.5%-0.0pp
CH0.3%+0.0pp
SG0.2%+0.1pp
LU0.2%+0.1pp
BM0.2%-0.2pp
Top 5: 17.7% · Top 10: 26.1% · Top 25: 38.4%
Top buys this quarter · 15
| DIS The Walt Disney Company | +$56M |
| AMZN Amazon.com, Inc. | +$830M |
| HD The Home Depot, Inc. | +$41M |
| LHX L3Harris Technologies, Inc. | +$34M |
| AZO AutoZone, Inc. | +$32M |
| COST Costco Wholesale Corporation | +$32M |
| KEY KeyCorp | +$30M |
| VRT Vertiv Holdings Conew | +$20M |
| AHR American Healthcare REIT, Inc.new | +$20M |
| TSLA Tesla, Inc. | +$300M |
Top sells this quarter · 15
| TJX The TJX Companies, Inc. | −$59M |
| CIEN Ciena Corporation | −$54M |
| SBUX Starbucks Corporation | −$52M |
| LITE Lumentum Holdings Inc. | −$49M |
| WBD Warner Bros. Discovery, Inc. | −$48M |
| LOW Lowe's Companies, Inc. | −$45M |
| AKAM Akamai Technologies, Inc. | −$37M |
| PG The Procter & Gamble Company | −$37M |
| COHR Coherent, Inc. | −$35M |
| HUM Humana Inc. | −$32M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $29.95B | 945 | +18.43% | +17.59% | +0.84% | +0.03B |
| 2025-12-31 | $30.78B | 941 | +16.57% | +17.72% | -1.15% | -0.13B |
| 2025-09-30 | $30.06B | 943 | +15.26% | +17.52% | -2.26% | +0.03B |
| 2025-06-30 | $27.94B | 933 | +14.61% | +14.94% | -0.33% | -0.38B |
| 2025-03-31 | $25.69B | 943 | +4.78% | +8.30% | -3.52% | -0.07B |
| 2024-12-31 | $26.93B | 939 | +18.50% | +24.89% | -6.38% | -0.24B |
| 2024-09-30 | $26.71B | 942 | +29.73% | +36.04% | -6.31% | -0.91B |
| 2024-06-30 | $25.84B | 939 | +16.98% | +24.49% | -7.51% | -0.21B |
| 2024-03-31 | $25.85B | 940 | +24.22% | +29.62% | -5.41% | +0.34B |
| 2023-12-31 | $23.58B | 940 | +21.33% | +26.18% | -4.85% | -0.26B |
| 2023-09-30 | $21.41B | 925 | +17.21% | +21.57% | -4.36% | -0.10B |
| 2023-06-30 | $22.32B | 939 | +16.85% | +19.42% | -2.57% | -2.34B |
| 2023-03-31 | $23.05B | 927 | -6.52% | -7.82% | +1.30% | -1.18B |
| 2022-12-31 | $22.93B | 937 | -15.62% | -18.17% | +2.55% | -0.18B |
| 2022-09-30 | $21.49B | 929 | -12.86% | -15.51% | +2.65% | -0.86B |
| 2022-06-30 | $23.26B | 936 | -8.81% | -10.62% | +1.81% | -0.07B |