Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-17.83%
trims when stocks drop
when a holding falls −10%+
Middle response
-39.05%
baseline attrition
Rally response
-32.05%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $593M | 8.8% | +60.9% | 9.3 yr |
| AAPLApple Inc. | $319M | 4.8% | +14.7% | 9.3 yr |
| AVGOBroadcom Inc. | $308M | 4.6% | +86.0% | 7.5 yr |
| GOOGLAlphabet Inc. | $243M | 3.6% | — | 8.0 yr |
| MUMicron Technology, Inc. | $215M | 3.2% | +289.6% | 7.0 yr |
| MSFTMicrosoft Corporation | $180M | 2.7% | -0.6% | 9.3 yr |
| AZNAstraZeneca PLC | $168M | 2.5% | +36.2% | 0.3 yr |
| JPMJPMorgan Chase & Co. | $166M | 2.5% | +21.8% | 8.0 yr |
| WMTWalmart Inc. | $140M | 2.1% | +42.8% | 5.8 yr |
| COSTCostco Wholesale Corpora | $130M | 1.9% | +5.9% | 5.0 yr |
| HONHoneywell International | $128M | 1.9% | +9.0% | 5.3 yr |
| METAMeta Platforms, Inc. | $112M | 1.7% | -0.4% | 9.5 yr |
| GOOGAlphabet Inc. | $108M | 1.6% | +84.3% | 7.5 yr |
| AMATApplied Materials, Inc. | $100M | 1.5% | +137.6% | 8.0 yr |
| SHOPShopify Inc. | $99M | 1.5% | +24.2% | 5.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors21.0%+3.9pp$1.41B
Internet Content & Information7.0%-12.6pp$471M
Drug Manufacturers - General6.3%+5.5pp$423M
Consumer Electronics4.8%-5.1pp$319M
Banks - Diversified4.3%+4.0pp$290M
Software - Infrastructure4.2%-6.8pp$285M
Discount Stores4.1%+3.9pp$275M
Software - Application3.2%+1.3pp$213M
Conglomerates2.0%-0.5pp$131M
Medical - Devices1.9%+1.8pp$126M
Country
US91.7%-4.9pp
CA3.9%+2.8pp
GB2.8%+2.5pp
IE0.5%
BM0.4%
BR0.4%
CH0.1%
DE0.1%
Top 5: 25.0% · Top 10: 36.8% · Top 25: 56.7%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$170M |
| B Barrick Mining Corporationnew | +$99M |
| COST Costco Wholesale Corporation | +$90M |
| HON Honeywell International Inc. | +$81M |
| ABBV AbbVie Inc. | +$78M |
| GILD Gilead Sciences, Inc. | +$66M |
| WMT Walmart Inc. | +$62M |
| PEP PepsiCo, Inc. | +$57M |
| MCD McDonald's Corporation | +$57M |
| BAC Bank of America Corporation | +$55M |
Top sells this quarter · 15
| META Meta Platforms, Inc. | −$234M |
| BKR Baker Hughes Company | −$143M |
| VRT Vertiv Holdings Co | −$124M |
| TSLA Tesla, Inc. | −$122M |
| MSFT Microsoft Corporation | −$99M |
| AMD Advanced Micro Devices, Inc. | −$85M |
| NVDA NVIDIA Corporation | −$85M |
| AAPL Apple Inc. | −$80M |
| MPWR Monolithic Power Systems, Inc. | −$80M |
| XOM Exxon Mobil Corporation | −$70M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $6.70B | 551 | +38.62% | +17.59% | +21.03% | -1.74B |
| 2025-12-31 | $8.60B | 564 | +36.76% | +17.72% | +19.04% | +4.33B |
| 2025-09-30 | $3.98B | 543 | +32.88% | +17.52% | +15.37% | +1.58B |
| 2025-06-30 | $2.20B | 523 | +35.91% | +14.94% | +20.97% | -2.48B |
| 2025-03-31 | $3.88B | 103 | +14.49% | +8.30% | +6.18% | -1.29B |
| 2024-12-31 | $5.35B | 153 | +28.68% | +24.89% | +3.80% | +2.81B |
| 2024-09-30 | $2.44B | 131 | +34.65% | +36.04% | -1.39% | -0.07B |
| 2024-06-30 | $2.24B | 112 | +17.29% | +24.49% | -7.20% | +1.14B |
| 2024-03-31 | $1.08B | 62 | +22.46% | +29.62% | -7.16% | -0.23B |
| 2023-12-31 | $1.21B | 92 | +23.29% | +26.18% | -2.89% | +0.19B |
| 2023-09-30 | $934M | 85 | +26.92% | +21.57% | +5.35% | -3.32B |
| 2023-06-30 | $4.36B | 110 | +17.67% | +19.42% | -1.75% | -1.44B |
| 2023-03-31 | $5.47B | 91 | -2.41% | -7.82% | +5.41% | -0.56B |
| 2022-12-31 | $5.51B | 122 | +12.18% | +7.56% | +4.62% | -0.14B |
| 2022-09-30 | $5.04B | 102 | -9.61% | -4.93% | -4.68% | +0.37B |
| 2022-06-30 | $5.17B | 91 | -12.11% | -16.11% | +4.00% | +1.46B |