Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+5.76%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.78%
baseline attrition
Rally response
-7.19%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| RSPInvesco S&P 500 Equal We | $66M | 5.8% | — | 0.3 yr |
| VWOVanguard FTSE Emerging M | $64M | 5.7% | — | 6.5 yr |
| EEMiShares MSCI Emerging Ma | $40M | 3.6% | — | 0.8 yr |
| TSMTaiwan Semiconductor Man | $40M | 3.5% | +105.6% | 3.0 yr |
| NVDANVIDIA Corporation | $32M | 2.9% | +60.9% | 4.5 yr |
| ACWIiShares MSCI ACWI ETF | $25M | 2.2% | — | 0.8 yr |
| NVSNovartis AG | $25M | 2.2% | +39.7% | 6.5 yr |
| APHAmphenol Corporation | $24M | 2.2% | +93.6% | 1.0 yr |
| AMZNAmazon.com, Inc. | $24M | 2.1% | +9.5% | 10.5 yr |
| GOOGAlphabet Inc. | $24M | 2.1% | +84.3% | 5.3 yr |
| NETCloudflare, Inc. | $23M | 2.0% | +83.1% | 3.5 yr |
| IBITiShares Bitcoin Trust ET | $23M | 2.0% | — | 2.3 yr |
| METAMeta Platforms, Inc. | $21M | 1.9% | -0.4% | 8.8 yr |
| CQQQInvesco China Technology | $21M | 1.9% | — | 0.3 yr |
| PMPhilip Morris Internatio | $21M | 1.9% | +7.9% | 5.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management24.9%+6.8pp$281M
Semiconductors8.9%+5.1pp$101M
Internet Content & Information5.8%-1.9pp$66M
Specialty Retail5.6%+2.2pp$63M
Software - Application4.3%-3.7pp$48M
Software - Infrastructure4.0%+1.3pp$45M
Drug Manufacturers - General3.2%-0.4pp$36M
Financial - Credit Services3.1%-1.0pp$35M
Aerospace & Defense2.7%$31M
Computer Hardware2.7%$30M
Country
US79.7%+2.9pp
TW3.5%+1.2pp
CH3.5%+1.8pp
CA2.5%+0.1pp
GB2.0%+0.1pp
LU1.8%+0.3pp
SG1.7%
BR1.2%+0.6pp
Top 5: 21.5% · Top 10: 32.4% · Top 25: 58.9%
Top buys this quarter · 15
| TDAY USA TODAY Co., Inc.new | +$16M |
| SATS EchoStar Corporation | +$15M |
| NU Nu Holdings Ltd. | +$13M |
| AZN AstraZeneca PLCnew | +$12M |
| NVDA NVIDIA Corporation | +$10M |
| COIN Coinbase Global, Inc. | +$10M |
| SPOT Spotify Technology S.A. | +$10M |
| TSLA Tesla, Inc. | +$5M |
| TSM Taiwan Semiconductor Manufactu | +$5M |
| CRWD CrowdStrike Holdings, Inc. | +$5M |
Top sells this quarter · 15
| PBR Petróleo Brasileiro S.A. - Peexit | −$16M |
| DASH DoorDash, Inc.exit | −$13M |
| SPGI S&P Global Inc.exit | −$12M |
| MA Mastercard Incorporatedexit | −$12M |
| META Meta Platforms, Inc. | −$10M |
| ROP Roper Technologies, Inc.exit | −$9M |
| WDC Western Digital Corporation | −$9M |
| MSFT Microsoft Corporationexit | −$8M |
| FNF Fidelity National Financial, Iexit | −$7M |
| USFD US Foods Holding Corp. | −$7M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.13B | 84 | +25.17% | +17.59% | +7.58% | -0.03B |
| 2025-12-31 | $1.18B | 93 | +29.92% | +17.72% | +12.20% | +0.11B |
| 2025-09-30 | $1.02B | 81 | +26.69% | +17.52% | +9.18% | -0.10B |
| 2025-06-30 | $1.07B | 81 | +27.77% | +14.94% | +12.82% | -0.12B |
| 2025-03-31 | $1.02B | 78 | +10.16% | +8.30% | +1.85% | +0.19B |
| 2024-12-31 | $810M | 82 | +20.52% | +24.89% | -4.36% | -0.02B |
| 2024-09-30 | $819M | 78 | +29.44% | +36.04% | -6.60% | -0.03B |
| 2024-06-30 | $801M | 129 | +25.88% | +24.49% | +1.39% | -0.15B |
| 2024-03-31 | $945M | 174 | +39.18% | +29.62% | +9.56% | +0.25B |
| 2023-12-31 | $621M | 125 | +37.64% | +26.18% | +11.46% | +0.01B |
| 2023-09-30 | $558M | 142 | +31.65% | +21.57% | +10.08% | +0.00B |
| 2023-06-30 | $544M | 135 | +21.52% | +19.42% | +2.09% | -0.04B |
| 2023-03-31 | $528M | 146 | -7.22% | -7.82% | +0.60% | -0.01B |
| 2022-12-31 | $486M | 153 | +4.68% | +7.56% | -2.88% | -0.01B |
| 2022-09-30 | $470M | 156 | -5.37% | -4.93% | -0.44% | +0.00B |
| 2022-06-30 | $495M | 149 | -15.27% | -16.11% | +0.84% | -0.01B |