Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.26%
trims when stocks drop
when a holding falls −10%+
Middle response
+0.11%
steady accumulation
Rally response
-1.81%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VTVVanguard Value ETF | $351M | 13.7% | — | 10.0 yr |
| VUGVanguard Growth ETF | $309M | 12.0% | — | 9.3 yr |
| IXUSiShares Core MSCI Total | $251M | 9.8% | — | 6.8 yr |
| IWFiShares Russell 1000 Gro | $240M | 9.3% | — | 10.5 yr |
| IWDiShares Russell 1000 Val | $186M | 7.3% | — | 10.5 yr |
| VONGVanguard Russell 1000 Gr | $60M | 2.3% | — | 7.3 yr |
| VYMVanguard High Dividend Y | $56M | 2.2% | — | 10.3 yr |
| SPYState Street SPDR S&P 50 | $54M | 2.1% | +17.6% | 10.5 yr |
| IGFiShares Global Infrastru | $48M | 1.9% | — | 7.5 yr |
| VTEBVanguard Tax-Exempt Bond | $35M | 1.4% | — | 4.0 yr |
| VBRVanguard Small-Cap Value | $34M | 1.3% | — | 7.8 yr |
| IWNiShares Russell 2000 Val | $32M | 1.2% | — | 10.5 yr |
| VBKVanguard Small-Cap Growt | $31M | 1.2% | — | 7.5 yr |
| IWViShares Russell 3000 ETF | $30M | 1.2% | — | 10.5 yr |
| AAPLApple Inc. | $28M | 1.1% | +14.7% | 9.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management83.7%+2.0pp$2.14B
Banks - Regional1.6%-0.5pp$41M
Internet Content & Information1.4%+0.3pp$36M
Software - Infrastructure1.2%-0.1pp$30M
Drug Manufacturers - General1.2%-0.1pp$30M
Consumer Electronics1.2%-0.1pp$30M
Medical - Devices1.0%-0.4pp$25M
Semiconductors1.0%+0.4pp$24M
Insurance - Diversified0.7%-0.3pp$18M
Asset Management - Global0.6%-0.2pp$15M
Country
US99.4%-0.1pp
Unknown0.1%+0.1pp
IE0.1%-0.0pp
CA0.1%+0.0pp
JP0.1%-0.0pp
NL0.1%
TW0.1%+0.0pp
GB0.0%-0.1pp
Top 5: 52.2% · Top 10: 62.0% · Top 25: 77.2%
Top buys this quarter · 15
| NVDA NVIDIA Corporation | +$1M |
| NFG National Fuel Gas Company | +$1M |
| MSFT Microsoft Corporation | +$20M |
| META Meta Platforms, Inc. | +$9M |
| TSM Taiwan Semiconductor Manufactu | +$0M |
| CF CF Industries Holdings, Inc.new | +$0M |
| SOLS Solstice Advanced Materials Innew | +$0M |
| CW Curtiss-Wright Corporationnew | +$0M |
| CORT Corcept Therapeutics Incorporanew | +$0M |
| JPM JPMorgan Chase & Co. | +$6M |
Top sells this quarter · 15
| CBU Community Bank System, Inc. | −$5M |
| LRCX Lam Research Corporation | −$1M |
| WPC W. P. Carey Inc. | −$1M |
| SPY State Street SPDR S&P 500 ETF | −$1M |
| AAPL Apple Inc. | −$1M |
| CME CME Group Inc. | −$0M |
| BX Blackstone Inc. | −$0M |
| GLW Corning Incorporated | −$0M |
| INSW International Seaways, Inc. | −$0M |
| AROW Arrow Financial Corporationexit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.56B | 341 | +13.04% | +17.59% | -4.55% | +0.10B |
| 2025-12-31 | $2.53B | 324 | +11.87% | +17.72% | -5.85% | +0.02B |
| 2025-09-30 | $2.47B | 312 | +11.90% | +17.52% | -5.62% | +0.03B |
| 2025-06-30 | $2.29B | 297 | +11.83% | +14.94% | -3.11% | +0.02B |
| 2025-03-31 | $2.12B | 292 | +7.43% | +8.30% | -0.87% | -0.27B |
| 2024-12-31 | $2.48B | 417 | +19.93% | +24.89% | -4.96% | +0.03B |
| 2024-09-30 | $2.41B | 490 | +31.96% | +36.04% | -4.07% | +0.03B |
| 2024-06-30 | $2.24B | 418 | +19.89% | +24.49% | -4.60% | -0.05B |
| 2024-03-31 | $2.22B | 432 | +25.05% | +29.62% | -4.57% | -0.04B |
| 2023-12-31 | $2.10B | 419 | +22.63% | +26.18% | -3.55% | -0.06B |
| 2023-09-30 | $1.93B | 381 | +18.11% | +21.57% | -3.46% | -0.01B |
| 2023-06-30 | $2.00B | 378 | +17.68% | +19.42% | -1.74% | -0.20B |
| 2023-03-31 | $2.05B | 424 | -4.87% | -7.82% | +2.95% | +0.36B |
| 2022-12-31 | $1.61B | 370 | -13.83% | -18.17% | +4.34% | -0.13B |
| 2022-09-30 | $1.61B | 375 | -11.34% | -15.51% | +4.17% | -0.11B |
| 2022-06-30 | $1.78B | 383 | -7.45% | -10.62% | +3.17% | +0.09B |