Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-8.73%
trims when stocks drop
when a holding falls −10%+
Middle response
-11.84%
baseline attrition
Rally response
-19.74%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPYState Street SPDR S&P 50 | $84M | 12.4% | +17.6% | 5.8 yr |
| SHYiShares 1-3 Year Treasur | $34M | 5.0% | — | 2.0 yr |
| QQQMInvesco NASDAQ 100 ETF | $26M | 3.9% | — | 2.8 yr |
| SCHDSchwab U.S. Dividend Equ | $24M | 3.6% | — | 2.8 yr |
| SGOViShares 0-3 Month Treasu | $19M | 2.9% | — | 3.5 yr |
| XLEState Street Energy Sele | $19M | 2.8% | — | 3.3 yr |
| VONGVanguard Russell 1000 Gr | $17M | 2.5% | — | 2.8 yr |
| IEFiShares 7-10 Year Treasu | $14M | 2.2% | — | 7.8 yr |
| XHLFBondBloxx Bloomberg Six | $14M | 2.1% | — | 1.8 yr |
| VIGVanguard Dividend Apprec | $12M | 1.8% | — | 5.0 yr |
| NVDANVIDIA Corporation | $12M | 1.7% | +60.9% | 5.5 yr |
| CWBState Street SPDR Bloomb | $11M | 1.7% | — | 7.0 yr |
| BILState Street SPDR Bloomb | $11M | 1.7% | — | 3.8 yr |
| BKLCBNY Mellon US Large Cap | $11M | 1.7% | — | 2.8 yr |
| DLNWisdomTree U.S. LargeCap | $11M | 1.6% | — | 7.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management52.2%+5.7pp$351M
Asset Management - Bonds9.6%-4.0pp$65M
Semiconductors2.8%+1.1pp$19M
Banks - Regional2.0%+1.7pp$14M
Internet Content & Information1.7%+0.7pp$12M
Discount Stores1.6%-0.9pp$11M
Biotechnology1.6%+0.9pp$11M
Consumer Electronics1.6%+0.3pp$11M
Software - Infrastructure1.5%+0.2pp$10M
Chemicals - Specialty1.4%+0.3pp$10M
Country
US94.5%-2.4pp
GB1.5%+0.1pp
Unknown0.5%+0.5pp
CL0.5%+0.1pp
BR0.4%+0.4pp
JP0.3%+0.2pp
SG0.2%
IE0.2%-0.1pp
Top 5: 27.8% · Top 10: 39.2% · Top 25: 60.7%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NVDA | $9M | +0.01B | 60.9% |
| CAT | $2M | +0.00B | 117.8% |
| AAPL | $10M | +0.00B | 14.7% |
| AVGO | $1M | +0.00B | 86.0% |
| COST | $17M | +0.00B | 5.9% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $8M | -0.00B | -0.6% |
Top buys this quarter · 15
| SPY State Street SPDR S&P 500 ETF | +$67M |
| CPRX Catalyst Pharmaceuticals, Inc. | +$8M |
| ICE Intercontinental Exchange, Inc | +$6M |
| COST Costco Wholesale Corporation | +$6M |
| BOH Bank of Hawaii Corporation | +$4M |
| AMT American Tower Corporation | +$4M |
| DAR Darling Ingredients Inc.new | +$4M |
| BTSG BrightSpring Health Services, new | +$3M |
| SNX TD SYNNEX Corporation | +$3M |
| KMT Kennametal Inc. | +$3M |
Top sells this quarter · 15
| ROST Ross Stores, Inc. | −$10M |
| 0HQN.L Cboe Global Markets, Inc.exit | −$6M |
| PGR The Progressive Corporationexit | −$5M |
| WELL Welltower Inc.exit | −$5M |
| REG Regency Centers Corporationexit | −$5M |
| EXE Expand Energy Corporationexit | −$5M |
| DLR Digital Realty Trust, Inc.exit | −$5M |
| VTR Ventas, Inc.exit | −$5M |
| CME CME Group Inc.exit | −$5M |
| AL Air Lease Corporationexit | −$5M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $674M | 214 | +20.85% | +17.59% | +3.26% | +0.05B |
| 2025-12-31 | $611M | 225 | +20.04% | +17.72% | +2.32% | -0.09B |
| 2025-09-30 | $677M | 231 | +21.46% | +17.52% | +3.94% | +0.02B |
| 2025-06-30 | $606M | 190 | +24.14% | +14.94% | +9.20% | -0.18B |
| 2025-03-31 | $745M | 238 | +17.91% | +8.30% | +9.61% | +0.11B |
| 2024-12-31 | $622M | 194 | +24.36% | +24.89% | -0.53% | -0.07B |
| 2024-09-30 | $656M | 183 | +26.40% | +36.04% | -9.63% | +0.02B |
| 2024-06-30 | $578M | 154 | +18.67% | +24.49% | -5.83% | -0.02B |
| 2024-03-31 | $594M | 162 | +23.10% | +29.62% | -6.53% | -0.05B |
| 2023-12-31 | $604M | 225 | +19.71% | +26.18% | -6.46% | +0.28B |
| 2023-09-30 | $308M | 195 | +21.10% | +21.57% | -0.46% | -0.11B |
| 2023-06-30 | $405M | 166 | +10.59% | +19.42% | -8.83% | +0.10B |
| 2023-03-31 | $292M | 196 | +0.03% | -7.82% | +7.85% | +0.05B |
| 2022-12-31 | $229M | 162 | -8.39% | -18.17% | +9.78% | +0.14B |
| 2022-09-30 | $78M | 146 | -5.60% | -15.51% | +9.91% | -0.28B |
| 2022-06-30 | $384M | 137 | +0.67% | -10.62% | +11.30% | -0.79B |