Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.36%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.19%
baseline attrition
Rally response
-7.72%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GLDSPDR Gold Shares | $67M | 6.8% | — | 10.5 yr |
| TSMTaiwan Semiconductor Man | $61M | 6.2% | +105.6% | 4.8 yr |
| AZNAstraZeneca PLC | $42M | 4.3% | +36.2% | 0.3 yr |
| GOOGLAlphabet Inc. | $38M | 3.9% | — | 10.5 yr |
| SONYSony Group Corporation | $33M | 3.3% | -18.3% | 2.3 yr |
| BURBurford Capital Limited | $31M | 3.2% | -65.4% | 5.3 yr |
| MSFTMicrosoft Corporation | $31M | 3.2% | -0.6% | 10.5 yr |
| ALCAlcon Inc. | $31M | 3.1% | -20.3% | 6.5 yr |
| PYLDPIMCO Multisector Bond A | $29M | 3.0% | — | 2.3 yr |
| AMZNAmazon.com, Inc. | $29M | 2.9% | +9.5% | 10.5 yr |
| URTHiShares MSCI World ETF | $29M | 2.9% | — | 2.0 yr |
| YUMCYum China Holdings, Inc. | $26M | 2.7% | -4.3% | 2.3 yr |
| MELIMercadoLibre, Inc. | $22M | 2.3% | -11.4% | 1.0 yr |
| IAUiShares Gold Trust | $22M | 2.2% | — | 0.8 yr |
| JPMJPMorgan Chase & Co. | $20M | 2.0% | +21.8% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management31.3%-8.8pp$306M
Semiconductors10.7%+5.6pp$105M
Internet Content & Information6.7%+1.7pp$66M
Specialty Retail6.3%+2.2pp$62M
Drug Manufacturers - General5.2%+4.4pp$51M
Consumer Electronics4.8%+0.2pp$47M
Restaurants4.0%-0.3pp$39M
Asset Management - Bonds3.7%+0.3pp$36M
Banks - Diversified3.5%+0.4pp$34M
Software - Infrastructure3.2%-0.3pp$31M
Country
US68.1%-4.5pp
TW6.2%+3.5pp
CH4.9%+1.1pp
GB4.6%+4.3pp
JP3.3%-0.0pp
GG3.2%-7.0pp
CN2.7%-0.1pp
UY2.3%
Top 5: 24.6% · Top 10: 40.0% · Top 25: 67.6%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$43M |
| TPG TPG Inc.new | +$11M |
| MELI MercadoLibre, Inc. | +$6M |
| ALC Alcon Inc. | +$31M |
| BN Brookfield Corporation | +$18M |
| YUMC Yum China Holdings, Inc. | +$1M |
| SPGI S&P Global Inc. | +$13M |
| SONY Sony Group Corporation | +$33M |
| BSX Boston Scientific Corporation | +$5M |
| UBER Uber Technologies, Inc. | +$1M |
Top sells this quarter · 15
| MU Micron Technology, Inc. | −$8M |
| PG The Procter & Gamble Company | −$1M |
| TSM Taiwan Semiconductor Manufactu | −$55M |
| UNP Union Pacific Corporation | −$1M |
| JPM JPMorgan Chase & Co. | −$1M |
| HD The Home Depot, Inc. | −$1M |
| TOTB.DE TotalEnergies SE | −$5M |
| ADP Automatic Data Processing, Inc | −$1M |
| META Meta Platforms, Inc. | −$1M |
| CPRT Copart, Inc. | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $979M | 153 | -2.94% | +17.59% | -20.53% | +0.05B |
| 2025-12-31 | $1.04B | 151 | +8.75% | +17.72% | -8.96% | +0.01B |
| 2025-09-30 | $1.05B | 143 | +10.89% | +17.52% | -6.62% | +0.06B |
| 2025-06-30 | $983M | 143 | +14.81% | +14.94% | -0.13% | -0.10B |
| 2025-03-31 | $992M | 139 | +4.35% | +8.30% | -3.95% | -0.05B |
| 2024-12-31 | $1.04B | 145 | +11.07% | +24.89% | -13.82% | +0.04B |
| 2024-09-30 | $995M | 141 | +24.31% | +36.04% | -11.73% | +0.05B |
| 2024-06-30 | $905M | 138 | +20.21% | +24.49% | -4.28% | +0.04B |
| 2024-03-31 | $873M | 140 | +32.94% | +29.62% | +3.32% | +0.05B |
| 2023-12-31 | $774M | 128 | +41.66% | +26.18% | +15.49% | -0.02B |
| 2023-09-30 | $704M | 124 | +35.83% | +21.57% | +14.27% | -0.03B |
| 2023-06-30 | $722M | 128 | +20.08% | +19.42% | +0.66% | +0.04B |
| 2023-03-31 | $619M | 121 | -3.38% | -7.82% | +4.44% | -0.04B |
| 2022-12-31 | $581M | 131 | -19.01% | -18.17% | -0.84% | -0.09B |
| 2022-09-30 | $627M | 139 | -16.37% | -15.51% | -0.86% | -0.05B |
| 2022-06-30 | $755M | 141 | -6.14% | -10.62% | +4.48% | -0.00B |