Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+6.88%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.70%
baseline attrition
Rally response
-2.41%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IAUiShares Gold Trust | $166M | 21.4% | — | 5.0 yr |
| VTVVanguard Value ETF | $118M | 15.1% | — | 10.0 yr |
| BILState Street SPDR Bloomb | $91M | 11.7% | — | 1.8 yr |
| VUGVanguard Growth ETF | $50M | 6.5% | — | 10.5 yr |
| SECUiShares Securitized Inco | $41M | 5.3% | — | 0.3 yr |
| SCHISchwab 5-10 Year Corpora | $31M | 3.9% | — | 0.3 yr |
| IEIiShares 3-7 Year Treasur | $31M | 3.9% | — | 1.5 yr |
| JPYLazard Japanese Equity E | $20M | 2.5% | — | 0.8 yr |
| CCJCameco Corporation | $18M | 2.4% | +164.4% | 4.0 yr |
| PREFPrincipal Spectrum Prefe | $16M | 2.1% | — | 1.3 yr |
| BBEUJPMorgan BetaBuilders Eu | $15M | 1.9% | — | 0.8 yr |
| IAUMiShares Gold Trust Micro | $12M | 1.6% | — | 0.5 yr |
| MSFTMicrosoft Corporation | $12M | 1.5% | -0.6% | 6.8 yr |
| WMTWalmart Inc. | $11M | 1.4% | +42.8% | 4.5 yr |
| BKRBaker Hughes Company | $11M | 1.4% | +41.7% | 2.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management78.2%-8.9pp$607M
Asset Management - Bonds3.9%$31M
Banks - Diversified2.6%+1.0pp$20M
Uranium2.4%+1.8pp$18M
Specialty Retail2.0%+0.8pp$15M
Software - Infrastructure1.5%+0.5pp$12M
Discount Stores1.4%+0.7pp$11M
Oil & Gas Equipment & Services1.4%$11M
Insurance - Diversified1.2%+0.3pp$9M
Internet Content & Information0.7%+0.3pp$6M
Country
US95.2%-2.3pp
CA2.5%+1.7pp
JP1.3%
TW0.2%+0.1pp
UY0.2%
DE0.2%+0.0pp
GB0.1%-0.1pp
IE0.1%-0.3pp
Top 5: 60.0% · Top 10: 74.8% · Top 25: 92.6%
Top buys this quarter · 15
| BKR Baker Hughes Company | +$11M |
| MSFT Microsoft Corporation | +$12M |
| JPM JPMorgan Chase & Co. | +$2M |
| ULTA Ulta Beauty, Inc. | +$2M |
| SPY State Street SPDR S&P 500 ETF | +$1M |
| MUFG Mitsubishi UFJ Financial Group | +$1M |
| AJG Arthur J. Gallagher & Co.new | +$1M |
| INTU Intuit Inc. | +$1M |
| SPGI S&P Global Inc.new | +$1M |
| NFLX Netflix, Inc. | +$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $776M | 88 | +30.46% | +17.59% | +12.87% | +0.04B |
| 2025-12-31 | $767M | 80 | +25.77% | +17.72% | +8.05% | +0.05B |
| 2025-09-30 | $671M | 62 | +28.05% | +17.52% | +10.54% | -0.14B |
| 2025-06-30 | $733M | 68 | +22.36% | +14.94% | +7.41% | +0.10B |
| 2025-03-31 | $551M | 59 | +5.58% | +8.30% | -2.72% | +0.06B |
| 2024-12-31 | $524M | 53 | +22.53% | +24.89% | -2.35% | -0.01B |
| 2024-09-30 | $492M | 53 | +26.30% | +36.04% | -9.74% | -0.54B |
| 2024-06-30 | $980M | 27 | +19.36% | +24.49% | -5.13% | +0.17B |
| 2024-03-31 | $814M | 26 | +28.23% | +29.62% | -1.39% | +0.26B |
| 2023-12-31 | $513M | 26 | +21.48% | +26.18% | -4.70% | -0.14B |
| 2023-09-30 | $585M | 43 | +18.57% | +21.57% | -3.00% | +0.15B |
| 2023-06-30 | $434M | 30 | +17.64% | +19.42% | -1.78% | -0.06B |
| 2023-03-31 | $461M | 34 | -10.86% | -7.82% | -3.04% | +0.04B |
| 2022-12-31 | $413M | 31 | -14.66% | -18.17% | +3.51% | -0.07B |
| 2022-09-30 | $444M | 34 | -12.61% | -15.51% | +2.90% | -0.05B |
| 2022-06-30 | $497M | 40 | -11.29% | -10.62% | -0.67% | -0.03B |