Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.47%
adds when stocks drop
when a holding falls −10%+
Middle response
-2.93%
baseline attrition
Rally response
-0.47%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BINCiShares Flexible Income | $46M | 3.1% | — | 2.3 yr |
| DISThe Walt Disney Company | $44M | 3.0% | -1.3% | 10.5 yr |
| SFBSServisFirst Bancshares, | $44M | 3.0% | -10.7% | 2.3 yr |
| RSPInvesco S&P 500 Equal We | $39M | 2.7% | — | 8.0 yr |
| AAPLApple Inc. | $38M | 2.6% | +14.7% | 10.0 yr |
| FBNDFidelity Total Bond ETF | $36M | 2.5% | — | 8.5 yr |
| SPABState Street SPDR Portfo | $35M | 2.4% | — | 8.3 yr |
| NVDANVIDIA Corporation | $34M | 2.3% | +60.9% | 8.8 yr |
| PVALPutnam Focused Large Cap | $33M | 2.2% | — | 2.3 yr |
| SPLGSPDR Portfolio S&P 500 E | $27M | 1.8% | — | 7.8 yr |
| VUGVanguard Growth ETF | $25M | 1.7% | — | 9.5 yr |
| EFViShares MSCI EAFE Value | $23M | 1.6% | — | 8.5 yr |
| GLDSPDR Gold Shares | $23M | 1.5% | — | 9.3 yr |
| JNJJohnson & Johnson | $20M | 1.3% | +51.5% | 10.5 yr |
| SPYState Street SPDR S&P 50 | $19M | 1.3% | +17.6% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management48.4%+2.5pp$705M
Asset Management - Bonds8.1%-2.0pp$118M
Banks - Regional4.1%+3.9pp$59M
Semiconductors3.8%+0.3pp$55M
Entertainment3.2%+0.7pp$47M
Unknown3.2%+0.8pp$47M
Consumer Electronics2.6%-0.3pp$38M
Drug Manufacturers - General2.5%+0.5pp$36M
Internet Content & Information2.1%+0.1pp$30M
Software - Infrastructure1.7%-0.4pp$25M
Country
US95.9%-0.1pp
Unknown3.2%+0.8pp
TW0.3%+0.1pp
IE0.2%-0.1pp
CA0.2%-0.3pp
FI0.1%
CN0.0%-0.1pp
AU0.0%-0.0pp
Top 5: 14.5% · Top 10: 25.8% · Top 25: 43.2%
Top buys this quarter · 15
| FHN First Horizon Corporationnew | +$43M |
| SFBS ServisFirst Bancshares, Inc. | +$33M |
| ADSK Autodesk, Inc. | +$8M |
| MSI Motorola Solutions, Inc.new | +$6M |
| AWI Armstrong World Industries, Innew | +$6M |
| GDEN Golden Entertainment, Inc.new | +$5M |
| IBRX ImmunityBio, Inc.new | +$5M |
| HOLX Hologic, Inc.new | +$4M |
| MTZ MasTec, Inc.new | +$4M |
| OKE ONEOK, Inc. | +$3M |
Top sells this quarter · 15
| MU Micron Technology, Inc.exit | −$6M |
| CASY Casey's General Stores, Inc.exit | −$6M |
| GS The Goldman Sachs Group, Inc.exit | −$6M |
| LLY Eli Lilly and Companyexit | −$5M |
| CAT Caterpillar Inc.exit | −$5M |
| GD General Dynamics Corporationexit | −$4M |
| COST Costco Wholesale Corporationexit | −$3M |
| LMT Lockheed Martin Corporationexit | −$3M |
| MAR Marriott International, Inc.exit | −$3M |
| AXP American Express Companyexit | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.46B | 350 | +23.34% | +17.59% | +5.75% | -0.14B |
| 2025-12-31 | $1.63B | 754 | +20.05% | +17.72% | +2.33% | +0.02B |
| 2025-09-30 | $1.59B | 757 | +23.55% | +17.52% | +6.04% | +0.10B |
| 2025-06-30 | $1.37B | 710 | +23.20% | +14.94% | +8.26% | -0.10B |
| 2025-03-31 | $1.29B | 707 | +7.99% | +8.30% | -0.31% | -0.02B |
| 2024-12-31 | $1.38B | 737 | +22.00% | +24.89% | -2.88% | +0.16B |
| 2024-09-30 | $1.16B | 696 | +29.38% | +36.04% | -6.65% | -0.15B |
| 2024-06-30 | $1.21B | 721 | +17.93% | +24.49% | -6.56% | +0.14B |
| 2024-03-31 | $1.07B | 372 | +23.11% | +29.62% | -6.51% | -0.33B |
| 2023-12-31 | $1.31B | 736 | +19.24% | +26.18% | -6.94% | +0.67B |
| 2023-09-30 | $575M | 503 | +12.40% | +21.57% | -9.17% | -0.54B |
| 2023-06-30 | $1.13B | 661 | +2.92% | +19.42% | -16.51% | -0.12B |
| 2023-03-31 | $1.20B | 638 | -14.46% | -7.82% | -6.64% | +0.08B |
| 2022-12-31 | $1.07B | 579 | -21.73% | -18.17% | -3.55% | +0.01B |
| 2022-09-30 | $1.02B | 575 | -17.13% | -15.51% | -1.62% | +0.19B |
| 2022-06-30 | $913M | 441 | -7.87% | -10.62% | +2.75% | -0.12B |