Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-7.60%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.41%
baseline attrition
Rally response
-27.05%
trims into rallies
when a holding rises +10%+
Top positions · 10
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AMZNAmazon.com, Inc. | $129M | 20.5% | +9.5% | 2.0 yr |
| METAMeta Platforms, Inc. | $111M | 17.7% | -0.4% | 2.0 yr |
| TSMTaiwan Semiconductor Man | $109M | 17.2% | +105.6% | 2.0 yr |
| GOOGLAlphabet Inc. | $70M | 11.1% | — | 1.8 yr |
| SYKStryker Corporation | $65M | 10.3% | -11.1% | 3.8 yr |
| SPGIS&P Global Inc. | $61M | 9.6% | -15.6% | 4.8 yr |
| MAMastercard Incorporated | $35M | 5.6% | -8.5% | 8.8 yr |
| DHRDanaher Corporation | $24M | 3.8% | -7.1% | 2.0 yr |
| BSXBoston Scientific Corpor | $19M | 3.0% | -37.8% | 0.3 yr |
| MSFTMicrosoft Corporation | $7M | 1.1% | -0.6% | 5.8 yr |
Portfolio composition (YoY)
Industry mix
Internet Content & Information28.8%+19.8pp$182M
Specialty Retail20.5%+8.8pp$129M
Semiconductors17.2%+7.9pp$109M
Medical - Devices13.4%+4.6pp$84M
Financial - Data & Stock Exchanges9.6%+0.4pp$61M
Financial - Credit Services5.6%-3.9pp$35M
Medical - Diagnostics & Research3.8%-13.3pp$24M
Software - Infrastructure1.1%-11.3pp$7M
Country
US82.8%-7.9pp
TW17.2%+7.9pp
Top 5: 76.8% · Top 10: 100.0% · Top 25: 100.0%
Top sells this quarter · 9
| TSM Taiwan Semiconductor Manufactu | −$572M |
| MSFT Microsoft Corporation | −$542M |
| AMZN Amazon.com, Inc. | −$503M |
| META Meta Platforms, Inc. | −$388M |
| SYK Stryker Corporation | −$245M |
| SPGI S&P Global Inc. | −$229M |
| TMO Thermo Fisher Scientific Inc.exit | −$196M |
| MA Mastercard Incorporated | −$182M |
| DHR Danaher Corporation | −$95M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $631M | 10 | +3.35% | +17.59% | -14.24% | -2.88B |
| 2025-12-31 | $3.92B | 9 | +8.22% | +17.72% | -9.50% | -0.53B |
| 2025-09-30 | $4.35B | 33 | +9.25% | +17.52% | -8.26% | +0.01B |
| 2025-06-30 | $4.30B | 34 | +13.62% | +14.94% | -1.33% | -0.48B |
| 2025-03-31 | $4.28B | 34 | +3.59% | +8.30% | -4.72% | -0.34B |
| 2024-12-31 | $4.92B | 33 | +20.10% | +24.89% | -4.79% | -0.67B |
| 2024-09-30 | $5.42B | 35 | +31.75% | +36.04% | -4.29% | -0.30B |
| 2024-06-30 | $5.44B | 35 | +22.09% | +24.49% | -2.40% | -0.25B |
| 2024-03-31 | $5.59B | 12 | +31.15% | +29.62% | +1.53% | -0.11B |
| 2023-12-31 | $5.24B | 11 | +35.65% | +26.18% | +9.47% | -0.97B |
| 2023-09-30 | $5.49B | 10 | +29.23% | +21.57% | +7.66% | -0.17B |
| 2023-06-30 | $5.81B | 10 | +24.30% | +19.42% | +4.88% | -0.23B |
| 2023-03-31 | $5.53B | 10 | -3.39% | -7.82% | +4.43% | -0.33B |
| 2022-12-31 | $5.20B | 10 | +7.71% | +7.56% | +0.15% | -0.07B |
| 2022-09-30 | $4.89B | 11 | -6.23% | -4.93% | -1.30% | +0.02B |
| 2022-06-30 | $5.19B | 12 | -15.03% | -16.11% | +1.08% | -0.05B |