Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.80%
trims when stocks drop
when a holding falls −10%+
Middle response
+6.21%
steady accumulation
Rally response
-10.84%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| JCPBJPMorgan Core Plus Bond | $69M | 6.3% | — | 1.3 yr |
| SPLGSPDR Portfolio S&P 500 E | $68M | 6.2% | — | 8.0 yr |
| UITBVictoryShares Core Inter | $52M | 4.8% | — | 3.0 yr |
| IQLTiShares MSCI Intl Qualit | $47M | 4.3% | — | 5.5 yr |
| BRK-BBerkshire Hathaway Inc. | $43M | 3.9% | — | 8.0 yr |
| DSTLDistillate U.S. Fundamen | $32M | 2.9% | — | 2.8 yr |
| AAPLApple Inc. | $29M | 2.6% | +14.7% | 8.3 yr |
| PYLDPIMCO Multisector Bond A | $29M | 2.6% | — | 2.0 yr |
| DFATDimensional - US Targete | $26M | 2.4% | — | 3.3 yr |
| SGOLabrdn Physical Gold Shar | $21M | 1.9% | — | 7.0 yr |
| SPSMState Street SPDR Portfo | $20M | 1.8% | — | 7.5 yr |
| SPEMState Street SPDR Portfo | $20M | 1.8% | — | 7.3 yr |
| AVEMAvantis Emerging Markets | $18M | 1.6% | — | 2.5 yr |
| VFLOVictoryShares Free Cash | $17M | 1.5% | — | 1.5 yr |
| SCHPSchwab U.S. TIPS ETF | $17M | 1.5% | — | 6.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management42.6%-3.6pp$466M
Asset Management - Bonds15.1%+2.6pp$165M
Semiconductors4.6%+2.1pp$51M
Insurance - Diversified4.4%-2.4pp$48M
Specialty Retail2.8%+0.6pp$31M
Asset Management - Income2.7%-0.6pp$29M
Consumer Electronics2.6%-0.0pp$29M
Internet Content & Information2.5%+0.6pp$27M
Drug Manufacturers - General2.0%+0.7pp$22M
Banks - Diversified1.5%+0.1pp$17M
Country
US96.9%-1.3pp
TW1.4%+0.6pp
Unknown0.5%+0.4pp
NL0.5%+0.2pp
KR0.3%+0.2pp
DK0.2%
IE0.1%-0.0pp
GB0.1%-0.5pp
Top 5: 25.5% · Top 10: 38.0% · Top 25: 58.8%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| TSM | $7M | +0.01B | 105.6% |
| NVDA | $7M | +0.00B | 60.9% |
| AAPL | $23M | +0.00B | 14.7% |
| KLAC | $3M | +0.00B | 118.2% |
| JPM | $10M | +0.00B | 21.8% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $10M | -0.00B | -0.6% |
Top buys this quarter · 15
| COST Costco Wholesale Corporation | +$7M |
| APH Amphenol Corporation | +$5M |
| CPNG Coupang, Inc. | +$2M |
| ORLY O'Reilly Automotive, Inc.new | +$2M |
| BX Blackstone Inc. | +$8M |
| AMZN Amazon.com, Inc. | +$11M |
| AAPL Apple Inc. | +$29M |
| NVO Novo Nordisk A/S | +$3M |
| INTU Intuit Inc. | +$4M |
| NVDA NVIDIA Corporation | +$14M |
Top sells this quarter · 15
| UNH UnitedHealth Group Incorporate | −$5M |
| VLO Valero Energy Corporation | −$2M |
| PYPL PayPal Holdings, Inc.exit | −$2M |
| PAYX Paychex, Inc.exit | −$1M |
| SO The Southern Company | −$0M |
| AVGO Broadcom Inc. | −$0M |
| COP ConocoPhillips | −$0M |
| DELL Dell Technologies Inc. | −$0M |
| SLVM Sylvamo Corporationexit | −$0M |
| PRU Prudential Financial, Inc.exit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.09B | 280 | +11.90% | +17.59% | -5.69% | +0.06B |
| 2025-12-31 | $1.07B | 270 | +14.14% | +17.72% | -3.58% | +0.04B |
| 2025-09-30 | $1.03B | 261 | +18.07% | +17.52% | +0.55% | +0.02B |
| 2025-06-30 | $946M | 264 | +18.78% | +14.94% | +3.83% | +0.01B |
| 2025-03-31 | $863M | 239 | +12.29% | +8.30% | +3.98% | +0.07B |
| 2024-12-31 | $808M | 218 | +23.68% | +24.89% | -1.21% | +0.00B |
| 2024-09-30 | $781M | 220 | +35.04% | +36.04% | -1.00% | +0.02B |
| 2024-06-30 | $703M | 211 | +22.51% | +24.49% | -1.98% | +0.00B |
| 2024-03-31 | $682M | 200 | +26.06% | +29.62% | -3.57% | +0.03B |
| 2023-12-31 | $601M | 175 | +34.70% | +26.18% | +8.52% | -0.01B |
| 2023-09-30 | $539M | 164 | +23.87% | +21.57% | +2.31% | -0.00B |
| 2023-06-30 | $556M | 171 | +16.60% | +19.42% | -2.82% | +0.00B |
| 2023-03-31 | $522M | 170 | -4.61% | -7.82% | +3.21% | +0.41B |
| 2022-12-31 | $101M | 39 | -21.14% | -18.17% | -2.96% | -0.34B |
| 2022-09-30 | $430M | 155 | -15.49% | -15.51% | +0.01% | -0.02B |
| 2022-06-30 | $485M | 155 | -7.67% | -10.62% | +2.95% | +0.04B |