Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+5.06%
adds when stocks drop
when a holding falls −10%+
Middle response
-3.23%
baseline attrition
Rally response
-2.93%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $14.51B | 2.6% | +60.9% | 10.5 yr |
| AAPLApple Inc. | $12.69B | 2.3% | +14.7% | 10.5 yr |
| MSFTMicrosoft Corporation | $12.23B | 2.2% | -0.6% | 10.5 yr |
| SPYState Street SPDR S&P 50 | $8.00B | 1.4% | +17.6% | 10.5 yr |
| AVGOBroadcom Inc. | $7.63B | 1.4% | +86.0% | 8.0 yr |
| AMZNAmazon.com, Inc. | $7.17B | 1.3% | +9.5% | 10.5 yr |
| GOOGLAlphabet Inc. | $6.95B | 1.2% | — | 10.5 yr |
| IEFAiShares Core MSCI EAFE E | $6.28B | 1.1% | — | 10.5 yr |
| JPMJPMorgan Chase & Co. | $5.62B | 1.0% | +21.8% | 10.5 yr |
| GOOGAlphabet Inc. | $5.31B | 0.9% | +84.3% | 10.5 yr |
| METAMeta Platforms, Inc. | $5.29B | 0.9% | -0.4% | 10.5 yr |
| UBSUBS Group AG | $4.18B | 0.7% | +31.6% | 10.3 yr |
| VOVanguard Mid-Cap ETF | $3.85B | 0.7% | — | 10.5 yr |
| TSMTaiwan Semiconductor Man | $3.72B | 0.7% | +105.6% | 10.5 yr |
| LLYEli Lilly and Company | $3.72B | 0.7% | +12.2% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management25.8%+3.7pp$145.05B
Semiconductors8.0%+1.5pp$44.71B
Software - Infrastructure4.0%-0.6pp$22.38B
Internet Content & Information3.6%+0.1pp$19.97B
Drug Manufacturers - General2.8%-0.3pp$15.62B
Banks - Diversified2.5%-0.6pp$14.22B
Asset Management - Bonds2.3%+0.7pp$13.17B
Software - Application2.3%-0.2pp$13.01B
Consumer Electronics2.3%-0.7pp$12.96B
Specialty Retail2.3%-0.5pp$12.91B
Country
US90.9%-1.0pp
CH1.3%-0.2pp
IE1.2%-0.1pp
CA1.1%+0.4pp
GB1.0%+0.2pp
Unknown1.0%+0.2pp
TW0.7%+0.3pp
CN0.5%-0.1pp
Top 5: 9.8% · Top 10: 15.4% · Top 25: 24.5%
Top buys this quarter · 15
| MSFT Microsoft Corporation | +$12.23B |
| AAPL Apple Inc. | +$1.39B |
| TSM Taiwan Semiconductor Manufactu | +$1.26B |
| AZN AstraZeneca PLCnew | +$1.18B |
| NVDA NVIDIA Corporation | +$991M |
| SPY State Street SPDR S&P 500 ETF | +$946M |
| ABBV AbbVie Inc. | +$766M |
| VRT Vertiv Holdings Co | +$559M |
| SLB SLB N.V. | +$549M |
| TSLA Tesla, Inc. | +$540M |
Top sells this quarter · 15
| UBS UBS Group AG | −$1.31B |
| MU Micron Technology, Inc. | −$792M |
| MRK Merck & Co., Inc. | −$631M |
| HON Honeywell International Inc. | −$600M |
| WMT Walmart Inc. | −$455M |
| CFLT Confluent, Inc.exit | −$399M |
| GS The Goldman Sachs Group, Inc. | −$382M |
| GOOG Alphabet Inc. | −$381M |
| WBD Warner Bros. Discovery, Inc. | −$378M |
| KVUE Kenvue Inc. | −$362M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $562.11B | 8944 | +19.87% | +17.59% | +2.28% | +72.18B |
| 2025-12-31 | $503.61B | 8933 | +18.41% | +17.72% | +0.69% | -17.85B |
| 2025-09-30 | $510.67B | 8752 | +17.81% | +17.52% | +0.29% | -7.39B |
| 2025-06-30 | $477.35B | 8729 | +15.34% | +14.94% | +0.40% | -24.08B |
| 2025-03-31 | $450.96B | 8703 | +5.33% | +8.30% | -2.97% | +22.93B |
| 2024-12-31 | $445.43B | 8520 | +18.07% | +24.89% | -6.81% | +83.21B |
| 2024-09-30 | $356.54B | 8121 | +30.22% | +36.04% | -5.82% | +11.03B |
| 2024-06-30 | $325.17B | 8168 | +18.81% | +24.49% | -5.68% | +17.88B |
| 2024-03-31 | $302.63B | 7975 | +23.96% | +29.62% | -5.67% | +35.18B |
| 2023-12-31 | $248.27B | 7898 | +21.86% | +26.18% | -4.32% | +4.23B |
| 2023-09-30 | $217.81B | 8179 | +16.85% | +21.57% | -4.72% | -4.86B |
| 2023-06-30 | $229.69B | 7621 | +8.72% | +19.42% | -10.70% | +0.64B |
| 2023-03-31 | $216.21B | 8298 | -13.24% | -7.82% | -5.42% | -3.60B |
| 2022-12-31 | $207.57B | 9344 | -21.85% | -18.17% | -3.68% | +19.87B |
| 2022-09-30 | $174.70B | 9042 | -19.21% | -15.51% | -3.70% | -0.77B |
| 2022-06-30 | $194.53B | 9031 | -9.92% | -10.62% | +0.70% | -2.77B |