Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-12.05%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.97%
baseline attrition
Rally response
-4.39%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| COMTiShares GSCI Commodity D | $47M | 9.3% | — | 1.3 yr |
| GNRState Street SPDR S&P Gl | $39M | 7.7% | — | 4.0 yr |
| GLDMSPDR Gold MiniShares Tru | $38M | 7.6% | — | 1.8 yr |
| EWYiShares MSCI South Korea | $37M | 7.4% | — | 3.0 yr |
| EWPiShares MSCI Spain ETF | $37M | 7.3% | — | 4.8 yr |
| SIVRabrdn Physical Silver Sh | $36M | 7.2% | — | 7.5 yr |
| SPEMState Street SPDR Portfo | $26M | 5.2% | — | 1.8 yr |
| EZAiShares MSCI South Afric | $24M | 4.8% | — | 1.0 yr |
| ICVTiShares Convertible Bond | $21M | 4.2% | — | 3.5 yr |
| EWWiShares MSCI Mexico ETF | $18M | 3.6% | — | 4.5 yr |
| FLJPFranklin FTSE Japan ETF | $18M | 3.5% | — | 1.0 yr |
| SPBOState Street SPDR Portfo | $15M | 2.9% | — | 2.0 yr |
| PFXFVanEck Preferred Securit | $11M | 2.2% | — | 0.3 yr |
| SCHXSchwab U.S. Large-Cap ET | $11M | 2.1% | — | 10.5 yr |
| MSFTMicrosoft Corporation | $9M | 1.9% | -0.6% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management73.0%-0.4pp$368M
Asset Management - Global7.7%+6.9pp$39M
Asset Management - Bonds5.3%-3.3pp$27M
Software - Infrastructure2.0%-0.7pp$10M
Asset Management - Income1.6%+0.2pp$8M
Semiconductors0.8%+0.2pp$4M
Consumer Electronics0.8%-0.2pp$4M
Drug Manufacturers - General0.8%-0.1pp$4M
Specialty Retail0.6%-0.2pp$3M
Internet Content & Information0.6%+0.2pp$3M
Country
US99.4%-0.0pp
CA0.2%+0.1pp
IE0.1%+0.0pp
GB0.0%+0.0pp
DK0.0%-0.1pp
Unknown0.0%+0.0pp
CH0.0%+0.0pp
TW0.0%+0.0pp
Top 5: 39.4% · Top 10: 64.3% · Top 25: 85.5%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| JNJ | $2M | +0.00B | 51.5% |
| GOOG | $1M | +0.00B | 84.3% |
| XOM | $2M | +0.00B | 47.6% |
| AAPL | $4M | +0.00B | 14.7% |
| AMZN | $3M | +0.00B | 9.5% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $10M | -0.00B | -0.6% |
Top buys this quarter · 15
| TEM Tempus AI, Inc. | +$0M |
| SNDA Sonida Senior Living, Inc.new | +$0M |
| FLY Firefly Aerospace Inc.new | +$0M |
| ZTS Zoetis Inc. | +$0M |
| SONO Sonos, Inc. | +$0M |
| MSFT Microsoft Corporation | +$9M |
| ORCL Oracle Corporation | +$0M |
| MELI MercadoLibre, Inc. | +$0M |
| NVDA NVIDIA Corporation | +$2M |
| V Visa Inc. | +$0M |
Top sells this quarter · 15
| JNJ Johnson & Johnson | −$3M |
| TRP TC Energy Corporation | −$0M |
| LMT Lockheed Martin Corporation | −$0M |
| SPY State Street SPDR S&P 500 ETF | −$0M |
| HON Honeywell International Inc. | −$1M |
| ENS EnerSys | −$0M |
| TSLA Tesla, Inc. | −$0M |
| ACHR Archer Aviation Inc. | −$0M |
| RTX RTX Corporation | −$0M |
| ELA Envela Corporationexit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $504M | 714 | +17.44% | +17.59% | -0.15% | +0.04B |
| 2025-12-31 | $474M | 683 | +16.62% | +17.72% | -1.10% | +0.02B |
| 2025-09-30 | $445M | 674 | +17.72% | +17.52% | +0.21% | +0.01B |
| 2025-06-30 | $398M | 638 | +13.38% | +14.94% | -1.56% | -0.02B |
| 2025-03-31 | $373M | 658 | +5.57% | +8.30% | -2.73% | +0.01B |
| 2024-12-31 | $379M | 667 | +16.50% | +24.89% | -8.39% | -0.00B |
| 2024-09-30 | $374M | 614 | +29.09% | +36.04% | -6.95% | +0.02B |
| 2024-06-30 | $339M | 589 | +15.32% | +24.49% | -9.17% | -0.03B |
| 2024-03-31 | $362M | 551 | +19.11% | +29.62% | -10.52% | +0.10B |
| 2023-12-31 | $251M | 479 | +21.97% | +26.18% | -4.20% | -0.08B |
| 2023-09-30 | $292M | 504 | +11.40% | +21.57% | -10.16% | -0.01B |
| 2023-06-30 | $321M | 480 | +15.56% | +19.42% | -3.86% | -0.02B |
| 2023-03-31 | $318M | 488 | -8.29% | -7.82% | -0.48% | +0.09B |
| 2022-12-31 | $215M | 519 | -19.43% | -18.17% | -1.26% | -0.04B |
| 2022-09-30 | $244M | 413 | -13.29% | -15.51% | +2.22% | -0.02B |
| 2022-06-30 | $268M | 429 | -9.98% | -10.62% | +0.64% | -0.25B |