Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.84%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.11%
baseline attrition
Rally response
-5.52%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPYState Street SPDR S&P 50 | $159M | 6.6% | +17.6% | 0.5 yr |
| SPDWState Street SPDR Portfo | $71M | 3.0% | — | 0.5 yr |
| SPYGState Street SPDR Portfo | $65M | 2.7% | — | 0.5 yr |
| QQQInvesco QQQ Trust, Serie | $63M | 2.6% | — | 0.5 yr |
| XLKState Street Technology | $63M | 2.6% | — | 0.5 yr |
| SPLGSPDR Portfolio S&P 500 E | $50M | 2.1% | — | 0.5 yr |
| DGRWWisdomTree U.S. Quality | $50M | 2.1% | — | 0.5 yr |
| JIREJPMorgan International R | $42M | 1.8% | — | 0.5 yr |
| ITOTiShares Core S&P Total U | $41M | 1.7% | — | 0.5 yr |
| DFAIDimensional - Internatio | $41M | 1.7% | — | 0.5 yr |
| AVEMAvantis Emerging Markets | $40M | 1.7% | — | 0.5 yr |
| NVDANVIDIA Corporation | $39M | 1.6% | +60.9% | 8.0 yr |
| AAPLApple Inc. | $37M | 1.5% | +14.7% | 7.8 yr |
| SPYVState Street SPDR Portfo | $33M | 1.4% | — | 0.5 yr |
| SPTMState Street SPDR Portfo | $29M | 1.2% | — | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management71.6%+70.1pp$1.71B
Asset Management - Bonds3.0%$71M
Semiconductors2.9%-5.4pp$69M
Asset Management - Income2.2%$54M
Software - Infrastructure1.7%-4.7pp$41M
Internet Content & Information1.7%-3.0pp$41M
Consumer Electronics1.5%-9.9pp$37M
Asset Management - Global1.3%$31M
Drug Manufacturers - General1.3%-3.8pp$30M
Specialty Retail1.2%-3.1pp$29M
Country
US99.0%+3.8pp
CA0.2%-0.4pp
IE0.2%-0.9pp
CN0.1%-0.2pp
GB0.1%-0.7pp
Unknown0.1%-0.3pp
TW0.1%-0.1pp
NL0.1%-0.2pp
Top 5: 17.6% · Top 10: 27.0% · Top 25: 44.1%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NVDA | $88M | +0.05B | 60.9% |
| AAPL | $197M | +0.03B | 14.7% |
| AMZN | $61M | +0.01B | 9.5% |
| MSFT | $77M | -0.00B | -0.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $77M | -0.00B | -0.6% |
Top buys this quarter · 15
| UPS United Parcel Service, Inc. | +$1M |
| NUE Nucor Corporation | +$1M |
| MSFT Microsoft Corporation | +$21M |
| META Meta Platforms, Inc. | +$10M |
| LULU Lululemon Athletica Inc. | +$1M |
| PLTR Palantir Technologies Inc. | +$6M |
| WM Waste Management, Inc. | +$1M |
| SNDA Sonida Senior Living, Inc.new | +$1M |
| AMZN Amazon.com, Inc. | +$23M |
| COF Capital One Financial Corporat | +$2M |
Top sells this quarter · 15
| SPY State Street SPDR S&P 500 ETF | −$17M |
| CVX Chevron Corporation | −$10M |
| NTHI Neonc Technologies Holdings, Iexit | −$8M |
| CME CME Group Inc.exit | −$8M |
| TPR Tapestry, Inc.exit | −$6M |
| MCK McKesson Corporationexit | −$5M |
| JBL Jabil Inc.exit | −$5M |
| WBD Warner Bros. Discovery, Inc.exit | −$5M |
| ISRG Intuitive Surgical, Inc.exit | −$5M |
| RL Ralph Lauren Corporationexit | −$5M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.39B | 642 | +20.84% | +17.59% | +3.25% | -0.23B |
| 2025-12-31 | $2.68B | 1067 | +18.49% | +17.72% | +0.77% | +0.53B |
| 2025-09-30 | $2.10B | 686 | +19.42% | +17.52% | +1.90% | +0.04B |
| 2025-06-30 | $1.88B | 677 | +16.99% | +14.94% | +2.05% | -0.01B |
| 2025-03-31 | $1.72B | 661 | +10.02% | +8.30% | +1.72% | -0.05B |
| 2024-12-31 | $1.84B | 697 | +22.66% | +24.89% | -2.22% | +0.07B |
| 2024-09-30 | $1.71B | 697 | +47.21% | +36.04% | +11.17% | -0.07B |
| 2024-06-30 | $1.66B | 618 | +3.57% | +4.38% | -0.81% | +0.20B |
| 2024-03-31 | $1.42B | 650 | +6.81% | +10.39% | -3.58% | -0.08B |
| 2023-12-31 | $1.40B | 649 | +23.87% | +11.64% | +12.23% | +0.26B |
| 2022-06-30 | $914M | 537 | — | — | — | -0.11B |
| 2021-09-30 | $1.02B | 565 | — | — | — | +0.03B |
| 2021-06-30 | $993M | 557 | — | — | — | +0.13B |
| 2021-03-31 | $864M | 521 | — | — | — | +0.04B |
| 2020-12-31 | $820M | 489 | — | — | — | +0.28B |
| 2020-09-30 | $541M | 382 | — | — | — | +0.08B |