Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-7.07%
trims when stocks drop
when a holding falls −10%+
Middle response
-11.10%
baseline attrition
Rally response
-11.88%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $1.88B | 5.0% | — | 0.3 yr |
| — | $504M | 1.3% | — | 3.3 yr |
| — | $481M | 1.3% | — | 3.0 yr |
| — | $477M | 1.3% | — | 2.3 yr |
| — | $472M | 1.3% | — | 2.3 yr |
| — | $463M | 1.2% | — | 3.0 yr |
| — | $462M | 1.2% | — | 3.0 yr |
| — | $458M | 1.2% | — | 2.3 yr |
| VZVerizon Communications I | $445M | 1.2% | +16.5% | 10.5 yr |
| — | $428M | 1.1% | — | 2.3 yr |
| — | $411M | 1.1% | — | 0.5 yr |
| — | $409M | 1.1% | — | 0.8 yr |
| — | $385M | 1.0% | — | 3.3 yr |
| — | $384M | 1.0% | — | 3.3 yr |
| — | $376M | 1.0% | — | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Unknown84.7%+70.8pp$31.95B
Telecommunications Services2.2%-1.9pp$817M
Software - Application2.1%-2.2pp$776M
Asset Management1.8%+0.3pp$660M
Integrated Freight & Logistics0.9%-0.2pp$349M
Biotechnology0.7%-0.9pp$279M
Oil & Gas Refining & Marketing0.7%-1.6pp$278M
Discount Stores0.6%-0.7pp$237M
REIT - Specialty0.6%-0.0pp$229M
Software - Infrastructure0.5%-2.2pp$195M
Country
Unknown84.7%+70.8pp
US14.7%-67.1pp
IE0.3%-1.2pp
GB0.2%-0.8pp
MC0.0%-0.0pp
Top 5: 10.1% · Top 10: 16.1% · Top 25: 30.8%
Top buys this quarter · 15
| TMUS T-Mobile US, Inc. | +$344M |
| VTRS Viatris Inc. | +$107M |
| TPR Tapestry, Inc. | +$97M |
| VEEV Veeva Systems Inc. | +$75M |
| UBER Uber Technologies, Inc. | +$71M |
| VRSN VeriSign, Inc. | +$66M |
| SNX TD SYNNEX Corporation | +$60M |
| WDAY Workday, Inc. | +$159M |
| TOL Toll Brothers, Inc. | +$57M |
| TXT Textron Inc. | +$52M |
Top sells this quarter · 15
| XOM Exxon Mobil Corporationexit | −$663M |
| CVX Chevron Corporationexit | −$603M |
| COP ConocoPhillipsexit | −$588M |
| F-PD Ford Motor Company 6.500% Noteexit | −$588M |
| MRK Merck & Co., Inc.exit | −$523M |
| NVDA NVIDIA Corporationexit | −$519M |
| NEM Newmont Corporationexit | −$512M |
| BMY Bristol-Myers Squibb Companyexit | −$503M |
| MO Altria Group, Inc.exit | −$496M |
| T AT&T Inc.exit | −$488M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $37.70B | 1439 | +16.35% | +17.59% | -1.24% | -0.78B |
| 2025-12-31 | $38.08B | 2546 | +10.25% | +17.72% | -7.46% | -2.15B |
| 2025-09-30 | $38.77B | 2499 | +4.79% | +17.52% | -12.72% | -2.92B |
| 2025-06-30 | $39.30B | 2282 | +6.75% | +14.94% | -8.20% | -4.43B |
| 2025-03-31 | $41.81B | 2306 | -3.72% | +8.30% | -12.02% | -1.76B |
| 2024-12-31 | $45.49B | 2417 | +9.90% | +24.89% | -14.99% | -0.38B |
| 2024-09-30 | $46.50B | 2437 | +21.25% | +36.04% | -14.78% | -0.41B |
| 2024-06-30 | $43.42B | 2557 | +14.53% | +24.49% | -9.96% | +2.61B |
| 2024-03-31 | $43.26B | 2546 | +26.90% | +29.62% | -2.72% | +4.87B |
| 2023-12-31 | $35.12B | 2398 | +20.11% | +26.18% | -6.07% | +6.93B |
| 2023-09-30 | $25.91B | 1490 | +23.01% | +21.57% | +1.44% | +1.23B |
| 2023-06-30 | $24.18B | 2378 | +13.31% | +19.42% | -6.11% | -0.01B |
| 2023-03-31 | $23.14B | 2145 | -6.79% | -7.82% | +1.03% | +4.34B |
| 2022-12-31 | $18.17B | 2352 | +11.45% | +7.56% | +3.89% | +3.57B |
| 2022-09-30 | $13.10B | 1129 | -5.99% | -4.93% | -1.06% | +1.03B |
| 2022-06-30 | $12.84B | 1167 | -14.01% | -16.11% | +2.10% | +3.28B |