Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.40%
adds when stocks drop
when a holding falls −10%+
Middle response
+7.72%
steady accumulation
Rally response
+9.14%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VUGVanguard Growth ETF | $360M | 2.7% | — | 8.5 yr |
| IUSGiShares Core S&P U.S. Gr | $303M | 2.3% | — | 5.3 yr |
| QLTYGMO U.S. Quality ETF | $289M | 2.2% | — | 1.5 yr |
| IUSViShares Core S&P U.S. Va | $285M | 2.1% | — | 2.8 yr |
| AAPLApple Inc. | $250M | 1.9% | +14.7% | 8.5 yr |
| IVViShares Core S&P 500 ETF | $210M | 1.6% | — | 7.0 yr |
| NVDANVIDIA Corporation | $200M | 1.5% | +60.9% | 8.5 yr |
| MGKVanguard Mega Cap Growth | $199M | 1.5% | — | 5.5 yr |
| VTVVanguard Value ETF | $196M | 1.5% | — | 8.5 yr |
| DYNFiShares U.S. Equity Fact | $195M | 1.5% | — | 2.3 yr |
| MGVVanguard Mega Cap Value | $194M | 1.5% | — | 4.3 yr |
| SPTIState Street SPDR Portfo | $178M | 1.3% | — | 3.8 yr |
| EFViShares MSCI EAFE Value | $176M | 1.3% | — | 4.3 yr |
| VOOVanguard S&P 500 ETF | $164M | 1.2% | — | 8.5 yr |
| — | $160M | 1.2% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management59.1%-1.5pp$7.87B
Asset Management - Bonds6.0%+1.9pp$793M
Semiconductors3.5%+1.4pp$461M
Consumer Electronics1.9%-0.4pp$251M
Software - Infrastructure1.9%-0.5pp$247M
Internet Content & Information1.7%+0.2pp$221M
Unknown1.6%+1.5pp$215M
Drug Manufacturers - General1.5%+0.2pp$206M
Asset Management - Income1.5%+0.8pp$195M
Specialty Retail1.0%-0.1pp$138M
Country
US96.6%-1.5pp
Unknown1.6%+1.5pp
GB0.4%-0.0pp
IE0.3%-0.1pp
CA0.3%+0.1pp
CH0.2%+0.0pp
TW0.1%+0.1pp
BM0.1%+0.0pp
Top 5: 11.2% · Top 10: 18.7% · Top 25: 35.4%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NVDA | $70M | +0.04B | 60.9% |
| AAPL | $149M | +0.02B | 14.7% |
| AMZN | $59M | +0.01B | 9.5% |
| MSFT | $94M | -0.00B | -0.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $94M | -0.00B | -0.6% |
Top buys this quarter · 15
| NVDA NVIDIA Corporation | +$31M |
| MSFT Microsoft Corporation | +$160M |
| AAPL Apple Inc. | +$21M |
| BMY Bristol-Myers Squibb Company | +$13M |
| MO Altria Group, Inc. | +$10M |
| CRM Salesforce, Inc. | +$10M |
| EXEL Exelixis, Inc. | +$10M |
| AVGO Broadcom Inc. | +$10M |
| LRCX Lam Research Corporation | +$10M |
| ANET Arista Networks, Inc. | +$9M |
Top sells this quarter · 15
| SLDE Slide Insurance Holdings, Inc.exit | −$10M |
| NVR NVR, Inc. | −$5M |
| META Meta Platforms, Inc. | −$3M |
| DELL Dell Technologies Inc. | −$3M |
| EXAS Exact Sciences Corporationexit | −$3M |
| DHIL Diamond Hill Investment Group, | −$3M |
| COF Capital One Financial Corporat | −$2M |
| SCI Service Corporation Internatio | −$2M |
| HSIC Henry Schein, Inc. | −$2M |
| ZIM ZIM Integrated Shipping Servic | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $13.32B | 2100 | +15.28% | +17.59% | -2.31% | +1.32B |
| 2025-12-31 | $12.34B | 1932 | +13.89% | +17.72% | -3.83% | +1.38B |
| 2025-09-30 | $10.78B | 1778 | +14.65% | +17.52% | -2.87% | +1.28B |
| 2025-06-30 | $8.92B | 1687 | +14.86% | +14.94% | -0.08% | +1.66B |
| 2025-03-31 | $6.63B | 1388 | +7.13% | +8.30% | -1.17% | +1.32B |
| 2024-12-31 | $5.53B | 1140 | +17.34% | +24.89% | -7.55% | +0.98B |
| 2024-09-30 | $4.44B | 820 | +26.06% | +36.04% | -9.98% | -0.36B |
| 2024-06-30 | $4.50B | 903 | +11.67% | +24.49% | -12.82% | +0.25B |
| 2024-03-31 | $4.17B | 854 | +15.63% | +29.62% | -14.00% | +0.73B |
| 2023-12-31 | $3.27B | 764 | +20.82% | +26.18% | -5.36% | -0.07B |
| 2023-09-30 | $3.03B | 731 | +12.64% | +21.57% | -8.92% | +0.14B |
| 2023-06-30 | $3.07B | 733 | +11.13% | +19.42% | -8.29% | +0.21B |
| 2023-03-31 | $2.70B | 620 | -10.41% | -7.82% | -2.59% | -0.19B |
| 2022-12-31 | $2.62B | 686 | -22.32% | -18.17% | -4.14% | +0.39B |
| 2022-09-30 | $2.18B | 569 | -15.87% | -15.51% | -0.37% | -0.64B |
| 2022-06-30 | $3.02B | 570 | -9.16% | -10.62% | +1.46% | +1.62B |