Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-13.80%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.85%
baseline attrition
Rally response
-2.50%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IVViShares Core S&P 500 ETF | $176M | 3.8% | — | 8.0 yr |
| AAPLApple Inc. | $156M | 3.4% | +14.7% | 10.5 yr |
| BILState Street SPDR Bloomb | $119M | 2.6% | — | 4.8 yr |
| MSFTMicrosoft Corporation | $98M | 2.1% | -0.6% | 10.5 yr |
| KLACKLA Corporation | $92M | 2.0% | +118.2% | 2.3 yr |
| SPDWState Street SPDR Portfo | $89M | 1.9% | — | 4.3 yr |
| VXUSVanguard Total Internati | $79M | 1.7% | — | 4.3 yr |
| GOOGLAlphabet Inc. | $77M | 1.7% | — | 8.3 yr |
| NVDANVIDIA Corporation | $74M | 1.6% | +60.9% | 6.5 yr |
| SPYState Street SPDR S&P 50 | $74M | 1.6% | +17.6% | 10.5 yr |
| AMZNAmazon.com, Inc. | $70M | 1.5% | +9.5% | 8.5 yr |
| SPSMState Street SPDR Portfo | $67M | 1.4% | — | 6.8 yr |
| JPMJPMorgan Chase & Co. | $65M | 1.4% | +21.8% | 8.5 yr |
| SPYVState Street SPDR Portfo | $65M | 1.4% | — | 5.0 yr |
| IGIBiShares 5-10 Year Invest | $58M | 1.3% | — | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management42.5%+6.4pp$1.96B
Semiconductors6.1%-10.5pp$280M
Asset Management - Bonds4.4%+3.0pp$201M
Internet Content & Information3.5%+0.6pp$159M
Consumer Electronics3.4%-0.1pp$156M
Drug Manufacturers - General3.2%+0.4pp$147M
Software - Infrastructure2.7%-0.1pp$126M
Specialty Retail2.2%-0.4pp$100M
Banks - Diversified1.8%-0.1pp$81M
Oil & Gas Integrated1.6%+0.7pp$72M
Country
US96.0%-1.2pp
Unknown1.4%+1.1pp
IE0.9%+0.2pp
CA0.6%+0.3pp
GB0.4%-0.2pp
CH0.2%-0.0pp
BM0.1%+0.0pp
TW0.1%-0.0pp
Top 5: 13.9% · Top 10: 22.4% · Top 25: 40.2%
Top buys this quarter · 15
| DELL Dell Technologies Inc. | +$11M |
| KEYS Keysight Technologies, Inc. | +$9M |
| CMI Cummins Inc. | +$8M |
| DOV Dover Corporation | +$7M |
| MRK Merck & Co., Inc. | +$6M |
| PSA Public Storage | +$6M |
| LLY Eli Lilly and Company | +$6M |
| DOW Dow Inc. | +$5M |
| HAL Halliburton Company | +$5M |
| WAB Westinghouse Air Brake Technol | +$4M |
Top sells this quarter · 15
| KLAC KLA Corporation | −$1.18B |
| AVGO Broadcom Inc. | −$10M |
| NFLX Netflix, Inc. | −$8M |
| AMZN Amazon.com, Inc. | −$7M |
| BSX Boston Scientific Corporation | −$7M |
| AAPL Apple Inc. | −$7M |
| ORLY O'Reilly Automotive, Inc. | −$7M |
| JPM JPMorgan Chase & Co. | −$7M |
| MS Morgan Stanley | −$6M |
| IBM International Business Machine | −$6M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.61B | 759 | +41.41% | +17.59% | +23.81% | -1.34B |
| 2025-12-31 | $5.62B | 768 | +32.72% | +17.72% | +15.00% | +0.42B |
| 2025-09-30 | $4.96B | 643 | +22.89% | +17.52% | +5.37% | -0.30B |
| 2025-06-30 | $4.75B | 758 | +13.73% | +14.94% | -1.21% | -0.16B |
| 2025-03-31 | $4.27B | 742 | +5.42% | +8.30% | -2.88% | -0.04B |
| 2024-12-31 | $4.34B | 743 | +17.74% | +24.89% | -7.15% | +0.04B |
| 2024-09-30 | $4.42B | 722 | +34.85% | +36.04% | -1.19% | +0.08B |
| 2024-06-30 | $4.24B | 709 | +27.52% | +24.49% | +3.02% | -0.03B |
| 2024-03-31 | $4.00B | 716 | +27.21% | +29.62% | -2.41% | +1.15B |
| 2023-12-31 | $2.57B | 650 | +19.24% | +26.18% | -6.93% | +0.05B |
| 2023-09-30 | $2.26B | 647 | +15.19% | +21.57% | -6.38% | +0.21B |
| 2023-06-30 | $2.12B | 631 | +13.74% | +19.42% | -5.69% | +0.53B |
| 2023-03-31 | $1.49B | 610 | -6.91% | -7.82% | +0.91% | +0.04B |
| 2022-12-31 | $1.40B | 592 | -14.55% | -18.17% | +3.63% | +0.09B |
| 2022-09-30 | $1.22B | 562 | -11.83% | -15.51% | +3.68% | +0.20B |
| 2022-06-30 | $1.08B | 499 | -7.23% | -10.62% | +3.39% | +0.01B |