Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.54%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.73%
baseline attrition
Rally response
-11.64%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VGLTVanguard Long-Term Treas | $40M | 8.9% | — | 3.8 yr |
| FNDFSchwab Fundamental Inter | $39M | 8.6% | — | 8.5 yr |
| VYMIVanguard International H | $39M | 8.6% | — | 5.5 yr |
| GUNRFlexShares Morningstar G | $33M | 7.3% | — | 3.0 yr |
| BILState Street SPDR Bloomb | $30M | 6.6% | — | 0.8 yr |
| GDXVanEck Gold Miners ETF | $22M | 4.8% | — | 5.3 yr |
| EMLPFirst Trust North Americ | $21M | 4.6% | — | 5.8 yr |
| EWJiShares MSCI Japan ETF | $17M | 3.8% | — | 3.0 yr |
| ILFiShares Latin America 40 | $15M | 3.3% | — | 0.3 yr |
| AVDVAvantis International Sm | $14M | 3.0% | — | 0.3 yr |
| SHYiShares 1-3 Year Treasur | $13M | 2.8% | — | 8.5 yr |
| VWOVanguard FTSE Emerging M | $12M | 2.7% | — | 6.0 yr |
| MLPAGlobal X - MLP ETF | $11M | 2.4% | — | 6.0 yr |
| VCRBVanguard Core Bond ETF | $11M | 2.4% | — | 1.8 yr |
| JNJJohnson & Johnson | $10M | 2.1% | +51.5% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management77.0%+2.1pp$349M
Asset Management - Global10.2%+3.5pp$46M
Drug Manufacturers - General3.9%-0.1pp$18M
Oil & Gas Integrated2.1%+0.2pp$9M
Aerospace & Defense1.3%-0.6pp$6M
Asset Management - Bonds1.3%+0.4pp$6M
Consumer Electronics1.1%-0.2pp$5M
Asset Management - Leveraged0.6%+0.5pp$3M
Oil & Gas Refining & Marketing0.4%+0.1pp$2M
Regulated Electric0.3%-0.1pp$1M
Country
US97.3%+1.0pp
FR1.3%+0.2pp
GB0.9%+0.0pp
JP0.3%-0.1pp
CH0.1%-0.0pp
CA0.0%-1.1pp
TW0.0%
Top 5: 39.9% · Top 10: 59.3% · Top 25: 85.3%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| TOTB.DE TotalEnergies SEnew | +$5M |
| AZN AstraZeneca PLCnew | +$0M |
| MPC Marathon Petroleum Corporationnew | +$0M |
| REI Ring Energy, Inc. | +$0M |
| RTX RTX Corporation | +$0M |
| NVS Novartis AG | +$0M |
| CB Chubb Limited | +$0M |
| GIS General Mills, Inc. | +$0M |
| PEP PepsiCo, Inc. | +$0M |
| MSFT Microsoft Corporation | +$0M |
Top sells this quarter · 15
| CSCO Cisco Systems, Inc.exit | −$10M |
| MFC Manulife Financial Corporationexit | −$4M |
| AXP American Express Companyexit | −$0M |
| TSM Taiwan Semiconductor Manufactu | −$0M |
| LLY Eli Lilly and Companyexit | −$0M |
| NEM Newmont Corporationexit | −$0M |
| META Meta Platforms, Inc.exit | −$0M |
| QCOM QUALCOMM Incorporatedexit | −$0M |
| JPM JPMorgan Chase & Co.exit | −$0M |
| ABT Abbott Laboratoriesexit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $454M | 99 | +40.34% | +17.59% | +22.75% | -0.03B |
| 2025-12-31 | $449M | 102 | +35.70% | +17.72% | +17.98% | -0.01B |
| 2025-09-30 | $432M | 106 | +24.25% | +17.52% | +6.73% | +0.00B |
| 2025-06-30 | $399M | 103 | +25.10% | +14.94% | +10.16% | -0.02B |
| 2025-03-31 | $373M | 105 | +13.63% | +8.30% | +5.32% | +0.05B |
| 2024-12-31 | $308M | 110 | +14.03% | +24.89% | -10.86% | -0.01B |
| 2024-09-30 | $324M | 113 | +23.64% | +36.04% | -12.40% | +0.00B |
| 2024-06-30 | $294M | 116 | +8.75% | +24.49% | -15.74% | -0.01B |
| 2024-03-31 | $297M | 117 | +6.22% | +29.62% | -23.40% | -0.01B |
| 2023-12-31 | $292M | 107 | +2.12% | +26.18% | -24.06% | -0.00B |
| 2023-09-30 | $275M | 111 | +7.29% | +21.57% | -14.28% | -0.01B |
| 2023-06-30 | $293M | 119 | +1.68% | +19.42% | -17.75% | -0.01B |
| 2023-03-31 | $303M | 110 | -6.24% | -7.82% | +1.58% | -0.02B |
| 2022-12-31 | $316M | 110 | +11.93% | +7.56% | +4.37% | -0.01B |
| 2022-09-30 | $292M | 111 | -9.52% | -4.93% | -4.59% | -0.01B |
| 2022-06-30 | $333M | 115 | -8.67% | -16.11% | +7.44% | -0.01B |