Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.26%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.60%
baseline attrition
Rally response
+3.35%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VTIVanguard Total Stock Mar | $59M | 4.0% | — | 10.5 yr |
| AAPLApple Inc. | $55M | 3.8% | +14.7% | 10.5 yr |
| QUALiShares MSCI USA Quality | $54M | 3.7% | — | 7.3 yr |
| VYMVanguard High Dividend Y | $45M | 3.1% | — | 10.5 yr |
| VBVanguard Small-Cap ETF | $43M | 2.9% | — | 10.5 yr |
| VEUVanguard FTSE All-World | $39M | 2.7% | — | 10.5 yr |
| QQQInvesco QQQ Trust, Serie | $38M | 2.6% | — | 8.0 yr |
| IVViShares Core S&P 500 ETF | $34M | 2.4% | — | 9.5 yr |
| SPYState Street SPDR S&P 50 | $33M | 2.2% | +17.6% | 10.5 yr |
| NVDANVIDIA Corporation | $31M | 2.1% | +60.9% | 7.5 yr |
| MSFTMicrosoft Corporation | $31M | 2.1% | -0.6% | 10.5 yr |
| VEAVanguard FTSE Developed | $25M | 1.7% | — | 10.3 yr |
| GOOGLAlphabet Inc. | $24M | 1.6% | — | 9.5 yr |
| JEPIJPMorgan Equity Premium | $23M | 1.6% | — | 4.3 yr |
| IJHiShares Core S&P Mid-Cap | $21M | 1.4% | — | 9.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management49.6%-0.0pp$726M
Semiconductors5.3%+1.8pp$77M
Consumer Electronics3.8%-0.9pp$55M
Drug Manufacturers - General3.4%+0.0pp$50M
Unknown2.9%-2.7pp$42M
Internet Content & Information2.8%+0.6pp$41M
Software - Infrastructure2.6%-0.5pp$38M
Asset Management - Income2.5%-0.4pp$37M
Asset Management - Bonds1.9%-0.1pp$28M
Discount Stores1.6%+0.1pp$24M
Country
US95.3%+1.8pp
Unknown2.9%-2.7pp
GB0.4%+0.3pp
CH0.3%-0.1pp
IE0.3%-0.0pp
CA0.2%+0.1pp
KY0.2%
IT0.1%
Top 5: 17.5% · Top 10: 29.5% · Top 25: 50.3%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NVDA | $16M | +0.01B | 60.9% |
| AVGO | $10M | +0.01B | 86.0% |
| AAPL | $50M | +0.01B | 14.7% |
| JNJ | $14M | +0.01B | 51.5% |
| SPY | $30M | +0.01B | 17.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $31M | -0.00B | -0.6% |
Top buys this quarter · 15
| MA Mastercard Incorporatednew | +$8M |
| TSLA Tesla, Inc.new | +$6M |
| WELL Welltower Inc.new | +$5M |
| LITE Lumentum Holdings Inc.new | +$3M |
| MRK Merck & Co., Inc. | +$2M |
| META Meta Platforms, Inc. | +$2M |
| NVDA NVIDIA Corporation | +$31M |
| HWM Howmet Aerospace Inc. | +$1M |
| KGC Kinross Gold Corporationnew | +$1M |
| LIN Linde plcnew | +$1M |
Top sells this quarter · 15
| AAPL Apple Inc. | −$3M |
| MSFT Microsoft Corporation | −$1M |
| JNJ Johnson & Johnson | −$18M |
| UNH UnitedHealth Group Incorporate | −$1M |
| SPY State Street SPDR S&P 500 ETF | −$1M |
| ADP Automatic Data Processing, Inc | −$1M |
| LRCX Lam Research Corporation | −$5M |
| GOOG Alphabet Inc. | −$1M |
| PH Parker-Hannifin Corporation | −$1M |
| BE Bloom Energy Corporation | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.46B | 545 | +21.58% | +17.59% | +3.99% | +0.04B |
| 2025-12-31 | $1.45B | 523 | +18.47% | +17.72% | +0.75% | +0.08B |
| 2025-09-30 | $1.33B | 399 | +17.09% | +17.52% | -0.43% | +0.01B |
| 2025-06-30 | $1.20B | 370 | +13.82% | +14.94% | -1.12% | +0.03B |
| 2025-03-31 | $1.07B | 362 | +7.40% | +8.30% | -0.90% | +0.05B |
| 2024-12-31 | $1.07B | 359 | +20.12% | +24.89% | -4.77% | +0.00B |
| 2024-09-30 | $1.05B | 362 | +30.63% | +36.04% | -5.41% | +0.02B |
| 2024-06-30 | $969M | 352 | +16.77% | +24.49% | -7.72% | +0.00B |
| 2024-03-31 | $932M | 351 | +21.12% | +29.62% | -8.50% | +0.02B |
| 2023-12-31 | $854M | 338 | +20.24% | +26.18% | -5.93% | -0.00B |
| 2023-09-30 | $772M | 319 | +17.19% | +21.57% | -4.38% | +0.01B |
| 2023-06-30 | $804M | 332 | +17.12% | +19.42% | -2.30% | +0.01B |
| 2023-03-31 | $740M | 320 | -5.12% | -7.82% | +2.70% | +0.03B |
| 2022-12-31 | $665M | 301 | -14.75% | -18.17% | +3.42% | +0.02B |
| 2022-09-30 | $601M | 276 | -12.37% | -15.51% | +3.14% | +0.01B |
| 2022-06-30 | $620M | 283 | -7.24% | -10.62% | +3.38% | +0.02B |