Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.08%
trims when stocks drop
when a holding falls −10%+
Middle response
+2.57%
steady accumulation
Rally response
-1.20%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IVViShares Core S&P 500 ETF | $2.94B | 6.5% | — | 10.5 yr |
| AGGiShares Core U.S. Aggreg | $1.47B | 3.3% | — | 7.8 yr |
| SMTHALPS Funds Smith Core Pl | $1.07B | 2.4% | — | 2.3 yr |
| MSFTMicrosoft Corporation | $799M | 1.8% | -0.6% | 9.8 yr |
| FNDFSchwab Fundamental Inter | $708M | 1.6% | — | 7.8 yr |
| VWOVanguard FTSE Emerging M | $693M | 1.5% | — | 7.3 yr |
| USVMVictoryShares US Small M | $659M | 1.5% | — | 1.8 yr |
| JMOMJPMorgan U.S. Momentum F | $628M | 1.4% | — | 4.5 yr |
| AVLVAvantis U.S. Large Cap V | $621M | 1.4% | — | 3.8 yr |
| IMTMiShares MSCI Intl Moment | $582M | 1.3% | — | 4.3 yr |
| AMZNAmazon.com, Inc. | $562M | 1.2% | +9.5% | 9.0 yr |
| GOOGLAlphabet Inc. | $550M | 1.2% | — | 4.0 yr |
| GOVTiShares U.S. Treasury Bo | $521M | 1.2% | — | 4.3 yr |
| BRK-BBerkshire Hathaway Inc. | $466M | 1.0% | — | 3.3 yr |
| UYLDAngel Oak Ultrashort Inc | $422M | 0.9% | — | 2.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management52.0%+0.2pp$23.48B
Asset Management - Bonds5.8%+0.6pp$2.61B
Software - Infrastructure2.7%-0.1pp$1.21B
Drug Manufacturers - General2.4%+0.5pp$1.09B
Internet Content & Information2.2%+0.5pp$983M
Semiconductors2.1%-0.6pp$928M
Specialty Retail1.6%+0.1pp$712M
Banks - Diversified1.5%+0.0pp$692M
Asset Management - Income1.5%-0.3pp$679M
Aerospace & Defense1.5%+0.3pp$667M
Country
US97.2%-0.7pp
IE0.6%-0.0pp
Unknown0.5%+0.3pp
CA0.4%+0.1pp
GB0.3%+0.1pp
CH0.3%+0.1pp
TW0.1%+0.0pp
BM0.1%+0.1pp
Top 5: 15.5% · Top 10: 22.6% · Top 25: 35.5%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| GOOG | $191M | +0.16B | 84.3% |
| JNJ | $282M | +0.14B | 51.5% |
| XOM | $258M | +0.12B | 47.6% |
| JPM | $436M | +0.09B | 21.8% |
| WMT | $211M | +0.09B | 42.8% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $1.01B | -0.01B | -0.6% |
Top buys this quarter · 15
| APH Amphenol Corporation | +$164M |
| KLAC KLA Corporation | +$138M |
| GS The Goldman Sachs Group, Inc. | +$61M |
| BAC Bank of America Corporation | +$165M |
| HWM Howmet Aerospace Inc. | +$41M |
| TSM Taiwan Semiconductor Manufactu | +$50M |
| INTU Intuit Inc. | +$26M |
| VZ Verizon Communications Inc. | +$34M |
| LMT Lockheed Martin Corporation | +$33M |
| AMAT Applied Materials, Inc. | +$45M |
Top sells this quarter · 15
| AVGO Broadcom Inc.exit | −$2.50B |
| AAPL Apple Inc.exit | −$1.98B |
| NVDA NVIDIA Corporationexit | −$1.35B |
| SPY State Street SPDR S&P 500 ETF exit | −$451M |
| MSFT Microsoft Corporation | −$244M |
| META Meta Platforms, Inc. | −$224M |
| V Visa Inc. | −$222M |
| AMZN Amazon.com, Inc. | −$205M |
| PLTR Palantir Technologies Inc. | −$190M |
| LRCX Lam Research Corporation | −$181M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $45.12B | 3438 | +18.07% | +17.59% | +0.48% | -26.90B |
| 2025-12-31 | $73.20B | 3557 | +15.76% | +17.72% | -1.96% | +6.45B |
| 2025-09-30 | $65.65B | 3468 | +15.81% | +17.52% | -1.71% | +0.80B |
| 2025-06-30 | $60.06B | 3266 | +14.70% | +14.94% | -0.24% | +3.11B |
| 2025-03-31 | $52.09B | 2891 | +7.12% | +8.30% | -1.19% | +1.78B |
| 2024-12-31 | $52.16B | 2972 | +19.71% | +24.89% | -5.17% | +4.94B |
| 2024-09-30 | $46.41B | 2613 | +31.23% | +36.04% | -4.81% | +1.46B |
| 2024-06-30 | $42.04B | 2476 | +20.12% | +24.49% | -4.37% | +2.63B |
| 2024-03-31 | $38.59B | 2365 | +23.88% | +29.62% | -5.74% | +1.56B |
| 2023-12-31 | $34.35B | 2249 | +21.98% | +26.18% | -4.20% | +0.51B |
| 2023-09-30 | $30.35B | 2179 | +15.16% | +21.57% | -6.41% | +21.27B |
| 2023-06-30 | $9.27B | 509 | +10.61% | +19.42% | -8.82% | +0.25B |
| 2023-03-31 | $8.57B | 517 | -6.56% | -7.82% | +1.26% | +0.45B |
| 2022-12-31 | $7.65B | 314 | -16.03% | -18.17% | +2.15% | +0.43B |
| 2022-09-30 | $6.86B | 315 | -11.41% | -15.51% | +4.10% | +0.24B |
| 2022-06-30 | $7.04B | 320 | -5.23% | -10.62% | +5.39% | +0.57B |