Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+6.54%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.56%
baseline attrition
Rally response
+5.38%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AAPLApple Inc. | $108M | 4.0% | +14.7% | 8.8 yr |
| NVDANVIDIA Corporation | $70M | 2.6% | +60.9% | 9.0 yr |
| QQQInvesco QQQ Trust, Serie | $70M | 2.6% | — | 7.5 yr |
| SPYState Street SPDR S&P 50 | $58M | 2.1% | +17.6% | 9.3 yr |
| IVViShares Core S&P 500 ETF | $57M | 2.1% | — | 8.3 yr |
| MSFTMicrosoft Corporation | $55M | 2.1% | -0.6% | 9.3 yr |
| AMZNAmazon.com, Inc. | $46M | 1.7% | +9.5% | 7.8 yr |
| WLDRAffinity World Leaders E | $40M | 1.5% | — | 6.0 yr |
| JAAAJanus Henderson AAA CLO | $36M | 1.4% | — | 2.3 yr |
| QUALiShares MSCI USA Quality | $34M | 1.3% | — | 6.3 yr |
| BRK-BBerkshire Hathaway Inc. | $29M | 1.1% | — | 8.3 yr |
| GOOGLAlphabet Inc. | $28M | 1.1% | — | 6.5 yr |
| RWLCRayliant Wilshire NxtGen | $26M | 1.0% | — | 1.3 yr |
| AGGiShares Core U.S. Aggreg | $24M | 0.9% | — | 8.3 yr |
| IEFAiShares Core MSCI EAFE E | $22M | 0.8% | — | 8.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management43.0%+1.0pp$1.15B
Asset Management - Bonds5.2%+0.2pp$139M
Semiconductors5.0%+1.4pp$133M
Consumer Electronics4.1%+0.0pp$109M
Asset Management - Income3.0%-0.1pp$81M
Software - Infrastructure2.9%-0.5pp$78M
Internet Content & Information2.7%+0.6pp$71M
Drug Manufacturers - General2.2%-0.0pp$59M
Specialty Retail2.1%-0.1pp$56M
Banks - Diversified1.8%-0.1pp$48M
Country
US96.8%-0.5pp
CA0.7%+0.1pp
GB0.5%+0.1pp
Unknown0.4%+0.3pp
TW0.3%+0.1pp
IE0.2%-0.1pp
SG0.1%+0.1pp
CH0.1%+0.0pp
Top 5: 13.5% · Top 10: 21.4% · Top 25: 33.1%
Top buys this quarter · 15
| APD Air Products and Chemicals, In | +$5M |
| SPY State Street SPDR S&P 500 ETF | +$3M |
| UBER Uber Technologies, Inc. | +$3M |
| META Meta Platforms, Inc. | +$19M |
| BN Brookfield Corporation | +$2M |
| AMZN Amazon.com, Inc. | +$46M |
| MSFT Microsoft Corporation | +$55M |
| F-PD Ford Motor Company 6.500% Note | +$2M |
| CB Chubb Limited | +$2M |
| MU Micron Technology, Inc. | +$2M |
Top sells this quarter · 15
| TRGP Targa Resources Corp. | −$4M |
| WDC Western Digital Corporation | −$3M |
| LNG Cheniere Energy, Inc. | −$3M |
| KLAC KLA Corporation | −$2M |
| UNH UnitedHealth Group Incorporate | −$2M |
| UNM Unum Groupexit | −$2M |
| LYB LyondellBasell Industries N.V. | −$1M |
| NEM Newmont Corporation | −$1M |
| ENTG Entegris, Inc. | −$1M |
| XOM Exxon Mobil Corporation | −$14M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.68B | 1116 | +19.52% | +17.59% | +1.93% | -0.01B |
| 2025-12-31 | $2.72B | 1099 | +18.69% | +17.72% | +0.97% | +0.06B |
| 2025-09-30 | $2.60B | 1061 | +20.44% | +17.52% | +2.92% | -0.05B |
| 2025-06-30 | $2.45B | 1033 | +16.92% | +14.94% | +1.97% | +0.05B |
| 2025-03-31 | $2.20B | 999 | +10.82% | +8.30% | +2.52% | +0.33B |
| 2024-12-31 | $1.90B | 503 | +21.56% | +24.89% | -3.33% | -0.33B |
| 2024-09-30 | $2.15B | 529 | +29.90% | +36.04% | -6.14% | -0.05B |
| 2024-06-30 | $2.09B | 520 | +19.37% | +24.49% | -5.12% | -0.10B |
| 2024-03-31 | $2.12B | 542 | +21.54% | +29.62% | -8.09% | +0.13B |
| 2023-12-31 | $1.84B | 525 | +20.21% | +26.18% | -5.97% | +0.08B |
| 2023-09-30 | $1.59B | 504 | +16.75% | +21.57% | -4.82% | -0.14B |
| 2023-06-30 | $1.79B | 548 | +12.89% | +19.42% | -6.53% | +0.42B |
| 2023-03-31 | $1.30B | 759 | -4.79% | -7.82% | +3.03% | -0.35B |
| 2022-12-31 | $1.54B | 520 | -14.59% | -18.17% | +3.58% | +0.48B |
| 2022-09-30 | $992M | 399 | -11.85% | -15.51% | +3.66% | -0.02B |
| 2022-06-30 | $1.08B | 276 | -5.03% | -10.62% | +5.59% | +0.57B |