Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.59%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.65%
baseline attrition
Rally response
-1.41%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AAPLApple Inc. | $123M | 2.6% | +14.7% | 10.3 yr |
| NVDANVIDIA Corporation | $114M | 2.4% | +60.9% | 10.0 yr |
| AMZNAmazon.com, Inc. | $69M | 1.4% | +9.5% | 10.0 yr |
| MSFTMicrosoft Corporation | $65M | 1.3% | -0.6% | 9.0 yr |
| GOOGAlphabet Inc. | $63M | 1.3% | +84.3% | 9.5 yr |
| SPYState Street SPDR S&P 50 | $58M | 1.2% | +17.6% | 10.3 yr |
| VUGVanguard Growth ETF | $58M | 1.2% | — | 10.3 yr |
| QQQInvesco QQQ Trust, Serie | $55M | 1.1% | — | 8.0 yr |
| IAUiShares Gold Trust | $50M | 1.0% | — | 5.0 yr |
| TLTiShares 20+ Year Treasur | $48M | 1.0% | — | 10.0 yr |
| GOOGLAlphabet Inc. | $48M | 1.0% | — | 9.5 yr |
| SPLGSPDR Portfolio S&P 500 E | $41M | 0.9% | — | 8.5 yr |
| IVWiShares S&P 500 Growth E | $39M | 0.8% | — | 10.3 yr |
| SPDWState Street SPDR Portfo | $38M | 0.8% | — | 10.3 yr |
| DGRWWisdomTree U.S. Quality | $36M | 0.7% | — | 10.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management49.8%-3.3pp$2.40B
Asset Management - Bonds7.4%+0.4pp$358M
Semiconductors4.3%+1.7pp$209M
Internet Content & Information3.0%+1.5pp$147M
Software - Infrastructure2.8%+0.2pp$137M
Consumer Electronics2.6%-0.4pp$124M
Specialty Retail1.7%+0.4pp$84M
Asset Management - Income1.4%-0.5pp$65M
Unknown1.3%+0.8pp$63M
Gold1.2%+1.0pp$59M
Country
US95.6%-1.9pp
CA1.4%+0.8pp
Unknown1.3%+0.8pp
IE0.5%+0.1pp
GB0.3%-0.1pp
TW0.2%+0.0pp
ZA0.2%+0.1pp
IL0.1%+0.1pp
Top 5: 9.0% · Top 10: 14.5% · Top 25: 25.1%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NVDA | $41M | +0.02B | 60.9% |
| AAPL | $94M | +0.01B | 14.7% |
| GOOG | $12M | +0.01B | 84.3% |
| XOM | $20M | +0.01B | 47.6% |
| AVGO | $9M | +0.01B | 86.0% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $39M | -0.00B | -0.6% |
Top buys this quarter · 15
| NVDA NVIDIA Corporation | +$20M |
| MSFT Microsoft Corporation | +$19M |
| AAPL Apple Inc. | +$13M |
| AMZN Amazon.com, Inc. | +$12M |
| NFLX Netflix, Inc. | +$11M |
| COST Costco Wholesale Corporation | +$10M |
| VST Vistra Corp. | +$9M |
| AVGO Broadcom Inc. | +$8M |
| GOOG Alphabet Inc. | +$8M |
| JAZZ Jazz Pharmaceuticals plc | +$7M |
Top sells this quarter · 15
| GFI Gold Fields Limited | −$15M |
| SPY State Street SPDR S&P 500 ETF | −$4M |
| UL Unilever PLCexit | −$3M |
| FTNT Fortinet, Inc. | −$3M |
| FNV Franco-Nevada Corporation | −$20M |
| Q Qnity Electronics, Inc. | −$2M |
| AMAT Applied Materials, Inc. | −$2M |
| GWW W.W. Grainger, Inc. | −$2M |
| MAR Marriott International, Inc. | −$2M |
| IBM International Business Machine | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.82B | 5027 | +18.42% | +17.59% | +0.83% | +0.47B |
| 2025-12-31 | $4.45B | 4888 | +17.88% | +17.72% | +0.16% | +0.53B |
| 2025-09-30 | $3.85B | 4836 | +18.27% | +17.52% | +0.75% | +0.05B |
| 2025-06-30 | $3.51B | 4063 | +16.81% | +14.94% | +1.87% | -0.04B |
| 2025-03-31 | $3.24B | 3959 | +8.57% | +8.30% | +0.27% | +0.28B |
| 2024-12-31 | $3.05B | 4168 | +20.37% | +24.89% | -4.51% | +0.21B |
| 2024-09-30 | $2.77B | 3304 | +30.53% | +36.04% | -5.51% | +0.07B |
| 2024-06-30 | $2.52B | 3231 | +16.63% | +24.49% | -7.86% | +0.20B |
| 2024-03-31 | $2.28B | 3131 | +22.66% | +29.62% | -6.96% | -0.00B |
| 2023-12-31 | $2.12B | 3040 | +20.47% | +26.18% | -5.71% | -0.35B |
| 2023-09-30 | $2.22B | 3303 | +16.23% | +21.57% | -5.33% | -0.07B |
| 2023-06-30 | $2.39B | 3453 | +16.01% | +19.42% | -3.42% | +0.16B |
| 2023-03-31 | $2.08B | 3152 | -7.82% | -7.82% | -0.01% | -1.49B |
| 2022-12-31 | $3.38B | 4101 | -16.95% | -18.17% | +1.22% | -0.32B |
| 2022-09-30 | $3.45B | 4292 | -13.88% | -15.51% | +1.62% | +0.56B |
| 2022-06-30 | $3.03B | 4125 | -9.42% | -10.62% | +1.20% | -1.93B |