Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-8.02%
trims when stocks drop
when a holding falls −10%+
Middle response
-13.31%
baseline attrition
Rally response
-23.10%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IVViShares Core S&P 500 ETF | $7.94B | 17.2% | — | 6.8 yr |
| MSFTMicrosoft Corporation | $1.03B | 2.2% | -0.6% | 9.3 yr |
| NVDANVIDIA Corporation | $737M | 1.6% | +60.9% | 9.0 yr |
| AMZNAmazon.com, Inc. | $684M | 1.5% | +9.5% | 9.3 yr |
| AAPLApple Inc. | $680M | 1.5% | +14.7% | 9.5 yr |
| GOOGLAlphabet Inc. | $662M | 1.4% | — | 9.5 yr |
| TSLATesla, Inc. | $598M | 1.3% | +43.4% | 7.8 yr |
| GOOGAlphabet Inc. | $325M | 0.7% | +84.3% | 9.8 yr |
| AVGOBroadcom Inc. | $323M | 0.7% | +86.0% | 7.0 yr |
| GSThe Goldman Sachs Group, | $292M | 0.6% | +58.1% | 9.8 yr |
| WMTWalmart Inc. | $283M | 0.6% | +42.8% | 9.5 yr |
| BRK-BBerkshire Hathaway Inc. | $281M | 0.6% | — | 8.0 yr |
| QCOMQUALCOMM Incorporated | $277M | 0.6% | -14.2% | 10.0 yr |
| VVisa Inc. | $267M | 0.6% | -13.1% | 9.3 yr |
| LLYEli Lilly and Company | $267M | 0.6% | +12.2% | 8.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management20.0%+6.2pp$9.27B
Semiconductors7.1%+1.8pp$3.26B
Software - Infrastructure4.1%-2.3pp$1.89B
Software - Application3.6%-1.1pp$1.65B
Internet Content & Information3.3%+0.1pp$1.53B
Specialty Retail3.3%+0.4pp$1.51B
Aerospace & Defense2.7%+1.1pp$1.25B
Biotechnology2.5%+0.8pp$1.15B
Regulated Electric2.2%+0.3pp$1.01B
Drug Manufacturers - General1.9%-0.4pp$863M
Country
US94.2%+0.1pp
IE1.1%-0.3pp
GB0.8%+0.2pp
Unknown0.5%-0.1pp
CA0.5%+0.2pp
SG0.5%+0.4pp
LU0.4%-0.0pp
CH0.3%-0.2pp
Top 5: 23.9% · Top 10: 28.7% · Top 25: 36.2%
Top buys this quarter · 15
| MSFT Microsoft Corporation | +$456M |
| TSLA Tesla, Inc. | +$227M |
| QCOM QUALCOMM Incorporated | +$197M |
| AAPL Apple Inc. | +$189M |
| EQT EQT Corporation | +$163M |
| ADI Analog Devices, Inc. | +$162M |
| GS The Goldman Sachs Group, Inc. | +$155M |
| KO The Coca-Cola Company | +$143M |
| KMB Kimberly-Clark Corporation | +$129M |
| MCD McDonald's Corporation | +$126M |
Top sells this quarter · 15
| AVGO Broadcom Inc. | −$273M |
| F-PD Ford Motor Company 6.500% Note | −$228M |
| NFLX Netflix, Inc. | −$226M |
| TPR Tapestry, Inc. | −$219M |
| AMD Advanced Micro Devices, Inc. | −$207M |
| GEV GE Vernova Inc. | −$202M |
| NET Cloudflare, Inc. | −$195M |
| XOM Exxon Mobil Corporation | −$193M |
| AMZN Amazon.com, Inc. | −$172M |
| VRTX Vertex Pharmaceuticals Incorpo | −$171M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $46.27B | 2595 | +17.64% | +17.59% | +0.05% | -1.95B |
| 2025-12-31 | $49.42B | 2469 | +15.26% | +17.72% | -2.46% | +1.72B |
| 2025-09-30 | $46.88B | 2535 | +16.25% | +17.52% | -1.27% | -1.61B |
| 2025-06-30 | $45.33B | 2679 | +15.88% | +14.94% | +0.94% | +0.14B |
| 2025-03-31 | $40.80B | 2699 | +4.90% | +8.30% | -3.41% | +3.89B |
| 2024-12-31 | $38.61B | 2713 | +17.23% | +24.89% | -7.66% | +7.67B |
| 2024-09-30 | $30.14B | 2477 | +29.38% | +36.04% | -6.66% | +1.93B |
| 2024-06-30 | $26.46B | 2418 | +16.42% | +24.49% | -8.07% | +2.44B |
| 2024-03-31 | $23.96B | 2372 | +22.48% | +29.62% | -7.14% | -2.10B |
| 2023-12-31 | $24.39B | 2440 | +22.51% | +26.18% | -3.66% | +1.09B |
| 2023-09-30 | $20.57B | 2401 | +15.88% | +21.57% | -5.69% | +3.26B |
| 2023-06-30 | $18.04B | 2342 | +15.44% | +19.42% | -3.99% | +3.12B |
| 2023-03-31 | $14.14B | 2205 | -12.68% | -7.82% | -4.87% | -0.42B |
| 2022-12-31 | $13.62B | 2206 | -22.07% | -18.17% | -3.89% | +1.68B |
| 2022-09-30 | $11.15B | 2013 | -18.75% | -15.51% | -3.24% | +0.77B |
| 2022-06-30 | $10.85B | 2054 | -14.74% | -10.62% | -4.12% | +0.13B |