Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.54%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.43%
baseline attrition
Rally response
-8.77%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TSMTaiwan Semiconductor Man | $1.87B | 6.2% | +105.6% | 10.5 yr |
| NVDANVIDIA Corporation | $1.56B | 5.2% | +60.9% | 5.0 yr |
| AAPLApple Inc. | $1.22B | 4.1% | +14.7% | 3.8 yr |
| MSFTMicrosoft Corporation | $1.07B | 3.6% | -0.6% | 10.5 yr |
| GOOGLAlphabet Inc. | $720M | 2.4% | — | 10.5 yr |
| AVGOBroadcom Inc. | $681M | 2.3% | +86.0% | 2.0 yr |
| AMZNAmazon.com, Inc. | $659M | 2.2% | +9.5% | 10.5 yr |
| METAMeta Platforms, Inc. | $580M | 1.9% | -0.4% | 10.5 yr |
| MAMastercard Incorporated | $530M | 1.8% | -8.5% | 10.5 yr |
| AZNAstraZeneca PLC | $377M | 1.3% | +36.2% | 0.3 yr |
| LINLinde plc | $315M | 1.0% | +7.9% | 3.3 yr |
| CGThe Carlyle Group Inc. | $305M | 1.0% | +13.9% | 3.5 yr |
| COSTCostco Wholesale Corpora | $301M | 1.0% | +5.9% | 10.5 yr |
| ITUBItaú Unibanco Holding S | $266M | 0.9% | +64.3% | 7.0 yr |
| TWSTTwist Bioscience Corpora | $250M | 0.8% | +21.0% | 6.3 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors17.3%+7.3pp$5.21B
Software - Infrastructure5.0%-1.2pp$1.50B
Consumer Electronics4.7%+1.4pp$1.42B
Software - Application4.5%-4.5pp$1.37B
Internet Content & Information4.5%+1.0pp$1.35B
Specialty Retail4.3%-3.1pp$1.30B
Banks - Regional4.0%+0.3pp$1.20B
Biotechnology3.4%+1.9pp$1.02B
Industrial - Machinery2.5%+1.0pp$758M
Hardware, Equipment & Parts2.5%+1.5pp$743M
Country
US81.5%+1.0pp
TW6.2%+2.7pp
GB2.9%+1.6pp
BR1.5%+1.1pp
CA1.2%-0.3pp
Unknown1.2%-1.4pp
PE0.8%+0.5pp
NL0.7%+0.6pp
Top 5: 21.4% · Top 10: 30.8% · Top 25: 42.9%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$383M |
| BWA BorgWarner Inc. | +$156M |
| APH Amphenol Corporationnew | +$136M |
| POWI Power Integrations, Inc. | +$122M |
| STRL Sterling Infrastructure, Inc. | +$115M |
| SYNA Synaptics Incorporatednew | +$111M |
| CHRW C.H. Robinson Worldwide, Inc. | +$100M |
| NBHC National Bank Holdings Corpora | +$96M |
| TIGO Millicom International Cellula | +$94M |
| LOPE Grand Canyon Education, Inc. | +$90M |
Top sells this quarter · 15
| NVDA NVIDIA Corporation | −$294M |
| CIEN Ciena Corporation | −$272M |
| AMZN Amazon.com, Inc. | −$255M |
| MSFT Microsoft Corporation | −$220M |
| TER Teradyne, Inc.exit | −$203M |
| SE Sea Limitedexit | −$196M |
| ORCL Oracle Corporation | −$176M |
| AAPL Apple Inc. | −$160M |
| TSM Taiwan Semiconductor Manufactu | −$1.82B |
| MELI MercadoLibre, Inc. | −$157M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $30.11B | 412 | +15.87% | +17.59% | -1.72% | -3.83B |
| 2025-12-31 | $35.64B | 412 | +10.91% | +17.72% | -6.81% | -3.13B |
| 2025-09-30 | $38.45B | 413 | +11.68% | +17.52% | -5.84% | -1.72B |
| 2025-06-30 | $37.51B | 416 | +11.04% | +14.94% | -3.90% | -2.43B |
| 2025-03-31 | $35.45B | 422 | -4.18% | +8.30% | -12.48% | -1.73B |
| 2024-12-31 | $40.77B | 432 | +13.40% | +24.89% | -11.49% | -0.20B |
| 2024-09-30 | $40.36B | 411 | +27.49% | +36.04% | -8.54% | +0.01B |
| 2024-06-30 | $37.89B | 410 | +14.01% | +24.49% | -10.48% | +0.38B |
| 2024-03-31 | $38.57B | 409 | +25.62% | +29.62% | -4.01% | +1.64B |
| 2023-12-31 | $34.23B | 405 | +25.17% | +26.18% | -1.01% | +0.05B |
| 2023-09-30 | $29.95B | 396 | +17.55% | +21.57% | -4.02% | +0.38B |
| 2023-06-30 | $31.06B | 393 | +24.11% | +19.42% | +4.68% | +0.42B |
| 2023-03-31 | $28.60B | 391 | -7.41% | -7.82% | +0.41% | +0.61B |
| 2022-12-31 | $26.04B | 399 | -17.85% | -18.17% | +0.32% | -0.97B |
| 2022-09-30 | $25.20B | 385 | -14.87% | -15.51% | +0.64% | -1.83B |
| 2022-06-30 | $26.88B | 398 | -14.84% | -10.62% | -4.22% | +0.23B |