Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.76%
adds when stocks drop
when a holding falls −10%+
Middle response
+8.67%
steady accumulation
Rally response
+6.75%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPYState Street SPDR S&P 50 | $2.83B | 11.1% | +17.6% | 6.5 yr |
| BSCRInvesco BulletShares 202 | $1.40B | 5.5% | — | 3.8 yr |
| BSCQInvesco BulletShares 202 | $1.05B | 4.1% | — | 3.8 yr |
| AAPLApple Inc. | $975M | 3.8% | +14.7% | 7.8 yr |
| NVDANVIDIA Corporation | $939M | 3.7% | +60.9% | 8.8 yr |
| MSFTMicrosoft Corporation | $710M | 2.8% | -0.6% | 7.5 yr |
| FTECFidelity MSCI Informatio | $453M | 1.8% | — | 9.5 yr |
| IVWiShares S&P 500 Growth E | $438M | 1.7% | — | 9.5 yr |
| IVEiShares S&P 500 Value ET | $410M | 1.6% | — | 9.3 yr |
| AMZNAmazon.com, Inc. | $372M | 1.5% | +9.5% | 7.0 yr |
| MYCHState Street My2028 Corp | $307M | 1.2% | — | 0.5 yr |
| GOOGLAlphabet Inc. | $298M | 1.2% | — | 6.5 yr |
| IVViShares Core S&P 500 ETF | $275M | 1.1% | — | 10.3 yr |
| QQQInvesco QQQ Trust, Serie | $259M | 1.0% | — | 5.0 yr |
| ITOTiShares Core S&P Total U | $244M | 1.0% | — | 9.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management51.1%+2.0pp$13.01B
Asset Management - Bonds9.5%-3.0pp$2.41B
Semiconductors6.5%+1.8pp$1.66B
Consumer Electronics3.8%-1.0pp$977M
Software - Infrastructure3.6%-0.0pp$919M
Internet Content & Information2.6%+0.5pp$653M
Specialty Retail1.6%+0.0pp$414M
Drug Manufacturers - General1.6%-0.1pp$404M
Aerospace & Defense1.2%+0.6pp$318M
Banks - Diversified0.9%-0.0pp$238M
Country
US97.7%-0.8pp
Unknown0.8%+0.6pp
IE0.3%-0.0pp
TW0.3%+0.1pp
GB0.3%+0.1pp
CA0.1%+0.1pp
CH0.1%-0.0pp
NL0.1%+0.0pp
Top 5: 28.2% · Top 10: 37.6% · Top 25: 50.1%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| SPY | $1.57B | +0.63B | 17.6% |
| NVDA | $459M | +0.28B | 60.9% |
| AAPL | $808M | +0.12B | 14.7% |
| GOOG | $104M | +0.09B | 84.3% |
| AVGO | $99M | +0.08B | 86.0% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $488M | -0.00B | -0.6% |
Top buys this quarter · 15
| SPY State Street SPDR S&P 500 ETF | +$577M |
| PNC The PNC Financial Services Gro | +$104M |
| KRMN Karman Holdings Inc. | +$74M |
| NFLX Netflix, Inc. | +$98M |
| MSFT Microsoft Corporation | +$710M |
| PLTR Palantir Technologies Inc. | +$18M |
| NOW ServiceNow, Inc. | +$28M |
| CRM Salesforce, Inc. | +$14M |
| SNOW Snowflake Inc. | +$13M |
| TPL Texas Pacific Land Corporation | +$12M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $25.47B | 1738 | +19.59% | +17.59% | +2.00% | +1.22B |
| 2025-12-31 | $25.38B | 1663 | +17.83% | +17.72% | +0.11% | +0.40B |
| 2025-09-30 | $24.38B | 1566 | +18.99% | +17.52% | +1.47% | +3.54B |
| 2025-06-30 | $19.03B | 1438 | +14.25% | +14.94% | -0.70% | +0.12B |
| 2025-03-31 | $16.95B | 1357 | +6.46% | +8.30% | -1.85% | +1.89B |
| 2024-12-31 | $16.00B | 1317 | +19.67% | +24.89% | -5.22% | +2.22B |
| 2024-09-30 | $13.32B | 1252 | +29.33% | +36.04% | -6.71% | +0.54B |
| 2024-06-30 | $12.16B | 1210 | +17.79% | +24.49% | -6.70% | +0.55B |
| 2024-03-31 | $11.17B | 1199 | +23.03% | +29.62% | -6.60% | +0.53B |
| 2023-12-31 | $10.05B | 1155 | +25.67% | +26.18% | -0.51% | +0.07B |
| 2023-09-30 | $8.93B | 1023 | +17.64% | +21.57% | -3.93% | +0.48B |
| 2023-06-30 | $8.83B | 1030 | +17.44% | +19.42% | -1.99% | +1.06B |
| 2023-03-31 | $7.15B | 965 | -10.71% | -7.82% | -2.89% | +1.05B |
| 2022-12-31 | $5.65B | 841 | -21.23% | -18.17% | -3.05% | +0.42B |
| 2022-09-30 | $4.99B | 822 | -16.41% | -15.51% | -0.91% | +0.52B |
| 2022-06-30 | $4.68B | 810 | -12.02% | -10.62% | -1.40% | +0.34B |