Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-17.60%
trims when stocks drop
when a holding falls −10%+
Middle response
-24.65%
baseline attrition
Rally response
-27.91%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ASMLASML Holding N.V. | $275M | 3.3% | +100.9% | 1.0 yr |
| UNHUnitedHealth Group Incor | $254M | 3.0% | -46.9% | 6.8 yr |
| GLDSPDR Gold Shares | $231M | 2.8% | — | 1.0 yr |
| SAPSAP SE | $196M | 2.3% | -35.8% | 0.8 yr |
| MUMicron Technology, Inc. | $194M | 2.3% | +289.6% | 3.3 yr |
| SNDKSandisk Corporation | $188M | 2.2% | +1234.5% | 1.0 yr |
| AMDAdvanced Micro Devices, | $186M | 2.2% | +98.0% | 4.8 yr |
| TSLATesla, Inc. | $182M | 2.2% | +43.4% | 6.5 yr |
| AMZNAmazon.com, Inc. | $180M | 2.1% | +9.5% | 6.3 yr |
| MSFTMicrosoft Corporation | $154M | 1.8% | -0.6% | 5.3 yr |
| CRCLCircle Internet Group | $149M | 1.8% | — | 0.8 yr |
| CRWDCrowdStrike Holdings, In | $127M | 1.5% | +10.7% | 3.5 yr |
| INTCIntel Corporation | $123M | 1.5% | +94.3% | 7.0 yr |
| TDThe Toronto-Dominion Ban | $120M | 1.4% | +60.9% | 8.0 yr |
| XLEState Street Energy Sele | $120M | 1.4% | — | 1.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management15.5%-8.3pp$1.30B
Semiconductors11.0%+3.7pp$924M
Software - Infrastructure6.1%+3.9pp$515M
Software - Application4.6%+0.4pp$386M
Auto - Manufacturers3.9%+1.3pp$328M
Banks - Diversified3.5%-1.9pp$294M
Medical - Healthcare Plans3.4%+3.2pp$289M
Financial - Capital Markets3.4%+1.7pp$283M
Specialty Retail2.9%+0.8pp$242M
Hardware, Equipment & Parts2.8%+2.6pp$238M
Country
US75.2%+0.5pp
CA10.9%-6.0pp
NL3.9%+2.3pp
DE2.3%+2.3pp
Unknown1.3%-0.1pp
GB1.2%+1.2pp
IE1.0%-0.3pp
IT0.9%+0.9pp
Top 5: 13.7% · Top 10: 24.3% · Top 25: 41.5%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| TD | $73M | +0.04B | 60.9% |
| CCJ | $17M | +0.03B | 164.4% |
| BNS | $49M | +0.02B | 52.4% |
| LMT | $23M | +0.01B | 39.0% |
| AMD | $8M | +0.01B | 98.0% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| UNH | $5M | -0.00B | -46.9% |
Top buys this quarter · 15
| SAP SAP SE | +$138M |
| CRWD CrowdStrike Holdings, Inc. | +$126M |
| CRCL Circle Internet Group | +$94M |
| CVX Chevron Corporation | +$85M |
| AMZN Amazon.com, Inc. | +$74M |
| BNS The Bank of Nova Scotia | +$65M |
| WDC Western Digital Corporation | +$63M |
| MSFT Microsoft Corporation | +$60M |
| CCJ Cameco Corporation | +$53M |
| ORCL Oracle Corporation | +$46M |
Top sells this quarter · 15
| SNDK Sandisk Corporation | −$345M |
| GEV GE Vernova Inc. | −$205M |
| CNI Canadian National Railway Comp | −$186M |
| AEM Agnico Eagle Mines Limitedexit | −$170M |
| TSM Taiwan Semiconductor Manufactuexit | −$167M |
| NFLX Netflix, Inc.exit | −$160M |
| LLY Eli Lilly and Company | −$137M |
| ENB Enbridge Inc.exit | −$119M |
| LMT Lockheed Martin Corporation | −$114M |
| MELI MercadoLibre, Inc.exit | −$107M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $8.40B | 1311 | +39.44% | +17.59% | +21.85% | -1.35B |
| 2025-12-31 | $9.79B | 1210 | +42.19% | +17.72% | +24.47% | +0.83B |
| 2025-09-30 | $8.44B | 988 | +47.63% | +17.52% | +30.12% | +1.77B |
| 2025-06-30 | $5.79B | 996 | +36.78% | +14.94% | +21.84% | +0.64B |
| 2025-03-31 | $4.51B | 1029 | +24.76% | +8.30% | +16.46% | -0.56B |
| 2024-12-31 | $4.99B | 981 | +34.58% | +24.89% | +9.70% | +0.12B |
| 2024-09-30 | $4.41B | 923 | +35.36% | +36.04% | -0.68% | -1.95B |
| 2024-06-30 | $5.96B | 1085 | +16.03% | +24.49% | -8.46% | -0.14B |
| 2024-03-31 | $5.85B | 1169 | +21.86% | +29.62% | -7.77% | -0.22B |
| 2023-12-31 | $5.54B | 1113 | +23.65% | +26.18% | -2.52% | +0.14B |
| 2023-09-30 | $4.87B | 962 | +14.92% | +21.57% | -6.65% | +0.69B |
| 2023-06-30 | $4.56B | 952 | +16.80% | +19.42% | -2.62% | +0.57B |
| 2023-03-31 | $3.65B | 874 | -11.51% | -7.82% | -3.69% | -0.10B |
| 2022-12-31 | $3.37B | 818 | +3.07% | +7.56% | -4.49% | +0.18B |
| 2022-09-30 | $3.09B | 830 | -6.98% | -4.93% | -2.05% | +0.86B |
| 2022-06-30 | $2.40B | 703 | -17.00% | -16.11% | -0.88% | +0.33B |