Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.51%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.77%
baseline attrition
Rally response
-2.53%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IAUiShares Gold Trust | $183M | 9.8% | — | 5.0 yr |
| GLDSPDR Gold Shares | $179M | 9.6% | — | 8.5 yr |
| VOOVanguard S&P 500 ETF | $106M | 5.6% | — | 10.5 yr |
| MINTPIMCO Enhanced Short Mat | $86M | 4.6% | — | 6.5 yr |
| BPROBitwise Proficio Currenc | $69M | 3.7% | — | 0.3 yr |
| IWViShares Russell 3000 ETF | $53M | 2.8% | — | 7.3 yr |
| IWSiShares Russell Mid-Cap | $52M | 2.8% | — | 0.5 yr |
| AAAUGoldman Sachs Physical G | $49M | 2.6% | — | 5.3 yr |
| BILState Street SPDR Bloomb | $45M | 2.4% | — | 5.5 yr |
| SGOViShares 0-3 Month Treasu | $44M | 2.4% | — | 0.3 yr |
| SPTSState Street SPDR Portfo | $43M | 2.3% | — | 0.5 yr |
| SPYState Street SPDR S&P 50 | $42M | 2.3% | +17.6% | 10.3 yr |
| AMLPAlerian MLP ETF | $32M | 1.7% | — | 4.8 yr |
| SHYiShares 1-3 Year Treasur | $32M | 1.7% | — | 6.5 yr |
| VTIVanguard Total Stock Mar | $30M | 1.6% | — | 8.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management73.0%+11.2pp$1.37B
Asset Management - Leveraged6.9%+4.4pp$130M
Asset Management - Bonds6.4%+3.3pp$119M
Asset Management - Global2.1%+0.4pp$40M
Semiconductors2.1%-1.3pp$39M
Internet Content & Information1.2%-0.8pp$22M
Specialty Retail0.9%-0.7pp$18M
Consumer Electronics0.8%-1.1pp$14M
Software - Infrastructure0.7%-2.9pp$12M
Drug Manufacturers - General0.6%-1.1pp$11M
Country
US99.3%+1.2pp
CA0.4%+0.0pp
Unknown0.1%-0.3pp
GB0.0%-0.5pp
IE0.0%-0.2pp
CH0.0%-0.0pp
TW0.0%+0.0pp
GG0.0%-0.1pp
Top 5: 33.3% · Top 10: 46.3% · Top 25: 69.2%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NVDA | $28M | +0.02B | 60.9% |
| GOOG | $12M | +0.01B | 84.3% |
| SPY | $32M | +0.01B | 17.6% |
| AAPL | $24M | +0.00B | 14.7% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| MCY Mercury General Corporation | +$2M |
| HHH Howard Hughes Holdings Inc. | +$2M |
| NEM Newmont Corporation | +$0M |
| CLBT Cellebrite DI Ltd.new | +$0M |
| DELL Dell Technologies Inc. | +$0M |
| CHRD Chord Energy Corporationnew | +$0M |
| P Everpure, Inc. | +$0M |
| FLEX Flex Ltd. | +$0M |
| MSFT Microsoft Corporation | +$12M |
| SNDA Sonida Senior Living, Inc. | +$0M |
Top sells this quarter · 15
| VZ Verizon Communications Inc.exit | −$5M |
| T AT&T Inc.exit | −$5M |
| ORCL Oracle Corporationexit | −$3M |
| CVX Chevron Corporation | −$2M |
| SPY State Street SPDR S&P 500 ETF | −$1M |
| IBM International Business Machineexit | −$0M |
| RCI Rogers Communications Inc.exit | −$0M |
| CSX CSX Corporationexit | −$0M |
| JAKK JAKKS Pacific, Inc.exit | −$0M |
| PFE Pfizer Inc.exit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.87B | 246 | +2.36% | +17.59% | -15.24% | +0.52B |
| 2025-12-31 | $1.42B | 238 | +0.93% | +17.72% | -16.79% | -1.65B |
| 2025-09-30 | $3.90B | 222 | +33.72% | +17.52% | +16.20% | +2.58B |
| 2025-06-30 | $1.19B | 395 | +27.31% | +14.94% | +12.37% | -0.42B |
| 2025-03-31 | $1.29B | 387 | +5.50% | +8.30% | -2.80% | +0.14B |
| 2024-12-31 | $1.23B | 373 | +23.80% | +24.89% | -1.08% | +0.18B |
| 2024-09-30 | $1.01B | 283 | +33.18% | +36.04% | -2.85% | +0.01B |
| 2024-06-30 | $952M | 318 | +24.28% | +24.49% | -0.21% | +0.01B |
| 2024-03-31 | $908M | 322 | +32.20% | +29.62% | +2.58% | +0.02B |
| 2023-12-31 | $808M | 300 | +31.37% | +26.18% | +5.19% | -0.03B |
| 2023-09-30 | $750M | 293 | +19.60% | +21.57% | -1.97% | +0.03B |
| 2023-06-30 | $734M | 288 | +15.39% | +19.42% | -4.03% | +0.04B |
| 2023-03-31 | $629M | 287 | -13.18% | -7.82% | -5.36% | +0.06B |
| 2022-12-31 | $527M | 278 | -23.86% | -18.17% | -5.69% | -0.03B |
| 2022-09-30 | $542M | 253 | -17.28% | -15.51% | -1.77% | +0.14B |
| 2022-06-30 | $429M | 245 | -11.88% | -10.62% | -1.26% | -0.12B |