Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.74%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.79%
baseline attrition
Rally response
-4.35%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MSFTMicrosoft Corporation | $375M | 5.3% | -0.6% | 7.3 yr |
| GOOGLAlphabet Inc. | $265M | 3.8% | — | 7.5 yr |
| NVDANVIDIA Corporation | $246M | 3.5% | +60.9% | 3.0 yr |
| LNGCheniere Energy, Inc. | $243M | 3.5% | +23.8% | 3.5 yr |
| AMZNAmazon.com, Inc. | $234M | 3.3% | +9.5% | 7.5 yr |
| AVGOBroadcom Inc. | $234M | 3.3% | +86.0% | 7.5 yr |
| METAMeta Platforms, Inc. | $229M | 3.3% | -0.4% | 7.5 yr |
| NEENextEra Energy, Inc. | $216M | 3.1% | +34.9% | 7.5 yr |
| LRCXLam Research Corporation | $210M | 3.0% | +196.1% | 0.8 yr |
| EQIXEquinix, Inc. | $202M | 2.9% | +23.0% | 7.3 yr |
| TMOThermo Fisher Scientific | $201M | 2.9% | -0.9% | 7.5 yr |
| TXNTexas Instruments Incorp | $191M | 2.7% | +11.4% | 7.5 yr |
| GILDGilead Sciences, Inc. | $182M | 2.6% | +27.7% | 7.5 yr |
| CEGConstellation Energy Cor | $177M | 2.5% | +39.2% | 3.0 yr |
| ABBVAbbVie Inc. | $174M | 2.5% | +7.3% | 7.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors16.4%+14.2pp$1.15B
Drug Manufacturers - General8.6%+0.7pp$607M
Software - Infrastructure8.3%+0.9pp$585M
Internet Content & Information7.0%+2.8pp$493M
Specialty Retail5.2%+0.4pp$369M
Regulated Electric5.1%+1.9pp$356M
Medical - Diagnostics & Research5.1%+1.9pp$355M
Financial - Credit Services4.5%+1.8pp$316M
Software - Application3.6%-0.4pp$251M
Oil & Gas Midstream3.5%+1.9pp$243M
Country
US99.4%+6.1pp
IE0.6%-1.6pp
Top 5: 19.4% · Top 10: 34.9% · Top 25: 69.4%
Top buys this quarter · 15
| SYK Stryker Corporation | +$148M |
| META Meta Platforms, Inc. | +$33M |
| CEG Constellation Energy Corporati | +$177M |
| MAR Marriott International, Inc. | +$23M |
| FTV Fortive Corporation | +$21M |
| GDDY GoDaddy Inc. | +$18M |
| ADBE Adobe Inc. | +$18M |
| AMZN Amazon.com, Inc. | +$234M |
| ROST Ross Stores, Inc. | +$14M |
| CAH Cardinal Health, Inc. | +$13M |
Top sells this quarter · 15
| SPGI S&P Global Inc.exit | −$157M |
| MRK Merck & Co., Inc.exit | −$139M |
| LPLA LPL Financial Holdings Inc.exit | −$134M |
| DHR Danaher Corporationexit | −$131M |
| AZO AutoZone, Inc.exit | −$81M |
| PEG Public Service Enterprise Grou | −$41M |
| MSFT Microsoft Corporation | −$40M |
| IDXX IDEXX Laboratories, Inc. | −$39M |
| FOXA Fox Corporation | −$25M |
| CHKP Check Point Software Technologexit | −$24M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $7.03B | 103 | +7.37% | +17.59% | -10.22% | -1.09B |
| 2025-12-31 | $8.51B | 106 | +12.28% | +17.72% | -5.44% | +1.08B |
| 2025-09-30 | $7.38B | 117 | +11.85% | +17.52% | -5.67% | +0.07B |
| 2025-06-30 | $7.08B | 210 | +16.19% | +14.94% | +1.25% | -0.55B |
| 2025-03-31 | $7.05B | 212 | +7.28% | +8.30% | -1.02% | -0.47B |
| 2024-12-31 | $7.54B | 208 | +18.44% | +24.89% | -6.45% | -0.83B |
| 2024-09-30 | $8.34B | 215 | +30.00% | +36.04% | -6.04% | -0.63B |
| 2024-06-30 | $8.37B | 219 | +15.96% | +24.49% | -8.53% | -1.91B |
| 2024-03-31 | $10.28B | 220 | +22.24% | +29.62% | -7.38% | -0.39B |
| 2023-12-31 | $9.69B | 218 | +15.59% | +26.18% | -10.59% | -0.49B |
| 2023-09-30 | $9.25B | 211 | +13.93% | +21.57% | -7.64% | -0.35B |
| 2023-06-30 | $10.04B | 214 | +13.50% | +19.42% | -5.93% | -0.27B |
| 2023-03-31 | $9.78B | 209 | -6.12% | -7.82% | +1.70% | -0.59B |
| 2022-12-31 | $9.95B | 223 | +8.53% | +7.56% | +0.97% | -0.05B |
| 2022-09-30 | $9.21B | 234 | -4.74% | -4.93% | +0.18% | -0.52B |
| 2022-06-30 | $10.22B | 232 | -12.80% | -16.11% | +3.31% | -1.06B |