Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-14.19%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.86%
baseline attrition
Rally response
+1.42%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IVViShares Core S&P 500 ETF | $93M | 4.9% | — | 6.5 yr |
| SPYState Street SPDR S&P 50 | $58M | 3.1% | +17.6% | 6.5 yr |
| BILState Street SPDR Bloomb | $52M | 2.7% | — | 6.5 yr |
| AAPLApple Inc. | $50M | 2.6% | +14.7% | 6.5 yr |
| NVDANVIDIA Corporation | $37M | 1.9% | +60.9% | 6.5 yr |
| ACWXiShares MSCI ACWI ex U.S | $31M | 1.6% | — | 0.8 yr |
| CATCaterpillar Inc. | $30M | 1.6% | +117.8% | 6.5 yr |
| QQQInvesco QQQ Trust, Serie | $28M | 1.5% | — | 6.5 yr |
| VOOVanguard S&P 500 ETF | $26M | 1.4% | — | 6.5 yr |
| MSFTMicrosoft Corporation | $26M | 1.3% | -0.6% | 6.5 yr |
| GOOGLAlphabet Inc. | $25M | 1.3% | — | 6.5 yr |
| AMZNAmazon.com, Inc. | $23M | 1.2% | +9.5% | 6.5 yr |
| BXBlackstone Inc. | $22M | 1.2% | -14.9% | 6.5 yr |
| SCHDSchwab U.S. Dividend Equ | $20M | 1.0% | — | 6.5 yr |
| IEFAiShares Core MSCI EAFE E | $18M | 1.0% | — | 6.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management48.9%-0.6pp$929M
Semiconductors5.0%+1.9pp$95M
Asset Management - Bonds4.8%-0.6pp$91M
Software - Infrastructure3.6%-0.4pp$68M
Consumer Electronics2.7%-0.1pp$51M
Drug Manufacturers - General2.4%+0.3pp$47M
Internet Content & Information2.2%+0.4pp$42M
Asset Management - Leveraged1.7%+0.8pp$33M
Agricultural - Machinery1.7%+0.8pp$32M
Specialty Retail1.5%-0.2pp$29M
Country
US96.8%+1.3pp
Unknown0.8%-1.3pp
IE0.6%-0.1pp
CA0.6%+0.1pp
TW0.3%+0.2pp
NL0.2%+0.2pp
GB0.2%-0.1pp
MC0.1%
Top 5: 15.3% · Top 10: 22.7% · Top 25: 35.7%
Top buys this quarter · 15
| ELAN Elanco Animal Health Incorporanew | +$6M |
| IDXX IDEXX Laboratories, Inc. | +$5M |
| TMDX TransMedics Group, Inc.new | +$5M |
| CE Celanese Corporationnew | +$3M |
| DLR Digital Realty Trust, Inc. | +$3M |
| ABBV AbbVie Inc. | +$2M |
| MCHP Microchip Technology Incorpora | +$2M |
| DHI D.R. Horton, Inc. | +$2M |
| NEE NextEra Energy, Inc. | +$2M |
| CL Colgate-Palmolive Company | +$2M |
Top sells this quarter · 15
| SPY State Street SPDR S&P 500 ETF | −$19M |
| NVDA NVIDIA Corporation | −$11M |
| AAPL Apple Inc. | −$9M |
| EQIX Equinix, Inc.exit | −$8M |
| CCJ Cameco Corporation | −$8M |
| SCCO Southern Copper Corporation | −$7M |
| AMZN Amazon.com, Inc. | −$7M |
| TER Teradyne, Inc. | −$7M |
| MSFT Microsoft Corporation | −$5M |
| META Meta Platforms, Inc. | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.90B | 685 | +20.88% | +17.59% | +3.29% | -0.31B |
| 2025-12-31 | $2.25B | 701 | +16.28% | +17.72% | -1.44% | -0.15B |
| 2025-09-30 | $2.37B | 763 | +18.86% | +17.52% | +1.35% | -0.05B |
| 2025-06-30 | $2.20B | 732 | +15.76% | +14.94% | +0.82% | +0.02B |
| 2025-03-31 | $1.97B | 699 | +5.89% | +8.30% | -2.41% | +0.01B |
| 2024-12-31 | $2.08B | 683 | +22.15% | +24.89% | -2.74% | -0.07B |
| 2024-09-30 | $2.08B | 688 | +31.42% | +36.04% | -4.62% | +0.01B |
| 2024-06-30 | $1.93B | 671 | +18.15% | +24.49% | -6.34% | -0.05B |
| 2024-03-31 | $1.95B | 685 | +25.27% | +29.62% | -4.36% | +0.04B |
| 2023-12-31 | $1.76B | 648 | +21.15% | +26.18% | -5.02% | -0.05B |
| 2023-09-30 | $1.62B | 641 | +16.86% | +21.57% | -4.71% | -0.04B |
| 2023-06-30 | $1.73B | 652 | +15.83% | +19.42% | -3.60% | -0.05B |
| 2023-03-31 | $1.66B | 653 | -6.92% | -7.82% | +0.89% | +0.03B |
| 2022-12-31 | $1.54B | 616 | -15.62% | -18.17% | +2.56% | -0.03B |
| 2022-09-30 | $1.46B | 629 | -12.67% | -15.51% | +2.83% | +0.01B |
| 2022-06-30 | $1.53B | 651 | -7.93% | -10.62% | +2.69% | +0.06B |