Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.40%
adds when stocks drop
when a holding falls −10%+
Middle response
-3.79%
baseline attrition
Rally response
-3.84%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| FHIFederated Hermes, Inc. | $155M | 17.1% | +43.1% | 10.5 yr |
| SPDWState Street SPDR Portfo | $82M | 9.1% | — | 6.3 yr |
| VOVanguard Mid-Cap ETF | $71M | 7.8% | — | 10.5 yr |
| MMITNYLI MacKay Muni Interme | $62M | 6.9% | — | 6.3 yr |
| SCHGSchwab U.S. Large-Cap Gr | $48M | 5.3% | — | 7.3 yr |
| IEMGiShares Core MSCI Emergi | $45M | 4.9% | — | 8.0 yr |
| MUBiShares National Muni Bo | $38M | 4.2% | — | 6.3 yr |
| SCHXSchwab U.S. Large-Cap ET | $37M | 4.0% | — | 10.0 yr |
| VNLAJanus Henderson Short Du | $31M | 3.5% | — | 6.3 yr |
| IJTiShares S&P Small-Cap 60 | $24M | 2.6% | — | 3.5 yr |
| JPIEJPMorgan Income ETF | $22M | 2.4% | — | 3.0 yr |
| IWFiShares Russell 1000 Gro | $18M | 1.9% | — | 10.5 yr |
| FBNDFidelity Total Bond ETF | $16M | 1.8% | — | 2.0 yr |
| SCHMSchwab U.S. Mid-Cap ETF | $14M | 1.6% | — | 8.3 yr |
| VEAVanguard FTSE Developed | $14M | 1.5% | — | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management85.2%+4.0pp$773M
Asset Management - Income5.9%-0.7pp$53M
Asset Management - Bonds2.1%+0.0pp$19M
Consumer Electronics0.9%-0.2pp$9M
Software - Infrastructure0.7%-1.2pp$6M
Internet Content & Information0.7%+0.1pp$6M
Financial - Capital Markets0.4%-0.2pp$3M
Insurance - Diversified0.3%-0.2pp$3M
Banks - Diversified0.3%-0.0pp$3M
Software - Application0.3%-0.5pp$3M
Country
US99.4%+0.3pp
CA0.3%-0.2pp
IE0.1%-0.2pp
BM0.1%-0.0pp
NL0.0%
Unknown0.0%-0.1pp
GB0.0%
CH0.0%
Top 5: 46.1% · Top 10: 65.3% · Top 25: 85.1%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $9M | -0.00B | -0.6% |
Top buys this quarter · 15
| FHI Federated Hermes, Inc. | +$4M |
| SLDE Slide Insurance Holdings, Inc.new | +$1M |
| CVX Chevron Corporationnew | +$0M |
| META Meta Platforms, Inc. | +$0M |
| KO The Coca-Cola Companynew | +$0M |
| UBER Uber Technologies, Inc. | +$0M |
| SPY State Street SPDR S&P 500 ETF | +$7M |
| RTX RTX Corporation | +$0M |
| AMZN Amazon.com, Inc. | +$2M |
| GOOG Alphabet Inc. | +$2M |
Top sells this quarter · 15
| FMNB Farmers National Banc Corp.exit | −$0M |
| MSFT Microsoft Corporation | −$0M |
| BAC Bank of America Corporationexit | −$0M |
| MA Mastercard Incorporatedexit | −$0M |
| LLY Eli Lilly and Companyexit | −$0M |
| LULU Lululemon Athletica Inc.exit | −$0M |
| AVGO Broadcom Inc. | −$0M |
| COHR Coherent, Inc. | −$0M |
| AAPL Apple Inc. | −$0M |
| JPM JPMorgan Chase & Co. | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $907M | 156 | +31.07% | +17.59% | +13.48% | -0.02B |
| 2025-12-31 | $887M | 156 | +20.15% | +17.72% | +2.43% | +0.04B |
| 2025-09-30 | $843M | 148 | +29.12% | +17.52% | +11.61% | +0.10B |
| 2025-06-30 | $669M | 146 | +24.74% | +14.94% | +9.80% | +0.05B |
| 2025-03-31 | $552M | 141 | +11.60% | +8.30% | +3.29% | +0.04B |
| 2024-12-31 | $532M | 138 | +29.76% | +24.89% | +4.87% | +0.00B |
| 2024-09-30 | $489M | 143 | +25.31% | +36.04% | -10.73% | +0.01B |
| 2024-06-30 | $449M | 131 | +11.36% | +24.49% | -13.14% | +0.01B |
| 2024-03-31 | $434M | 136 | +2.46% | +29.62% | -27.16% | +0.01B |
| 2023-12-31 | $385M | 121 | +2.78% | +26.18% | -23.39% | -0.07B |
| 2023-09-30 | $432M | 108 | +4.95% | +21.57% | -16.62% | +0.02B |
| 2023-06-30 | $438M | 111 | +9.61% | +19.42% | -9.82% | -0.01B |
| 2023-03-31 | $487M | 115 | +6.12% | -7.82% | +13.94% | -0.02B |
| 2022-12-31 | $456M | 113 | -9.13% | -18.17% | +9.04% | +0.09B |
| 2022-09-30 | $341M | 132 | -5.27% | -15.51% | +10.24% | -0.01B |
| 2022-06-30 | $358M | 142 | -4.10% | -10.62% | +6.52% | +0.00B |