Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.74%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.48%
baseline attrition
Rally response
-12.20%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VTIVanguard Total Stock Mar | $65M | 18.8% | — | 10.5 yr |
| SCHDSchwab U.S. Dividend Equ | $44M | 12.8% | — | 10.3 yr |
| XLGInvesco S&P 500 Top 50 E | $32M | 9.2% | — | 6.0 yr |
| IDHQInvesco S&P Internationa | $29M | 8.5% | — | 6.3 yr |
| ESGVVanguard ESG U.S. Stock | $23M | 6.6% | — | 5.3 yr |
| SPGPInvesco S&P 500 GARP ETF | $13M | 3.8% | — | 6.3 yr |
| SGOViShares 0-3 Month Treasu | $12M | 3.6% | — | 0.8 yr |
| DFACDimensional - US Core Eq | $12M | 3.4% | — | 4.8 yr |
| PMPhilip Morris Internatio | $12M | 3.4% | +7.9% | 10.5 yr |
| VOOVanguard S&P 500 ETF | $9M | 2.7% | — | 4.0 yr |
| IWViShares Russell 3000 ETF | $8M | 2.3% | — | 8.3 yr |
| SPHQInvesco S&P 500 Quality | $7M | 2.2% | — | 5.8 yr |
| VGKVanguard FTSE Europe ETF | $5M | 1.6% | — | 6.0 yr |
| MOAltria Group, Inc. | $5M | 1.6% | +15.8% | 10.5 yr |
| GOOGLAlphabet Inc. | $5M | 1.3% | — | 10.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management80.2%+2.0pp$275M
Tobacco4.9%-4.7pp$17M
Asset Management - Bonds3.8%+3.2pp$13M
Internet Content & Information1.9%+0.8pp$6M
Semiconductors1.5%+0.6pp$5M
Specialty Retail1.2%-0.4pp$4M
Consumer Electronics0.9%+0.3pp$3M
Gold0.7%-0.1pp$3M
Food Confectioners0.7%-0.5pp$2M
Software - Infrastructure0.6%-0.1pp$2M
Country
US98.3%+0.6pp
CA0.6%+0.3pp
CH0.3%+0.2pp
NL0.2%+0.1pp
Unknown0.2%-0.5pp
AU0.1%+0.0pp
BM0.1%
GB0.1%-0.0pp
Top 5: 55.9% · Top 10: 72.9% · Top 25: 89.4%
Top buys this quarter · 15
| WES Western Midstream Partners, LP | +$1M |
| NFLX Netflix, Inc. | +$1M |
| META Meta Platforms, Inc. | +$1M |
| NVDA NVIDIA Corporation | +$1M |
| WYFI WhiteFiber, Inc. Ordinary Sharnew | +$0M |
| RH Rh | +$0M |
| AAPL Apple Inc. | +$0M |
| AMZN Amazon.com, Inc. | +$3M |
| MPLX MPLX Lp | +$0M |
| MSFT Microsoft Corporation | +$2M |
Top sells this quarter · 15
| SITM SiTime Corporation | −$1M |
| GLBE Global-e Online Ltd.exit | −$0M |
| ONTO Onto Innovation Inc.exit | −$0M |
| USB U.S. Bancorp | −$0M |
| VAL Valaris Limited | −$0M |
| MO Altria Group, Inc. | −$5M |
| AMD Advanced Micro Devices, Inc.exit | −$0M |
| ADBE Adobe Inc.exit | −$0M |
| COST Costco Wholesale Corporationexit | −$0M |
| SPY State Street SPDR S&P 500 ETF exit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $344M | 89 | +20.38% | +17.59% | +2.78% | +0.00B |
| 2025-12-31 | $334M | 232 | +28.96% | +17.72% | +11.24% | +0.01B |
| 2025-09-30 | $326M | 243 | +29.01% | +17.52% | +11.49% | +0.02B |
| 2025-06-30 | $295M | 229 | +35.60% | +14.94% | +20.65% | -0.02B |
| 2025-03-31 | $281M | 194 | +25.82% | +8.30% | +17.52% | -0.02B |
| 2024-12-31 | $277M | 192 | +20.24% | +24.89% | -4.65% | -0.05B |
| 2024-09-30 | $322M | 263 | +27.83% | +36.04% | -8.21% | -0.02B |
| 2024-06-30 | $308M | 301 | +12.12% | +24.49% | -12.37% | -0.01B |
| 2024-03-31 | $304M | 343 | +12.61% | +29.62% | -17.01% | +0.02B |
| 2023-12-31 | $275M | 280 | +10.30% | +26.18% | -15.88% | +0.00B |
| 2023-09-30 | $253M | 290 | +17.69% | +21.57% | -3.88% | +0.00B |
| 2023-06-30 | $259M | 297 | +10.23% | +19.42% | -9.20% | +0.01B |
| 2023-03-31 | $244M | 299 | -2.75% | -7.82% | +5.07% | +0.04B |
| 2022-12-31 | $203M | 300 | -9.34% | -18.17% | +8.84% | -0.03B |
| 2022-09-30 | $201M | 334 | -11.94% | -15.51% | +3.57% | +0.00B |
| 2022-06-30 | $218M | 341 | -2.46% | -10.62% | +8.16% | -0.01B |