Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-17.96%
trims when stocks drop
when a holding falls −10%+
Middle response
-8.27%
baseline attrition
Rally response
-26.48%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GOOGLAlphabet Inc. | $941M | 16.8% | — | 2.0 yr |
| AAPLApple Inc. | $384M | 6.9% | +14.7% | 3.3 yr |
| NVDANVIDIA Corporation | $324M | 5.8% | +60.9% | 4.3 yr |
| METAMeta Platforms, Inc. | $177M | 3.2% | -0.4% | 2.8 yr |
| XLVState Street Health Care | $152M | 2.7% | — | 1.0 yr |
| RSPInvesco S&P 500 Equal We | $135M | 2.4% | — | 0.8 yr |
| CCitigroup Inc. | $120M | 2.1% | +63.9% | 1.5 yr |
| SATSEchoStar Corporation | $112M | 2.0% | +357.7% | 1.5 yr |
| EQTEQT Corporation | $111M | 2.0% | +20.5% | 2.0 yr |
| RTXRTX Corporation | $107M | 1.9% | +48.1% | 1.0 yr |
| CRWDCrowdStrike Holdings, In | $104M | 1.9% | +10.7% | 3.0 yr |
| EXEExpand Energy Corporatio | $95M | 1.7% | +1.7% | 0.5 yr |
| HONHoneywell International | $94M | 1.7% | +9.0% | 0.3 yr |
| XLPState Street Consumer St | $91M | 1.6% | — | 2.0 yr |
| LITELumentum Holdings Inc. | $81M | 1.4% | +1027.3% | 1.3 yr |
Portfolio composition (YoY)
Industry mix
Internet Content & Information21.0%+12.8pp$1.18B
Semiconductors12.3%-3.2pp$692M
Asset Management9.6%+7.9pp$540M
Consumer Electronics6.9%-3.0pp$384M
Aerospace & Defense5.5%+0.4pp$309M
Hardware, Equipment & Parts4.5%+3.3pp$250M
Communication Equipment3.9%+3.4pp$219M
Oil & Gas Exploration & Production3.7%$209M
Software - Infrastructure2.4%-9.1pp$134M
Banks - Diversified2.1%-2.5pp$120M
Country
US91.8%-5.4pp
BM1.1%
IE1.0%
SG0.9%
LU0.8%
IL0.7%
CN0.7%
CA0.7%+0.0pp
Top 5: 35.3% · Top 10: 45.7% · Top 25: 65.1%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MU | $52M | +0.15B | 289.6% |
| GS | $263M | +0.15B | 58.1% |
| NVDA | $220M | +0.13B | 60.9% |
| AVGO | $138M | +0.12B | 86.0% |
| COHR | $40M | +0.11B | 266.8% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| META | $145M | -0.00B | -0.4% |
Top buys this quarter · 15
| AAPL Apple Inc. | +$221M |
| NVDA NVIDIA Corporation | +$138M |
| HON Honeywell International Inc.new | +$94M |
| SATS EchoStar Corporation | +$71M |
| GLNG Golar LNG Limitednew | +$63M |
| META Meta Platforms, Inc. | +$58M |
| LHX L3Harris Technologies, Inc. | +$46M |
| VLO Valero Energy Corporationnew | +$46M |
| JCI Johnson Controls Internationalnew | +$46M |
| RAL Ralliant Corp.new | +$42M |
Top sells this quarter · 15
| GOOG Alphabet Inc. | −$407M |
| AMZN Amazon.com, Inc. | −$287M |
| AVGO Broadcom Inc. | −$280M |
| MSFT Microsoft Corporation | −$217M |
| WDC Western Digital Corporation | −$182M |
| MU Micron Technology, Inc. | −$127M |
| CVX Chevron Corporation | −$88M |
| CLS Celestica Inc. | −$76M |
| AMAT Applied Materials, Inc. | −$75M |
| ATI ATI Inc. | −$65M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $5.60B | 125 | +68.84% | +17.59% | +51.24% | -1.93B |
| 2025-12-31 | $6.73B | 87 | +40.45% | +17.72% | +22.73% | -1.85B |
| 2025-09-30 | $7.90B | 82 | +33.83% | +17.52% | +16.31% | +1.29B |
| 2025-06-30 | $5.89B | 95 | +24.72% | +14.94% | +9.78% | +1.49B |
| 2025-03-31 | $3.56B | 69 | +1.50% | +8.30% | -6.81% | -0.62B |
| 2024-12-31 | $4.49B | 64 | +24.38% | +24.89% | -0.51% | +1.65B |
| 2024-09-30 | $2.75B | 58 | +38.59% | +36.04% | +2.55% | -1.67B |
| 2024-06-30 | $4.23B | 75 | +25.87% | +24.49% | +1.38% | +0.37B |
| 2024-03-31 | $3.83B | 70 | +39.24% | +29.62% | +9.62% | +0.13B |
| 2023-12-31 | $3.25B | 50 | +28.27% | +26.18% | +2.09% | +0.13B |
| 2023-09-30 | $2.70B | 77 | +6.08% | +21.57% | -15.48% | -2.03B |
| 2023-06-30 | $4.98B | 77 | +10.96% | +19.42% | -8.47% | +3.70B |
| 2023-03-31 | $1.15B | 51 | -22.63% | -7.82% | -14.81% | +0.10B |
| 2022-12-31 | $993M | 44 | -4.61% | +7.56% | -12.17% | -0.25B |
| 2022-09-30 | $1.31B | 55 | -0.69% | -4.93% | +4.24% | +0.05B |
| 2022-06-30 | $1.26B | 54 | -22.34% | -16.11% | -6.23% | +0.32B |