Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.75%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.84%
baseline attrition
Rally response
-3.22%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $766M | 5.1% | +60.9% | 10.0 yr |
| AAPLApple Inc. | $724M | 4.8% | +14.7% | 10.0 yr |
| AMZNAmazon.com, Inc. | $603M | 4.0% | +9.5% | 8.5 yr |
| GOOGLAlphabet Inc. | $558M | 3.7% | — | 10.0 yr |
| AVGOBroadcom Inc. | $534M | 3.5% | +86.0% | 4.3 yr |
| MSFTMicrosoft Corporation | $477M | 3.2% | -0.6% | 10.0 yr |
| GOOGAlphabet Inc. | $473M | 3.1% | +84.3% | 10.0 yr |
| TSLATesla, Inc. | $416M | 2.7% | +43.4% | 8.5 yr |
| LLYEli Lilly and Company | $287M | 1.9% | +12.2% | 10.0 yr |
| JNJJohnson & Johnson | $227M | 1.5% | +51.5% | 10.0 yr |
| VVisa Inc. | $201M | 1.3% | -13.1% | 10.0 yr |
| JPMJPMorgan Chase & Co. | $187M | 1.2% | +21.8% | 5.8 yr |
| COSTCostco Wholesale Corpora | $171M | 1.1% | +5.9% | 8.5 yr |
| NFLXNetflix, Inc. | $159M | 1.1% | +3.1% | 5.8 yr |
| MAMastercard Incorporated | $157M | 1.0% | -8.5% | 10.0 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors14.8%+3.3pp$2.24B
Internet Content & Information7.0%+2.6pp$1.06B
Drug Manufacturers - General7.0%+0.6pp$1.05B
Software - Infrastructure5.2%-0.5pp$781M
Specialty Retail4.9%-0.4pp$744M
Consumer Electronics4.8%+0.1pp$724M
Banks - Diversified4.2%+0.8pp$629M
Software - Application3.4%-1.5pp$509M
Financial - Credit Services3.3%-0.7pp$502M
Auto - Manufacturers3.1%+0.7pp$466M
Country
US92.2%-0.4pp
CA3.5%+0.4pp
Unknown1.7%+0.1pp
IE1.4%-0.1pp
CH0.4%+0.1pp
GB0.2%-0.0pp
UY0.2%-0.1pp
BM0.1%-0.0pp
Top 5: 21.0% · Top 10: 33.4% · Top 25: 47.5%
Top buys this quarter · 15
| WAT Waters Corporation | +$4M |
| JPM JPMorgan Chase & Co. | +$187M |
| BAC Bank of America Corporation | +$80M |
| TD The Toronto-Dominion Bank | +$1M |
| GRMN Garmin Ltd. | +$1M |
| SCHW The Charles Schwab Corporation | +$63M |
| SHOP Shopify Inc. | +$56M |
| AXP American Express Company | +$66M |
| GILD Gilead Sciences, Inc. | +$0M |
| CRM Salesforce, Inc. | +$70M |
Top sells this quarter · 15
| DT Dynatrace, Inc.exit | −$4M |
| WTRG Essential Utilities, Inc.exit | −$4M |
| SJM The J. M. Smucker Companyexit | −$4M |
| DOCU DocuSign, Inc.exit | −$4M |
| BAH Booz Allen Hamilton Holding Coexit | −$4M |
| NTNX Nutanix, Inc.exit | −$4M |
| BAX Baxter International Inc.exit | −$3M |
| AFG American Financial Group, Inc.exit | −$3M |
| PAYC Paycom Software, Inc.exit | −$2M |
| BSY Bentley Systems, Incorporatedexit | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $15.15B | 430 | +16.45% | +17.59% | -1.15% | -0.09B |
| 2025-12-31 | $16.25B | 442 | +17.47% | +17.72% | -0.24% | +0.27B |
| 2025-09-30 | $15.47B | 458 | +17.03% | +17.52% | -0.49% | +0.00B |
| 2025-06-30 | $14.37B | 466 | +15.46% | +14.94% | +0.52% | -0.06B |
| 2025-03-31 | $12.92B | 462 | +4.63% | +8.30% | -3.67% | -1.12B |
| 2024-12-31 | $14.84B | 476 | +20.49% | +24.89% | -4.40% | +0.16B |
| 2024-09-30 | $14.26B | 481 | +30.62% | +36.04% | -5.42% | -0.44B |
| 2024-06-30 | $13.85B | 491 | +18.74% | +24.49% | -5.75% | -0.10B |
| 2024-03-31 | $13.78B | 501 | +23.76% | +29.62% | -5.87% | +1.69B |
| 2023-12-31 | $11.10B | 429 | +19.49% | +26.18% | -6.69% | -0.47B |
| 2023-09-30 | $10.37B | 444 | +16.42% | +21.57% | -5.15% | +0.02B |
| 2023-06-30 | $10.72B | 455 | +15.49% | +19.42% | -3.94% | +0.48B |
| 2023-03-31 | $9.71B | 413 | -5.71% | -7.82% | +2.11% | +0.32B |
| 2022-12-31 | $8.92B | 421 | +8.74% | +7.56% | +1.18% | -1.40B |
| 2022-09-30 | $9.50B | 424 | -4.26% | -4.93% | +0.67% | -0.78B |
| 2022-06-30 | $10.73B | 432 | -13.84% | -16.11% | +2.27% | -2.22B |