Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.13%
adds when stocks drop
when a holding falls −10%+
Middle response
+3.09%
steady accumulation
Rally response
-0.20%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPYState Street SPDR S&P 50 | $85M | 19.7% | +17.6% | 10.5 yr |
| VYMVanguard High Dividend Y | $32M | 7.3% | — | 10.5 yr |
| VCITVanguard Intermediate-Te | $27M | 6.3% | — | 10.5 yr |
| VCLTVanguard Long-Term Corpo | $17M | 3.9% | — | 9.0 yr |
| VEUVanguard FTSE All-World | $14M | 3.2% | — | 10.5 yr |
| QQQInvesco QQQ Trust, Serie | $11M | 2.6% | — | 7.5 yr |
| VDEVanguard Energy ETF | $9M | 2.2% | — | 8.8 yr |
| COSOCoastalSouth Bancshares, | $9M | 2.1% | +16.0% | 1.0 yr |
| SPSMState Street SPDR Portfo | $9M | 2.0% | — | 2.3 yr |
| SPMDState Street SPDR Portfo | $9M | 2.0% | — | 2.3 yr |
| TLTiShares 20+ Year Treasur | $6M | 1.5% | — | 4.3 yr |
| MSFTMicrosoft Corporation | $6M | 1.4% | -0.6% | 10.5 yr |
| BIZDVanEck BDC Income ETF | $5M | 1.2% | — | 0.3 yr |
| VOVanguard Mid-Cap ETF | $5M | 1.2% | — | 10.5 yr |
| NVDANVIDIA Corporation | $5M | 1.2% | +60.9% | 5.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management49.5%-0.0pp$213M
Asset Management - Bonds12.7%-0.9pp$55M
Drug Manufacturers - General3.3%+0.2pp$14M
Semiconductors2.7%+0.9pp$12M
Banks - Regional2.7%+1.9pp$11M
Oil & Gas Integrated1.8%+0.0pp$8M
Software - Infrastructure1.7%-0.1pp$7M
Banks - Diversified1.5%-0.1pp$6M
Regulated Electric1.4%-0.3pp$6M
Telecommunications Services1.3%-0.4pp$5M
Country
US95.2%+0.1pp
CA1.1%-0.2pp
IE1.0%-0.1pp
CH0.8%+0.6pp
Unknown0.8%-0.7pp
GB0.5%-0.0pp
AU0.2%
UY0.2%-0.1pp
Top 5: 40.3% · Top 10: 51.2% · Top 25: 65.3%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| SPY | $70M | +0.01B | 17.6% |
| NVDA | $4M | +0.00B | 60.9% |
| XOM | $3M | +0.00B | 47.6% |
| FNV | $2M | +0.00B | 58.0% |
| CVX | $3M | +0.00B | 29.2% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $6M | -0.00B | -0.6% |
Top buys this quarter · 15
| CVX Chevron Corporation | +$2M |
| AMH American Homes 4 Rentnew | +$1M |
| NEE NextEra Energy, Inc. | +$1M |
| JCI Johnson Controls International | +$1M |
| GBDC Golub Capital BDC, Inc. | +$1M |
| NVS Novartis AG | +$1M |
| PM Philip Morris International In | +$1M |
| JNJ Johnson & Johnson | +$1M |
| JPM JPMorgan Chase & Co. | +$1M |
| CB Chubb Limited | +$1M |
Top sells this quarter · 15
| PCAR PACCAR Incexit | −$1M |
| VZ Verizon Communications Inc. | −$1M |
| MAC The Macerich Companyexit | −$1M |
| EQIX Equinix, Inc.exit | −$1M |
| PPL PPL Corporation | −$1M |
| PNC The PNC Financial Services Gro | −$1M |
| FHN First Horizon Corporation | −$1M |
| BMY Bristol-Myers Squibb Company | −$1M |
| PPG PPG Industries, Inc. | −$1M |
| IBM International Business Machine | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $431M | 184 | +14.03% | +17.59% | -3.57% | +0.01B |
| 2025-12-31 | $425M | 188 | +14.66% | +17.72% | -3.06% | -0.01B |
| 2025-09-30 | $423M | 187 | +12.01% | +17.52% | -5.51% | +0.00B |
| 2025-06-30 | $394M | 173 | +13.29% | +14.94% | -1.65% | +0.01B |
| 2025-03-31 | $363M | 167 | +9.26% | +8.30% | +0.96% | +0.01B |
| 2024-12-31 | $360M | 173 | +19.12% | +24.89% | -5.76% | +0.01B |
| 2024-09-30 | $350M | 164 | +31.27% | +36.04% | -4.77% | -0.01B |
| 2024-06-30 | $332M | 162 | +17.07% | +24.49% | -7.42% | -0.00B |
| 2024-03-31 | $328M | 165 | +19.62% | +29.62% | -10.00% | +0.00B |
| 2023-12-31 | $302M | 151 | +15.35% | +26.18% | -10.83% | -0.00B |
| 2023-09-30 | $277M | 147 | +14.72% | +21.57% | -6.85% | +0.01B |
| 2023-06-30 | $282M | 141 | +12.36% | +19.42% | -7.06% | +0.00B |
| 2023-03-31 | $270M | 143 | -6.27% | -7.82% | +1.55% | -0.00B |
| 2022-12-31 | $259M | 139 | -14.49% | -18.17% | +3.69% | +0.01B |
| 2022-09-30 | $231M | 129 | -13.14% | -15.51% | +2.36% | +0.00B |
| 2022-06-30 | $242M | 138 | -7.19% | -10.62% | +3.43% | +0.02B |