Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.95%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.35%
baseline attrition
Rally response
-0.93%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AAPLApple Inc. | $2.05B | 3.0% | +14.7% | 6.0 yr |
| NVDANVIDIA Corporation | $1.50B | 2.2% | +60.9% | 6.0 yr |
| IVViShares Core S&P 500 ETF | $1.07B | 1.6% | — | 6.3 yr |
| QQQInvesco QQQ Trust, Serie | $1.07B | 1.6% | — | 6.0 yr |
| MSFTMicrosoft Corporation | $1.02B | 1.5% | -0.6% | 6.0 yr |
| SPYState Street SPDR S&P 50 | $843M | 1.2% | +17.6% | 6.0 yr |
| VTIVanguard Total Stock Mar | $842M | 1.2% | — | 6.3 yr |
| AMZNAmazon.com, Inc. | $769M | 1.1% | +9.5% | 6.0 yr |
| VOOVanguard S&P 500 ETF | $740M | 1.1% | — | 6.3 yr |
| GOOGLAlphabet Inc. | $553M | 0.8% | — | 6.0 yr |
| SPLGSPDR Portfolio S&P 500 E | $546M | 0.8% | — | 6.3 yr |
| BRK-BBerkshire Hathaway Inc. | $544M | 0.8% | — | 6.0 yr |
| VUGVanguard Growth ETF | $536M | 0.8% | — | 6.3 yr |
| SCHGSchwab U.S. Large-Cap Gr | $530M | 0.8% | — | 6.3 yr |
| VTVVanguard Value ETF | $503M | 0.7% | — | 6.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management56.6%-1.3pp$38.25B
Asset Management - Bonds4.3%-0.9pp$2.94B
Semiconductors4.2%+1.3pp$2.87B
Consumer Electronics3.0%+0.0pp$2.06B
Asset Management - Income2.5%-0.6pp$1.72B
Software - Infrastructure2.3%-0.1pp$1.58B
Internet Content & Information2.1%+0.5pp$1.43B
Drug Manufacturers - General1.6%+0.2pp$1.08B
Specialty Retail1.4%-0.2pp$938M
Banks - Diversified1.1%+0.2pp$713M
Country
US97.5%-0.3pp
CA0.5%+0.0pp
Unknown0.4%+0.0pp
IE0.4%+0.1pp
GB0.3%+0.0pp
TW0.2%+0.1pp
CH0.1%+0.0pp
NL0.1%+0.0pp
Top 5: 9.9% · Top 10: 15.5% · Top 25: 25.5%
Top buys this quarter · 15
| AAPL Apple Inc. | +$139M |
| MSFT Microsoft Corporation | +$1.02B |
| JPM JPMorgan Chase & Co. | +$56M |
| TSM Taiwan Semiconductor Manufactu | +$35M |
| BAC Bank of America Corporation | +$33M |
| CVX Chevron Corporation | +$30M |
| GOOG Alphabet Inc. | +$446M |
| WMT Walmart Inc. | +$29M |
| COST Costco Wholesale Corporation | +$27M |
| C Citigroup Inc. | +$27M |
Top sells this quarter · 15
| SPY State Street SPDR S&P 500 ETF | −$24M |
| DELL Dell Technologies Inc. | −$21M |
| NVDA NVIDIA Corporation | −$16M |
| ARCC Ares Capital Corporation | −$14M |
| SNPS Synopsys, Inc. | −$14M |
| PANW Palo Alto Networks, Inc. | −$13M |
| FIX Comfort Systems USA, Inc. | −$26M |
| WBD Warner Bros. Discovery, Inc. | −$9M |
| LRCX Lam Research Corporation | −$50M |
| GE GE Aerospace | −$8M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $67.63B | 7465 | +20.35% | +17.59% | +2.76% | +1.78B |
| 2025-12-31 | $67.77B | 7511 | +17.97% | +17.72% | +0.25% | -4.03B |
| 2025-09-30 | $70.78B | 7631 | +20.05% | +17.52% | +2.53% | +9.79B |
| 2025-06-30 | $55.84B | 7776 | +16.78% | +14.94% | +1.84% | +5.97B |
| 2025-03-31 | $44.61B | 7175 | +7.76% | +8.30% | -0.54% | +2.34B |
| 2024-12-31 | $44.38B | 7369 | +21.43% | +24.89% | -3.45% | -1.14B |
| 2024-09-30 | $44.10B | 7093 | +31.03% | +36.04% | -5.00% | -0.63B |
| 2024-06-30 | $42.10B | 7128 | +18.00% | +24.49% | -6.49% | -3.88B |
| 2024-03-31 | $44.58B | 6930 | +22.53% | +29.62% | -7.09% | -16.31B |
| 2023-12-31 | $56.72B | 6999 | +22.41% | +26.18% | -3.77% | -17.90B |
| 2023-09-30 | $67.00B | 7092 | +14.44% | +21.57% | -7.12% | +14.48B |
| 2023-06-30 | $54.89B | 7169 | +15.36% | +19.42% | -4.06% | -1.05B |
| 2023-03-31 | $52.22B | 7235 | -11.15% | -7.82% | -3.33% | +0.26B |
| 2022-12-31 | $48.46B | 6933 | -20.97% | -18.17% | -2.79% | +3.89B |
| 2022-09-30 | $42.80B | 6975 | -15.71% | -15.51% | -0.20% | -0.03B |
| 2022-06-30 | $44.41B | 7031 | -12.11% | -10.62% | -1.49% | +3.54B |