Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.47%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.81%
baseline attrition
Rally response
+2.17%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPYVState Street SPDR Portfo | $243M | 10.3% | — | 6.3 yr |
| IEFAiShares Core MSCI EAFE E | $233M | 9.8% | — | 9.0 yr |
| SPYGState Street SPDR Portfo | $207M | 8.7% | — | 6.5 yr |
| QUALiShares MSCI USA Quality | $189M | 8.0% | — | 6.8 yr |
| IEMGiShares Core MSCI Emergi | $142M | 6.0% | — | 7.5 yr |
| IJHiShares Core S&P Mid-Cap | $97M | 4.1% | — | 9.8 yr |
| VEAVanguard FTSE Developed | $76M | 3.2% | — | 7.5 yr |
| IJRiShares Core S&P Small-C | $63M | 2.7% | — | 9.8 yr |
| VOVanguard Mid-Cap ETF | $55M | 2.3% | — | 9.5 yr |
| VUGVanguard Growth ETF | $55M | 2.3% | — | 9.5 yr |
| IBTGiShares iBonds Dec 2026 | $41M | 1.7% | — | 1.8 yr |
| VIGVanguard Dividend Apprec | $41M | 1.7% | — | 7.0 yr |
| IVWiShares S&P 500 Growth E | $40M | 1.7% | — | 9.8 yr |
| VBVanguard Small-Cap ETF | $37M | 1.6% | — | 8.8 yr |
| VTIVanguard Total Stock Mar | $37M | 1.6% | — | 9.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management83.2%+3.0pp$1.97B
Asset Management - Bonds1.6%-0.5pp$38M
Aerospace & Defense1.4%-0.2pp$34M
Semiconductors1.4%+0.3pp$33M
Consumer Electronics1.2%-0.1pp$29M
Internet Content & Information1.0%+0.3pp$24M
Software - Infrastructure0.9%-0.2pp$21M
Industrial - Machinery0.9%-0.4pp$21M
Insurance - Diversified0.8%-0.3pp$18M
Drug Manufacturers - General0.6%+0.0pp$14M
Country
US99.3%+0.3pp
BM0.3%-0.1pp
IE0.1%-0.1pp
TW0.1%+0.0pp
CH0.1%-0.0pp
GB0.0%+0.0pp
NL0.0%-0.1pp
CA0.0%+0.0pp
Top 5: 42.9% · Top 10: 57.5% · Top 25: 77.1%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| RTX | $28M | +0.01B | 48.1% |
| NVDA | $11M | +0.01B | 60.9% |
| AAPL | $25M | +0.00B | 14.7% |
| SPY | $21M | +0.00B | 17.6% |
| MSFT | $18M | -0.00B | -0.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $18M | -0.00B | -0.6% |
Top buys this quarter · 15
| SPY State Street SPDR S&P 500 ETF | +$2M |
| GLP Global Partners LP | +$1M |
| DUK Duke Energy Corporationnew | +$1M |
| AZN AstraZeneca PLCnew | +$0M |
| PM Philip Morris International Innew | +$0M |
| TSLA Tesla, Inc. | +$0M |
| VLO Valero Energy Corporation | +$0M |
| LRCX Lam Research Corporationnew | +$0M |
| VST Vistra Corp.new | +$0M |
| XOM Exxon Mobil Corporation | +$0M |
Top sells this quarter · 15
| MCO Moody's Corporation | −$2M |
| RTX RTX Corporation | −$29M |
| HON Honeywell International Inc. | −$1M |
| META Meta Platforms, Inc. | −$1M |
| JPM JPMorgan Chase & Co. | −$0M |
| OTIS Otis Worldwide Corporation | −$0M |
| GOOG Alphabet Inc. | −$0M |
| CTSH Cognizant Technology Solutions | −$0M |
| NVS Novartis AGexit | −$0M |
| INTC Intel Corporationexit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.37B | 325 | +13.33% | +17.59% | -4.26% | +0.18B |
| 2025-12-31 | $2.28B | 314 | +15.99% | +17.72% | -1.73% | -0.02B |
| 2025-09-30 | $2.23B | 315 | +12.39% | +17.52% | -5.13% | +0.02B |
| 2025-06-30 | $2.07B | 305 | +13.35% | +14.94% | -1.59% | +0.05B |
| 2025-03-31 | $1.88B | 300 | +8.50% | +8.30% | +0.20% | -0.10B |
| 2024-12-31 | $2.02B | 268 | +19.73% | +24.89% | -5.16% | -0.02B |
| 2024-09-30 | $2.04B | 324 | +33.97% | +36.04% | -2.07% | -0.01B |
| 2024-06-30 | $1.91B | 321 | +16.85% | +24.49% | -7.64% | +0.00B |
| 2024-03-31 | $1.85B | 320 | +21.66% | +29.62% | -7.96% | +0.00B |
| 2023-12-31 | $1.70B | 319 | +14.84% | +26.18% | -11.34% | +0.10B |
| 2023-09-30 | $1.44B | 289 | +20.57% | +21.57% | -0.99% | +0.11B |
| 2023-06-30 | $1.42B | 261 | +17.49% | +19.42% | -1.93% | +0.02B |
| 2023-03-31 | $1.30B | 245 | +0.05% | -7.82% | +7.87% | +0.11B |
| 2022-12-31 | $1.17B | 203 | -6.66% | -18.17% | +11.51% | -0.08B |
| 2022-09-30 | $1.07B | 188 | -11.72% | -15.51% | +3.79% | +0.03B |
| 2022-06-30 | $1.14B | 185 | -2.73% | -10.62% | +7.89% | -0.05B |