Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+3.53%
adds when stocks drop
when a holding falls −10%+
Middle response
+0.38%
steady accumulation
Rally response
+1.27%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPYGState Street SPDR Portfo | $127M | 5.6% | — | 9.3 yr |
| SGOViShares 0-3 Month Treasu | $82M | 3.6% | — | 2.8 yr |
| SPYVState Street SPDR Portfo | $74M | 3.3% | — | 8.8 yr |
| NVDANVIDIA Corporation | $49M | 2.2% | +60.9% | 9.5 yr |
| AAPLApple Inc. | $48M | 2.1% | +14.7% | 9.5 yr |
| SPYState Street SPDR S&P 50 | $45M | 2.0% | +17.6% | 9.5 yr |
| SPLGSPDR Portfolio S&P 500 E | $44M | 1.9% | — | 8.0 yr |
| VTIVanguard Total Stock Mar | $42M | 1.9% | — | 9.5 yr |
| IUSViShares Core S&P U.S. Va | $42M | 1.8% | — | 8.5 yr |
| AGGiShares Core U.S. Aggreg | $37M | 1.6% | — | 9.5 yr |
| AMZNAmazon.com, Inc. | $33M | 1.4% | +9.5% | 9.5 yr |
| JPSTJPMorgan Ultra-Short Inc | $32M | 1.4% | — | 7.5 yr |
| MSFTMicrosoft Corporation | $23M | 1.0% | -0.6% | 9.5 yr |
| DIVIFranklin International C | $23M | 1.0% | — | 2.5 yr |
| CLSEConvergence Long/Short E | $21M | 0.9% | — | 2.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management63.7%+4.3pp$1.44B
Asset Management - Bonds5.9%+1.2pp$135M
Semiconductors3.6%+0.6pp$83M
Asset Management - Income2.7%-0.1pp$61M
Internet Content & Information2.1%+0.1pp$49M
Consumer Electronics2.1%-0.6pp$48M
Specialty Retail1.9%-0.6pp$44M
Software - Infrastructure1.5%-0.7pp$35M
Drug Manufacturers - General1.4%-0.1pp$32M
Asset Management - Leveraged0.9%-0.4pp$21M
Country
US98.2%+0.2pp
CA0.9%+0.1pp
Unknown0.2%+0.1pp
GB0.1%-0.0pp
IE0.1%-0.1pp
CN0.1%-0.0pp
LU0.1%-0.0pp
NL0.1%+0.0pp
Top 5: 16.8% · Top 10: 26.1% · Top 25: 39.7%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NVDA | $38M | +0.02B | 60.9% |
| GOOG | $14M | +0.01B | 84.3% |
| SPY | $45M | +0.01B | 17.6% |
| AAPL | $50M | +0.01B | 14.7% |
| AVGO | $8M | +0.01B | 86.0% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $27M | -0.00B | -0.6% |
Top buys this quarter · 15
| MSFT Microsoft Corporation | +$23M |
| GOOG Alphabet Inc. | +$18M |
| AZN AstraZeneca PLCnew | +$1M |
| MS Morgan Stanley | +$1M |
| CASY Casey's General Stores, Inc. | +$1M |
| BSX Boston Scientific Corporation | +$1M |
| ECG Everus Construction Group, Inc | +$0M |
| UNH UnitedHealth Group Incorporate | +$3M |
| AAMI Acadian Asset Management | +$0M |
| CAT Caterpillar Inc. | +$0M |
Top sells this quarter · 15
| FSK FS KKR Capital Corp.exit | −$5M |
| AFRM Affirm Holdings, Inc.exit | −$1M |
| MELI MercadoLibre, Inc. | −$1M |
| PSN Parsons Corporationexit | −$1M |
| PYPL PayPal Holdings, Inc.exit | −$1M |
| FIX Comfort Systems USA, Inc. | −$1M |
| CRM Salesforce, Inc. | −$1M |
| NVDA NVIDIA Corporation | −$1M |
| DOW Dow Inc.exit | −$0M |
| ALAB Astera Labs, Inc. Common Stock | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.26B | 722 | +19.20% | +17.59% | +1.60% | +0.24B |
| 2025-12-31 | $2.12B | 2278 | +17.79% | +17.72% | +0.07% | -0.21B |
| 2025-09-30 | $2.28B | 797 | +20.53% | +17.52% | +3.02% | -0.00B |
| 2025-06-30 | $2.09B | 767 | +16.72% | +14.94% | +1.78% | -0.02B |
| 2025-03-31 | $1.89B | 742 | +7.34% | +8.30% | -0.96% | +0.11B |
| 2024-12-31 | $1.89B | 731 | +16.47% | +24.89% | -8.41% | -0.00B |
| 2024-09-30 | $1.81B | 719 | +21.07% | +36.04% | -14.96% | +0.06B |
| 2024-06-30 | $1.65B | 689 | +13.89% | +24.49% | -10.60% | +0.06B |
| 2024-03-31 | $1.55B | 671 | +21.58% | +29.62% | -8.04% | +0.15B |
| 2023-12-31 | $1.37B | 621 | +31.10% | +26.18% | +4.92% | +0.07B |
| 2023-09-30 | $1.19B | 603 | +23.17% | +21.57% | +1.60% | +0.00B |
| 2023-06-30 | $1.20B | 612 | +16.32% | +19.42% | -3.10% | +0.04B |
| 2023-03-31 | $1.06B | 617 | -13.03% | -7.82% | -5.21% | -0.02B |
| 2022-12-31 | $971M | 605 | -24.72% | -18.17% | -6.55% | +0.09B |
| 2022-09-30 | $859M | 584 | -18.22% | -15.51% | -2.72% | +0.03B |
| 2022-06-30 | $884M | 589 | -12.20% | -10.62% | -1.58% | +0.03B |