Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-27.98%
trims when stocks drop
when a holding falls −10%+
Middle response
-8.35%
baseline attrition
Rally response
-1.00%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $8.61B | 7.9% | +60.9% | 9.3 yr |
| AAPLApple Inc. | $5.43B | 5.0% | +14.7% | 9.3 yr |
| MSFTMicrosoft Corporation | $4.37B | 4.0% | -0.6% | 9.3 yr |
| AMZNAmazon.com, Inc. | $3.55B | 3.3% | +9.5% | 9.3 yr |
| GOOGLAlphabet Inc. | $3.49B | 3.2% | — | 9.3 yr |
| AZNAstraZeneca PLC | $2.51B | 2.3% | +36.2% | 0.3 yr |
| AVGOBroadcom Inc. | $2.47B | 2.3% | +86.0% | 7.8 yr |
| JPMJPMorgan Chase & Co. | $2.23B | 2.0% | +21.8% | 9.3 yr |
| METAMeta Platforms, Inc. | $2.16B | 2.0% | -0.4% | 9.3 yr |
| TOTB.DETotalEnergies SE | $2.04B | 1.9% | +41.2% | 0.5 yr |
| WMTWalmart Inc. | $1.93B | 1.8% | +42.8% | 9.3 yr |
| WELLWelltower Inc. | $1.73B | 1.6% | +31.2% | 7.8 yr |
| GOOGAlphabet Inc. | $1.72B | 1.6% | +84.3% | 9.3 yr |
| BACBank of America Corporat | $1.61B | 1.5% | +19.4% | 9.3 yr |
| AMATApplied Materials, Inc. | $1.55B | 1.4% | +137.6% | 9.3 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors15.2%+7.7pp$16.51B
Internet Content & Information7.5%+1.9pp$8.17B
Software - Infrastructure6.5%-1.3pp$7.04B
Drug Manufacturers - General5.6%+0.6pp$6.10B
Consumer Electronics5.0%-1.8pp$5.46B
Specialty Retail4.6%+0.7pp$5.02B
Banks - Diversified4.5%-1.0pp$4.90B
Computer Hardware2.7%+2.3pp$2.90B
Unknown2.6%+1.4pp$2.80B
Financial - Credit Services2.5%-1.2pp$2.69B
Country
US82.4%-7.1pp
GB4.3%+2.1pp
IE3.2%+0.3pp
Unknown2.6%+1.4pp
CA1.9%+0.7pp
FR1.9%
SG1.3%+1.1pp
LU0.7%+0.3pp
Top 5: 23.4% · Top 10: 33.9% · Top 25: 54.1%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$2.55B |
| ARM Arm Holdings plc American Depo | +$1.10B |
| JNJ Johnson & Johnson | +$815M |
| NET Cloudflare, Inc. | +$782M |
| META Meta Platforms, Inc. | +$586M |
| ANET Arista Networks, Inc. | +$580M |
| URI United Rentals, Inc. | +$574M |
| AAPL Apple Inc. | +$417M |
| WM Waste Management, Inc. | +$416M |
| EQT EQT Corporation | +$414M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $108.66B | 872 | +15.75% | +17.59% | -1.85% | +1.08B |
| 2025-12-31 | $112.97B | 845 | +14.21% | +17.72% | -3.50% | +1.42B |
| 2025-09-30 | $110.03B | 829 | +13.27% | +17.52% | -4.25% | +7.88B |
| 2025-06-30 | $95.56B | 798 | +11.92% | +14.94% | -3.02% | +0.32B |
| 2025-03-31 | $84.93B | 829 | +2.18% | +8.30% | -6.12% | -2.39B |
| 2024-12-31 | $92.92B | 794 | +21.55% | +24.89% | -3.34% | -3.31B |
| 2024-09-30 | $95.71B | 828 | +35.21% | +36.04% | -0.83% | +0.56B |
| 2024-06-30 | $90.07B | 919 | +23.88% | +24.49% | -0.61% | +1.07B |
| 2024-03-31 | $86.93B | 932 | +30.97% | +29.62% | +1.34% | +3.53B |
| 2023-12-31 | $74.61B | 907 | +22.05% | +26.18% | -4.12% | +0.09B |
| 2023-09-30 | $66.63B | 901 | +18.55% | +21.57% | -3.02% | +5.62B |
| 2023-06-30 | $63.04B | 956 | +16.88% | +19.42% | -2.54% | +0.19B |
| 2023-03-31 | $58.07B | 974 | -8.98% | -7.82% | -1.16% | +0.49B |
| 2022-12-31 | $55.26B | 954 | -16.66% | -18.17% | +1.51% | +0.13B |
| 2022-09-30 | $50.75B | 943 | -14.79% | -15.51% | +0.71% | -0.09B |
| 2022-06-30 | $53.28B | 936 | -10.19% | -10.62% | +0.43% | -0.69B |