Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.26%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.27%
baseline attrition
Rally response
-5.29%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VTIVanguard Total Stock Mar | $48M | 2.4% | — | 7.8 yr |
| VUGVanguard Growth ETF | $43M | 2.1% | — | 7.8 yr |
| AAPLApple Inc. | $41M | 2.0% | +14.7% | 8.5 yr |
| QQQInvesco QQQ Trust, Serie | $40M | 2.0% | — | 7.0 yr |
| SCHDSchwab U.S. Dividend Equ | $34M | 1.7% | — | 7.8 yr |
| SPLGSPDR Portfolio S&P 500 E | $33M | 1.6% | — | 5.0 yr |
| NVDANVIDIA Corporation | $31M | 1.5% | +60.9% | 7.3 yr |
| MSFTMicrosoft Corporation | $27M | 1.3% | -0.6% | 8.0 yr |
| VOOVanguard S&P 500 ETF | $26M | 1.3% | — | 8.0 yr |
| VIGVanguard Dividend Apprec | $25M | 1.2% | — | 8.0 yr |
| FTECFidelity MSCI Informatio | $21M | 1.0% | — | 7.3 yr |
| GLDSPDR Gold Shares | $21M | 1.0% | — | 8.0 yr |
| VYMVanguard High Dividend Y | $20M | 1.0% | — | 7.8 yr |
| IUSBiShares Core Universal U | $19M | 0.9% | — | 5.3 yr |
| VXUSVanguard Total Internati | $18M | 0.9% | — | 6.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management59.7%+2.4pp$1.22B
Asset Management - Bonds7.8%-0.5pp$158M
Semiconductors3.7%+0.8pp$75M
Consumer Electronics2.1%-0.4pp$42M
Software - Infrastructure1.8%-0.5pp$38M
Asset Management - Income1.7%-0.7pp$35M
Asset Management - Leveraged1.5%+0.9pp$32M
Aerospace & Defense1.4%+0.1pp$29M
Drug Manufacturers - General1.3%-0.1pp$27M
Internet Content & Information1.3%+0.2pp$26M
Country
US97.9%-0.3pp
IE0.6%-0.1pp
Unknown0.4%+0.1pp
CA0.4%-0.0pp
GB0.3%+0.1pp
CH0.2%+0.1pp
NL0.1%+0.1pp
TW0.1%+0.1pp
Top 5: 10.1% · Top 10: 17.1% · Top 25: 29.8%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NVDA | $20M | +0.01B | 60.9% |
| GOOG | $10M | +0.01B | 84.3% |
| AVGO | $8M | +0.01B | 86.0% |
| AAPL | $43M | +0.01B | 14.7% |
| SPY | $15M | +0.00B | 17.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $34M | -0.00B | -0.6% |
Top buys this quarter · 15
| WFC Wells Fargo & Company | +$9M |
| TSLA Tesla, Inc. | +$3M |
| AAPL Apple Inc. | +$41M |
| PLTR Palantir Technologies Inc. | +$1M |
| NVDA NVIDIA Corporation | +$31M |
| JBHT J.B. Hunt Transport Services, new | +$1M |
| ANET Arista Networks, Inc. | +$1M |
| LNG Cheniere Energy, Inc. | +$1M |
| AVGO Broadcom Inc. | +$13M |
| KO The Coca-Cola Company | +$1M |
Top sells this quarter · 15
| META Meta Platforms, Inc. | −$7M |
| MRVL Marvell Technology, Inc.exit | −$3M |
| SPY State Street SPDR S&P 500 ETF | −$3M |
| CVX Chevron Corporation | −$6M |
| WCN Waste Connections, Inc. | −$1M |
| LRCX Lam Research Corporation | −$1M |
| ACN Accenture plc | −$1M |
| ZM Zoom Communications, Inc.exit | −$1M |
| DRS Leonardo DRS, Inc.exit | −$1M |
| TXN Texas Instruments Incorporatedexit | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.04B | 783 | +20.85% | +17.59% | +3.26% | +0.03B |
| 2025-12-31 | $2.05B | 762 | +17.40% | +17.72% | -0.32% | -0.43B |
| 2025-09-30 | $2.43B | 805 | +17.53% | +17.52% | +0.01% | +0.08B |
| 2025-06-30 | $2.14B | 614 | +13.56% | +14.94% | -1.38% | +0.19B |
| 2025-03-31 | $1.77B | 689 | +6.53% | +8.30% | -1.78% | +0.23B |
| 2024-12-31 | $1.62B | 683 | +20.04% | +24.89% | -4.84% | +0.01B |
| 2024-09-30 | $1.57B | 686 | +31.87% | +36.04% | -4.16% | +0.01B |
| 2024-06-30 | $1.47B | 664 | +19.80% | +24.49% | -4.70% | +0.07B |
| 2024-03-31 | $1.36B | 639 | +25.41% | +29.62% | -4.21% | +0.04B |
| 2023-12-31 | $1.23B | 608 | +24.62% | +26.18% | -1.56% | -0.01B |
| 2023-09-30 | $1.11B | 592 | +18.87% | +21.57% | -2.70% | -0.15B |
| 2023-06-30 | $1.30B | 667 | +18.77% | +19.42% | -0.65% | +0.02B |
| 2023-03-31 | $1.19B | 634 | -6.41% | -7.82% | +1.41% | +0.10B |
| 2022-12-31 | $1.01B | 561 | -16.55% | -18.17% | +1.63% | +0.08B |
| 2022-09-30 | $870M | 511 | -13.41% | -15.51% | +2.10% | +0.03B |
| 2022-06-30 | $877M | 388 | -9.24% | -10.62% | +1.38% | +0.05B |