Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-14.84%
trims when stocks drop
when a holding falls −10%+
Middle response
+4.40%
steady accumulation
Rally response
+14.69%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VTIVanguard Total Stock Mar | $505M | 8.8% | — | 9.0 yr |
| IVViShares Core S&P 500 ETF | $344M | 6.0% | — | 8.8 yr |
| STIPiShares 0-5 Year TIPS Bo | $249M | 4.3% | — | 4.0 yr |
| FBNDFidelity Total Bond ETF | $183M | 3.2% | — | 2.8 yr |
| QQQInvesco QQQ Trust, Serie | $176M | 3.1% | — | 8.0 yr |
| AAPLApple Inc. | $165M | 2.9% | +14.7% | 9.3 yr |
| BNDVanguard Total Bond Mark | $156M | 2.7% | — | 7.3 yr |
| VFMOVanguard U.S. Momentum F | $139M | 2.4% | — | 4.8 yr |
| DFSVDimensional - US Small C | $135M | 2.3% | — | 3.5 yr |
| AGGiShares Core U.S. Aggreg | $123M | 2.1% | — | 7.0 yr |
| IEFAiShares Core MSCI EAFE E | $122M | 2.1% | — | 8.0 yr |
| NVDANVIDIA Corporation | $119M | 2.1% | +60.9% | 9.3 yr |
| DISVDimensional - Internatio | $90M | 1.6% | — | 3.8 yr |
| IMTMiShares MSCI Intl Moment | $83M | 1.4% | — | 4.8 yr |
| BILState Street SPDR Bloomb | $76M | 1.3% | — | 3.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management45.2%+5.0pp$2.60B
Asset Management - Bonds8.3%-1.5pp$480M
Semiconductors4.2%+1.0pp$240M
Consumer Electronics2.9%-0.7pp$169M
Banks - Diversified2.6%+0.1pp$148M
Drug Manufacturers - General2.3%-0.0pp$135M
Internet Content & Information2.1%+0.2pp$121M
Software - Infrastructure1.9%-0.8pp$108M
Specialty Retail1.7%-0.5pp$95M
Banks - Regional1.3%+0.3pp$73M
Country
US90.9%+0.4pp
CA2.0%+0.4pp
GB1.5%-0.2pp
IE0.5%-0.1pp
CH0.5%-0.1pp
Unknown0.5%-0.0pp
TW0.5%+0.1pp
JP0.4%-0.1pp
Top 5: 25.3% · Top 10: 37.8% · Top 25: 55.3%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NVDA | $57M | +0.03B | 60.9% |
| AAPL | $116M | +0.02B | 14.7% |
| GOOG | $17M | +0.01B | 84.3% |
| AVGO | $14M | +0.01B | 86.0% |
| TSM | $11M | +0.01B | 105.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $58M | -0.00B | -0.6% |
Top buys this quarter · 15
| AAPL Apple Inc. | +$17M |
| AZN AstraZeneca PLCnew | +$8M |
| WDC Western Digital Corporation | +$5M |
| AMZN Amazon.com, Inc. | +$56M |
| INDV Indivior Pharmaceuticals Incnew | +$3M |
| GOOG Alphabet Inc. | +$44M |
| F-PD Ford Motor Company 6.500% Note | +$3M |
| MU Micron Technology, Inc. | +$3M |
| BMY Bristol-Myers Squibb Company | +$3M |
| APA APA Corporation | +$3M |
Top sells this quarter · 15
| SPY State Street SPDR S&P 500 ETF | −$95M |
| ADP Automatic Data Processing, Inc | −$3M |
| DORM Dorman Products, Inc. | −$2M |
| AJG Arthur J. Gallagher & Co. | −$2M |
| CBRE CBRE Group, Inc. | −$2M |
| SONY Sony Group Corporation | −$2M |
| UNH UnitedHealth Group Incorporate | −$1M |
| III Information Services Group, In | −$1M |
| ROST Ross Stores, Inc. | −$1M |
| CLS Celestica Inc. | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $5.76B | 1186 | +22.09% | +17.59% | +4.50% | +0.37B |
| 2025-12-31 | $5.48B | 1114 | +21.61% | +17.72% | +3.89% | +0.19B |
| 2025-09-30 | $5.14B | 1038 | +19.56% | +17.52% | +2.04% | +0.18B |
| 2025-06-30 | $4.53B | 984 | +16.68% | +14.94% | +1.74% | +0.84B |
| 2025-03-31 | $3.34B | 918 | +8.64% | +8.30% | +0.34% | +0.01B |
| 2024-12-31 | $3.40B | 851 | +20.78% | +24.89% | -4.11% | +0.05B |
| 2024-09-30 | $3.32B | 865 | +33.13% | +36.04% | -2.91% | +0.08B |
| 2024-06-30 | $3.03B | 818 | +21.07% | +24.49% | -3.42% | +0.06B |
| 2024-03-31 | $2.90B | 784 | +27.23% | +29.62% | -2.39% | +0.09B |
| 2023-12-31 | $2.58B | 750 | +23.92% | +26.18% | -2.26% | +0.10B |
| 2023-09-30 | $2.23B | 699 | +20.31% | +21.57% | -1.26% | +0.07B |
| 2023-06-30 | $2.22B | 662 | +17.83% | +19.42% | -1.59% | +0.06B |
| 2023-03-31 | $2.00B | 635 | -6.87% | -7.82% | +0.95% | +0.12B |
| 2022-12-31 | $1.78B | 571 | -16.36% | -18.17% | +1.81% | -0.18B |
| 2022-09-30 | $1.81B | 709 | -14.06% | -15.51% | +1.44% | +0.37B |
| 2022-06-30 | $1.51B | 536 | -9.21% | -10.62% | +1.41% | +0.31B |