Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.91%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.98%
baseline attrition
Rally response
-9.27%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| XLKState Street Technology | $678M | 25.3% | — | 8.3 yr |
| XLVState Street Health Care | $373M | 13.9% | — | 8.3 yr |
| XLCState Street Communicati | $254M | 9.5% | — | 3.3 yr |
| XLFState Street Financial S | $241M | 9.0% | — | 6.3 yr |
| XLYState Street Consumer Di | $227M | 8.5% | — | 4.0 yr |
| XLIState Street Industrial | $227M | 8.5% | — | 0.8 yr |
| VFHVanguard Financials ETF | $112M | 4.2% | — | 0.8 yr |
| XLBState Street Materials S | $104M | 3.9% | — | 0.5 yr |
| IDEViShares Core MSCI Intern | $77M | 2.9% | — | 1.3 yr |
| ITBiShares U.S. Home Constr | $58M | 2.2% | — | 4.8 yr |
| IEMGiShares Core MSCI Emergi | $35M | 1.3% | — | 2.0 yr |
| SPEUState Street SPDR Portfo | $25M | 0.9% | — | 1.3 yr |
| IGViShares Expanded Tech-So | $23M | 0.9% | — | 4.5 yr |
| ILFiShares Latin America 40 | $23M | 0.8% | — | 0.3 yr |
| VPLVanguard FTSE Pacific ET | $15M | 0.6% | — | 1.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management93.1%-0.7pp$2.49B
Software - Infrastructure1.0%-0.4pp$27M
Software - Application0.7%+0.2pp$20M
Aerospace & Defense0.7%+0.6pp$19M
Semiconductors0.6%-0.3pp$15M
Industrial - Machinery0.4%+0.4pp$11M
Communication Equipment0.4%+0.3pp$10M
Hardware, Equipment & Parts0.3%$8M
Medical - Healthcare Information Services0.3%+0.2pp$7M
Renewable Utilities0.3%$7M
Country
US99.2%+0.6pp
CH0.2%+0.1pp
SG0.1%-0.0pp
UY0.1%+0.0pp
Unknown0.1%-0.0pp
CA0.1%-0.0pp
TW0.1%-0.0pp
KY0.1%+0.0pp
Top 5: 66.2% · Top 10: 87.7% · Top 25: 94.2%
Top buys this quarter · 15
| YOU Clear Secure, Inc.new | +$5M |
| LITE Lumentum Holdings Inc.new | +$4M |
| CIEN Ciena Corporationnew | +$4M |
| PANW Palo Alto Networks, Inc. | +$4M |
| KEYS Keysight Technologies, Inc.new | +$4M |
| GEV GE Vernova Inc.new | +$3M |
| ADSK Autodesk, Inc.new | +$3M |
| UBER Uber Technologies, Inc.new | +$3M |
| AGX Argan, Inc.new | +$3M |
| WWD Woodward, Inc.new | +$3M |
Top sells this quarter · 15
| NVDA NVIDIA Corporationexit | −$7M |
| NET Cloudflare, Inc. | −$6M |
| COHR Coherent, Inc.exit | −$4M |
| AVGO Broadcom Inc.exit | −$4M |
| ORCL Oracle Corporationexit | −$4M |
| KTOS Kratos Defense & Security Solu | −$4M |
| SNOW Snowflake Inc.exit | −$3M |
| KRYS Krystal Biotech, Inc.exit | −$3M |
| TSM Taiwan Semiconductor Manufactu | −$3M |
| LRCX Lam Research Corporationexit | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.68B | 115 | +41.12% | +17.59% | +23.53% | -0.02B |
| 2025-12-31 | $2.81B | 124 | +26.29% | +17.72% | +8.57% | +0.27B |
| 2025-09-30 | $2.70B | 122 | +57.96% | +17.52% | +40.44% | -0.10B |
| 2025-06-30 | $2.41B | 137 | +34.28% | +10.78% | +23.51% | -0.36B |
| 2025-03-31 | $2.06B | 138 | -13.85% | -4.27% | -9.58% | +0.16B |
| 2024-12-31 | $2.21B | 147 | +17.45% | +2.49% | +14.96% | -0.27B |
| 2024-09-30 | $2.11B | 150 | — | — | — | +0.11B |
| 2024-06-30 | $2.00B | 39 | — | — | — | +0.11B |
| 2024-03-31 | $1.89B | 41 | — | — | — | +0.19B |
| 2023-12-31 | $1.70B | 41 | — | — | — | +0.30B |
| 2023-09-30 | $1.40B | 40 | — | — | — | +0.02B |
| 2023-06-30 | $1.38B | 36 | — | — | — | +0.20B |
| 2023-03-31 | $1.18B | 37 | — | — | — | +0.11B |
| 2022-12-31 | $1.07B | 34 | — | — | — | +0.20B |
| 2022-09-30 | $871M | 27 | — | — | — | -0.03B |
| 2022-06-30 | $901M | 25 | — | — | — | -0.18B |