Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.56%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.52%
baseline attrition
Rally response
-12.54%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BILState Street SPDR Bloomb | $96M | 10.2% | — | 5.3 yr |
| MSFTMicrosoft Corporation | $53M | 5.7% | -0.6% | 5.5 yr |
| NVDANVIDIA Corporation | $50M | 5.3% | +60.9% | 5.5 yr |
| AAPLApple Inc. | $40M | 4.3% | +14.7% | 5.5 yr |
| SGOViShares 0-3 Month Treasu | $39M | 4.1% | — | 3.0 yr |
| GOOGLAlphabet Inc. | $31M | 3.3% | — | 5.5 yr |
| AMZNAmazon.com, Inc. | $31M | 3.3% | +9.5% | 5.5 yr |
| AVGOBroadcom Inc. | $26M | 2.8% | +86.0% | 4.0 yr |
| METAMeta Platforms, Inc. | $25M | 2.6% | -0.4% | 5.3 yr |
| ORKAOruka Therapeutics, Inc. | $23M | 2.5% | +378.1% | 0.5 yr |
| VVisa Inc. | $21M | 2.2% | -13.1% | 5.5 yr |
| COSTCostco Wholesale Corpora | $19M | 2.0% | +5.9% | 5.5 yr |
| APHAmphenol Corporation | $18M | 1.9% | +93.6% | 0.3 yr |
| ANABAnaptysBio, Inc. | $18M | 1.9% | +198.4% | 0.3 yr |
| DLBDolby Laboratories, Inc. | $17M | 1.9% | -23.7% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management23.2%+7.9pp$218M
Semiconductors10.4%+3.9pp$98M
Internet Content & Information6.0%+0.2pp$57M
Software - Infrastructure5.8%-2.7pp$55M
Asset Management - Bonds5.3%-0.9pp$49M
Biotechnology4.5%+1.9pp$43M
Consumer Electronics4.3%-0.7pp$40M
Specialty Retail3.3%-0.4pp$31M
Unknown2.8%+2.4pp$26M
Financial - Credit Services2.2%+1.5pp$21M
Country
US93.1%-1.0pp
Unknown2.8%+2.4pp
CA1.8%+1.6pp
IE0.9%-1.1pp
FR0.5%
GB0.4%
BM0.3%-3.0pp
TW0.2%
Top 5: 29.5% · Top 10: 44.0% · Top 25: 66.2%
Top buys this quarter · 15
| APH Amphenol Corporationnew | +$18M |
| DLB Dolby Laboratories, Inc.new | +$17M |
| V Visa Inc. | +$15M |
| MLI Mueller Industries, Inc. | +$15M |
| IDCC InterDigital, Inc.new | +$13M |
| ANAB AnaptysBio, Inc.new | +$12M |
| AVGO Broadcom Inc. | +$7M |
| SNY Sanofi | +$5M |
| MO Altria Group, Inc. | +$3M |
| BKH Black Hills Corporationnew | +$3M |
Top sells this quarter · 15
| CFG Citizens Financial Group, Inc.exit | −$35M |
| COP ConocoPhillips | −$23M |
| KO The Coca-Cola Company | −$21M |
| AXS AXIS Capital Holdings Limited | −$18M |
| ABBV AbbVie Inc. | −$17M |
| TDY Teledyne Technologies Incorporexit | −$14M |
| TMUS T-Mobile US, Inc. | −$13M |
| BROS Dutch Bros Inc.exit | −$11M |
| KLAC KLA Corporation | −$11M |
| NVDA NVIDIA Corporation | −$11M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $942M | 252 | +18.08% | +17.59% | +0.48% | +0.01B |
| 2025-12-31 | $961M | 226 | +22.13% | +17.72% | +4.41% | -1.82B |
| 2025-09-30 | $2.76B | 251 | +29.77% | +17.52% | +12.25% | +1.81B |
| 2025-06-30 | $874M | 185 | +25.95% | +14.94% | +11.01% | +0.00B |
| 2025-03-31 | $793M | 171 | +18.15% | +8.30% | +9.84% | -0.50B |
| 2024-12-31 | $1.28B | 869 | +27.17% | +24.89% | +2.28% | +0.58B |
| 2024-09-30 | $657M | 140 | +30.65% | +36.04% | -5.39% | -0.02B |
| 2024-06-30 | $639M | 140 | +18.93% | +24.49% | -5.57% | +0.03B |
| 2024-03-31 | $589M | 128 | +23.46% | +29.62% | -6.16% | -0.02B |
| 2023-12-31 | $558M | 139 | +22.09% | +26.18% | -4.08% | +0.00B |
| 2023-09-30 | $504M | 129 | +18.32% | +21.57% | -3.24% | +0.11B |
| 2023-06-30 | $404M | 89 | +14.30% | +19.42% | -5.13% | -0.04B |
| 2023-03-31 | $410M | 112 | -7.26% | -7.82% | +0.56% | -0.01B |
| 2022-12-31 | $390M | 106 | -17.47% | -18.17% | +0.70% | -0.00B |
| 2022-09-30 | $371M | 107 | -13.82% | -15.51% | +1.69% | +0.02B |
| 2022-06-30 | $377M | 95 | -7.20% | -10.62% | +3.42% | +0.02B |