Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-17.85%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.85%
baseline attrition
Rally response
-0.65%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPYGState Street SPDR Portfo | $85M | 14.9% | — | 3.8 yr |
| SPYState Street SPDR S&P 50 | $54M | 9.5% | +17.6% | 9.0 yr |
| IWFiShares Russell 1000 Gro | $28M | 4.9% | — | 4.8 yr |
| XLKState Street Technology | $24M | 4.3% | — | 8.8 yr |
| AMZNAmazon.com, Inc. | $20M | 3.5% | +9.5% | 7.8 yr |
| JAAAJanus Henderson AAA CLO | $17M | 2.9% | — | 2.3 yr |
| SMHVanEck Semiconductor ETF | $16M | 2.8% | — | 5.8 yr |
| COPXGlobal X - Copper Miners | $16M | 2.7% | — | 2.5 yr |
| EWZiShares MSCI Brazil ETF | $14M | 2.4% | — | 4.0 yr |
| GOOGLAlphabet Inc. | $13M | 2.3% | — | 5.3 yr |
| SMHXVanEck Fabless Semicondu | $12M | 2.1% | — | 0.8 yr |
| EPOLiShares MSCI Poland ETF | $12M | 2.0% | — | 0.3 yr |
| SPLGSPDR Portfolio S&P 500 E | $11M | 2.0% | — | 4.0 yr |
| PPLTabrdn Physical Platinum | $11M | 1.9% | — | 1.0 yr |
| XLEState Street Energy Sele | $11M | 1.9% | — | 6.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management71.4%-7.5pp$406M
Asset Management - Global4.0%+2.6pp$23M
Specialty Retail3.9%+2.0pp$22M
Internet Content & Information3.4%+3.1pp$19M
Semiconductors2.9%+2.3pp$16M
Software - Application2.5%+0.7pp$14M
Packaged Foods0.9%$5M
Banks - Diversified0.9%+0.2pp$5M
Software - Infrastructure0.9%-1.7pp$5M
Communication Equipment0.8%$5M
Country
US96.6%-2.4pp
CA2.1%+1.9pp
Unknown0.3%+0.2pp
UY0.3%-0.4pp
BR0.3%+0.2pp
MX0.3%
TW0.2%
Top 5: 37.2% · Top 10: 50.3% · Top 25: 73.7%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| SPY | $28M | +0.00B | 17.6% |
| NVDA | $2M | +0.00B | 60.9% |
| CRWD | $8M | +0.00B | 10.7% |
| AMZN | $5M | +0.00B | 9.5% |
| SHOP | $0M | +0.00B | 24.2% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| META | $1M | -0.00B | -0.4% |
Top buys this quarter · 15
| SHOP Shopify Inc. | +$6M |
| NVDA NVIDIA Corporation | +$6M |
| UBER Uber Technologies, Inc. | +$4M |
| TECK Teck Resources Limited | +$3M |
| KHC The Kraft Heinz Companynew | +$2M |
| ARCC Ares Capital Corporation | +$2M |
| CX CEMEX, S.A.B. de C.V.new | +$1M |
| EMR Emerson Electric Co.new | +$1M |
| NU Nu Holdings Ltd. | +$1M |
| ELF e.l.f. Beauty, Inc. | +$1M |
Top sells this quarter · 15
| SNDK Sandisk Corporation | −$22M |
| LITE Lumentum Holdings Inc. | −$1M |
| GLW Corning Incorporated | −$7M |
| TER Teradyne, Inc. | −$6M |
| VZ Verizon Communications Inc.exit | −$6M |
| CRWD CrowdStrike Holdings, Inc. | −$6M |
| MSFT Microsoft Corporationexit | −$5M |
| VRT Vertiv Holdings Co | −$5M |
| SPY State Street SPDR S&P 500 ETF | −$4M |
| MELI MercadoLibre, Inc. | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $570M | 116 | +53.70% | +17.59% | +36.11% | -0.11B |
| 2025-12-31 | $599M | 117 | +31.96% | +17.72% | +14.24% | +0.02B |
| 2025-09-30 | $567M | 110 | +23.94% | +17.52% | +6.42% | +0.03B |
| 2025-06-30 | $495M | 104 | +13.67% | +14.94% | -1.27% | -0.04B |
| 2025-03-31 | $442M | 115 | +2.15% | +8.30% | -6.15% | -0.02B |
| 2024-12-31 | $472M | 120 | +16.30% | +24.89% | -8.59% | +0.04B |
| 2024-09-30 | $453M | 116 | +26.66% | +36.04% | -9.38% | +0.02B |
| 2024-06-30 | $433M | 109 | +45.72% | +24.49% | +21.23% | +0.01B |
| 2024-03-31 | $390M | 99 | +37.98% | +29.62% | +8.36% | +0.02B |
| 2023-12-31 | $333M | 84 | +32.59% | +26.18% | +6.41% | +0.01B |
| 2023-09-30 | $306M | 84 | +36.43% | +21.57% | +14.86% | -0.03B |
| 2023-06-30 | $294M | 90 | +15.81% | +19.42% | -3.62% | -0.00B |
| 2023-03-31 | $287M | 84 | -3.18% | -7.82% | +4.64% | +0.02B |
| 2022-12-31 | $250M | 81 | -13.79% | -18.17% | +4.38% | +0.03B |
| 2022-09-30 | $200M | 60 | -11.15% | -15.51% | +4.36% | -0.01B |
| 2022-06-30 | $215M | 72 | -8.23% | -10.62% | +2.39% | -0.00B |