Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.42%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.19%
baseline attrition
Rally response
-9.44%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GFSGLOBALFOUNDRIES Inc. | $18.82B | 91.8% | +20.5% | 2.5 yr |
| IBITiShares Bitcoin Trust ET | $566M | 2.8% | — | 1.5 yr |
| OTFBlue Owl Technology Fina | $361M | 1.8% | — | 1.0 yr |
| ARMArm Holdings plc America | $208M | 1.0% | +41.7% | 2.5 yr |
| NEXTNextDecade Corporation | $109M | 0.5% | -1.5% | 2.5 yr |
| — | $39M | 0.2% | — | 0.8 yr |
| ARISAris Mining Corporation | $32M | 0.2% | +300.2% | 1.8 yr |
| MUMicron Technology, Inc. | $15M | 0.1% | +289.6% | 0.5 yr |
| BMYBristol-Myers Squibb Com | $14M | 0.1% | +3.4% | 1.3 yr |
| IONQIonQ, Inc. | $12M | 0.1% | +30.6% | 0.5 yr |
| AVGOBroadcom Inc. | $12M | 0.1% | +86.0% | 0.3 yr |
| KEYKeyCorp | $12M | 0.1% | +31.0% | 0.3 yr |
| WDCWestern Digital Corporat | $12M | 0.1% | +571.9% | 0.3 yr |
| EVOEvotec SE | $11M | 0.1% | -25.1% | 2.5 yr |
| QUBTQuantum Computing, Inc. | $11M | 0.1% | -14.4% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors93.2%-2.1pp$19.09B
Asset Management4.6%+2.2pp$940M
Oil & Gas Exploration & Production0.5%-0.1pp$109M
Computer Hardware0.3%+0.2pp$56M
Unknown0.2%+0.2pp$50M
Other Precious Metals0.2%-0.3pp$32M
Drug Manufacturers - General0.1%+0.1pp$28M
Banks - Regional0.1%+0.1pp$25M
Gold0.1%$19M
Software - Application0.1%$15M
Country
US98.2%-0.2pp
GB1.0%+0.1pp
CA0.3%-0.1pp
Unknown0.2%+0.2pp
IE0.1%+0.0pp
DE0.1%-0.0pp
NL0.0%
Top 5: 97.9% · Top 10: 98.4% · Top 25: 99.2%
Top buys this quarter · 15
| AVGO Broadcom Inc.new | +$12M |
| KEY KeyCorpnew | +$12M |
| WDC Western Digital Corporationnew | +$12M |
| TXN Texas Instruments Incorporatednew | +$11M |
| PLTR Palantir Technologies Inc.new | +$10M |
| SHOP Shopify Inc.new | +$10M |
| ASML ASML Holding N.V.new | +$10M |
| AAPL Apple Inc.new | +$10M |
| AER AerCap Holdings N.V.new | +$8M |
| MU Micron Technology, Inc. | +$7M |
Top sells this quarter · 15
| GFS GLOBALFOUNDRIES Inc. | −$15.73B |
| DG Dollar General Corporationexit | −$14M |
| PFE Pfizer Inc.exit | −$12M |
| NEM Newmont Corporation | −$11M |
| AEM Agnico Eagle Mines Limitedexit | −$9M |
| GILD Gilead Sciences, Inc. | −$9M |
| ZM Zoom Communications, Inc.exit | −$7M |
| APA APA Corporationexit | −$7M |
| F-PD Ford Motor Company 6.500% Noteexit | −$7M |
| CVS CVS Health Corporation | −$7M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $20.49B | 72 | +20.71% | +17.59% | +3.12% | -1.47B |
| 2025-12-31 | $17.48B | 64 | -17.08% | +17.72% | -34.79% | -0.12B |
| 2025-09-30 | $17.92B | 58 | -10.21% | +17.52% | -27.73% | +0.06B |
| 2025-06-30 | $19.00B | 55 | -23.60% | +14.94% | -38.54% | +0.67B |
| 2025-03-31 | $17.61B | 54 | -28.60% | +8.30% | -36.90% | -0.03B |
| 2024-12-31 | $20.45B | 55 | -28.21% | +24.89% | -53.10% | +0.42B |
| 2024-09-30 | $18.83B | 14 | -19.99% | +5.75% | -25.74% | -0.96B |
| 2024-06-30 | $24.74B | 19 | -2.77% | +4.38% | -7.14% | -0.08B |
| 2024-03-31 | $25.53B | 19 | -13.23% | +10.39% | -23.62% | -0.09B |
| 2023-12-31 | $29.53B | 20 | — | — | — | — |