Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.43%
trims when stocks drop
when a holding falls −10%+
Middle response
-7.19%
baseline attrition
Rally response
-3.73%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AMZNAmazon.com, Inc. | $22M | 6.6% | +9.5% | 8.5 yr |
| MSFTMicrosoft Corporation | $21M | 6.2% | -0.6% | 5.5 yr |
| XLGInvesco S&P 500 Top 50 E | $18M | 5.6% | — | 2.3 yr |
| QQQInvesco QQQ Trust, Serie | $17M | 5.2% | — | 3.3 yr |
| SPYState Street SPDR S&P 50 | $15M | 4.6% | +17.6% | 4.8 yr |
| RSPInvesco S&P 500 Equal We | $13M | 3.9% | — | 2.5 yr |
| GLDSPDR Gold Shares | $11M | 3.5% | — | 8.5 yr |
| IBITiShares Bitcoin Trust ET | $11M | 3.2% | — | 2.3 yr |
| VEAVanguard FTSE Developed | $11M | 3.2% | — | 6.0 yr |
| METAMeta Platforms, Inc. | $8M | 2.4% | -0.4% | 6.0 yr |
| BRK-BBerkshire Hathaway Inc. | $8M | 2.4% | — | 6.3 yr |
| IUSBiShares Core Universal U | $8M | 2.3% | — | 2.8 yr |
| MBBiShares MBS ETF | $7M | 2.1% | — | 6.3 yr |
| VCSHVanguard Short-Term Corp | $7M | 2.0% | — | 8.8 yr |
| SPSBState Street SPDR Portfo | $7M | 2.0% | — | 2.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management54.6%+2.5pp$180M
Software - Infrastructure7.6%+0.9pp$25M
Specialty Retail7.0%+3.3pp$23M
Asset Management - Bonds6.4%-2.9pp$21M
Internet Content & Information4.2%+1.3pp$14M
Insurance - Diversified2.4%+2.3pp$8M
Gold2.0%-0.6pp$7M
Semiconductors2.0%+1.0pp$7M
Software - Application1.9%-1.6pp$6M
Copper1.4%+0.5pp$5M
Country
US94.3%-1.6pp
CA2.6%-0.5pp
BR1.0%+0.3pp
Unknown0.9%+0.7pp
MX0.4%+0.3pp
AR0.3%
AU0.2%
LU0.1%
Top 5: 28.2% · Top 10: 44.4% · Top 25: 71.6%
Top buys this quarter · 15
| SPY State Street SPDR S&P 500 ETF | +$15M |
| AVGO Broadcom Inc.new | +$2M |
| ORCL Oracle Corporation | +$1M |
| AAPL Apple Inc. | +$1M |
| NVDA NVIDIA Corporation | +$1M |
| TEAM Atlassian Corporationnew | +$1M |
| MSFT Microsoft Corporation | +$21M |
| BWMX Betterware de México, S.A.P.I | +$0M |
| GLOB Globant S.A. | +$0M |
| NFLX Netflix, Inc. | +$0M |
Top sells this quarter · 15
| AEM Agnico Eagle Mines Limitedexit | −$6M |
| MU Micron Technology, Inc. | −$4M |
| AGI Alamos Gold Inc. | −$2M |
| XOM Exxon Mobil Corporationexit | −$1M |
| META Meta Platforms, Inc. | −$1M |
| YPF YPF Sociedad Anónima | −$1M |
| CRM Salesforce, Inc. | −$1M |
| SNOW Snowflake Inc.exit | −$1M |
| PFE Pfizer Inc. | −$1M |
| AMZN Amazon.com, Inc. | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $330M | 90 | +13.91% | +17.59% | -3.68% | +0.01B |
| 2025-12-31 | $335M | 81 | +10.32% | +17.72% | -7.39% | +0.01B |
| 2025-09-30 | $316M | 82 | +13.42% | +17.52% | -4.10% | +0.02B |
| 2025-06-30 | $284M | 80 | +6.27% | +14.94% | -8.67% | -0.05B |
| 2025-03-31 | $292M | 84 | -3.75% | +8.30% | -12.05% | -0.06B |
| 2024-12-31 | $385M | 85 | +37.48% | +24.89% | +12.59% | +0.03B |
| 2024-09-30 | $342M | 76 | +45.22% | +36.04% | +9.19% | -0.04B |
| 2024-06-30 | $382M | 75 | +40.21% | +24.49% | +15.72% | +0.02B |
| 2024-03-31 | $352M | 80 | +55.42% | +29.62% | +25.79% | +0.35B |
| 2023-12-31 | $2M | 25 | +38.70% | +26.18% | +12.52% | -0.25B |
| 2023-09-30 | $230M | 81 | +23.88% | +21.57% | +2.31% | -0.01B |
| 2023-06-30 | $252M | 83 | +23.03% | +19.42% | +3.60% | -0.02B |
| 2023-03-31 | $237M | 83 | -16.28% | -7.82% | -8.46% | -0.05B |
| 2022-12-31 | $250M | 79 | -1.51% | +7.56% | -9.07% | +0.00B |
| 2022-09-30 | $250M | 86 | -5.13% | -4.93% | -0.20% | -0.03B |
| 2022-06-30 | $294M | 85 | -22.90% | -16.11% | -6.79% | +0.06B |