Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.55%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.42%
baseline attrition
Rally response
+0.05%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VOOVanguard S&P 500 ETF | $86M | 13.2% | — | 6.3 yr |
| DYNFiShares U.S. Equity Fact | $42M | 6.5% | — | 1.8 yr |
| IEFAiShares Core MSCI EAFE E | $34M | 5.2% | — | 3.0 yr |
| QUALiShares MSCI USA Quality | $34M | 5.1% | — | 6.3 yr |
| UPSUnited Parcel Service, I | $31M | 4.7% | -4.4% | 9.3 yr |
| AAPLApple Inc. | $30M | 4.6% | +14.7% | 9.3 yr |
| JMUBJPMorgan Municipal ETF | $16M | 2.5% | — | 2.5 yr |
| MSFTMicrosoft Corporation | $16M | 2.4% | -0.6% | 8.8 yr |
| MTUMiShares MSCI USA Momentu | $15M | 2.2% | — | 9.3 yr |
| VFLOVictoryShares Free Cash | $14M | 2.1% | — | 1.3 yr |
| VCRBVanguard Core Bond ETF | $13M | 2.0% | — | 1.3 yr |
| AMZNAmazon.com, Inc. | $12M | 1.9% | +9.5% | 8.5 yr |
| VUSBVanguard Ultra-Short Bon | $12M | 1.9% | — | 0.5 yr |
| MMITNYLI MacKay Muni Interme | $12M | 1.8% | — | 1.3 yr |
| DARDarling Ingredients Inc. | $12M | 1.8% | +98.0% | 9.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management55.8%+2.6pp$366M
Integrated Freight & Logistics4.7%-1.2pp$31M
Consumer Electronics4.6%-0.2pp$30M
Internet Content & Information3.0%+0.7pp$20M
Asset Management - Bonds2.9%+1.6pp$19M
Asset Management - Income2.9%-1.0pp$19M
Software - Infrastructure2.6%-0.1pp$17M
Financial - Credit Services2.4%-0.7pp$16M
Semiconductors2.4%+0.9pp$16M
Specialty Retail1.9%+0.0pp$13M
Country
US99.5%+0.2pp
Unknown0.1%-0.1pp
CH0.1%-0.1pp
TW0.1%+0.0pp
CA0.1%-0.0pp
IE0.0%+0.0pp
GB0.0%-0.1pp
Top 5: 34.7% · Top 10: 48.5% · Top 25: 70.4%
Top buys this quarter · 15
| MSDL Morgan Stanley Direct Lending new | +$0M |
| OWL Blue Owl Capital Inc.new | +$0M |
| WFC Wells Fargo & Company | +$1M |
| HBAN Huntington Bancshares Incorpor | +$0M |
| CORZ Core Scientific, Inc. | +$0M |
| DELL Dell Technologies Inc. | +$0M |
| VENU Venu Holding Corporationnew | +$0M |
| MU Micron Technology, Inc. | +$0M |
| GEV GE Vernova Inc. | +$0M |
| BCSF Bain Capital Specialty Finance | +$0M |
Top sells this quarter · 15
| MSFT Microsoft Corporation | −$1M |
| AAPL Apple Inc. | −$1M |
| DAR Darling Ingredients Inc. | −$8M |
| NVDA NVIDIA Corporation | −$1M |
| MPLX MPLX Lpexit | −$1M |
| ECCU Eagle Point Credit Company Incexit | −$1M |
| GOOG Alphabet Inc. | −$1M |
| LII Lennox International Inc. | −$1M |
| JPM JPMorgan Chase & Co. | −$1M |
| TXN Texas Instruments Incorporated | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $656M | 210 | +13.55% | +17.59% | -4.04% | -0.03B |
| 2025-12-31 | $702M | 242 | +10.68% | +17.72% | -7.03% | -0.01B |
| 2025-09-30 | $688M | 234 | +11.18% | +17.52% | -6.34% | +0.01B |
| 2025-06-30 | $640M | 228 | +10.52% | +14.94% | -4.42% | +0.01B |
| 2025-03-31 | $594M | 221 | +4.39% | +8.30% | -3.91% | +0.05B |
| 2024-12-31 | $569M | 219 | +14.07% | +24.89% | -10.81% | -0.02B |
| 2024-09-30 | $565M | 220 | +17.93% | +36.04% | -18.10% | +0.01B |
| 2024-06-30 | $532M | 205 | +4.02% | +24.49% | -20.48% | -0.02B |
| 2024-03-31 | $551M | 200 | +9.22% | +29.62% | -20.40% | +0.01B |
| 2023-12-31 | $523M | 182 | +12.77% | +26.18% | -13.40% | +0.06B |
| 2023-09-30 | $433M | 170 | +8.95% | +21.57% | -12.62% | +0.00B |
| 2023-06-30 | $466M | 178 | +13.58% | +19.42% | -5.85% | +0.00B |
| 2023-03-31 | $440M | 163 | -11.27% | -7.82% | -3.45% | -0.06B |
| 2022-12-31 | $470M | 175 | -20.92% | -18.17% | -2.75% | +0.08B |
| 2022-09-30 | $376M | 154 | -15.69% | -15.51% | -0.18% | -0.00B |
| 2022-06-30 | $395M | 143 | -12.07% | -10.62% | -1.45% | +0.00B |