Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.52%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.49%
baseline attrition
Rally response
-1.35%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPYState Street SPDR S&P 50 | $55M | 28.4% | +17.6% | 9.5 yr |
| EFAiShares MSCI EAFE ETF | $11M | 5.9% | — | 9.5 yr |
| AAPLApple Inc. | $9M | 4.8% | +14.7% | 9.5 yr |
| AMZNAmazon.com, Inc. | $7M | 3.8% | +9.5% | 9.5 yr |
| SUBiShares Short-Term Natio | $7M | 3.7% | — | 5.5 yr |
| MUBiShares National Muni Bo | $7M | 3.5% | — | 9.3 yr |
| MOAltria Group, Inc. | $6M | 3.2% | +15.8% | 9.3 yr |
| IWMiShares Russell 2000 ETF | $5M | 2.7% | — | 9.5 yr |
| VTVVanguard Value ETF | $5M | 2.6% | — | 7.8 yr |
| SHMState Street SPDR Nuveen | $5M | 2.5% | — | 9.0 yr |
| GOOGAlphabet Inc. | $4M | 2.3% | +84.3% | 9.5 yr |
| SHYiShares 1-3 Year Treasur | $4M | 2.2% | — | 9.5 yr |
| AGGiShares Core U.S. Aggreg | $4M | 2.1% | — | 9.5 yr |
| XLKState Street Technology | $4M | 2.1% | — | 9.3 yr |
| IJHiShares Core S&P Mid-Cap | $4M | 1.9% | — | 9.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management64.6%-2.2pp$125M
Asset Management - Bonds5.9%-1.9pp$11M
Internet Content & Information4.8%+0.6pp$9M
Consumer Electronics4.8%+2.1pp$9M
Specialty Retail3.8%+0.4pp$7M
Tobacco3.2%+1.3pp$6M
Software - Infrastructure1.5%-0.3pp$3M
Financial - Credit Services1.4%-0.3pp$3M
Financial - Capital Markets1.0%+0.2pp$2M
Discount Stores0.8%-0.0pp$2M
Country
US98.5%-0.1pp
Unknown0.6%
IE0.6%-0.1pp
NL0.2%-0.1pp
CH0.2%-0.0pp
Top 5: 46.6% · Top 10: 61.1% · Top 25: 84.5%
Top buys this quarter · 10
| XOM Exxon Mobil Corporation | +$0M |
| AGG iShares Core U.S. Aggregate Bo | +$0M |
| EFA iShares MSCI EAFE ETF | +$0M |
| IWM iShares Russell 2000 ETF | +$0M |
| MUB iShares National Muni Bond ETF | +$0M |
| IEI iShares 3-7 Year Treasury Bond | +$0M |
| JPST JPMorgan Ultra-Short Income ETnew | +$0M |
| VYM Vanguard High Dividend Yield E | +$0M |
| VWO Vanguard FTSE Emerging Markets | +$0M |
| VTV Vanguard Value ETF | +$0M |
Top sells this quarter · 13
| TMC TMC the metals company Inc.exit | −$1M |
| SPY State Street SPDR S&P 500 ETF | −$0M |
| MDLZ Mondelez International, Inc.exit | −$0M |
| WFC Wells Fargo & Companyexit | −$0M |
| ARCC Ares Capital Corporation | −$0M |
| VLO Valero Energy Corporation | −$0M |
| SHY iShares 1-3 Year Treasury Bond | −$0M |
| IYH iShares U.S. Healthcare ETF | −$0M |
| HYG iShares iBoxx $ High Yield Cor | −$0M |
| SHM State Street SPDR Nuveen ICE S | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $193M | 79 | +17.82% | +17.59% | +0.23% | +0.01B |
| 2025-12-31 | $197M | 79 | +17.87% | +17.72% | +0.15% | +0.02B |
| 2025-09-30 | $176M | 76 | +19.74% | +17.52% | +2.22% | -0.00B |
| 2025-06-30 | $165M | 75 | +17.68% | +14.94% | +2.74% | -0.00B |
| 2025-03-31 | $151M | 76 | +10.88% | +8.30% | +2.58% | +0.00B |
| 2024-12-31 | $153M | 76 | +27.42% | +24.89% | +2.53% | -0.02B |
| 2024-09-30 | $170M | 81 | +36.47% | +36.04% | +0.43% | -0.00B |
| 2024-06-30 | $163M | 78 | +23.97% | +24.49% | -0.52% | -0.02B |
| 2024-03-31 | $171M | 89 | +26.99% | +29.62% | -2.64% | -0.00B |
| 2023-12-31 | $158M | 80 | +25.98% | +26.18% | -0.20% | +0.01B |
| 2023-09-30 | $136M | 75 | +16.55% | +21.57% | -5.01% | -0.00B |
| 2023-06-30 | $143M | 79 | +13.20% | +19.42% | -6.23% | -0.01B |
| 2023-03-31 | $145M | 87 | -16.02% | -7.82% | -8.20% | -0.01B |
| 2022-12-31 | $144M | 349 | -26.49% | -18.17% | -8.32% | -0.01B |
| 2022-09-30 | $149M | 342 | -20.66% | -15.51% | -5.15% | -0.01B |
| 2022-06-30 | $169M | 357 | -14.70% | -10.62% | -4.08% | +0.02B |