Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.67%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.86%
baseline attrition
Rally response
-4.81%
trims into rallies
when a holding rises +10%+
Top positions · 14
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GOOGLAlphabet Inc. | $731M | 22.8% | — | 4.0 yr |
| GOOGAlphabet Inc. | $703M | 22.0% | +84.3% | 6.0 yr |
| PDDPDD Holdings Inc. | $471M | 14.7% | -13.7% | 2.0 yr |
| BRK-BBerkshire Hathaway Inc. | $430M | 13.4% | — | 4.8 yr |
| EWBCEast West Bancorp, Inc. | $296M | 9.3% | +22.1% | 3.3 yr |
| BACBank of America Corporat | $146M | 4.6% | +19.4% | 6.3 yr |
| OXYOccidental Petroleum Cor | $95M | 3.0% | +34.6% | 2.0 yr |
| CROXCrocs, Inc. | $74M | 2.3% | -21.8% | 0.5 yr |
| TMETencent Music Entertainm | $61M | 1.9% | -36.5% | 0.3 yr |
| SPGIS&P Global Inc. | $52M | 1.6% | -15.6% | 0.3 yr |
| HRBH&R Block, Inc. | $52M | 1.6% | -40.0% | 0.3 yr |
| MCOMoody's Corporation | $51M | 1.6% | -5.6% | 0.3 yr |
| AAPLApple Inc. | $28M | 0.9% | +14.7% | 5.5 yr |
| MSCIMSCI Inc. | $10M | 0.3% | -3.4% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Internet Content & Information46.7%+11.6pp$1.50B
Specialty Retail14.7%$471M
Banks - Diversified13.8%-23.6pp$443M
Insurance - Diversified13.4%-8.2pp$430M
Financial - Data & Stock Exchanges3.5%$113M
Oil & Gas Exploration & Production3.0%-0.3pp$95M
Apparel - Footwear & Accessories2.3%$74M
Personal Products & Services1.6%$52M
Consumer Electronics0.9%-0.2pp$28M
Country
US83.4%-16.6pp
IE14.7%
CN1.9%
Top 5: 82.2% · Top 10: 95.6% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| GOOG | $383M | +0.32B | 84.3% |
| BAC | $578M | +0.11B | 19.4% |
| EWBC | $249M | +0.05B | 22.1% |
| OXY | $72M | +0.02B | 34.6% |
| AAPL | $25M | +0.00B | 14.7% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 6
| TME Tencent Music Entertainment Grnew | +$60M |
| SPGI S&P Global Inc.new | +$52M |
| HRB H&R Block, Inc.new | +$52M |
| MCO Moody's Corporationnew | +$51M |
| CROX Crocs, Inc. | +$21M |
| MSCI MSCI Inc.new | +$10M |
Top sells this quarter · 1
| BAC Bank of America Corporation | −$362M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.20B | 14 | +29.61% | +17.59% | +12.02% | -0.07B |
| 2025-12-31 | $3.57B | 9 | +29.06% | +17.72% | +11.34% | +0.14B |
| 2025-09-30 | $3.23B | 9 | +36.09% | +17.52% | +18.57% | +0.00B |
| 2025-06-30 | $2.69B | 9 | +12.50% | +14.94% | -2.44% | +0.23B |
| 2025-03-31 | $2.21B | 8 | +11.01% | +8.30% | +2.71% | -0.26B |
| 2024-12-31 | $2.71B | 8 | +32.33% | +24.89% | +7.44% | -0.05B |
| 2024-09-30 | $2.47B | 8 | +40.08% | +36.04% | +4.04% | -0.07B |
| 2024-06-30 | $2.56B | 7 | +40.88% | +24.49% | +16.39% | +0.08B |
| 2024-03-31 | $2.26B | 6 | +35.90% | +29.62% | +6.28% | +0.02B |
| 2023-12-31 | $2.06B | 6 | +35.50% | +26.18% | +9.32% | -0.09B |
| 2023-09-30 | $1.82B | 6 | +15.72% | +21.57% | -5.85% | +0.03B |
| 2023-06-30 | $1.79B | 6 | +9.08% | +19.42% | -10.35% | -0.37B |
| 2023-03-31 | $2.04B | 7 | -22.84% | -7.82% | -15.02% | -0.05B |
| 2022-12-31 | $1.93B | 6 | +1.04% | +7.56% | -6.52% | +0.17B |
| 2022-09-30 | $1.74B | 6 | -5.86% | -4.93% | -0.93% | -0.02B |
| 2022-06-30 | $1.87B | 6 | -25.15% | -16.11% | -9.04% | +0.09B |