Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.88%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.11%
baseline attrition
Rally response
-0.38%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AAPLApple Inc. | $4.23B | 6.8% | +14.7% | 8.8 yr |
| NVDANVIDIA Corporation | $3.52B | 5.7% | +60.9% | 8.8 yr |
| MSFTMicrosoft Corporation | $3.24B | 5.2% | -0.6% | 8.8 yr |
| GOOGLAlphabet Inc. | $2.37B | 3.8% | — | 8.8 yr |
| AMZNAmazon.com, Inc. | $2.36B | 3.8% | +9.5% | 8.8 yr |
| GOOGAlphabet Inc. | $1.96B | 3.2% | +84.3% | 8.8 yr |
| TSLATesla, Inc. | $1.60B | 2.6% | +43.4% | 8.0 yr |
| AVGOBroadcom Inc. | $1.35B | 2.2% | +86.0% | 7.8 yr |
| METAMeta Platforms, Inc. | $1.01B | 1.6% | -0.4% | 8.8 yr |
| JPMJPMorgan Chase & Co. | $695M | 1.1% | +21.8% | 8.8 yr |
| LLYEli Lilly and Company | $666M | 1.1% | +12.2% | 8.8 yr |
| JNJJohnson & Johnson | $637M | 1.0% | +51.5% | 8.8 yr |
| MRKMerck & Co., Inc. | $561M | 0.9% | +38.9% | 8.8 yr |
| VVisa Inc. | $490M | 0.8% | -13.1% | 8.8 yr |
| ABBVAbbVie Inc. | $480M | 0.8% | +7.3% | 8.8 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors11.9%+4.0pp$7.38B
Internet Content & Information8.9%+2.3pp$5.50B
Consumer Electronics6.8%+0.3pp$4.23B
Software - Infrastructure6.7%-1.1pp$4.16B
Drug Manufacturers - General5.4%-0.5pp$3.31B
Specialty Retail4.6%-0.4pp$2.83B
Auto - Manufacturers3.0%+0.5pp$1.85B
Banks - Diversified2.8%+0.4pp$1.72B
Biotechnology2.5%+0.4pp$1.53B
Financial - Credit Services2.1%-0.7pp$1.29B
Country
US93.8%+0.5pp
IE2.2%+0.0pp
GB0.8%-0.0pp
Unknown0.6%+0.1pp
BR0.5%+0.1pp
NL0.4%+0.1pp
LU0.2%-0.2pp
SG0.2%+0.1pp
Top 5: 25.4% · Top 10: 36.1% · Top 25: 46.9%
Top buys this quarter · 15
| AAPL Apple Inc. | +$4.23B |
| AZN AstraZeneca PLCnew | +$77M |
| MSFT Microsoft Corporation | +$3.24B |
| NVDA NVIDIA Corporation | +$3.52B |
| MANE Veradermics, Incorporatednew | +$67M |
| AMZN Amazon.com, Inc. | +$2.36B |
| GOOG Alphabet Inc. | +$1.96B |
| TSLA Tesla, Inc. | +$1.60B |
| BCRX BioCryst Pharmaceuticals, Inc. | +$39M |
| ETN Eaton Corporation plc | +$39M |
Top sells this quarter · 15
| CW Curtiss-Wright Corporation | −$352M |
| SPOT Spotify Technology S.A. | −$104M |
| NSC Norfolk Southern Corporation | −$44M |
| AMGN Amgen Inc. | −$33M |
| REGN Regeneron Pharmaceuticals, Inc | −$31M |
| RARE Ultragenyx Pharmaceutical Inc. | −$30M |
| VIAV Viavi Solutions Inc. | −$26M |
| NU Nu Holdings Ltd. | −$26M |
| ESS Essex Property Trust, Inc. | −$25M |
| ENB Enbridge Inc.exit | −$24M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $61.88B | 929 | +16.55% | +17.59% | -1.04% | +0.69B |
| 2025-12-31 | $64.54B | 934 | +17.08% | +17.72% | -0.64% | -0.33B |
| 2025-09-30 | $63.18B | 949 | +15.56% | +17.52% | -1.96% | -0.61B |
| 2025-06-30 | $58.75B | 948 | +13.13% | +14.94% | -1.81% | +2.23B |
| 2025-03-31 | $51.25B | 939 | +4.29% | +8.30% | -4.01% | +0.54B |
| 2024-12-31 | $53.25B | 929 | +17.16% | +24.89% | -7.72% | -2.01B |
| 2024-09-30 | $54.53B | 913 | +29.67% | +36.04% | -6.36% | -0.92B |
| 2024-06-30 | $52.16B | 944 | +17.23% | +24.49% | -7.26% | +0.32B |
| 2024-03-31 | $51.00B | 945 | +23.11% | +29.62% | -6.51% | +1.65B |
| 2023-12-31 | $46.12B | 958 | +21.87% | +26.18% | -4.30% | +2.17B |
| 2023-09-30 | $39.19B | 887 | +16.79% | +21.57% | -4.78% | -2.10B |
| 2023-06-30 | $42.96B | 915 | +15.98% | +19.42% | -3.45% | +0.33B |
| 2023-03-31 | $39.93B | 910 | -8.34% | -7.82% | -0.52% | +1.00B |
| 2022-12-31 | $36.76B | 912 | -17.45% | -18.17% | +0.72% | +0.68B |
| 2022-09-30 | $33.57B | 924 | -14.70% | -15.51% | +0.81% | +3.26B |
| 2022-06-30 | $31.76B | 945 | -15.62% | -16.11% | +0.49% | -1.17B |