Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.60%
adds when stocks drop
when a holding falls −10%+
Middle response
-17.75%
baseline attrition
Rally response
-19.55%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AAPLApple Inc. | $1.40B | 2.0% | +14.7% | 7.5 yr |
| MSFTMicrosoft Corporation | $893M | 1.3% | -0.6% | 7.8 yr |
| MUMicron Technology, Inc. | $742M | 1.1% | +289.6% | 5.5 yr |
| JPMJPMorgan Chase & Co. | $726M | 1.0% | +21.8% | 6.3 yr |
| LLYEli Lilly and Company | $658M | 0.9% | +12.2% | 6.8 yr |
| GOOGLAlphabet Inc. | $627M | 0.9% | — | 7.8 yr |
| AMZNAmazon.com, Inc. | $612M | 0.9% | +9.5% | 7.8 yr |
| GOOGAlphabet Inc. | $590M | 0.8% | +84.3% | 7.5 yr |
| AVGOBroadcom Inc. | $580M | 0.8% | +86.0% | 5.3 yr |
| SNDKSandisk Corporation | $536M | 0.8% | +1234.5% | 0.5 yr |
| VVisa Inc. | $501M | 0.7% | -13.1% | 7.3 yr |
| MRVLMarvell Technology, Inc. | $436M | 0.6% | +61.3% | 3.3 yr |
| METAMeta Platforms, Inc. | $428M | 0.6% | -0.4% | 6.5 yr |
| WBDWarner Bros. Discovery, | $421M | 0.6% | +155.9% | 1.5 yr |
| CVXChevron Corporation | $419M | 0.6% | +29.2% | 5.8 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors5.9%+0.7pp$4.12B
Banks - Diversified3.9%+2.7pp$2.77B
Asset Management3.7%-0.7pp$2.58B
Internet Content & Information3.0%+0.1pp$2.13B
Aerospace & Defense3.0%+1.2pp$2.12B
Banks - Regional3.0%+1.0pp$2.08B
Biotechnology2.9%+0.6pp$2.01B
Software - Infrastructure2.8%-0.8pp$1.97B
Software - Application2.7%-3.3pp$1.89B
Financial - Credit Services2.5%+0.3pp$1.77B
Country
US86.7%-1.0pp
GB2.6%+0.8pp
CA2.2%+0.5pp
Unknown1.7%+0.1pp
IE1.6%-0.1pp
CH0.8%+0.3pp
BM0.7%+0.3pp
CN0.6%-0.1pp
Top 5: 6.3% · Top 10: 10.5% · Top 25: 19.0%
Top buys this quarter · 15
| LLY Eli Lilly and Company | +$477M |
| AAPL Apple Inc. | +$466M |
| META Meta Platforms, Inc. | +$427M |
| JPM JPMorgan Chase & Co. | +$384M |
| LMT Lockheed Martin Corporation | +$379M |
| MU Micron Technology, Inc. | +$328M |
| PH Parker-Hannifin Corporation | +$326M |
| CVX Chevron Corporation | +$309M |
| FDX FedEx Corporation | +$296M |
| GE GE Aerospace | +$284M |
Top sells this quarter · 15
| WMT Walmart Inc.exit | −$1.37B |
| NVDA NVIDIA Corporation | −$811M |
| NFLX Netflix, Inc.exit | −$609M |
| AMZN Amazon.com, Inc. | −$470M |
| EOG EOG Resources, Inc.exit | −$424M |
| COST Costco Wholesale Corporation | −$420M |
| LIN Linde plc | −$405M |
| VRT Vertiv Holdings Coexit | −$373M |
| MPC Marathon Petroleum Corporation | −$352M |
| AMD Advanced Micro Devices, Inc. | −$347M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $70.36B | 2658 | +21.82% | +17.59% | +4.23% | +0.74B |
| 2025-12-31 | $69.80B | 2783 | +20.63% | +17.72% | +2.91% | -2.90B |
| 2025-09-30 | $70.40B | 2685 | +17.76% | +17.52% | +0.25% | -6.71B |
| 2025-06-30 | $71.90B | 2697 | +17.46% | +14.94% | +2.52% | +0.83B |
| 2025-03-31 | $64.44B | 2686 | +5.00% | +8.30% | -3.30% | +4.05B |
| 2024-12-31 | $61.16B | 2649 | +16.57% | +24.89% | -8.32% | +6.15B |
| 2024-09-30 | $54.56B | 2676 | +30.86% | +36.04% | -5.17% | -3.36B |
| 2024-06-30 | $54.14B | 3319 | +20.90% | +24.49% | -3.59% | -0.38B |
| 2024-03-31 | $55.30B | 3871 | +30.88% | +29.62% | +1.25% | +6.88B |
| 2023-12-31 | $44.17B | 3852 | +26.58% | +26.18% | +0.41% | +6.05B |
| 2023-09-30 | $33.68B | 3608 | +19.24% | +21.57% | -2.33% | +8.21B |
| 2023-06-30 | $25.78B | 2208 | +11.20% | +19.42% | -8.22% | +7.12B |
| 2023-03-31 | $17.48B | 2411 | -9.84% | -7.82% | -2.02% | -0.14B |
| 2022-12-31 | $16.62B | 2324 | -16.93% | -18.17% | +1.24% | -0.07B |
| 2022-09-30 | $15.66B | 2396 | -13.46% | -15.51% | +2.05% | +3.73B |
| 2022-06-30 | $12.95B | 2405 | -5.58% | -10.62% | +5.04% | +3.41B |