Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-20.29%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.42%
baseline attrition
Rally response
-6.89%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPYState Street SPDR S&P 50 | $35M | 5.3% | +17.6% | 5.5 yr |
| FTSLFirst Trust Senior Loan | $34M | 5.2% | — | 4.3 yr |
| SPABState Street SPDR Portfo | $31M | 4.8% | — | 3.3 yr |
| IEFiShares 7-10 Year Treasu | $29M | 4.4% | — | 6.0 yr |
| XTENBondBloxx Bloomberg Ten | $28M | 4.2% | — | 0.3 yr |
| SSOProShares - Ultra S&P500 | $19M | 2.9% | — | 0.3 yr |
| VOOVanguard S&P 500 ETF | $19M | 2.9% | — | 7.0 yr |
| SHYiShares 1-3 Year Treasur | $18M | 2.7% | — | 6.0 yr |
| BILState Street SPDR Bloomb | $16M | 2.5% | — | 4.5 yr |
| NVDANVIDIA Corporation | $15M | 2.3% | +60.9% | 6.5 yr |
| RSPInvesco S&P 500 Equal We | $14M | 2.2% | — | 7.5 yr |
| QQQInvesco QQQ Trust, Serie | $11M | 1.6% | — | 7.3 yr |
| AAPLApple Inc. | $11M | 1.6% | +14.7% | 8.5 yr |
| GLDSPDR Gold Shares | $9M | 1.4% | — | 6.3 yr |
| IBBiShares Biotechnology ET | $9M | 1.3% | — | 3.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management58.1%-1.7pp$381M
Asset Management - Bonds13.1%+0.3pp$86M
Semiconductors4.6%+2.7pp$30M
Consumer Electronics1.6%-0.0pp$11M
Software - Infrastructure1.4%-0.6pp$9M
Internet Content & Information1.4%+0.2pp$9M
Aerospace & Defense1.3%+0.8pp$9M
Hardware, Equipment & Parts1.2%+1.0pp$8M
Communication Equipment0.9%+0.5pp$6M
Specialty Retail0.8%-0.1pp$5M
Country
US98.6%+1.8pp
Unknown0.3%-2.0pp
SG0.2%
IE0.2%-0.0pp
TW0.2%+0.1pp
MC0.1%
NL0.1%+0.0pp
LU0.1%+0.0pp
Top 5: 23.8% · Top 10: 37.2% · Top 25: 56.2%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NVDA | $11M | +0.01B | 60.9% |
| SPY | $15M | +0.00B | 17.6% |
| AAPL | $14M | +0.00B | 14.7% |
| AMZN | $6M | +0.00B | 9.5% |
| MSFT | $12M | -0.00B | -0.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $12M | -0.00B | -0.6% |
Top buys this quarter · 15
| AMAT Applied Materials, Inc. | +$2M |
| WDC Western Digital Corporation | +$1M |
| GEV GE Vernova Inc. | +$1M |
| DAR Darling Ingredients Inc.new | +$1M |
| SNDK Sandisk Corporation | +$1M |
| FORM FormFactor, Inc.new | +$1M |
| STX Seagate Technology Holdings pl | +$1M |
| NVDA NVIDIA Corporation | +$15M |
| PR Permian Resources Corporationnew | +$1M |
| APP AppLovin Corporation | +$1M |
Top sells this quarter · 15
| VRSK Verisk Analytics, Inc.exit | −$15M |
| F-PD Ford Motor Company 6.500% Noteexit | −$14M |
| SPY State Street SPDR S&P 500 ETF | −$14M |
| HWM Howmet Aerospace Inc. | −$7M |
| RCL Royal Caribbean Cruises Ltd.exit | −$3M |
| LITE Lumentum Holdings Inc. | −$2M |
| HCA HCA Healthcare, Inc. | −$2M |
| GLW Corning Incorporated | −$2M |
| CIEN Ciena Corporation | −$2M |
| CAH Cardinal Health, Inc. | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $656M | 320 | +29.45% | +17.59% | +11.86% | -0.11B |
| 2025-12-31 | $760M | 346 | +21.62% | +17.72% | +3.90% | +0.31B |
| 2025-09-30 | $435M | 226 | +19.57% | +17.52% | +2.05% | -0.16B |
| 2025-06-30 | $543M | 261 | +16.13% | +14.94% | +1.19% | -0.42B |
| 2025-03-31 | $855M | 461 | +6.45% | +8.30% | -1.85% | +0.39B |
| 2024-12-31 | $495M | 252 | +22.43% | +24.89% | -2.46% | -0.02B |
| 2024-09-30 | $497M | 262 | +33.83% | +36.04% | -2.21% | -0.11B |
| 2024-06-30 | $580M | 367 | +22.34% | +24.49% | -2.15% | +0.01B |
| 2024-03-31 | $552M | 379 | +26.87% | +29.62% | -2.76% | +0.02B |
| 2023-12-31 | $489M | 353 | +22.99% | +26.18% | -3.19% | -0.16B |
| 2023-09-30 | $580M | 399 | +5.36% | +21.57% | -16.21% | +0.02B |
| 2023-06-30 | $578M | 390 | +2.73% | +19.42% | -16.69% | -0.07B |
| 2023-03-31 | $607M | 384 | -15.56% | -7.82% | -7.74% | -0.08B |
| 2022-12-31 | $650M | 375 | -3.96% | +7.56% | -11.53% | +0.04B |
| 2022-09-30 | $634M | 256 | -5.87% | -4.93% | -0.94% | +0.04B |
| 2022-06-30 | $630M | 270 | -11.63% | -16.11% | +4.48% | +0.07B |