Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.98%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.75%
baseline attrition
Rally response
+1.49%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IVViShares Core S&P 500 ETF | $141M | 12.1% | — | 8.3 yr |
| PACSPACS Group, Inc. | $88M | 7.6% | +185.8% | 1.8 yr |
| IJHiShares Core S&P Mid-Cap | $68M | 5.8% | — | 8.5 yr |
| SPYState Street SPDR S&P 50 | $65M | 5.6% | +17.6% | 8.5 yr |
| IEFAiShares Core MSCI EAFE E | $56M | 4.7% | — | 6.0 yr |
| BNDVanguard Total Bond Mark | $50M | 4.2% | — | 4.3 yr |
| ESGVVanguard ESG U.S. Stock | $41M | 3.5% | — | 6.5 yr |
| BRK-ABerkshire Hathaway Inc. | $40M | 3.4% | — | 3.8 yr |
| DBEFXtrackers MSCI EAFE Hedg | $38M | 3.2% | — | 8.5 yr |
| PULSPGIM Ultra Short Bond ET | $33M | 2.9% | — | 2.0 yr |
| MSFTMicrosoft Corporation | $31M | 2.6% | -0.6% | 7.0 yr |
| MDYState Street SPDR S&P MI | $31M | 2.6% | — | 8.5 yr |
| AAPLApple Inc. | $27M | 2.3% | +14.7% | 7.3 yr |
| MUBiShares National Muni Bo | $25M | 2.1% | — | 8.5 yr |
| VBVanguard Small-Cap ETF | $22M | 1.9% | — | 4.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management60.1%-15.6pp$705M
Financial - Conglomerates7.6%+5.8pp$88M
Asset Management - Bonds6.5%+6.4pp$76M
Insurance - Diversified4.5%-2.4pp$53M
Software - Infrastructure3.1%+2.9pp$36M
Oil & Gas Integrated2.4%+1.7pp$28M
Consumer Electronics2.3%+2.3pp$27M
Internet Content & Information2.1%+2.1pp$25M
Semiconductors1.7%-2.0pp$20M
Financial - Credit Services0.9%+0.4pp$10M
Country
US98.8%+0.5pp
Unknown0.6%+0.2pp
CA0.2%-0.8pp
GB0.2%-0.0pp
TW0.1%
IE0.0%+0.0pp
AU0.0%+0.0pp
JP0.0%
Top 5: 35.8% · Top 10: 53.0% · Top 25: 77.4%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| PACS PACS Group, Inc. | +$19M |
| MSFT Microsoft Corporation | +$9M |
| EXE Expand Energy Corporation | +$3M |
| ORCL Oracle Corporation | +$2M |
| TSM Taiwan Semiconductor Manufactu | +$1M |
| AAPL Apple Inc. | +$27M |
| AMZN Amazon.com, Inc. | +$6M |
| XOM Exxon Mobil Corporation | +$0M |
| AZN AstraZeneca PLCnew | +$0M |
| WATT Energous Corporationnew | +$0M |
Top sells this quarter · 15
| TSLA Tesla, Inc. | −$10M |
| CVX Chevron Corporation | −$17M |
| TJX The TJX Companies, Inc. | −$1M |
| HD The Home Depot, Inc. | −$1M |
| SHW The Sherwin-Williams Company | −$0M |
| SPY State Street SPDR S&P 500 ETF | −$0M |
| ENSG The Ensign Group, Inc. | −$0M |
| INTU Intuit Inc. | −$0M |
| MCO Moody's Corporation | −$0M |
| ADBE Adobe Inc. | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.17B | 1037 | +35.01% | +17.59% | +17.42% | +0.12B |
| 2025-12-31 | $1.13B | 1098 | +32.40% | +17.72% | +14.68% | -0.04B |
| 2025-09-30 | $1.05B | 962 | +14.28% | +17.52% | -3.24% | +0.24B |
| 2025-06-30 | $707M | 746 | +11.79% | +14.94% | -3.15% | -0.10B |
| 2025-03-31 | $712M | 715 | +0.66% | +8.30% | -7.65% | +0.05B |
| 2024-12-31 | $725M | 645 | +23.36% | +24.89% | -1.53% | -0.11B |
| 2024-09-30 | $862M | 712 | +51.29% | +36.04% | +15.25% | -0.13B |
| 2024-06-30 | $892M | 933 | +32.36% | +24.49% | +7.87% | +0.01B |
| 2024-03-31 | $858M | 925 | +34.89% | +29.62% | +5.27% | +0.15B |
| 2023-12-31 | $632M | 412 | +29.60% | +26.18% | +3.42% | -0.05B |
| 2023-09-30 | $578M | 578 | +19.05% | +21.57% | -2.51% | -0.12B |
| 2023-06-30 | $712M | 866 | +22.05% | +19.42% | +2.62% | -0.01B |
| 2023-03-31 | $685M | 808 | -4.36% | -7.82% | +3.46% | +0.01B |
| 2022-12-31 | $630M | 1012 | -15.28% | -18.17% | +2.90% | +0.03B |
| 2022-09-30 | $553M | 1236 | -13.29% | -15.51% | +2.22% | +0.10B |
| 2022-06-30 | $453M | 1130 | -12.60% | -10.62% | -1.98% | +0.03B |