Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.12%
trims when stocks drop
when a holding falls −10%+
Middle response
+4.96%
steady accumulation
Rally response
-2.13%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AGGiShares Core U.S. Aggreg | $365M | 4.2% | — | 8.5 yr |
| VTIVanguard Total Stock Mar | $348M | 4.0% | — | 6.0 yr |
| IVViShares Core S&P 500 ETF | $305M | 3.5% | — | 8.5 yr |
| ITOTiShares Core S&P Total U | $230M | 2.7% | — | 8.5 yr |
| SCHXSchwab U.S. Large-Cap ET | $228M | 2.6% | — | 7.3 yr |
| AAPLApple Inc. | $198M | 2.3% | +14.7% | 8.5 yr |
| NVDANVIDIA Corporation | $197M | 2.3% | +60.9% | 8.5 yr |
| VGKVanguard FTSE Europe ETF | $159M | 1.8% | — | 3.3 yr |
| VTVVanguard Value ETF | $133M | 1.5% | — | 6.8 yr |
| VOOVanguard S&P 500 ETF | $122M | 1.4% | — | 8.3 yr |
| MSFTMicrosoft Corporation | $120M | 1.4% | -0.6% | 8.5 yr |
| FESMFidelity Enhanced Small | $118M | 1.4% | — | 1.3 yr |
| QQQInvesco QQQ Trust, Serie | $118M | 1.4% | — | 7.8 yr |
| SCHFSchwab International Equ | $110M | 1.3% | — | 7.3 yr |
| AMZNAmazon.com, Inc. | $107M | 1.2% | +9.5% | 8.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management61.3%+2.0pp$5.30B
Asset Management - Bonds6.0%-0.2pp$519M
Semiconductors4.4%+0.9pp$382M
Consumer Electronics2.3%-0.4pp$199M
Software - Infrastructure2.3%-0.4pp$196M
Internet Content & Information2.0%+0.3pp$177M
Drug Manufacturers - General1.6%-0.4pp$138M
Specialty Retail1.5%-0.2pp$128M
Discount Stores1.4%-0.0pp$117M
Asset Management - Income1.3%+0.1pp$113M
Country
US97.9%-0.6pp
IE0.5%+0.2pp
TW0.3%+0.2pp
Unknown0.3%+0.2pp
GB0.2%+0.0pp
CA0.2%-0.1pp
SG0.1%+0.1pp
NL0.1%+0.0pp
Top 5: 17.1% · Top 10: 26.4% · Top 25: 43.9%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NVDA | $154M | +0.09B | 60.9% |
| AVGO | $54M | +0.05B | 86.0% |
| AAPL | $229M | +0.03B | 14.7% |
| WMT | $62M | +0.03B | 42.8% |
| SPY | $129M | +0.02B | 17.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $157M | -0.00B | -0.6% |
Top buys this quarter · 15
| ETN Eaton Corporation plc | +$13M |
| SPY State Street SPDR S&P 500 ETF | +$7M |
| CVX Chevron Corporation | +$6M |
| CLX The Clorox Company | +$6M |
| MAR Marriott International, Inc. | +$5M |
| DUK Duke Energy Corporation | +$5M |
| NFLX Netflix, Inc. | +$4M |
| INTC Intel Corporation | +$3M |
| NOW ServiceNow, Inc. | +$11M |
| LOW Lowe's Companies, Inc. | +$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $8.65B | 1025 | +19.61% | +17.59% | +2.02% | +0.76B |
| 2025-12-31 | $8.21B | 1004 | +18.47% | +17.72% | +0.75% | +0.05B |
| 2025-09-30 | $7.96B | 985 | +18.55% | +17.52% | +1.03% | -0.24B |
| 2025-06-30 | $7.53B | 936 | +15.07% | +14.94% | +0.13% | -2.02B |
| 2025-03-31 | $8.57B | 1044 | +6.16% | +8.30% | -2.14% | +2.02B |
| 2024-12-31 | $6.88B | 919 | +20.34% | +24.89% | -4.55% | -0.31B |
| 2024-09-30 | $7.01B | 908 | +31.31% | +36.04% | -4.72% | -0.12B |
| 2024-06-30 | $6.75B | 911 | +18.88% | +24.49% | -5.62% | -0.62B |
| 2024-03-31 | $7.16B | 992 | +22.43% | +29.62% | -7.19% | +0.01B |
| 2023-12-31 | $6.63B | 947 | +20.23% | +26.18% | -5.94% | +1.16B |
| 2023-09-30 | $4.88B | 752 | +15.57% | +21.57% | -6.00% | +0.02B |
| 2023-06-30 | $5.07B | 764 | +13.65% | +19.42% | -5.78% | +2.50B |
| 2023-03-31 | $2.43B | 547 | -11.08% | -7.82% | -3.26% | -0.36B |
| 2022-12-31 | $2.63B | 521 | -19.92% | -18.17% | -1.75% | +0.76B |
| 2022-09-30 | $1.74B | 399 | -17.29% | -15.51% | -1.79% | +0.16B |
| 2022-06-30 | $1.67B | 380 | -11.68% | -10.62% | -1.06% | +0.18B |