Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.30%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.88%
baseline attrition
Rally response
+5.30%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPYState Street SPDR S&P 50 | $186M | 22.9% | +17.6% | 8.5 yr |
| BNDVanguard Total Bond Mark | $88M | 10.8% | — | 8.5 yr |
| IJHiShares Core S&P Mid-Cap | $81M | 10.0% | — | 8.5 yr |
| NFRAFlexShares STOXX Global | $52M | 6.4% | — | 8.3 yr |
| IEFAiShares Core MSCI EAFE E | $48M | 5.9% | — | 8.5 yr |
| IEMGiShares Core MSCI Emergi | $38M | 4.6% | — | 8.5 yr |
| QAINYLI Hedge Multi-Strateg | $36M | 4.4% | — | 4.8 yr |
| IJRiShares Core S&P Small-C | $34M | 4.2% | — | 8.5 yr |
| BNDXVanguard Total Internati | $30M | 3.7% | — | 8.5 yr |
| MUBiShares National Muni Bo | $28M | 3.5% | — | 8.3 yr |
| BBREJPMorgan BetaBuilders MS | $27M | 3.4% | — | 7.5 yr |
| SHMState Street SPDR Nuveen | $22M | 2.7% | — | 8.5 yr |
| BCDabrdn Bloomberg All Comm | $17M | 2.0% | — | 1.0 yr |
| VTIPVanguard Short-Term Infl | $14M | 1.7% | — | 8.5 yr |
| SNPEXtrackers S&P 500 Scored | $10M | 1.2% | — | 6.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management72.5%-0.1pp$590M
Asset Management - Bonds15.4%-1.6pp$126M
Asset Management - Global6.5%-0.1pp$53M
Asset Management - Leveraged1.7%-0.2pp$14M
Consumer Electronics0.9%+0.7pp$8M
Banks - Regional0.9%+0.5pp$7M
Information Technology Services0.6%$5M
Semiconductors0.3%$2M
Insurance - Diversified0.2%-0.1pp$2M
Discount Stores0.1%+0.0pp$1M
Country
US100.0%+0.0pp
CA0.0%-0.0pp
Top 5: 55.9% · Top 10: 76.3% · Top 25: 94.2%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| SPY State Street SPDR S&P 500 ETF | +$186M |
| SHAZ SharonAI Holdings, Inc. Class new | +$5M |
| NRIM Northrim BanCorp, Inc. | +$5M |
| AAPL Apple Inc. | +$4M |
| XOM Exxon Mobil Corporation | +$0M |
| BCD abrdn Bloomberg All Commodity | +$0M |
| GRID First Trust NASDAQ Clean Edge | +$0M |
| FTXL First Trust Nasdaq Semiconductnew | +$0M |
| NFRA FlexShares STOXX Global Broad | +$0M |
| PAVE Global X - U.S. Infrastructurenew | +$0M |
Top sells this quarter · 15
| NVDA NVIDIA Corporation | −$1M |
| TSLA Tesla, Inc.exit | −$0M |
| LLY Eli Lilly and Companyexit | −$0M |
| CRWD CrowdStrike Holdings, Inc.exit | −$0M |
| MSFT Microsoft Corporation | −$0M |
| AMZN Amazon.com, Inc. | −$0M |
| JPM JPMorgan Chase & Co. | −$0M |
| META Meta Platforms, Inc. | −$0M |
| AVGO Broadcom Inc. | −$0M |
| COST Costco Wholesale Corporation | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $814M | 84 | +17.60% | +17.59% | +0.01% | +0.08B |
| 2025-12-31 | $768M | 84 | +17.75% | +17.72% | +0.03% | -0.00B |
| 2025-09-30 | $748M | 82 | +17.66% | +17.52% | +0.14% | +0.01B |
| 2025-06-30 | $683M | 77 | +14.89% | +14.94% | -0.05% | -0.01B |
| 2025-03-31 | $624M | 58 | +8.60% | +8.30% | +0.29% | +0.02B |
| 2024-12-31 | $630M | 63 | +24.87% | +24.89% | -0.02% | -0.04B |
| 2024-09-30 | $653M | 112 | +35.47% | +36.04% | -0.57% | -0.01B |
| 2024-06-30 | $631M | 111 | +23.93% | +24.49% | -0.57% | -0.05B |
| 2024-03-31 | $648M | 120 | +29.00% | +29.62% | -0.62% | +0.00B |
| 2023-12-31 | $588M | 117 | +25.92% | +26.18% | -0.26% | -0.10B |
| 2023-09-30 | $615M | 110 | +20.79% | +21.57% | -0.78% | +0.01B |
| 2023-06-30 | $622M | 114 | +18.88% | +19.42% | -0.54% | -0.02B |
| 2023-03-31 | $586M | 103 | -8.43% | -7.82% | -0.61% | -0.00B |
| 2022-12-31 | $548M | 58 | -18.55% | -18.17% | -0.38% | +0.01B |
| 2022-09-30 | $502M | 56 | -15.43% | -15.51% | +0.08% | +0.04B |
| 2022-06-30 | $491M | 52 | -10.64% | -10.62% | -0.02% | +0.04B |