Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-7.79%
trims when stocks drop
when a holding falls −10%+
Middle response
-10.93%
baseline attrition
Rally response
-3.41%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VEAVanguard FTSE Developed | $41M | 15.2% | — | 1.5 yr |
| ISHGiShares 1-3 Year Interna | $25M | 9.2% | — | 1.0 yr |
| RSPInvesco S&P 500 Equal We | $22M | 8.2% | — | 1.5 yr |
| IJRiShares Core S&P Small-C | $22M | 8.1% | — | 1.5 yr |
| COWZPacer US Cash Cows 100 E | $18M | 6.7% | — | 1.5 yr |
| VTVVanguard Value ETF | $18M | 6.5% | — | 1.5 yr |
| IQLTiShares MSCI Intl Qualit | $15M | 5.6% | — | 1.5 yr |
| XLUState Street Utilities S | $11M | 4.1% | — | 1.3 yr |
| VBRVanguard Small-Cap Value | $10M | 3.8% | — | 1.3 yr |
| VOEVanguard Mid-Cap Value E | $10M | 3.7% | — | 1.3 yr |
| IJHiShares Core S&P Mid-Cap | $8M | 3.0% | — | 1.3 yr |
| IWSiShares Russell Mid-Cap | $8M | 2.9% | — | 1.5 yr |
| TAT&T Inc. | $7M | 2.8% | +5.9% | 1.5 yr |
| VODVodafone Group Public Li | $7M | 2.5% | +67.6% | 1.5 yr |
| EMXCiShares MSCI Emerging Ma | $7M | 2.5% | — | 1.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management83.2%+14.1pp$224M
Telecommunications Services7.7%-1.6pp$21M
Software - Application1.6%-1.9pp$4M
Oil & Gas Integrated1.4%-0.6pp$4M
Insurance - Diversified1.2%-3.1pp$3M
Drug Manufacturers - General1.0%-0.9pp$3M
Internet Content & Information0.9%-0.7pp$2M
Medical - Healthcare Plans0.9%-0.8pp$2M
Entertainment0.7%-0.8pp$2M
Oil & Gas Exploration & Production0.6%-0.2pp$2M
Country
US96.1%+8.4pp
GB3.8%-0.9pp
CA0.1%-7.2pp
Top 5: 47.3% · Top 10: 70.9% · Top 25: 96.4%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| VOD | $5M | +0.00B | 67.6% |
| BP | $3M | +0.00B | 47.2% |
| AMPY | $1M | +0.00B | 66.8% |
| VZ | $4M | +0.00B | 16.5% |
| T | $6M | +0.00B | 5.9% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| T AT&T Inc. | +$1M |
| VZ Verizon Communications Inc. | +$1M |
| FRSH Freshworks Inc. | +$2M |
| BILL Bill.com Holdings, Inc. | +$2M |
| HD The Home Depot, Inc. | +$0M |
| GOOG Alphabet Inc. | +$0M |
| AAPL Apple Inc. | +$1M |
| NVDA NVIDIA Corporation | +$0M |
| RSP Invesco S&P 500 Equal Weight E | +$0M |
| IJH iShares Core S&P Mid-Cap ETF | +$0M |
Top sells this quarter · 15
| GSAT Globalstar, Inc.exit | −$0M |
| VOD Vodafone Group Public Limited | −$6M |
| MAR Marriott International, Inc.exit | −$0M |
| ATO Atmos Energy Corporationexit | −$0M |
| JNJ Johnson & Johnsonexit | −$0M |
| NSC Norfolk Southern Corporationexit | −$0M |
| COST Costco Wholesale Corporationexit | −$0M |
| EPD Enterprise Products Partners Lexit | −$0M |
| GS The Goldman Sachs Group, Inc.exit | −$0M |
| CVX Chevron Corporationexit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $269M | 45 | +20.22% | +17.59% | +2.62% | -0.02B |
| 2025-12-31 | $272M | 228 | +17.27% | +17.72% | -0.45% | +0.06B |
| 2025-09-30 | $212M | 239 | +6.45% | +8.12% | -1.67% | +0.01B |
| 2025-06-30 | $192M | 243 | +6.66% | +10.78% | -4.11% | +0.02B |
| 2025-03-31 | $160M | 283 | +4.66% | -4.27% | +8.93% | +0.00B |
| 2024-12-31 | $151M | 45 | — | — | — | — |