Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+4.46%
adds when stocks drop
when a holding falls −10%+
Middle response
+4.85%
steady accumulation
Rally response
+4.60%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IVWiShares S&P 500 Growth E | $258M | 3.2% | — | 4.8 yr |
| IVEiShares S&P 500 Value ET | $235M | 2.9% | — | 3.3 yr |
| IUSBiShares Core Universal U | $174M | 2.2% | — | 5.3 yr |
| DYNFiShares U.S. Equity Fact | $157M | 2.0% | — | 2.5 yr |
| IVViShares Core S&P 500 ETF | $149M | 1.9% | — | 6.5 yr |
| NVDANVIDIA Corporation | $147M | 1.8% | +60.9% | 4.8 yr |
| EFViShares MSCI EAFE Value | $146M | 1.8% | — | 5.3 yr |
| XLCState Street Communicati | $140M | 1.7% | — | 6.0 yr |
| SOXXiShares Semiconductor ET | $137M | 1.7% | — | 2.0 yr |
| — | $125M | 1.6% | — | 0.5 yr |
| QUALiShares MSCI USA Quality | $115M | 1.4% | — | 6.0 yr |
| IEMGiShares Core MSCI Emergi | $115M | 1.4% | — | 5.0 yr |
| AAPLApple Inc. | $112M | 1.4% | +14.7% | 7.8 yr |
| MTUMiShares MSCI USA Momentu | $106M | 1.3% | — | 6.0 yr |
| — | $101M | 1.3% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management57.7%-7.3pp$4.63B
Asset Management - Bonds6.0%-0.8pp$480M
Unknown4.1%+3.8pp$328M
Semiconductors3.2%+1.0pp$258M
Software - Infrastructure2.3%+0.2pp$185M
Financial - Capital Markets2.2%+0.8pp$175M
Banks - Diversified1.8%+0.5pp$141M
Internet Content & Information1.6%+0.3pp$130M
Asset Management - Income1.4%-1.1pp$115M
Drug Manufacturers - General1.4%+0.2pp$112M
Country
US93.5%-4.8pp
Unknown4.1%+3.8pp
NL0.6%+0.3pp
CN0.4%-0.0pp
CA0.4%+0.2pp
AU0.3%
BR0.3%
TW0.1%+0.1pp
Top 5: 12.1% · Top 10: 20.8% · Top 25: 38.2%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| CIEN | $13M | +0.07B | 542.4% |
| NVDA | $77M | +0.05B | 60.9% |
| VRT | $14M | +0.03B | 247.5% |
| SPY | $147M | +0.03B | 17.6% |
| C | $27M | +0.02B | 63.9% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $61M | -0.00B | -0.6% |
Top buys this quarter · 15
| RTX RTX Corporation | +$13M |
| MSFT Microsoft Corporation | +$89M |
| NVDA NVIDIA Corporation | +$12M |
| HOOD Robinhood Markets, Inc. | +$45M |
| ORCL Oracle Corporation | +$49M |
| C Citigroup Inc. | +$6M |
| AAPL Apple Inc. | +$112M |
| MS Morgan Stanley | +$5M |
| JPM JPMorgan Chase & Co. | +$62M |
| AMZN Amazon.com, Inc. | +$62M |
Top sells this quarter · 15
| SPY State Street SPDR S&P 500 ETF | −$19M |
| AG First Majestic Silver Corp.exit | −$2M |
| HL Hecla Mining Companyexit | −$2M |
| KR The Kroger Co. | −$1M |
| MCD McDonald's Corporation | −$1M |
| WEC WEC Energy Group, Inc. | −$1M |
| EPD Enterprise Products Partners L | −$9M |
| COP ConocoPhillips | −$1M |
| LOW Lowe's Companies, Inc. | −$1M |
| ALL The Allstate Corporation | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $8.02B | 1147 | +25.61% | +17.59% | +8.02% | +0.57B |
| 2025-12-31 | $7.59B | 1089 | +23.92% | +17.72% | +6.20% | +0.71B |
| 2025-09-30 | $6.85B | 1028 | +27.34% | +17.52% | +9.82% | -0.15B |
| 2025-06-30 | $6.31B | 911 | +21.01% | +14.94% | +6.07% | +0.10B |
| 2025-03-31 | $5.40B | 850 | +8.51% | +8.30% | +0.20% | +0.40B |
| 2024-12-31 | $5.17B | 829 | +20.34% | +24.89% | -4.55% | +0.28B |
| 2024-09-30 | $4.74B | 809 | +29.37% | +36.04% | -6.67% | +0.41B |
| 2024-06-30 | $4.12B | 748 | +18.38% | +24.49% | -6.11% | +0.18B |
| 2024-03-31 | $3.82B | 698 | +22.47% | +29.62% | -7.16% | -0.18B |
| 2023-12-31 | $3.72B | 661 | +20.83% | +26.18% | -5.34% | +0.12B |
| 2023-09-30 | $3.24B | 635 | +9.68% | +21.57% | -11.89% | +0.34B |
| 2023-06-30 | $3.02B | 568 | +13.29% | +19.42% | -6.13% | +0.03B |
| 2023-03-31 | $2.80B | 510 | -14.91% | -7.82% | -7.09% | +0.14B |
| 2022-12-31 | $2.51B | 439 | -23.38% | -18.17% | -5.21% | +0.21B |
| 2022-09-30 | $2.29B | 395 | -15.42% | -15.51% | +0.09% | -0.08B |
| 2022-06-30 | $2.38B | 391 | -14.62% | -10.62% | -4.00% | +0.31B |