Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+2.78%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.39%
baseline attrition
Rally response
-1.24%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GLDSPDR Gold Shares | $35M | 6.2% | — | 7.0 yr |
| ITAiShares U.S. Aerospace & | $28M | 5.0% | — | 7.5 yr |
| PYLDPIMCO Multisector Bond A | $22M | 3.9% | — | 2.3 yr |
| VWOVanguard FTSE Emerging M | $21M | 3.6% | — | 3.0 yr |
| IEZiShares U.S. Oil Equipme | $20M | 3.5% | — | 2.0 yr |
| SOXXiShares Semiconductor ET | $20M | 3.5% | — | 6.8 yr |
| EMXCiShares MSCI Emerging Ma | $19M | 3.4% | — | 0.5 yr |
| NVDANVIDIA Corporation | $16M | 2.8% | +60.9% | 9.0 yr |
| SCHXSchwab U.S. Large-Cap ET | $15M | 2.6% | — | 9.8 yr |
| SCHGSchwab U.S. Large-Cap Gr | $14M | 2.5% | — | 10.0 yr |
| VISVanguard Industrials ETF | $14M | 2.4% | — | 5.8 yr |
| IAUiShares Gold Trust | $13M | 2.3% | — | 2.5 yr |
| HYGHiShares Interest Rate He | $13M | 2.2% | — | 4.3 yr |
| MINTPIMCO Enhanced Short Mat | $13M | 2.2% | — | 6.5 yr |
| ROBOL&G ROBO Global Robotics | $13M | 2.2% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management58.0%+4.7pp$328M
Asset Management - Bonds10.9%-2.0pp$62M
Semiconductors5.0%+0.7pp$28M
Aerospace & Defense4.7%-0.1pp$27M
Asset Management - Leveraged2.2%-4.3pp$13M
Internet Content & Information2.1%+1.8pp$12M
Software - Infrastructure1.7%-0.5pp$9M
Asset Management - Global1.6%+0.5pp$9M
Specialty Retail1.5%-0.3pp$8M
Oil & Gas Equipment & Services1.3%$7M
Country
US99.6%-0.1pp
CA0.2%-0.0pp
CH0.1%+0.1pp
SG0.1%
IE0.0%
NL0.0%
Top 5: 22.2% · Top 10: 36.9% · Top 25: 68.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| KLAC | $9M | +0.01B | 118.2% |
| KTOS | $6M | +0.01B | 137.5% |
| NVDA | $10M | +0.01B | 60.9% |
| HEI | $10M | +0.00B | 2.7% |
| MSFT | $4M | -0.00B | -0.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $4M | -0.00B | -0.6% |
Top buys this quarter · 15
| VLO Valero Energy Corporation | +$7M |
| SLB SLB N.V. | +$6M |
| PH Parker-Hannifin Corporation | +$6M |
| KTOS Kratos Defense & Security Solu | +$2M |
| NVDA NVIDIA Corporation | +$1M |
| HEI HEICO Corporation | +$10M |
| ORLY O'Reilly Automotive, Inc. | +$1M |
| F-PD Ford Motor Company 6.500% Note | +$0M |
| HAL Halliburton Company | +$0M |
| CCI Crown Castle Inc. | +$0M |
Top sells this quarter · 15
| PANW Palo Alto Networks, Inc.exit | −$8M |
| CTAS Cintas Corporationexit | −$5M |
| LDOS Leidos Holdings, Inc.exit | −$5M |
| ETN Eaton Corporation plc | −$5M |
| ZETA Zeta Global Holdings Corp.exit | −$4M |
| KLAC KLA Corporation | −$3M |
| NOW ServiceNow, Inc.exit | −$3M |
| MAR Marriott International, Inc. | −$0M |
| AXP American Express Companyexit | −$0M |
| JPM JPMorgan Chase & Co. | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $567M | 136 | +29.97% | +17.59% | +12.38% | +0.03B |
| 2025-12-31 | $552M | 136 | +27.33% | +17.72% | +9.62% | +0.04B |
| 2025-09-30 | $512M | 139 | +26.55% | +17.52% | +9.03% | -0.02B |
| 2025-06-30 | $467M | 124 | +19.18% | +14.94% | +4.24% | -0.05B |
| 2025-03-31 | $446M | 124 | +10.20% | +8.30% | +1.90% | -0.01B |
| 2024-12-31 | $482M | 119 | +28.77% | +24.89% | +3.88% | +0.02B |
| 2024-09-30 | $466M | 116 | +46.72% | +36.04% | +10.68% | +0.02B |
| 2024-06-30 | $409M | 102 | +33.09% | +24.49% | +8.60% | -0.01B |
| 2024-03-31 | $391M | 103 | +32.68% | +29.62% | +3.06% | +0.01B |
| 2023-12-31 | $346M | 102 | +30.30% | +26.18% | +4.12% | +0.01B |
| 2023-09-30 | $302M | 93 | +18.56% | +21.57% | -3.01% | -0.01B |
| 2023-06-30 | $320M | 93 | +17.29% | +19.42% | -2.13% | -0.01B |
| 2023-03-31 | $302M | 93 | -7.25% | -7.82% | +0.57% | -0.00B |
| 2022-12-31 | $277M | 695 | -19.08% | -18.17% | -0.91% | +0.02B |
| 2022-09-30 | $250M | 76 | -12.41% | -15.51% | +3.09% | +0.01B |
| 2022-06-30 | $243M | 76 | -9.29% | -10.62% | +1.33% | -0.02B |