Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-11.54%
trims when stocks drop
when a holding falls −10%+
Middle response
-12.29%
baseline attrition
Rally response
-16.10%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AAPLApple Inc. | $1.53B | 5.9% | +14.7% | 7.5 yr |
| NVDANVIDIA Corporation | $1.31B | 5.0% | +60.9% | 6.0 yr |
| MSFTMicrosoft Corporation | $1.02B | 3.9% | -0.6% | 7.5 yr |
| AMZNAmazon.com, Inc. | $633M | 2.4% | +9.5% | 8.0 yr |
| GOOGAlphabet Inc. | $600M | 2.3% | +84.3% | 7.8 yr |
| GOOGLAlphabet Inc. | $577M | 2.2% | — | 8.0 yr |
| MUMicron Technology, Inc. | $523M | 2.0% | +289.6% | 5.3 yr |
| AVGOBroadcom Inc. | $440M | 1.7% | +86.0% | 6.8 yr |
| METAMeta Platforms, Inc. | $436M | 1.7% | -0.4% | 7.8 yr |
| TSLATesla, Inc. | $322M | 1.2% | +43.4% | 7.8 yr |
| LLYEli Lilly and Company | $305M | 1.2% | +12.2% | 7.5 yr |
| APHAmphenol Corporation | $294M | 1.1% | +93.6% | 1.8 yr |
| MAMastercard Incorporated | $288M | 1.1% | -8.5% | 7.0 yr |
| XOMExxon Mobil Corporation | $253M | 1.0% | +47.6% | 6.5 yr |
| COSTCostco Wholesale Corpora | $251M | 1.0% | +5.9% | 7.3 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors11.1%+3.2pp$2.89B
Internet Content & Information6.3%+2.0pp$1.64B
Consumer Electronics5.9%+0.6pp$1.53B
Software - Infrastructure5.6%-0.4pp$1.45B
Specialty Retail3.7%+0.6pp$971M
Drug Manufacturers - General3.7%-0.1pp$956M
Financial - Credit Services3.4%-0.4pp$875M
Software - Application3.1%-1.9pp$799M
Aerospace & Defense3.0%+0.4pp$785M
Industrial - Machinery2.9%+1.4pp$743M
Country
US97.0%+1.3pp
IE0.8%-0.7pp
CH0.5%+0.1pp
GB0.5%-0.8pp
SG0.3%+0.3pp
CA0.3%+0.3pp
Unknown0.2%+0.1pp
UY0.1%+0.1pp
Top 5: 19.6% · Top 10: 28.5% · Top 25: 42.2%
Top buys this quarter · 15
| AAPL Apple Inc. | +$294M |
| MSFT Microsoft Corporation | +$268M |
| AVGO Broadcom Inc. | +$213M |
| ZTS Zoetis Inc. | +$199M |
| DOW Dow Inc. | +$159M |
| WELL Welltower Inc. | +$158M |
| COF Capital One Financial Corporat | +$147M |
| ADP Automatic Data Processing, Inc | +$144M |
| BKR Baker Hughes Company | +$139M |
| DG Dollar General Corporation | +$133M |
Top sells this quarter · 15
| NFLX Netflix, Inc. | −$332M |
| AMZN Amazon.com, Inc. | −$221M |
| PYPL PayPal Holdings, Inc.exit | −$203M |
| TGT Target Corporation | −$168M |
| GLW Corning Incorporated | −$157M |
| AMD Advanced Micro Devices, Inc.exit | −$155M |
| WMT Walmart Inc. | −$150M |
| INTC Intel Corporationexit | −$138M |
| TPR Tapestry, Inc. | −$132M |
| FTNT Fortinet, Inc. | −$129M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $25.93B | 592 | +17.82% | +17.59% | +0.23% | +1.02B |
| 2025-12-31 | $25.78B | 568 | +16.67% | +17.72% | -1.04% | +1.89B |
| 2025-09-30 | $23.15B | 499 | +15.05% | +17.52% | -2.47% | +1.54B |
| 2025-06-30 | $20.13B | 481 | +15.75% | +14.94% | +0.80% | +2.66B |
| 2025-03-31 | $15.87B | 413 | +7.01% | +8.30% | -1.29% | +1.09B |
| 2024-12-31 | $15.44B | 432 | +21.98% | +24.89% | -2.91% | +1.53B |
| 2024-09-30 | $13.67B | 431 | +33.89% | +36.04% | -2.15% | +1.82B |
| 2024-06-30 | $10.97B | 404 | +19.62% | +24.49% | -4.87% | +2.72B |
| 2024-03-31 | $8.11B | 346 | +25.32% | +29.62% | -4.30% | +0.31B |
| 2023-12-31 | $7.15B | 334 | +20.56% | +26.18% | -5.62% | -0.09B |
| 2023-09-30 | $6.48B | 346 | +14.28% | +21.57% | -7.29% | +0.78B |
| 2023-06-30 | $5.91B | 353 | +14.75% | +19.42% | -4.68% | +0.15B |
| 2023-03-31 | $5.40B | 346 | -8.37% | -7.82% | -0.55% | +0.80B |
| 2022-12-31 | $4.39B | 320 | +5.89% | +7.56% | -1.68% | +0.03B |
| 2022-09-30 | $4.12B | 314 | -3.12% | -4.93% | +1.80% | +0.73B |
| 2022-06-30 | $3.49B | 287 | -14.86% | -16.11% | +1.25% | +0.00B |