Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.57%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.77%
baseline attrition
Rally response
-9.99%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VTIVanguard Total Stock Mar | $48M | 18.9% | — | 7.5 yr |
| SCHFSchwab International Equ | $17M | 6.7% | — | 7.5 yr |
| VOOVanguard S&P 500 ETF | $9M | 3.5% | — | 7.5 yr |
| FNDFSchwab Fundamental Inter | $8M | 3.0% | — | 3.5 yr |
| BONDPIMCO Active Bond Exchan | $7M | 2.8% | — | 5.3 yr |
| VEUVanguard FTSE All-World | $7M | 2.8% | — | 6.0 yr |
| SPYState Street SPDR S&P 50 | $6M | 2.6% | +17.6% | 7.5 yr |
| VPLSVanguard Core-Plus Bond | $6M | 2.5% | — | 2.3 yr |
| VEAVanguard FTSE Developed | $6M | 2.4% | — | 5.0 yr |
| SCHESchwab Emerging Markets | $6M | 2.4% | — | 7.5 yr |
| SCHZSchwab U.S. Aggregate Bo | $6M | 2.2% | — | 7.5 yr |
| FNDESchwab Fundamental Emerg | $5M | 2.0% | — | 5.0 yr |
| IAUMiShares Gold Trust Micro | $5M | 2.0% | — | 2.8 yr |
| VUSBVanguard Ultra-Short Bon | $5M | 2.0% | — | 5.0 yr |
| VPLVanguard FTSE Pacific ET | $5M | 1.9% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management79.6%+1.5pp$202M
Asset Management - Bonds5.8%-0.2pp$15M
Asset Management - Income2.6%+0.4pp$7M
Consumer Electronics1.2%+0.2pp$3M
Semiconductors1.1%+0.6pp$3M
Hardware, Equipment & Parts0.9%+0.5pp$2M
Software - Infrastructure0.8%-0.1pp$2M
Aerospace & Defense0.7%+0.3pp$2M
Oil & Gas Refining & Marketing0.6%+0.5pp$2M
Discount Stores0.6%+0.1pp$1M
Country
US99.1%+0.4pp
IE0.5%-0.2pp
CH0.4%+0.3pp
Top 5: 34.9% · Top 10: 47.5% · Top 25: 74.3%
Top buys this quarter · 12
| VLO Valero Energy Corporation | +$1M |
| GM General Motors Company | +$1M |
| FOXA Fox Corporationnew | +$1M |
| BFH Bread Financial Holdings, Inc.new | +$1M |
| BK The Bank of New York Mellon Co | +$1M |
| TEX Terex Corporationnew | +$1M |
| DLTR Dollar Tree, Inc.new | +$1M |
| PDI PIMCO Dynamic Income Fund | +$0M |
| FNDE Schwab Fundamental Emerging Ma | +$0M |
| VT Vanguard Total World Stock ETF | +$1M |
Top sells this quarter · 15
| SPY State Street SPDR S&P 500 ETF | −$5M |
| TSLA Tesla, Inc.exit | −$2M |
| CQP Cheniere Energy Partners, L.P.exit | −$1M |
| JBL Jabil Inc. | −$1M |
| KLAC KLA Corporation | −$1M |
| CRGY Crescent Energy Companyexit | −$1M |
| PWR Quanta Services, Inc. | −$1M |
| MSFT Microsoft Corporation | −$1M |
| LAUR Laureate Education, Inc. | −$1M |
| USFD US Foods Holding Corp. | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $254M | 103 | +21.59% | +17.59% | +3.99% | -0.15B |
| 2025-12-31 | $400M | 111 | +20.96% | +17.72% | +3.24% | +0.01B |
| 2025-09-30 | $386M | 108 | +22.39% | +17.52% | +4.87% | -0.01B |
| 2025-06-30 | $366M | 355 | +20.42% | +14.94% | +5.48% | -0.00B |
| 2025-03-31 | $329M | 350 | +7.24% | +8.30% | -1.07% | +0.03B |
| 2024-12-31 | $305M | 103 | +23.92% | +24.89% | -0.96% | -0.00B |
| 2024-09-30 | $303M | 101 | +38.30% | +36.04% | +2.26% | +0.00B |
| 2024-06-30 | $283M | 98 | +28.54% | +24.49% | +4.05% | +0.00B |
| 2024-03-31 | $280M | 105 | +38.41% | +29.62% | +8.78% | -0.02B |
| 2023-12-31 | $259M | 97 | +26.17% | +26.18% | -0.01% | -0.01B |
| 2023-09-30 | $240M | 96 | +25.66% | +21.57% | +4.09% | -0.00B |
| 2023-06-30 | $245M | 92 | +25.37% | +19.42% | +5.94% | -0.01B |
| 2023-03-31 | $234M | 89 | -1.95% | -7.82% | +5.87% | +0.01B |
| 2022-12-31 | $217M | 90 | -10.59% | -18.17% | +7.59% | -0.01B |
| 2022-09-30 | $199M | 88 | -11.74% | -15.51% | +3.77% | +0.01B |
| 2022-06-30 | $186M | 84 | -10.23% | -10.62% | +0.39% | +0.01B |