Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-22.76%
trims when stocks drop
when a holding falls −10%+
Middle response
-23.21%
baseline attrition
Rally response
-26.63%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IVViShares Core S&P 500 ETF | $3.58B | 23.7% | — | 0.5 yr |
| SPYState Street SPDR S&P 50 | $1.06B | 7.1% | +17.6% | 3.5 yr |
| AMZNAmazon.com, Inc. | $532M | 3.5% | +9.5% | 7.3 yr |
| IBITiShares Bitcoin Trust ET | $166M | 1.1% | — | 1.5 yr |
| AAPLApple Inc. | $158M | 1.0% | +14.7% | 5.0 yr |
| METAMeta Platforms, Inc. | $139M | 0.9% | -0.4% | 6.3 yr |
| ABNBAirbnb, Inc. | $136M | 0.9% | +5.7% | 3.3 yr |
| NVDANVIDIA Corporation | $131M | 0.9% | +60.9% | 5.3 yr |
| AMATApplied Materials, Inc. | $94M | 0.6% | +137.6% | 4.0 yr |
| SPOTSpotify Technology S.A. | $90M | 0.6% | -11.8% | 5.0 yr |
| TSMTaiwan Semiconductor Man | $80M | 0.5% | +105.6% | 3.3 yr |
| QQQInvesco QQQ Trust, Serie | $78M | 0.5% | — | 2.8 yr |
| BACBank of America Corporat | $77M | 0.5% | +19.4% | 4.8 yr |
| MCDMcDonald's Corporation | $74M | 0.5% | +1.8% | 5.0 yr |
| ASMLASML Holding N.V. | $73M | 0.5% | +100.9% | 2.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management34.3%+30.6pp$5.17B
Specialty Retail5.0%-1.8pp$759M
Semiconductors5.0%-6.2pp$758M
Software - Application2.8%+0.2pp$424M
Unknown2.8%-0.3pp$417M
Internet Content & Information2.7%-0.8pp$411M
Aerospace & Defense2.0%+0.7pp$304M
Software - Infrastructure2.0%-0.9pp$297M
Biotechnology1.8%-0.4pp$278M
Financial - Capital Markets1.7%-1.4pp$256M
Country
US87.9%+2.2pp
Unknown2.8%-0.3pp
CA1.8%+0.4pp
GB1.3%+0.3pp
IE0.8%-0.1pp
NL0.7%+0.4pp
LU0.7%+0.3pp
SG0.6%+0.4pp
Top 5: 36.4% · Top 10: 40.3% · Top 25: 47.0%
Top buys this quarter · 15
| SPY State Street SPDR S&P 500 ETF | +$906M |
| AMZN Amazon.com, Inc. | +$250M |
| AAPL Apple Inc. | +$108M |
| ICE Intercontinental Exchange, Inc | +$69M |
| ASML ASML Holding N.V. | +$63M |
| MTCH Match Group, Inc. | +$57M |
| DOCS Doximity, Inc. | +$54M |
| ABNB Airbnb, Inc. | +$53M |
| GRMN Garmin Ltd. | +$51M |
| EQIX Equinix, Inc. | +$49M |
Top sells this quarter · 15
| ISRG Intuitive Surgical, Inc. | −$100M |
| CMI Cummins Inc. | −$86M |
| BSX Boston Scientific Corporation | −$76M |
| SNDK Sandisk Corporation | −$47M |
| NVDA NVIDIA Corporation | −$72M |
| MCK McKesson Corporation | −$72M |
| GMED Globus Medical, Inc. | −$71M |
| MSFT Microsoft Corporation | −$68M |
| DHR Danaher Corporation | −$61M |
| DECK Deckers Outdoor Corporation | −$58M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $15.09B | 1715 | +25.73% | +17.59% | +8.14% | -0.75B |
| 2025-12-31 | $16.47B | 1766 | +24.32% | +17.72% | +6.60% | +4.85B |
| 2025-09-30 | $11.19B | 1717 | +22.10% | +17.52% | +4.58% | +0.40B |
| 2025-06-30 | $9.77B | 1764 | +19.38% | +14.94% | +4.44% | +0.56B |
| 2025-03-31 | $8.08B | 1718 | +0.98% | +8.30% | -7.33% | -1.06B |
| 2024-12-31 | $9.62B | 1952 | +19.30% | +24.89% | -5.59% | +0.80B |
| 2024-09-30 | $8.64B | 2342 | +30.72% | +36.04% | -5.32% | -0.89B |
| 2024-06-30 | $8.82B | 2517 | +16.57% | +24.49% | -7.92% | +0.62B |
| 2024-03-31 | $8.51B | 2503 | +31.79% | +29.62% | +2.17% | +1.29B |
| 2023-12-31 | $6.43B | 1999 | +20.35% | +26.18% | -5.83% | -0.65B |
| 2023-09-30 | $6.33B | 2115 | -3.01% | +21.57% | -24.58% | +1.20B |
| 2023-06-30 | $5.33B | 1942 | -30.13% | +19.42% | -49.56% | +0.26B |
| 2023-03-31 | $4.65B | 1982 | -93.09% | -7.82% | -85.27% | +0.28B |
| 2022-12-31 | $4.26B | 2024 | -9.92% | +7.56% | -17.48% | +0.70B |
| 2022-09-30 | $3.96B | 2169 | -30.63% | -4.93% | -25.70% | +1.87B |
| 2022-06-30 | $3.01B | 2198 | -89.22% | -16.11% | -73.11% | +2.69B |