Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+10.66%
adds when stocks drop
when a holding falls −10%+
Middle response
+0.35%
steady accumulation
Rally response
-6.80%
trims into rallies
when a holding rises +10%+
Top positions · 19
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AAPLApple Inc. | $7.35B | 36.7% | +14.7% | 7.5 yr |
| BRK-BBerkshire Hathaway Inc. | $4.38B | 21.9% | — | 7.5 yr |
| NVDANVIDIA Corporation | $2.41B | 12.1% | +60.9% | 1.3 yr |
| PDDPDD Holdings Inc. | $2.02B | 10.1% | -13.7% | 4.0 yr |
| TSLATesla, Inc. | $1.27B | 6.3% | +43.4% | 0.3 yr |
| GOOGAlphabet Inc. | $1.06B | 5.3% | +84.3% | 7.5 yr |
| OXYOccidental Petroleum Cor | $667M | 3.3% | +34.6% | 3.0 yr |
| MSFTMicrosoft Corporation | $376M | 1.9% | -0.6% | 1.3 yr |
| UNHUnitedHealth Group Incor | $163M | 0.8% | -46.9% | 0.3 yr |
| DISThe Walt Disney Company | $146M | 0.7% | -1.3% | 6.3 yr |
| CRDOCredo Technology Group H | $71M | 0.4% | +133.7% | 0.5 yr |
| TSMTaiwan Semiconductor Man | $51M | 0.3% | +105.6% | 1.3 yr |
| CRCLCircle Internet Group | $19M | 0.1% | — | 0.3 yr |
| PLTRPalantir Technologies In | $9M | 0.0% | +73.3% | 0.3 yr |
| SNPSSynopsys, Inc. | $4M | 0.0% | -7.5% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Consumer Electronics36.7%-26.6pp$7.35B
Insurance - Diversified21.9%+6.9pp$4.38B
Semiconductors12.3%+11.4pp$2.47B
Specialty Retail10.1%-1.9pp$2.02B
Auto - Manufacturers6.3%$1.27B
Internet Content & Information5.3%+3.9pp$1.06B
Oil & Gas Exploration & Production3.3%-2.4pp$667M
Software - Infrastructure2.0%+1.0pp$393M
Medical - Healthcare Plans0.8%$163M
Entertainment0.7%+0.1pp$146M
Country
US89.7%+2.1pp
IE10.1%+2.4pp
TW0.3%-0.1pp
Top 5: 87.1% · Top 10: 99.2% · Top 25: 100.0%
Top buys this quarter · 15
| BRK-B Berkshire Hathaway Inc. | +$0M |
| TSLA Tesla, Inc.new | +$1.27B |
| NVDA NVIDIA Corporation | +$1.15B |
| PDD PDD Holdings Inc. | +$839M |
| GOOG Alphabet Inc. | +$531M |
| UNH UnitedHealth Group Incorporatenew | +$163M |
| DIS The Walt Disney Company | +$77M |
| MSFT Microsoft Corporation | +$376M |
| CRDO Credo Technology Group Holding | +$57M |
| CRCL Circle Internet Groupnew | +$19M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $20.00B | 19 | +13.80% | +17.59% | -3.79% | +3.44B |
| 2025-12-31 | $17.49B | 14 | +11.88% | +17.72% | -5.84% | +2.32B |
| 2025-09-30 | $14.68B | 11 | +14.01% | +17.52% | -3.51% | +0.26B |
| 2025-06-30 | $11.53B | 10 | +0.62% | +14.94% | -14.33% | +0.37B |
| 2025-03-31 | $12.00B | 11 | +31.63% | +8.30% | +23.33% | -1.52B |
| 2024-12-31 | $14.52B | 8 | +28.28% | +24.89% | +3.39% | -2.90B |
| 2024-09-30 | $16.54B | 8 | +36.15% | +36.04% | +0.11% | -1.81B |
| 2024-06-30 | $16.63B | 9 | +10.90% | +24.49% | -13.60% | -0.64B |
| 2024-03-31 | $14.20B | 9 | +6.07% | +29.62% | -23.55% | +1.07B |
| 2023-12-31 | $14.46B | 9 | +47.07% | +26.18% | +20.89% | -0.38B |
| 2023-09-30 | $13.28B | 9 | +24.59% | +21.57% | +3.02% | -0.01B |
| 2023-06-30 | $14.78B | 8 | +37.83% | +19.42% | +18.41% | -0.69B |
| 2023-03-31 | $13.30B | 9 | -5.96% | -7.82% | +1.86% | -0.34B |
| 2022-12-31 | $10.83B | 8 | -5.34% | +7.56% | -12.90% | +1.88B |
| 2022-09-30 | $9.45B | 8 | -0.58% | -4.93% | +4.35% | +0.90B |
| 2022-06-30 | $8.60B | 8 | -20.61% | -16.11% | -4.50% | +1.11B |