Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-8.46%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.70%
baseline attrition
Rally response
-1.86%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TJXThe TJX Companies, Inc. | $116M | 8.9% | +32.7% | 5.3 yr |
| JPMJPMorgan Chase & Co. | $97M | 7.4% | +21.8% | 5.3 yr |
| TSMTaiwan Semiconductor Man | $85M | 6.5% | +105.6% | 1.0 yr |
| AAPLApple Inc. | $82M | 6.3% | +14.7% | 5.3 yr |
| NVDANVIDIA Corporation | $80M | 6.1% | +60.9% | 5.3 yr |
| MSFTMicrosoft Corporation | $80M | 6.1% | -0.6% | 5.3 yr |
| AMGNAmgen Inc. | $66M | 5.0% | +16.5% | 5.3 yr |
| SHWThe Sherwin-Williams Com | $62M | 4.7% | -7.4% | 5.3 yr |
| TXNTexas Instruments Incorp | $61M | 4.6% | +11.4% | 5.3 yr |
| DEDeere & Company | $59M | 4.5% | +21.2% | 5.3 yr |
| UNPUnion Pacific Corporatio | $59M | 4.5% | +5.1% | 5.3 yr |
| ADIAnalog Devices, Inc. | $57M | 4.4% | +60.2% | 5.3 yr |
| LINLinde plc | $54M | 4.1% | +7.9% | 3.3 yr |
| AMZNAmazon.com, Inc. | $50M | 3.8% | +9.5% | 5.3 yr |
| VVisa Inc. | $46M | 3.5% | -13.1% | 5.3 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors23.0%+12.2pp$301M
Banks - Diversified9.0%+2.0pp$119M
Apparel - Retail8.9%+1.4pp$117M
Chemicals - Specialty8.8%+0.5pp$116M
Consumer Electronics6.3%+0.2pp$83M
Software - Infrastructure6.1%-0.3pp$80M
Drug Manufacturers - General5.7%-1.5pp$74M
Agricultural - Machinery4.5%+0.6pp$59M
Railroads4.5%-0.1pp$59M
Specialty Retail3.9%+0.7pp$51M
Country
US86.3%-2.2pp
TW6.5%
GB4.1%+0.6pp
ES1.4%
LU1.4%
IT0.2%-0.1pp
NL0.0%+0.0pp
UY0.0%+0.0pp
Top 5: 35.2% · Top 10: 60.1% · Top 25: 97.4%
Top buys this quarter · 6
| SAN Banco Santander, S.A. | +$18M |
| AVGO Broadcom Inc. | +$5M |
| SPOT Spotify Technology S.A. | +$18M |
| UBER Uber Technologies, Inc. | +$16M |
| NFLX Netflix, Inc. | +$0M |
| IDN Intellicheck, Inc. | +$0M |
Top sells this quarter · 15
| ACN Accenture plc | −$35M |
| INTU Intuit Inc. | −$11M |
| MA Mastercard Incorporated | −$9M |
| TJX The TJX Companies, Inc. | −$8M |
| COIN Coinbase Global, Inc.exit | −$7M |
| JPM JPMorgan Chase & Co. | −$7M |
| TSM Taiwan Semiconductor Manufactu | −$82M |
| AAPL Apple Inc. | −$5M |
| MSFT Microsoft Corporation | −$5M |
| AMGN Amgen Inc. | −$66M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.31B | 60 | +8.06% | +17.59% | -9.53% | -0.11B |
| 2025-12-31 | $1.46B | 63 | +9.74% | +17.72% | -7.97% | -0.14B |
| 2025-09-30 | $1.59B | 66 | +8.38% | +17.52% | -9.13% | -0.04B |
| 2025-06-30 | $1.59B | 70 | +11.85% | +14.94% | -3.09% | -0.13B |
| 2025-03-31 | $1.60B | 75 | +3.52% | +8.30% | -4.79% | -0.00B |
| 2024-12-31 | $1.63B | 79 | +13.03% | +24.89% | -11.86% | -0.03B |
| 2024-09-30 | $1.66B | 77 | +27.83% | +36.04% | -8.21% | -0.03B |
| 2024-06-30 | $1.60B | 80 | +19.82% | +24.49% | -4.68% | +0.01B |
| 2024-03-31 | $1.59B | 86 | +27.45% | +29.62% | -2.17% | +0.03B |
| 2023-12-31 | $1.45B | 89 | +25.40% | +26.18% | -0.78% | -0.02B |
| 2023-09-30 | $1.30B | 90 | +21.09% | +21.57% | -0.48% | +0.00B |
| 2023-06-30 | $1.31B | 93 | +15.34% | +19.42% | -4.09% | -0.03B |
| 2023-03-31 | $1.26B | 92 | -9.57% | -7.82% | -1.75% | -0.01B |
| 2022-12-31 | $1.20B | 95 | +8.74% | +7.56% | +1.18% | -0.01B |
| 2022-09-30 | $1.11B | 90 | -5.71% | -4.93% | -0.78% | +0.00B |
| 2022-06-30 | $1.17B | 90 | -16.74% | -16.11% | -0.63% | -0.12B |