Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.06%
trims when stocks drop
when a holding falls −10%+
Middle response
+0.88%
steady accumulation
Rally response
-1.56%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IVViShares Core S&P 500 ETF | $136M | 3.2% | — | 10.3 yr |
| SPYState Street SPDR S&P 50 | $126M | 2.9% | +17.6% | 10.3 yr |
| USMViShares MSCI USA Min Vol | $106M | 2.5% | — | 10.3 yr |
| ITOTiShares Core S&P Total U | $104M | 2.4% | — | 10.3 yr |
| VOOVanguard S&P 500 ETF | $72M | 1.7% | — | 10.3 yr |
| VNLAJanus Henderson Short Du | $65M | 1.5% | — | 7.3 yr |
| IWViShares Russell 3000 ETF | $63M | 1.5% | — | 10.3 yr |
| SPLGSPDR Portfolio S&P 500 E | $54M | 1.3% | — | 8.0 yr |
| AAPLApple Inc. | $48M | 1.1% | +14.7% | 10.0 yr |
| NSCNorfolk Southern Corpora | $44M | 1.0% | +23.6% | 10.3 yr |
| IXUSiShares Core MSCI Total | $40M | 0.9% | — | 10.3 yr |
| PVALPutnam Focused Large Cap | $39M | 0.9% | — | 1.3 yr |
| FIXDFirst Trust Smith Opport | $37M | 0.9% | — | 8.0 yr |
| MSFTMicrosoft Corporation | $37M | 0.9% | -0.6% | 10.3 yr |
| SPTMState Street SPDR Portfo | $37M | 0.9% | — | 8.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management62.5%+3.2pp$2.69B
Asset Management - Bonds5.1%-1.0pp$218M
Asset Management - Income4.2%+1.6pp$181M
Semiconductors2.1%+0.3pp$90M
Software - Infrastructure1.9%-0.7pp$84M
Internet Content & Information1.3%+0.0pp$54M
Railroads1.2%+0.6pp$52M
Oil & Gas Integrated1.2%+0.3pp$51M
Drug Manufacturers - General1.2%-0.5pp$50M
Consumer Electronics1.1%-0.3pp$48M
Country
US97.5%+0.6pp
CA0.9%+0.0pp
IE0.5%-0.1pp
CH0.3%+0.0pp
NL0.2%+0.1pp
TW0.1%+0.0pp
GB0.1%-0.1pp
Unknown0.1%-0.3pp
Top 5: 12.6% · Top 10: 19.0% · Top 25: 31.1%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NVDA | $26M | +0.02B | 60.9% |
| SPY | $73M | +0.01B | 17.6% |
| XOM | $18M | +0.01B | 47.6% |
| AAPL | $42M | +0.01B | 14.7% |
| NSC | $15M | +0.00B | 23.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $34M | -0.00B | -0.6% |
Top buys this quarter · 15
| SPY State Street SPDR S&P 500 ETF | +$33M |
| NSC Norfolk Southern Corporation | +$16M |
| CARR Carrier Global Corporation | +$5M |
| ELAN Elanco Animal Health Incorpora | +$5M |
| CHD Church & Dwight Co., Inc. | +$4M |
| IDXX IDEXX Laboratories, Inc. | +$3M |
| TMDX TransMedics Group, Inc. | +$3M |
| PANW Palo Alto Networks, Inc. | +$16M |
| HUBB Hubbell Incorporated | +$2M |
| GEV GE Vernova Inc. | +$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.30B | 2453 | +17.58% | +17.59% | -0.01% | +0.27B |
| 2025-12-31 | $4.08B | 2447 | +16.38% | +17.72% | -1.34% | +0.11B |
| 2025-09-30 | $3.93B | 2449 | +17.61% | +17.52% | +0.09% | -0.42B |
| 2025-06-30 | $4.08B | 3094 | +17.56% | +14.94% | +2.62% | +0.80B |
| 2025-03-31 | $2.97B | 3038 | +8.33% | +8.30% | +0.03% | +0.19B |
| 2024-12-31 | $2.85B | 2867 | +19.07% | +24.89% | -5.81% | +0.18B |
| 2024-09-30 | $2.62B | 2550 | +30.07% | +36.04% | -5.97% | +0.21B |
| 2024-06-30 | $2.25B | 2047 | +19.35% | +24.49% | -5.14% | +0.03B |
| 2024-03-31 | $2.18B | 2116 | +24.00% | +29.62% | -5.62% | +0.01B |
| 2023-12-31 | $2.02B | 2083 | +21.69% | +26.18% | -4.49% | -0.14B |
| 2023-09-30 | $1.94B | 2084 | +14.32% | +21.57% | -7.25% | +0.08B |
| 2023-06-30 | $1.89B | 2060 | +9.23% | +19.42% | -10.20% | +0.16B |
| 2023-03-31 | $1.65B | 2036 | -23.74% | -7.82% | -15.92% | -0.10B |
| 2022-12-31 | $1.65B | 2009 | -31.04% | -18.17% | -12.87% | +0.13B |
| 2022-09-30 | $1.45B | 1986 | -26.91% | -15.51% | -11.41% | -0.44B |
| 2022-06-30 | $2.02B | 2568 | -21.49% | -10.62% | -10.87% | +0.31B |