Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.77%
trims when stocks drop
when a holding falls −10%+
Middle response
+4.13%
steady accumulation
Rally response
-4.38%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VOOVanguard S&P 500 ETF | $378M | 10.6% | — | 6.8 yr |
| VEAVanguard FTSE Developed | $171M | 4.8% | — | 7.5 yr |
| VIGVanguard Dividend Apprec | $154M | 4.3% | — | 7.3 yr |
| AAPLApple Inc. | $123M | 3.5% | +14.7% | 6.3 yr |
| IEMGiShares Core MSCI Emergi | $118M | 3.3% | — | 7.5 yr |
| IVViShares Core S&P 500 ETF | $116M | 3.3% | — | 7.5 yr |
| APPAppLovin Corporation | $97M | 2.7% | +50.2% | 5.0 yr |
| VCITVanguard Intermediate-Te | $91M | 2.6% | — | 4.3 yr |
| IEFAiShares Core MSCI EAFE E | $73M | 2.0% | — | 7.5 yr |
| AGGiShares Core U.S. Aggreg | $66M | 1.8% | — | 7.0 yr |
| MSFTMicrosoft Corporation | $59M | 1.7% | -0.6% | 7.5 yr |
| NVDANVIDIA Corporation | $58M | 1.6% | +60.9% | 5.5 yr |
| SPYState Street SPDR S&P 50 | $47M | 1.3% | +17.6% | 7.5 yr |
| VTIVanguard Total Stock Mar | $45M | 1.3% | — | 7.5 yr |
| VGKVanguard FTSE Europe ETF | $42M | 1.2% | — | 2.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management65.3%-1.1pp$2.33B
Asset Management - Bonds4.6%-1.7pp$162M
Consumer Electronics3.5%-0.1pp$123M
Software - Application2.9%-1.3pp$105M
Semiconductors2.6%+1.7pp$91M
Drug Manufacturers - General2.2%+1.4pp$79M
Internet Content & Information2.0%+0.8pp$73M
Software - Infrastructure2.0%+0.1pp$71M
Banks - Diversified1.1%+0.4pp$39M
Specialty Retail1.0%-0.1pp$36M
Country
US98.5%-0.4pp
CA0.5%+0.2pp
GB0.4%+0.2pp
IE0.1%-0.1pp
Unknown0.1%-0.0pp
NL0.1%+0.1pp
BM0.1%+0.0pp
CH0.1%+0.0pp
Top 5: 26.5% · Top 10: 38.9% · Top 25: 54.7%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| APP | $107M | +0.05B | 50.2% |
| AAPL | $96M | +0.01B | 14.7% |
| GOOG | $15M | +0.01B | 84.3% |
| SPY | $49M | +0.01B | 17.6% |
| NVDA | $11M | +0.01B | 60.9% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $47M | -0.00B | -0.6% |
Top buys this quarter · 15
| EMAT Evolution Metals & Technologienew | +$22M |
| BAC Bank of America Corporation | +$9M |
| OBDC Blue Owl Capital Corporation | +$2M |
| CMG Chipotle Mexican Grill, Inc. | +$2M |
| AVGO Broadcom Inc. | +$2M |
| HD The Home Depot, Inc. | +$2M |
| XOM Exxon Mobil Corporation | +$1M |
| ORCL Oracle Corporation | +$6M |
| PIPR Piper Sandler Companiesnew | +$1M |
| GSAT Globalstar, Inc. | +$1M |
Top sells this quarter · 15
| APP AppLovin Corporation | −$59M |
| UUUU Energy Fuels Inc. | −$13M |
| SII Sprott Inc. | −$8M |
| SPY State Street SPDR S&P 500 ETF | −$7M |
| JPM JPMorgan Chase & Co. | −$6M |
| BGC BGC Group, Inc | −$6M |
| AAPL Apple Inc. | −$6M |
| MSFT Microsoft Corporation | −$3M |
| NMRK Newmark Group, Inc. | −$2M |
| BFST Business First Bancshares, Inc | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.57B | 613 | +31.18% | +17.59% | +13.58% | +0.44B |
| 2025-12-31 | $3.55B | 632 | +36.16% | +17.72% | +18.44% | +0.21B |
| 2025-09-30 | $3.31B | 529 | +55.63% | +17.52% | +38.12% | -0.44B |
| 2025-06-30 | $2.88B | 540 | +31.08% | +14.94% | +16.14% | -0.14B |
| 2025-03-31 | $2.67B | 536 | +21.85% | +8.30% | +13.55% | +0.10B |
| 2024-12-31 | $2.81B | 553 | +45.95% | +24.89% | +21.07% | -0.32B |
| 2024-09-30 | $2.71B | 615 | +40.91% | +36.04% | +4.87% | +0.62B |
| 2024-06-30 | $1.91B | 485 | +26.74% | +24.49% | +2.25% | -0.01B |
| 2024-03-31 | $1.82B | 485 | +31.66% | +29.62% | +2.03% | +0.08B |
| 2023-12-31 | $1.59B | 438 | +31.06% | +26.18% | +4.88% | -0.06B |
| 2023-09-30 | $1.48B | 440 | +20.64% | +21.57% | -0.92% | +0.13B |
| 2023-06-30 | $1.37B | 415 | +15.77% | +19.42% | -3.66% | -0.00B |
| 2023-03-31 | $1.26B | 437 | -13.82% | -7.82% | -6.00% | +0.14B |
| 2022-12-31 | $1.02B | 403 | -24.72% | -18.17% | -6.54% | +0.11B |
| 2022-09-30 | $888M | 356 | -18.43% | -15.51% | -2.92% | -0.06B |
| 2022-06-30 | $1.01B | 371 | -13.20% | -10.62% | -2.57% | +0.06B |