Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-21.12%
trims when stocks drop
when a holding falls −10%+
Middle response
-21.19%
baseline attrition
Rally response
-20.22%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AMDAdvanced Micro Devices, | $808M | 14.2% | +98.0% | 6.5 yr |
| SPLGSPDR Portfolio S&P 500 E | $583M | 10.3% | — | 0.3 yr |
| TSLATesla, Inc. | $386M | 6.8% | +43.4% | 7.0 yr |
| BRK-BBerkshire Hathaway Inc. | $344M | 6.1% | — | 7.5 yr |
| AAPLApple Inc. | $265M | 4.7% | +14.7% | 7.5 yr |
| AVGOBroadcom Inc. | $250M | 4.4% | +86.0% | 5.8 yr |
| AMZNAmazon.com, Inc. | $213M | 3.8% | +9.5% | 7.5 yr |
| NVDANVIDIA Corporation | $188M | 3.3% | +60.9% | 7.5 yr |
| GSThe Goldman Sachs Group, | $126M | 2.2% | +58.1% | 7.5 yr |
| PLTRPalantir Technologies In | $93M | 1.6% | +73.3% | 3.8 yr |
| ADBEAdobe Inc. | $91M | 1.6% | -36.6% | 7.5 yr |
| AMATApplied Materials, Inc. | $64M | 1.1% | +137.6% | 7.3 yr |
| NXPINXP Semiconductors N.V. | $63M | 1.1% | +5.0% | 5.0 yr |
| ADSKAutodesk, Inc. | $60M | 1.0% | -8.6% | 7.0 yr |
| FTNTFortinet, Inc. | $59M | 1.0% | -15.1% | 7.0 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors25.2%+10.6pp$1.44B
Asset Management10.6%+8.9pp$600M
Auto - Manufacturers6.9%+1.1pp$395M
Specialty Retail6.4%-4.5pp$362M
Software - Application6.2%+1.5pp$352M
Insurance - Diversified6.1%+0.5pp$345M
Software - Infrastructure4.8%-1.1pp$275M
Consumer Electronics4.7%-0.9pp$265M
Financial - Capital Markets2.2%-0.6pp$127M
Internet Content & Information2.1%-1.2pp$122M
Country
US93.9%-2.4pp
GB1.2%+1.0pp
NL1.1%+1.1pp
UY0.9%+0.4pp
CA0.7%-0.5pp
CH0.6%+0.5pp
AU0.4%+0.4pp
IE0.2%-0.2pp
Top 5: 42.0% · Top 10: 57.3% · Top 25: 71.5%
Top buys this quarter · 15
| AMD Advanced Micro Devices, Inc. | +$230M |
| AVGO Broadcom Inc. | +$195M |
| GS The Goldman Sachs Group, Inc. | +$95M |
| NXPI NXP Semiconductors N.V. | +$62M |
| AAPL Apple Inc. | +$43M |
| XOM Exxon Mobil Corporation | +$40M |
| SPGI S&P Global Inc. | +$37M |
| LIN Linde plc | +$37M |
| AMGN Amgen Inc. | +$35M |
| TFC Truist Financial Corporation | +$32M |
Top sells this quarter · 15
| COST Costco Wholesale Corporation | −$94M |
| NVDA NVIDIA Corporation | −$56M |
| AMZN Amazon.com, Inc. | −$51M |
| PYPL PayPal Holdings, Inc. | −$50M |
| GOOG Alphabet Inc. | −$50M |
| EQIX Equinix, Inc. | −$37M |
| MA Mastercard Incorporated | −$34M |
| META Meta Platforms, Inc. | −$18M |
| WELL Welltower Inc. | −$18M |
| ORCL Oracle Corporation | −$14M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $5.69B | 388 | +16.07% | +17.59% | -1.52% | +1.16B |
| 2025-12-31 | $5.01B | 388 | +18.90% | +17.72% | +1.18% | -2.95B |
| 2025-09-30 | $7.77B | 693 | +20.22% | +17.52% | +2.70% | -1.93B |
| 2025-06-30 | $8.89B | 641 | +12.24% | +14.94% | -2.70% | +0.66B |
| 2025-03-31 | $7.16B | 617 | +1.82% | +8.30% | -6.48% | +1.80B |
| 2024-12-31 | $5.79B | 623 | +17.30% | +24.89% | -7.59% | +0.43B |
| 2024-09-30 | $5.17B | 640 | +31.62% | +36.04% | -4.42% | -0.20B |
| 2024-06-30 | $5.28B | 639 | +25.74% | +24.49% | +1.25% | -0.67B |
| 2024-03-31 | $5.71B | 626 | +31.66% | +29.62% | +2.04% | -0.92B |
| 2023-12-31 | $6.21B | 657 | +39.19% | +26.18% | +13.02% | -0.37B |
| 2023-09-30 | $5.66B | 665 | +21.72% | +21.57% | +0.15% | +0.24B |
| 2023-06-30 | $5.57B | 710 | +18.13% | +19.42% | -1.30% | +0.31B |
| 2023-03-31 | $4.81B | 699 | -9.84% | -7.82% | -2.02% | +0.46B |
| 2022-12-31 | $3.86B | 711 | +1.64% | +7.56% | -5.92% | +0.35B |
| 2022-09-30 | $3.45B | 715 | -5.59% | -4.93% | -0.66% | +0.32B |
| 2022-06-30 | $3.32B | 437 | -16.70% | -16.11% | -0.59% | +0.14B |