Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.88%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.32%
baseline attrition
Rally response
+2.11%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VOOVanguard S&P 500 ETF | $97M | 7.0% | — | 5.8 yr |
| VIGVanguard Dividend Apprec | $59M | 4.3% | — | 6.0 yr |
| JAAAJanus Henderson AAA CLO | $59M | 4.3% | — | 2.8 yr |
| MINTPIMCO Enhanced Short Mat | $57M | 4.2% | — | 5.8 yr |
| TCHPT. Rowe Price Blue Chip | $48M | 3.5% | — | 3.3 yr |
| BINCiShares Flexible Income | $47M | 3.4% | — | 0.3 yr |
| AAPLApple Inc. | $43M | 3.1% | +14.7% | 6.0 yr |
| DFICDimensional - Internatio | $34M | 2.4% | — | 0.3 yr |
| BKDVBNY Mellon Dynamic Value | $33M | 2.4% | — | 0.8 yr |
| NOCNorthrop Grumman Corpora | $33M | 2.4% | +35.4% | 5.5 yr |
| NVDANVIDIA Corporation | $26M | 1.9% | +60.9% | 5.0 yr |
| VEAVanguard FTSE Developed | $23M | 1.7% | — | 3.8 yr |
| IWFiShares Russell 1000 Gro | $20M | 1.4% | — | 5.5 yr |
| RSPInvesco S&P 500 Equal We | $18M | 1.3% | — | 6.0 yr |
| SPLGSPDR Portfolio S&P 500 E | $18M | 1.3% | — | 4.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management59.1%+11.8pp$814M
Asset Management - Leveraged4.2%-0.5pp$57M
Asset Management - Bonds3.5%-5.4pp$48M
Semiconductors3.2%+0.5pp$44M
Consumer Electronics3.1%-0.8pp$43M
Aerospace & Defense3.0%-0.3pp$42M
Drug Manufacturers - General2.4%+0.3pp$33M
Asset Management - Income2.1%-1.1pp$29M
Internet Content & Information1.8%+0.1pp$25M
Software - Infrastructure1.5%-0.6pp$21M
Country
US98.2%-0.2pp
Unknown0.3%-0.0pp
GB0.3%+0.2pp
IE0.3%-0.1pp
CH0.2%+0.0pp
TW0.2%+0.0pp
SG0.1%+0.1pp
LU0.1%+0.0pp
Top 5: 23.3% · Top 10: 37.0% · Top 25: 55.4%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NVDA | $14M | +0.01B | 60.9% |
| NOC | $24M | +0.01B | 35.4% |
| AAPL | $34M | +0.01B | 14.7% |
| SPY | $14M | +0.00B | 17.6% |
| JNJ | $3M | +0.00B | 51.5% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $14M | -0.00B | -0.6% |
Top buys this quarter · 15
| SPY State Street SPDR S&P 500 ETF | +$2M |
| NVDA NVIDIA Corporation | +$26M |
| META Meta Platforms, Inc. | +$1M |
| PECO Phillips Edison & Company, Incnew | +$1M |
| XOM Exxon Mobil Corporation | +$1M |
| TSLA Tesla, Inc. | +$1M |
| NVS Novartis AGnew | +$1M |
| GOOG Alphabet Inc. | +$1M |
| IVT InvenTrust Properties Corp. | +$1M |
| CEG Constellation Energy Corporati | +$1M |
Top sells this quarter · 15
| TSM Taiwan Semiconductor Manufactu | −$1M |
| EBAY eBay Inc.exit | −$1M |
| WAB Westinghouse Air Brake Technol | −$1M |
| OMC Omnicom Group Inc. | −$1M |
| PPG PPG Industries, Inc.exit | −$1M |
| MRK Merck & Co., Inc. | −$1M |
| AMP Ameriprise Financial, Inc.exit | −$1M |
| NTAP NetApp, Inc.exit | −$1M |
| DECK Deckers Outdoor Corporationexit | −$1M |
| EFX Equifax Inc.exit | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.38B | 569 | +17.78% | +17.59% | +0.19% | +0.15B |
| 2025-12-31 | $1.24B | 488 | +14.22% | +17.72% | -3.49% | +0.07B |
| 2025-09-30 | $1.16B | 466 | +13.94% | +17.52% | -3.58% | +0.05B |
| 2025-06-30 | $1.02B | 448 | +13.12% | +14.94% | -1.82% | +0.07B |
| 2025-03-31 | $879M | 424 | +5.62% | +8.30% | -2.69% | +0.05B |
| 2024-12-31 | $863M | 407 | +16.65% | +24.89% | -8.23% | -0.15B |
| 2024-09-30 | $1.00B | 406 | +28.45% | +36.04% | -7.59% | +0.02B |
| 2024-06-30 | $913M | 385 | +14.38% | +24.49% | -10.11% | +0.04B |
| 2024-03-31 | $870M | 383 | +19.68% | +29.62% | -9.94% | +0.05B |
| 2023-12-31 | $768M | 340 | +15.40% | +26.18% | -10.78% | +0.03B |
| 2023-09-30 | $667M | 284 | +15.25% | +21.57% | -6.32% | +0.08B |
| 2023-06-30 | $611M | 299 | +14.12% | +19.42% | -5.30% | +0.17B |
| 2023-03-31 | $417M | 240 | -2.12% | -7.82% | +5.70% | +0.03B |
| 2022-12-31 | $377M | 213 | -8.81% | -18.17% | +9.37% | +0.01B |
| 2022-09-30 | $332M | 199 | -8.73% | -15.51% | +6.77% | +0.01B |
| 2022-06-30 | $343M | 200 | -3.56% | -10.62% | +7.06% | +0.03B |