Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-15.18%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.06%
baseline attrition
Rally response
-10.24%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| XLKState Street Technology | $93M | 5.0% | — | 7.3 yr |
| SGOViShares 0-3 Month Treasu | $66M | 3.5% | — | 4.3 yr |
| SJBProShares - Short High Y | $42M | 2.2% | — | 1.0 yr |
| VXXiPath Series B S&P 500 V | $39M | 2.1% | — | 1.3 yr |
| IEMGiShares Core MSCI Emergi | $39M | 2.1% | — | 7.5 yr |
| TLTiShares 20+ Year Treasur | $33M | 1.8% | — | 7.5 yr |
| IUSBiShares Core Universal U | $32M | 1.7% | — | 5.3 yr |
| XLYState Street Consumer Di | $29M | 1.6% | — | 7.3 yr |
| IVViShares Core S&P 500 ETF | $28M | 1.5% | — | 7.5 yr |
| IEFAiShares Core MSCI EAFE E | $28M | 1.5% | — | 7.5 yr |
| XLVState Street Health Care | $27M | 1.4% | — | 7.3 yr |
| — | $26M | 1.4% | — | 0.3 yr |
| AGGiShares Core U.S. Aggreg | $26M | 1.4% | — | 5.3 yr |
| OILKProShares - K-1 Free Cru | $26M | 1.4% | — | 0.3 yr |
| IVEiShares S&P 500 Value ET | $25M | 1.4% | — | 2.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management54.6%-6.8pp$1.02B
Asset Management - Bonds10.5%-3.1pp$196M
Unknown4.2%+3.0pp$78M
Oil & Gas Integrated4.0%+3.0pp$75M
Semiconductors3.3%+2.3pp$61M
Gold2.3%+0.9pp$42M
Chemicals1.4%$26M
Asset Management - Leveraged1.2%-1.4pp$23M
Oil & Gas Exploration & Production1.2%+0.8pp$22M
Software - Infrastructure1.0%+0.2pp$19M
Country
US86.8%-8.2pp
Unknown4.2%+3.0pp
CA1.8%-1.0pp
BR1.3%
GB1.0%
FR0.8%
NO0.8%
TW0.7%+0.6pp
Top 5: 15.0% · Top 10: 23.1% · Top 25: 40.4%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $7M | -0.00B | -0.6% |
Top buys this quarter · 15
| SHEL Shell plc | +$15M |
| EQNR Equinor ASAnew | +$14M |
| PBR Petróleo Brasileiro S.A. - Pe | +$14M |
| TOTB.DE TotalEnergies SEnew | +$13M |
| DOW Dow Inc.new | +$10M |
| CNQ Canadian Natural Resources Limnew | +$10M |
| WDS Woodside Energy Group Ltdnew | +$8M |
| CC The Chemours Companynew | +$8M |
| MOS The Mosaic Company | +$7M |
| BTU Peabody Energy Corporation | +$6M |
Top sells this quarter · 15
| AAPL Apple Inc.exit | −$24M |
| GOOG Alphabet Inc. | −$19M |
| CENX Century Aluminum Companyexit | −$17M |
| MU Micron Technology, Inc. | −$14M |
| EQT EQT Corporationexit | −$10M |
| ROKU Roku, Inc.exit | −$9M |
| WBD Warner Bros. Discovery, Inc.exit | −$8M |
| FN Fabrinet | −$8M |
| AEM Agnico Eagle Mines Limited | −$7M |
| SU Suncor Energy Inc. | −$7M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.86B | 468 | +55.75% | +17.59% | +38.16% | -0.01B |
| 2025-12-31 | $1.72B | 445 | +38.32% | +17.72% | +20.61% | -0.10B |
| 2025-09-30 | $1.68B | 433 | +37.60% | +17.52% | +20.09% | -0.03B |
| 2025-06-30 | $1.49B | 415 | +32.72% | +14.94% | +17.78% | -0.09B |
| 2025-03-31 | $1.37B | 380 | +22.66% | +8.30% | +14.36% | +0.08B |
| 2024-12-31 | $1.34B | 405 | +42.16% | +24.89% | +17.27% | -0.10B |
| 2024-09-30 | $1.34B | 389 | +42.50% | +36.04% | +6.46% | -0.05B |
| 2024-06-30 | $1.26B | 386 | +33.90% | +24.49% | +9.41% | -0.09B |
| 2024-03-31 | $1.26B | 387 | +34.76% | +29.62% | +5.14% | -0.02B |
| 2023-12-31 | $1.15B | 312 | +29.68% | +26.18% | +3.50% | -0.03B |
| 2023-09-30 | $1.09B | 282 | +24.43% | +21.57% | +2.86% | -0.08B |
| 2023-06-30 | $1.14B | 277 | +19.41% | +19.42% | -0.02% | -0.02B |
| 2023-03-31 | $1.07B | 248 | -6.55% | -7.82% | +1.26% | -0.00B |
| 2022-12-31 | $1.00B | 231 | -17.06% | -18.17% | +1.11% | +0.01B |
| 2022-09-30 | $951M | 211 | -11.31% | -15.51% | +4.20% | -0.02B |
| 2022-06-30 | $980M | 216 | -10.32% | -10.62% | +0.30% | +0.01B |