Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.72%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.50%
baseline attrition
Rally response
-9.85%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPYState Street SPDR S&P 50 | $11M | 8.1% | +17.6% | 7.5 yr |
| JPMJPMorgan Chase & Co. | $9M | 6.2% | +21.8% | 7.5 yr |
| XOMExxon Mobil Corporation | $7M | 5.0% | +47.6% | 7.5 yr |
| BILState Street SPDR Bloomb | $6M | 4.6% | — | 2.0 yr |
| VUGVanguard Growth ETF | $4M | 2.9% | — | 6.8 yr |
| GBILGoldman Sachs Access Tre | $4M | 2.8% | — | 2.0 yr |
| AAPLApple Inc. | $4M | 2.7% | +14.7% | 7.5 yr |
| GOOGLAlphabet Inc. | $4M | 2.7% | — | 7.5 yr |
| FBNDFidelity Total Bond ETF | $3M | 2.5% | — | 1.0 yr |
| AGGiShares Core U.S. Aggreg | $3M | 2.3% | — | 7.5 yr |
| WMTWalmart Inc. | $3M | 1.8% | +42.8% | 7.5 yr |
| EFAiShares MSCI EAFE ETF | $2M | 1.7% | — | 7.5 yr |
| MSFTMicrosoft Corporation | $2M | 1.7% | -0.6% | 7.5 yr |
| LQDiShares iBoxx $ Investme | $2M | 1.6% | — | 7.5 yr |
| JNJJohnson & Johnson | $2M | 1.5% | +51.5% | 7.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management42.0%+24.1pp$58M
Banks - Diversified6.9%+1.2pp$10M
Asset Management - Bonds6.8%+5.0pp$9M
Oil & Gas Integrated6.0%+1.9pp$8M
Semiconductors4.2%-5.2pp$6M
Internet Content & Information3.3%-3.4pp$5M
Specialty Retail3.0%-1.2pp$4M
Drug Manufacturers - General2.9%-0.7pp$4M
Consumer Electronics2.7%-1.1pp$4M
Discount Stores2.3%+0.3pp$3M
Country
US97.5%+1.4pp
TW1.4%+0.5pp
GB0.4%+0.2pp
NL0.3%-1.4pp
BM0.3%-0.1pp
Unknown0.1%-0.2pp
Top 5: 26.9% · Top 10: 39.8% · Top 25: 60.5%
Top buys this quarter · 15
| SHEL Shell plcnew | +$0M |
| CAG Conagra Brands, Inc.new | +$0M |
| GDOT Green Dot Corporationnew | +$0M |
| KRO Kronos Worldwide, Inc. | +$0M |
| VLO Valero Energy Corporation | +$0M |
| BK The Bank of New York Mellon Co | +$0M |
| MCK McKesson Corporation | +$0M |
| ORLY O'Reilly Automotive, Inc. | +$0M |
| HWM Howmet Aerospace Inc. | +$0M |
| KLAC KLA Corporation | +$0M |
Top sells this quarter · 15
| AMZN Amazon.com, Inc. | −$14M |
| PG The Procter & Gamble Company | −$14M |
| META Meta Platforms, Inc. | −$12M |
| NVDA NVIDIA Corporation | −$12M |
| AAPL Apple Inc. | −$10M |
| MSFT Microsoft Corporation | −$9M |
| XOM Exxon Mobil Corporation | −$8M |
| AMD Advanced Micro Devices, Inc. | −$7M |
| JPM JPMorgan Chase & Co. | −$7M |
| AJG Arthur J. Gallagher & Co.exit | −$6M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $138M | 122 | +21.32% | +17.59% | +3.72% | -0.24B |
| 2025-12-31 | $386M | 196 | +20.44% | +17.72% | +2.72% | +0.02B |
| 2025-09-30 | $363M | 195 | +21.13% | +17.52% | +3.61% | -0.00B |
| 2025-06-30 | $338M | 186 | +18.90% | +14.94% | +3.95% | -0.01B |
| 2025-03-31 | $308M | 192 | +7.99% | +8.30% | -0.31% | +0.00B |
| 2024-12-31 | $311M | 185 | +20.20% | +24.89% | -4.69% | -0.01B |
| 2024-09-30 | $310M | 189 | +31.30% | +36.04% | -4.73% | +0.00B |
| 2024-06-30 | $289M | 182 | +20.51% | +24.49% | -3.98% | +0.03B |
| 2024-03-31 | $252M | 173 | +26.61% | +29.62% | -3.01% | -0.01B |
| 2023-12-31 | $239M | 174 | +23.17% | +26.18% | -3.01% | +0.01B |
| 2023-09-30 | $207M | 150 | +22.21% | +21.57% | +0.64% | +0.00B |
| 2023-06-30 | $209M | 155 | +19.98% | +19.42% | +0.56% | +0.00B |
| 2023-03-31 | $190M | 135 | -5.81% | -7.82% | +2.00% | +0.01B |
| 2022-12-31 | $173M | 129 | -14.91% | -18.17% | +3.27% | -0.02B |
| 2022-09-30 | $176M | 127 | -14.80% | -15.51% | +0.70% | -0.00B |
| 2022-06-30 | $185M | 124 | -10.18% | -10.62% | +0.44% | -0.02B |