Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+4.78%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.18%
baseline attrition
Rally response
-8.32%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AAPLApple Inc. | $198M | 7.3% | +14.7% | 6.0 yr |
| NVDANVIDIA Corporation | $188M | 6.9% | +60.9% | 6.3 yr |
| GOOGAlphabet Inc. | $157M | 5.8% | +84.3% | 6.5 yr |
| MSFTMicrosoft Corporation | $132M | 4.8% | -0.6% | 6.5 yr |
| XLEState Street Energy Sele | $109M | 4.0% | — | 5.3 yr |
| AMZNAmazon.com, Inc. | $107M | 3.9% | +9.5% | 6.5 yr |
| AVGOBroadcom Inc. | $71M | 2.6% | +86.0% | 4.0 yr |
| SMHVanEck Semiconductor ETF | $68M | 2.5% | — | 0.5 yr |
| METAMeta Platforms, Inc. | $63M | 2.3% | -0.4% | 5.5 yr |
| XLUState Street Utilities S | $61M | 2.3% | — | 1.0 yr |
| LLYEli Lilly and Company | $54M | 2.0% | +12.2% | 6.5 yr |
| KBWBInvesco KBW Bank ETF | $53M | 1.9% | — | 0.5 yr |
| JPMJPMorgan Chase & Co. | $52M | 1.9% | +21.8% | 6.5 yr |
| JNJJohnson & Johnson | $44M | 1.6% | +51.5% | 6.5 yr |
| WMTWalmart Inc. | $44M | 1.6% | +42.8% | 5.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors12.5%+4.5pp$340M
Asset Management12.0%-0.1pp$327M
Internet Content & Information9.0%+3.2pp$245M
Consumer Electronics7.3%+0.2pp$198M
Software - Infrastructure5.8%-0.1pp$158M
Specialty Retail5.1%+0.6pp$137M
Drug Manufacturers - General3.6%-1.1pp$99M
Discount Stores3.5%+1.0pp$95M
Software - Application2.9%+1.7pp$80M
Financial - Credit Services2.6%-0.5pp$71M
Country
US95.2%-2.8pp
CA0.9%
GB0.9%+0.6pp
IE0.7%-0.7pp
TW0.5%
IT0.5%
UY0.4%
LU0.3%
Top 5: 28.8% · Top 10: 42.5% · Top 25: 62.3%
Top buys this quarter · 15
| WELL Welltower Inc. | +$23M |
| CME CME Group Inc. | +$20M |
| JNJ Johnson & Johnson | +$19M |
| APH Amphenol Corporation | +$16M |
| WCN Waste Connections, Inc. | +$15M |
| GEV GE Vernova Inc. | +$14M |
| TMUS T-Mobile US, Inc. | +$13M |
| GE GE Aerospace | +$12M |
| META Meta Platforms, Inc. | +$11M |
| ORLY O'Reilly Automotive, Inc. | +$11M |
Top sells this quarter · 15
| C Citigroup Inc.exit | −$23M |
| GOOG Alphabet Inc. | −$21M |
| LOW Lowe's Companies, Inc.exit | −$19M |
| RTX RTX Corporationexit | −$19M |
| MRK Merck & Co., Inc.exit | −$17M |
| CAT Caterpillar Inc.exit | −$16M |
| WFC Wells Fargo & Companyexit | −$16M |
| TMO Thermo Fisher Scientific Inc. | −$14M |
| PEP PepsiCo, Inc.exit | −$14M |
| VZ Verizon Communications Inc.exit | −$14M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.72B | 99 | +15.53% | +17.59% | -2.06% | -0.05B |
| 2025-12-31 | $3.00B | 158 | +18.79% | +17.72% | +1.07% | -0.14B |
| 2025-09-30 | $3.03B | 235 | +18.77% | +17.52% | +1.25% | -0.13B |
| 2025-06-30 | $2.91B | 275 | +15.59% | +14.94% | +0.64% | +0.33B |
| 2025-03-31 | $2.32B | 267 | +8.60% | +8.30% | +0.30% | -0.06B |
| 2024-12-31 | $2.51B | 270 | +23.76% | +24.89% | -1.12% | -0.11B |
| 2024-09-30 | $2.53B | 284 | +33.16% | +36.04% | -2.88% | -0.07B |
| 2024-06-30 | $2.46B | 304 | +24.03% | +24.49% | -0.46% | -0.07B |
| 2024-03-31 | $2.42B | 314 | +29.72% | +29.62% | +0.10% | -0.04B |
| 2023-12-31 | $2.27B | 297 | +32.07% | +26.18% | +5.89% | -0.12B |
| 2023-09-30 | $2.15B | 306 | +21.98% | +21.57% | +0.42% | +0.10B |
| 2023-06-30 | $2.08B | 258 | +18.46% | +19.42% | -0.96% | -0.28B |
| 2023-03-31 | $2.16B | 173 | -7.20% | -7.82% | +0.62% | -0.07B |
| 2022-12-31 | $2.03B | 184 | -19.60% | -18.17% | -1.42% | -0.07B |
| 2022-09-30 | $2.04B | 196 | -13.24% | -15.51% | +2.27% | +0.21B |
| 2022-06-30 | $1.91B | 189 | -8.66% | -10.62% | +1.96% | +0.45B |