Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.20%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.34%
baseline attrition
Rally response
-3.24%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $851M | 8.9% | +60.9% | 7.0 yr |
| GOOGLAlphabet Inc. | $562M | 5.9% | — | 10.0 yr |
| AAPLApple Inc. | $523M | 5.5% | +14.7% | 10.8 yr |
| MSFTMicrosoft Corporation | $417M | 4.4% | -0.6% | 12.3 yr |
| AVGOBroadcom Inc. | $264M | 2.8% | +86.0% | 7.0 yr |
| METAMeta Platforms, Inc. | $202M | 2.1% | -0.4% | 8.0 yr |
| AMZNAmazon.com, Inc. | $190M | 2.0% | +9.5% | 10.0 yr |
| MAMastercard Incorporated | $184M | 1.9% | -8.5% | 7.3 yr |
| JPMJPMorgan Chase & Co. | $160M | 1.7% | +21.8% | 12.0 yr |
| VVisa Inc. | $146M | 1.5% | -13.1% | 12.3 yr |
| AMATApplied Materials, Inc. | $146M | 1.5% | +137.6% | 6.0 yr |
| KLACKLA Corporation | $136M | 1.4% | +118.2% | 6.8 yr |
| MRKMerck & Co., Inc. | $135M | 1.4% | +38.9% | 8.8 yr |
| LLYEli Lilly and Company | $127M | 1.3% | +12.2% | 8.0 yr |
| COSTCostco Wholesale Corpora | $120M | 1.3% | +5.9% | 7.3 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors16.3%+6.2pp$1.56B
Internet Content & Information8.0%+1.4pp$768M
Drug Manufacturers - General6.8%+2.6pp$648M
Software - Infrastructure5.7%-2.0pp$546M
Consumer Electronics5.6%-0.3pp$531M
Specialty Retail4.5%-0.7pp$426M
Financial - Credit Services3.7%-0.8pp$357M
Banks - Diversified2.6%+0.4pp$251M
Discount Stores2.1%+0.1pp$201M
Beverages - Non-Alcoholic2.0%+0.5pp$194M
Country
US96.6%-0.3pp
UY0.7%+0.2pp
CN0.6%+0.2pp
GB0.5%+0.5pp
IE0.5%+0.3pp
PE0.2%
CA0.2%-0.5pp
TW0.2%+0.1pp
Top 5: 27.4% · Top 10: 36.6% · Top 25: 53.0%
Top buys this quarter · 15
| NVDA NVIDIA Corporation | +$851M |
| ABBV AbbVie Inc. | +$36M |
| MA Mastercard Incorporated | +$29M |
| FIX Comfort Systems USA, Inc. | +$27M |
| BMY Bristol-Myers Squibb Company | +$22M |
| ROST Ross Stores, Inc. | +$22M |
| HD The Home Depot, Inc. | +$20M |
| COST Costco Wholesale Corporation | +$20M |
| JKHY Jack Henry & Associates, Inc. | +$20M |
| ACN Accenture plc | +$19M |
Top sells this quarter · 15
| AMZN Amazon.com, Inc. | −$119M |
| MSFT Microsoft Corporation | −$92M |
| WMT Walmart Inc. | −$57M |
| META Meta Platforms, Inc. | −$55M |
| AAPL Apple Inc. | −$54M |
| PG The Procter & Gamble Company | −$48M |
| JPM JPMorgan Chase & Co. | −$48M |
| WDC Western Digital Corporation | −$42M |
| TSLA Tesla, Inc. | −$40M |
| UNP Union Pacific Corporation | −$36M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $9.55B | 611 | +15.95% | +17.59% | -1.65% | -1.19B |
| 2025-12-31 | $11.33B | 653 | +17.25% | +17.72% | -0.47% | +0.11B |
| 2025-09-30 | $11.07B | 699 | +17.80% | +17.52% | +0.28% | +0.10B |
| 2025-06-30 | $10.16B | 737 | +15.73% | +14.94% | +0.78% | +0.24B |
| 2025-03-31 | $8.88B | 909 | +5.29% | +8.30% | -3.01% | -0.21B |
| 2024-12-31 | $9.48B | 747 | +18.77% | +24.89% | -6.11% | +3.61B |
| 2024-09-30 | $5.77B | 571 | +30.46% | +36.04% | -5.58% | -0.72B |
| 2024-06-30 | $6.11B | 632 | +18.66% | +24.49% | -5.83% | +0.72B |
| 2024-03-31 | $5.30B | 720 | +23.32% | +29.62% | -6.30% | +0.22B |
| 2023-12-31 | $4.71B | 735 | +18.62% | +26.18% | -7.56% | -0.10B |
| 2023-09-30 | $4.30B | 742 | +16.10% | +21.57% | -5.47% | +0.23B |
| 2023-06-30 | $4.22B | 738 | +13.70% | +19.42% | -5.73% | +0.24B |
| 2023-03-31 | $3.77B | 751 | -5.13% | -7.82% | +2.69% | -0.13B |
| 2022-12-31 | $3.75B | 699 | +9.42% | +7.56% | +1.86% | +1.61B |
| 2022-09-30 | $1.96B | 440 | -5.44% | -4.93% | -0.51% | -0.25B |
| 2022-06-30 | $2.35B | 457 | -11.85% | -16.11% | +4.27% | +0.04B |