Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.11%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.10%
baseline attrition
Rally response
-9.25%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BNDVanguard Total Bond Mark | $28M | 5.9% | — | 6.5 yr |
| VOOVanguard S&P 500 ETF | $27M | 5.8% | — | 6.8 yr |
| VXFVanguard Extended Market | $27M | 5.7% | — | 6.8 yr |
| LITELumentum Holdings Inc. | $15M | 3.2% | +1027.3% | 0.8 yr |
| DXJWisdomTree Japan Hedged | $15M | 3.1% | — | 0.5 yr |
| IAUiShares Gold Trust | $15M | 3.1% | — | 3.3 yr |
| LVHIFranklin International L | $14M | 3.0% | — | 0.5 yr |
| DBMFiMGP DBi Managed Futures | $13M | 2.9% | — | 0.8 yr |
| COMBGraniteShares Bloomberg | $13M | 2.9% | — | 2.3 yr |
| SLViShares Silver Trust | $13M | 2.7% | — | 0.3 yr |
| IEMGiShares Core MSCI Emergi | $12M | 2.6% | — | 4.5 yr |
| XOMExxon Mobil Corporation | $10M | 2.2% | +47.6% | 6.8 yr |
| IEFAiShares Core MSCI EAFE E | $10M | 2.0% | — | 5.5 yr |
| JAAAJanus Henderson AAA CLO | $10M | 2.0% | — | 3.8 yr |
| FIXComfort Systems USA, Inc | $9M | 1.9% | +329.0% | 2.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management39.1%+4.0pp$184M
Asset Management - Bonds7.0%-2.1pp$33M
Drug Manufacturers - General6.6%-2.4pp$31M
Oil & Gas Integrated4.0%+0.7pp$19M
Beverages - Non-Alcoholic3.5%+1.8pp$16M
Semiconductors3.4%+3.4pp$16M
Communication Equipment3.2%$15M
Banks - Diversified3.0%+3.0pp$14M
Hardware, Equipment & Parts3.0%+0.4pp$14M
Internet Content & Information2.0%+1.9pp$9M
Country
US95.6%-4.2pp
Unknown1.6%+1.5pp
SG1.4%
IE1.3%
GB0.1%-0.0pp
CN0.0%-0.0pp
Top 5: 23.7% · Top 10: 38.3% · Top 25: 67.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| FIX | $5M | +0.02B | 329.0% |
| XOM | $7M | +0.00B | 47.6% |
| CVX | $7M | +0.00B | 29.2% |
| PLD | $7M | +0.00B | 22.3% |
| AMGN | $8M | +0.00B | 16.5% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| JPM JPMorgan Chase & Co. | +$7M |
| NVDA NVIDIA Corporation | +$7M |
| TXN Texas Instruments Incorporated | +$6M |
| PFE Pfizer Inc. | +$5M |
| PEP PepsiCo, Inc. | +$5M |
| UNH UnitedHealth Group Incorporate | +$4M |
| EBAY eBay Inc. | +$3M |
| AAPL Apple Inc. | +$1M |
| VZ Verizon Communications Inc. | +$0M |
| MDT Medtronic plc | +$6M |
Top sells this quarter · 15
| LITE Lumentum Holdings Inc. | −$15M |
| JNJ Johnson & Johnson | −$10M |
| VRT Vertiv Holdings Co | −$6M |
| STT State Street Corporationexit | −$7M |
| INCY Incyte Corporationexit | −$6M |
| C Citigroup Inc. | −$6M |
| PSIX Power Solutions International,exit | −$6M |
| STC Stewart Information Services Cexit | −$5M |
| HLNE Hamilton Lane Incorporatedexit | −$5M |
| MRK Merck & Co., Inc. | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $472M | 69 | +49.36% | +17.59% | +31.77% | -0.05B |
| 2025-12-31 | $446M | 69 | +34.52% | +17.72% | +16.81% | -0.01B |
| 2025-09-30 | $423M | 69 | +27.81% | +17.52% | +10.29% | -0.02B |
| 2025-06-30 | $396M | 72 | +25.53% | +14.94% | +10.59% | -0.06B |
| 2025-03-31 | $425M | 74 | +16.49% | +8.30% | +8.18% | -0.02B |
| 2024-12-31 | $425M | 77 | +25.14% | +24.89% | +0.25% | -0.01B |
| 2024-09-30 | $420M | 70 | +31.80% | +36.04% | -4.24% | +0.00B |
| 2024-06-30 | $384M | 68 | +19.86% | +24.49% | -4.63% | +0.01B |
| 2024-03-31 | $378M | 69 | +21.85% | +29.62% | -7.77% | -0.01B |
| 2023-12-31 | $344M | 74 | +10.25% | +26.18% | -15.93% | +0.02B |
| 2023-09-30 | $300M | 69 | +9.19% | +21.57% | -12.38% | -0.00B |
| 2023-06-30 | $306M | 64 | +3.15% | +5.38% | -2.23% | +0.02B |
| 2023-03-31 | $278M | 67 | +1.77% | +7.46% | -5.69% | -0.01B |
| 2022-12-31 | $285M | 72 | +6.83% | +7.56% | -0.73% | -0.01B |
| 2022-06-30 | $276M | 69 | -6.66% | -16.11% | +9.45% | -0.00B |
| 2022-03-31 | $298M | 64 | — | — | — | +0.00B |