Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-9.58%
trims when stocks drop
when a holding falls −10%+
Middle response
-11.62%
baseline attrition
Rally response
-19.15%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $840M | 3.2% | +60.9% | 5.8 yr |
| AAPLApple Inc. | $730M | 2.8% | +14.7% | 3.5 yr |
| AMZNAmazon.com, Inc. | $562M | 2.1% | +9.5% | 3.8 yr |
| MSFTMicrosoft Corporation | $523M | 2.0% | -0.6% | 4.3 yr |
| GOOGLAlphabet Inc. | $412M | 1.6% | — | 4.5 yr |
| JNJJohnson & Johnson | $373M | 1.4% | +51.5% | 6.0 yr |
| AVGOBroadcom Inc. | $280M | 1.1% | +86.0% | 2.5 yr |
| GOOGAlphabet Inc. | $265M | 1.0% | +84.3% | 2.0 yr |
| RVMDRevolution Medicines, In | $244M | 0.9% | +175.0% | 6.0 yr |
| VZVerizon Communications I | $243M | 0.9% | +16.5% | 2.3 yr |
| METAMeta Platforms, Inc. | $226M | 0.9% | -0.4% | 5.0 yr |
| LLYEli Lilly and Company | $212M | 0.8% | +12.2% | 6.5 yr |
| TSLATesla, Inc. | $201M | 0.8% | +43.4% | 1.8 yr |
| AMATApplied Materials, Inc. | $194M | 0.7% | +137.6% | 4.0 yr |
| TXNTexas Instruments Incorp | $187M | 0.7% | +11.4% | 3.3 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology11.6%-3.1pp$3.06B
Semiconductors8.7%+2.0pp$2.29B
Drug Manufacturers - General4.1%-0.8pp$1.08B
Software - Infrastructure4.0%-0.1pp$1.06B
Internet Content & Information3.5%+0.3pp$936M
Software - Application2.9%-0.7pp$766M
Consumer Electronics2.8%+0.9pp$730M
Specialty Retail2.6%+1.1pp$676M
Medical - Diagnostics & Research2.3%+0.4pp$605M
Entertainment2.1%+1.0pp$567M
Country
US91.4%+2.8pp
Unknown2.1%-0.5pp
GB1.6%-0.1pp
CA1.4%+0.7pp
IE1.2%-1.0pp
NL0.8%-0.5pp
SG0.4%+0.2pp
BM0.3%-0.1pp
Top 5: 11.6% · Top 10: 16.9% · Top 25: 26.8%
Top buys this quarter · 15
| SBAC SBA Communications Corporation | +$131M |
| ARW Arrow Electronics, Inc. | +$127M |
| AMAT Applied Materials, Inc. | +$125M |
| T AT&T Inc. | +$105M |
| SSRM SSR Mining Inc.new | +$103M |
| AKAM Akamai Technologies, Inc. | +$96M |
| HIG The Hartford Financial Service | +$93M |
| AAPL Apple Inc. | +$90M |
| LYB LyondellBasell Industries N.V. | +$86M |
| AMZN Amazon.com, Inc. | +$81M |
Top sells this quarter · 15
| KEYS Keysight Technologies, Inc. | −$250M |
| EXAS Exact Sciences Corporationexit | −$156M |
| CB Chubb Limited | −$126M |
| OKLO Oklo Inc. | −$126M |
| AMP Ameriprise Financial, Inc.exit | −$105M |
| TJX The TJX Companies, Inc. | −$100M |
| RGA Reinsurance Group of America, exit | −$98M |
| TRV The Travelers Companies, Inc. | −$97M |
| VSH Vishay Intertechnology, Inc. | −$93M |
| FIVE Five Below, Inc.exit | −$91M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $26.43B | 1021 | +26.69% | +17.59% | +9.10% | +1.03B |
| 2025-12-31 | $25.79B | 1009 | +22.50% | +17.72% | +4.78% | +3.01B |
| 2025-09-30 | $21.23B | 868 | +16.34% | +17.52% | -1.18% | +0.25B |
| 2025-06-30 | $18.89B | 909 | +12.54% | +14.94% | -2.40% | +2.31B |
| 2025-03-31 | $15.36B | 890 | +2.91% | +8.30% | -5.39% | +1.30B |
| 2024-12-31 | $14.76B | 915 | +15.20% | +24.89% | -9.68% | +2.72B |
| 2024-09-30 | $11.82B | 583 | +21.32% | +36.04% | -14.72% | +0.63B |
| 2024-06-30 | $10.42B | 541 | +14.69% | +24.49% | -9.80% | -0.26B |
| 2024-03-31 | $10.81B | 524 | +25.69% | +29.62% | -3.93% | +1.05B |
| 2023-12-31 | $9.16B | 463 | +26.74% | +26.18% | +0.56% | +0.03B |
| 2023-09-30 | $8.51B | 578 | +24.76% | +21.57% | +3.19% | -0.03B |
| 2023-06-30 | $8.41B | 613 | +24.04% | +19.42% | +4.62% | +0.75B |
| 2023-03-31 | $7.08B | 618 | -0.17% | -7.82% | +7.64% | -0.69B |
| 2022-12-31 | $7.23B | 730 | +5.63% | +7.56% | -1.93% | +0.06B |
| 2022-09-30 | $6.79B | 734 | +0.94% | -4.93% | +5.87% | +0.61B |
| 2022-06-30 | $6.12B | 791 | -12.90% | -16.11% | +3.22% | +0.88B |