Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-7.02%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.83%
baseline attrition
Rally response
-9.30%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $28M | 4.8% | +60.9% | 6.0 yr |
| TGTTarget Corporation | $23M | 4.0% | +21.5% | 1.8 yr |
| CAHCardinal Health, Inc. | $23M | 3.9% | +54.9% | 1.5 yr |
| NEENextEra Energy, Inc. | $22M | 3.7% | +34.9% | 7.3 yr |
| NINiSource Inc. | $22M | 3.7% | +19.6% | 6.3 yr |
| XELXcel Energy Inc. | $21M | 3.6% | +15.8% | 2.8 yr |
| ESIElement Solutions Inc | $20M | 3.4% | +52.8% | 0.5 yr |
| AEEAmeren Corporation | $20M | 3.4% | +12.7% | 2.8 yr |
| EDConsolidated Edison, Inc | $19M | 3.3% | +5.8% | 0.5 yr |
| ANETArista Networks, Inc. | $19M | 3.3% | +58.5% | 1.5 yr |
| CWTCalifornia Water Service | $19M | 3.2% | -3.9% | 1.8 yr |
| CEGConstellation Energy Cor | $19M | 3.2% | +39.2% | 1.8 yr |
| ROKURoku, Inc. | $18M | 3.1% | +34.3% | 2.0 yr |
| PEGPublic Service Enterpris | $18M | 3.1% | +1.5% | 0.3 yr |
| NGGNational Grid plc | $18M | 3.0% | +34.6% | 3.0 yr |
Portfolio composition (YoY)
Industry mix
Regulated Electric20.1%+0.6pp$119M
Discount Stores10.9%+6.7pp$64M
Semiconductors5.1%+1.1pp$30M
Computer Hardware4.6%+1.6pp$27M
Banks - Regional4.0%+3.7pp$24M
Medical - Distribution3.9%+0.7pp$23M
Regulated Gas3.7%+0.4pp$22M
Chemicals - Specialty3.4%$20M
Entertainment3.3%-2.7pp$20M
Regulated Water3.2%-3.7pp$19M
Country
US88.9%-0.1pp
GB6.9%+4.0pp
CA1.2%-1.1pp
CN1.0%-4.4pp
IE0.8%
BE0.3%
LU0.2%
NL0.2%
Top 5: 20.1% · Top 10: 37.1% · Top 25: 80.5%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NVDA | $22M | +0.01B | 60.9% |
| CAH | $17M | +0.01B | 54.9% |
| ANET | $15M | +0.01B | 58.5% |
| CEG | $14M | +0.01B | 39.2% |
| NEE | $16M | +0.01B | 34.9% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| CWT | $18M | -0.00B | -3.9% |
Top buys this quarter · 15
| TGT Target Corporation | +$23M |
| ED Consolidated Edison, Inc. | +$18M |
| PEG Public Service Enterprise Grounew | +$18M |
| KEY KeyCorp | +$17M |
| FCX Freeport-McMoRan Inc. | +$16M |
| LLY Eli Lilly and Company | +$15M |
| JBHT J.B. Hunt Transport Services, | +$14M |
| APLS Apellis Pharmaceuticals, Inc.new | +$13M |
| FIVE Five Below, Inc. | +$13M |
| HSBC HSBC Holdings plc | +$11M |
Top sells this quarter · 15
| PBR Petróleo Brasileiro S.A. - Peexit | −$26M |
| IDA IDACORP, Inc.exit | −$23M |
| PODD Insulet Corporation | −$19M |
| DTE DTE Energy Companyexit | −$19M |
| AFL Aflac Incorporatedexit | −$19M |
| PCG PG&E Corporationexit | −$18M |
| NFLX Netflix, Inc.exit | −$17M |
| MAR Marriott International, Inc. | −$17M |
| JPM JPMorgan Chase & Co.exit | −$14M |
| AMZN Amazon.com, Inc.exit | −$14M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $591M | 92 | +56.83% | +17.59% | +39.23% | -0.04B |
| 2025-12-31 | $601M | 92 | +50.97% | +17.72% | +33.25% | -0.03B |
| 2025-09-30 | $619M | 92 | +56.77% | +17.52% | +39.25% | -0.03B |
| 2025-06-30 | $591M | 99 | +55.12% | +14.94% | +40.18% | -0.13B |
| 2025-03-31 | $536M | 101 | +21.14% | +8.30% | +12.83% | -0.01B |
| 2024-12-31 | $547M | 108 | +29.54% | +24.89% | +4.65% | -0.02B |
| 2024-09-30 | $531M | 103 | +37.30% | +36.04% | +1.26% | -0.01B |
| 2024-06-30 | $498M | 104 | +22.12% | +24.49% | -2.37% | -0.01B |
| 2024-03-31 | $490M | 108 | +19.50% | +29.62% | -10.12% | +0.01B |
| 2023-12-31 | $446M | 119 | +12.52% | +26.18% | -13.66% | +0.01B |
| 2023-09-30 | $392M | 121 | +9.25% | +21.57% | -12.32% | -0.01B |
| 2023-06-30 | $411M | 130 | +8.65% | +19.42% | -10.78% | -0.01B |
| 2023-03-31 | $407M | 139 | -5.12% | -7.82% | +2.69% | -0.04B |
| 2022-12-31 | $442M | 151 | -10.45% | -18.17% | +7.72% | -0.05B |
| 2022-09-30 | $451M | 156 | -8.89% | -15.51% | +6.62% | -0.00B |
| 2022-06-30 | $470M | 229 | -4.82% | -10.62% | +5.80% | +0.07B |