Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-7.08%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.98%
baseline attrition
Rally response
-8.15%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GLDMSPDR Gold MiniShares Tru | $693M | 12.8% | — | 4.0 yr |
| IVViShares Core S&P 500 ETF | $459M | 8.5% | — | 6.5 yr |
| SCHPSchwab U.S. TIPS ETF | $277M | 5.1% | — | 4.0 yr |
| GUNRFlexShares Morningstar G | $268M | 4.9% | — | 6.3 yr |
| RPARRPAR Risk Parity ETF | $237M | 4.4% | — | 6.0 yr |
| VTIVanguard Total Stock Mar | $208M | 3.8% | — | 6.3 yr |
| VEAVanguard FTSE Developed | $145M | 2.7% | — | 6.8 yr |
| OEFiShares S&P 100 ETF | $129M | 2.4% | — | 6.5 yr |
| NVDANVIDIA Corporation | $116M | 2.1% | +60.9% | 6.8 yr |
| VTIPVanguard Short-Term Infl | $116M | 2.1% | — | 4.8 yr |
| TIPiShares TIPS Bond ETF | $115M | 2.1% | — | 6.3 yr |
| DFAUDimensional - US Core Eq | $114M | 2.1% | — | 5.3 yr |
| DFAIDimensional - Internatio | $114M | 2.1% | — | 5.5 yr |
| ACWIiShares MSCI ACWI ETF | $110M | 2.0% | — | 6.3 yr |
| VOOVanguard S&P 500 ETF | $107M | 2.0% | — | 6.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management73.9%-1.5pp$4.00B
Asset Management - Global5.3%+1.3pp$285M
Semiconductors3.0%+0.8pp$164M
Asset Management - Leveraged2.2%+0.9pp$118M
Internet Content & Information1.9%+0.5pp$103M
Consumer Electronics1.9%-0.2pp$102M
Software - Infrastructure1.1%-0.5pp$62M
Drug Manufacturers - General0.9%+0.1pp$47M
Specialty Retail0.8%-0.2pp$43M
Asset Management - Bonds0.6%-0.2pp$30M
Country
US98.8%-0.3pp
CA0.3%+0.1pp
Unknown0.3%+0.2pp
GB0.2%-0.0pp
IE0.1%-0.0pp
FR0.1%-0.0pp
TW0.1%+0.0pp
CH0.1%+0.0pp
Top 5: 35.7% · Top 10: 48.8% · Top 25: 73.1%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NVDA | $65M | +0.04B | 60.9% |
| AAPL | $81M | +0.01B | 14.7% |
| SPY | $68M | +0.01B | 17.6% |
| MSFT | $44M | -0.00B | -0.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $44M | -0.00B | -0.6% |
Top buys this quarter · 15
| J Jacobs Solutions Inc. | +$7M |
| TSLA Tesla, Inc. | +$2M |
| AMZN Amazon.com, Inc. | +$33M |
| OBDC Blue Owl Capital Corporation | +$1M |
| LLY Eli Lilly and Company | +$12M |
| AVGO Broadcom Inc. | +$13M |
| WDC Western Digital Corporation | +$1M |
| XOM Exxon Mobil Corporation | +$1M |
| AZN AstraZeneca PLCnew | +$1M |
| SNDK Sandisk Corporation | +$1M |
Top sells this quarter · 15
| MA Mastercard Incorporated | −$8M |
| O Realty Income Corporation | −$8M |
| FIVE Five Below, Inc. | −$6M |
| KEYS Keysight Technologies, Inc. | −$4M |
| TJX The TJX Companies, Inc. | −$4M |
| MSFT Microsoft Corporation | −$4M |
| HST Host Hotels & Resorts, Inc. | −$3M |
| JNJ Johnson & Johnson | −$3M |
| MCO Moody's Corporation | −$3M |
| AZO AutoZone, Inc. | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $5.42B | 696 | +19.60% | +17.59% | +2.00% | +0.47B |
| 2025-12-31 | $5.20B | 664 | +21.25% | +17.72% | +3.53% | +0.32B |
| 2025-09-30 | $4.79B | 631 | +21.02% | +17.52% | +3.50% | +0.09B |
| 2025-06-30 | $4.26B | 584 | +14.31% | +14.94% | -0.63% | -0.02B |
| 2025-03-31 | $3.83B | 449 | +4.92% | +8.30% | -3.38% | +0.36B |
| 2024-12-31 | $3.59B | 433 | +13.56% | +24.89% | -11.32% | -0.13B |
| 2024-09-30 | $3.66B | 416 | +24.81% | +36.04% | -11.23% | +3.59B |
| 2024-06-30 | $67M | 103 | +14.64% | +24.49% | -9.85% | -3.38B |
| 2024-03-31 | $3.36B | 399 | +22.66% | +29.62% | -6.96% | +0.47B |
| 2023-12-31 | $2.77B | 589 | +26.35% | +26.18% | +0.18% | -0.40B |
| 2023-09-30 | $2.84B | 371 | +19.86% | +21.57% | -1.70% | +0.08B |
| 2023-06-30 | $2.88B | 362 | +18.68% | +19.42% | -0.75% | -0.11B |
| 2023-03-31 | $2.72B | 336 | -15.01% | -7.82% | -7.19% | -0.24B |
| 2022-12-31 | $2.75B | 348 | -24.72% | -18.17% | -6.55% | +0.13B |
| 2022-09-30 | $2.47B | 1158 | -21.01% | -15.51% | -5.50% | -0.09B |
| 2022-06-30 | $2.70B | 1155 | -16.26% | -10.62% | -5.64% | +0.30B |