Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.80%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.77%
baseline attrition
Rally response
-3.56%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| UBSUBS Group AG | $273M | 10.3% | +31.6% | 6.3 yr |
| NVDANVIDIA Corporation | $110M | 4.1% | +60.9% | 6.3 yr |
| AAPLApple Inc. | $86M | 3.2% | +14.7% | 6.3 yr |
| MSFTMicrosoft Corporation | $83M | 3.1% | -0.6% | 6.3 yr |
| ALCAlcon Inc. | $83M | 3.1% | -20.3% | 6.3 yr |
| GOOGLAlphabet Inc. | $73M | 2.8% | — | 6.3 yr |
| AVGOBroadcom Inc. | $68M | 2.6% | +86.0% | 6.3 yr |
| — | $51M | 1.9% | — | 0.8 yr |
| AMZNAmazon.com, Inc. | $49M | 1.9% | +9.5% | 6.3 yr |
| VVisa Inc. | $40M | 1.5% | -13.1% | 6.3 yr |
| LOGILogitech International S | $34M | 1.3% | +9.5% | 6.3 yr |
| METAMeta Platforms, Inc. | $26M | 1.0% | -0.4% | 6.3 yr |
| JPMJPMorgan Chase & Co. | $26M | 1.0% | +21.8% | 6.3 yr |
| GOOGAlphabet Inc. | $25M | 1.0% | +84.3% | 6.3 yr |
| LLYEli Lilly and Company | $25M | 0.9% | +12.2% | 6.3 yr |
Portfolio composition (YoY)
Industry mix
Banks - Diversified12.7%+1.5pp$336M
Semiconductors11.2%+4.0pp$297M
Software - Infrastructure6.4%-1.3pp$169M
Asset Management5.0%-0.4pp$134M
Internet Content & Information4.9%+1.2pp$130M
Drug Manufacturers - General4.1%-0.2pp$110M
Consumer Electronics3.4%-0.9pp$89M
Medical - Instruments & Supplies3.2%-1.3pp$86M
Specialty Retail2.6%-1.4pp$69M
Computer Hardware2.4%+0.4pp$65M
Country
US76.0%-2.6pp
CH15.2%+0.0pp
Unknown2.4%+2.0pp
IE1.4%-0.1pp
BR1.0%+0.9pp
CA0.9%+0.6pp
TW0.5%+0.1pp
GB0.5%-0.1pp
Top 5: 23.9% · Top 10: 34.5% · Top 25: 46.6%
Top buys this quarter · 15
| UBS UBS Group AG | +$273M |
| ALC Alcon Inc. | +$7M |
| LRCX Lam Research Corporation | +$5M |
| LLY Eli Lilly and Company | +$5M |
| TOTB.DE TotalEnergies SEnew | +$5M |
| NVDA NVIDIA Corporation | +$110M |
| IBM International Business Machine | +$4M |
| PBR Petróleo Brasileiro S.A. - Pe | +$4M |
| MSFT Microsoft Corporation | +$83M |
| LOGI Logitech International S.A. | +$34M |
Top sells this quarter · 15
| AAPL Apple Inc. | −$13M |
| AMZN Amazon.com, Inc. | −$13M |
| BAC Bank of America Corporation | −$8M |
| WDC Western Digital Corporation | −$7M |
| SCCO Southern Copper Corporation | −$5M |
| EME EMCOR Group, Inc. | −$5M |
| VZ Verizon Communications Inc. | −$5M |
| SPY State Street SPDR S&P 500 ETF | −$4M |
| HPE Hewlett Packard Enterprise Com | −$4M |
| STX Seagate Technology Holdings pl | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.66B | 867 | +16.89% | +17.59% | -0.70% | +0.01B |
| 2025-12-31 | $2.80B | 814 | +25.35% | +17.72% | +7.63% | +0.05B |
| 2025-09-30 | $2.66B | 810 | +29.60% | +21.26% | +8.34% | +0.01B |
| 2025-06-30 | $2.45B | 786 | +22.43% | +17.06% | +5.37% | -0.06B |
| 2025-03-31 | $2.27B | 829 | +16.56% | +16.65% | -0.09% | -0.19B |
| 2024-09-30 | $2.43B | 742 | +29.26% | +36.04% | -6.78% | -0.25B |
| 2024-06-30 | $2.51B | 979 | +17.74% | +24.49% | -6.75% | -0.09B |
| 2024-03-31 | $2.55B | 978 | +21.79% | +29.62% | -7.83% | +0.12B |
| 2023-12-31 | $2.30B | 1004 | +22.36% | +26.18% | -3.82% | +0.05B |
| 2023-09-30 | $2.00B | 1170 | +20.01% | +21.57% | -1.56% | -0.09B |
| 2023-06-30 | $2.14B | 1165 | +14.87% | +19.42% | -4.55% | -0.01B |
| 2023-03-31 | $2.04B | 1169 | -6.59% | -7.82% | +1.23% | +0.02B |
| 2022-12-31 | $1.91B | 1180 | -15.88% | -18.17% | +2.29% | -0.02B |
| 2022-09-30 | $1.75B | 1215 | -15.28% | -15.51% | +0.23% | -0.05B |
| 2022-06-30 | $1.93B | 1261 | -8.53% | -10.62% | +2.09% | -0.06B |
| 2022-03-31 | $2.32B | 1288 | +15.45% | +15.45% | +0.00% | -0.12B |