Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.05%
adds when stocks drop
when a holding falls −10%+
Middle response
-2.81%
baseline attrition
Rally response
+0.59%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IVViShares Core S&P 500 ETF | $90M | 12.6% | — | 6.5 yr |
| SPLGSPDR Portfolio S&P 500 E | $52M | 7.2% | — | 5.5 yr |
| ACWXiShares MSCI ACWI ex U.S | $34M | 4.7% | — | 0.3 yr |
| DFAIDimensional - Internatio | $30M | 4.1% | — | 4.3 yr |
| IVEiShares S&P 500 Value ET | $29M | 4.0% | — | 6.5 yr |
| DFAEDimensional - Emerging C | $26M | 3.7% | — | 4.3 yr |
| DYNFiShares U.S. Equity Fact | $25M | 3.5% | — | 2.3 yr |
| IVWiShares S&P 500 Growth E | $24M | 3.3% | — | 2.8 yr |
| ITOTiShares Core S&P Total U | $18M | 2.5% | — | 6.5 yr |
| DFAUDimensional - US Core Eq | $17M | 2.4% | — | 4.3 yr |
| AAPLApple Inc. | $16M | 2.2% | +14.7% | 6.5 yr |
| QUALiShares MSCI USA Quality | $15M | 2.0% | — | 5.0 yr |
| FBNDFidelity Total Bond ETF | $14M | 2.0% | — | 3.8 yr |
| BAIiShares A.I. Innovation | $13M | 1.8% | — | 1.5 yr |
| SPMOInvesco S&P 500 Momentum | $12M | 1.6% | — | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management80.4%-0.5pp$578M
Asset Management - Bonds2.5%-0.4pp$18M
Consumer Electronics2.2%-0.7pp$16M
Semiconductors2.0%+0.7pp$15M
Unknown1.1%+0.2pp$8M
Software - Infrastructure1.0%-0.2pp$7M
Asset Management - Income0.8%+0.5pp$5M
Internet Content & Information0.7%+0.3pp$5M
Medical - Healthcare Information Services0.6%-0.3pp$4M
Discount Stores0.5%+0.0pp$4M
Country
US98.1%-0.3pp
Unknown1.1%+0.2pp
CA0.2%-0.1pp
TW0.1%+0.1pp
IE0.1%+0.0pp
GB0.1%+0.0pp
CH0.1%+0.0pp
NL0.0%+0.0pp
Top 5: 32.6% · Top 10: 48.0% · Top 25: 71.6%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $6M | -0.00B | -0.6% |
Top buys this quarter · 15
| GBCI Glacier Bancorp, Inc. | +$2M |
| MSFT Microsoft Corporation | +$6M |
| ZION Zions Bancorporation, National | +$1M |
| WFC Wells Fargo & Company | +$0M |
| V Visa Inc. | +$0M |
| CSCO Cisco Systems, Inc. | +$0M |
| DIS The Walt Disney Company | +$0M |
| MDT Medtronic plc | +$0M |
| GE GE Aerospace | +$0M |
| META Meta Platforms, Inc. | +$1M |
Top sells this quarter · 15
| GSBD Goldman Sachs BDC, Inc. | −$0M |
| AMAT Applied Materials, Inc. | −$0M |
| SYK Stryker Corporation | −$0M |
| SBUX Starbucks Corporation | −$0M |
| AMD Advanced Micro Devices, Inc. | −$0M |
| EQR Equity Residential | −$0M |
| TSLA Tesla, Inc. | −$0M |
| ALB Albemarle Corporationexit | −$0M |
| SQM Sociedad QuÃmica y Minera de | −$0M |
| LHX L3Harris Technologies, Inc. | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $719M | 2054 | +16.49% | +17.59% | -1.10% | +0.03B |
| 2025-12-31 | $719M | 2025 | +13.29% | +17.72% | -4.42% | +0.00B |
| 2025-09-30 | $703M | 1897 | +15.77% | +17.52% | -1.74% | +0.01B |
| 2025-06-30 | $637M | 1797 | +11.06% | +14.94% | -3.88% | +0.00B |
| 2025-03-31 | $581M | 1433 | +9.46% | +8.30% | +1.16% | +0.03B |
| 2024-12-31 | $592M | 1146 | +21.98% | +24.89% | -2.91% | +0.01B |
| 2024-09-30 | $554M | 183 | +30.21% | +36.04% | -5.82% | -0.01B |
| 2024-06-30 | $542M | 181 | +18.48% | +24.49% | -6.01% | +0.03B |
| 2024-03-31 | $476M | 176 | +20.33% | +29.62% | -9.29% | +0.01B |
| 2023-12-31 | $448M | 167 | +25.24% | +26.18% | -0.94% | +0.02B |
| 2023-09-30 | $389M | 148 | +9.02% | +21.57% | -12.54% | +0.00B |
| 2023-06-30 | $403M | 150 | +6.69% | +19.42% | -12.73% | -0.01B |
| 2023-03-31 | $381M | 152 | -17.66% | -7.82% | -9.84% | -0.02B |
| 2022-12-31 | $371M | 150 | -27.25% | -18.17% | -9.08% | +0.06B |
| 2022-09-30 | $325M | 146 | -16.66% | -15.51% | -1.15% | +0.00B |
| 2022-06-30 | $344M | 147 | -10.19% | -10.62% | +0.43% | +0.03B |