Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.64%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.20%
baseline attrition
Rally response
-3.11%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VOOVanguard S&P 500 ETF | $48M | 9.9% | — | 5.5 yr |
| SCHXSchwab U.S. Large-Cap ET | $17M | 3.6% | — | 5.8 yr |
| SCHFSchwab International Equ | $16M | 3.4% | — | 5.8 yr |
| PGThe Procter & Gamble Com | $14M | 2.8% | -12.9% | 5.8 yr |
| AGGiShares Core U.S. Aggreg | $13M | 2.7% | — | 2.3 yr |
| VCSHVanguard Short-Term Corp | $12M | 2.4% | — | 6.3 yr |
| SPYGState Street SPDR Portfo | $12M | 2.4% | — | 4.3 yr |
| SPYVState Street SPDR Portfo | $11M | 2.3% | — | 4.3 yr |
| BSCQInvesco BulletShares 202 | $10M | 2.1% | — | 3.8 yr |
| BSCXInvesco BulletShares 203 | $9M | 1.9% | — | 2.3 yr |
| VYMIVanguard International H | $9M | 1.7% | — | 5.5 yr |
| BSCRInvesco BulletShares 202 | $8M | 1.6% | — | 3.5 yr |
| FNDXSchwab Fundamental U.S. | $8M | 1.5% | — | 5.5 yr |
| BONDPIMCO Active Bond Exchan | $7M | 1.5% | — | 5.3 yr |
| BSCYInvesco BulletShares 203 | $7M | 1.4% | — | 1.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management70.3%+5.4pp$344M
Asset Management - Bonds12.1%-6.2pp$59M
Household & Personal Products3.3%+2.5pp$16M
Drug Manufacturers - General1.4%-1.0pp$7M
Semiconductors1.1%+0.4pp$5M
Gold1.1%+0.2pp$5M
Consumer Electronics1.0%-0.0pp$5M
Asset Management - Income0.8%-0.8pp$4M
Internet Content & Information0.7%+0.3pp$3M
Regulated Electric0.6%+0.5pp$3M
Country
US99.6%-0.1pp
CA0.3%+0.0pp
IE0.1%+0.0pp
CH0.0%
Top 5: 22.3% · Top 10: 33.4% · Top 25: 52.8%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| PG | $2M | -0.00B | -12.9% |
Top buys this quarter · 6
| CGSM Capital Group Short Duration Mnew | +$0M |
| CGHM Capital Group Municipal High-Inew | +$0M |
| DIEM Franklin Emerging Market Core new | +$0M |
| NIHI NEOS MSCI EAFE High Income ETF | +$0M |
| VSS Vanguard FTSE All-World ex-US new | +$0M |
| DLS WisdomTree International Small | +$0M |
Top sells this quarter · 15
| PG The Procter & Gamble Company | −$14M |
| RGLD Royal Gold, Inc. | −$5M |
| AAPL Apple Inc. | −$5M |
| NVDA NVIDIA Corporation | −$4M |
| MSFT Microsoft Corporation | −$3M |
| SPY State Street SPDR S&P 500 ETF | −$3M |
| AMZN Amazon.com, Inc. | −$2M |
| MRK Merck & Co., Inc. | −$2M |
| LLY Eli Lilly and Company | −$2M |
| XOM Exxon Mobil Corporation | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $489M | 247 | +19.24% | +17.59% | +1.65% | -0.51B |
| 2025-12-31 | $989M | 351 | +16.11% | +17.72% | -1.61% | +0.53B |
| 2025-09-30 | $443M | 245 | +16.35% | +17.52% | -1.17% | -0.05B |
| 2025-06-30 | $464M | 262 | +17.80% | +14.94% | +2.86% | +0.05B |
| 2025-03-31 | $388M | 242 | +15.38% | +8.30% | +7.08% | -0.01B |
| 2024-12-31 | $402M | 255 | +25.61% | +24.89% | +0.72% | +0.16B |
| 2024-09-30 | $235M | 167 | +32.57% | +36.04% | -3.47% | +0.01B |
| 2024-06-30 | $206M | 155 | +26.17% | +24.49% | +1.68% | -0.12B |
| 2024-03-31 | $311M | 234 | +25.33% | +29.62% | -4.30% | +0.02B |
| 2023-12-31 | $271M | 219 | +22.35% | +26.18% | -3.82% | +0.01B |
| 2023-09-30 | $240M | 197 | +17.20% | +21.57% | -4.37% | +0.10B |
| 2023-06-30 | $137M | 113 | +6.95% | +19.42% | -12.47% | -0.09B |
| 2023-03-31 | $221M | 158 | -7.61% | -7.82% | +0.21% | -0.03B |
| 2022-12-31 | $239M | 190 | -16.05% | -18.17% | +2.12% | +0.01B |
| 2022-09-30 | $212M | 177 | -11.53% | -15.51% | +3.98% | +0.00B |
| 2022-06-30 | $225M | 174 | -4.60% | -10.62% | +6.02% | +0.01B |