Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.00%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.23%
baseline attrition
Rally response
-2.04%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VIGVanguard Dividend Apprec | $76M | 7.9% | — | 6.5 yr |
| AAPLApple Inc. | $49M | 5.1% | +14.7% | 6.5 yr |
| GOOGAlphabet Inc. | $31M | 3.2% | +84.3% | 6.5 yr |
| IUSBiShares Core Universal U | $27M | 2.7% | — | 5.3 yr |
| IVWiShares S&P 500 Growth E | $26M | 2.7% | — | 5.3 yr |
| IVEiShares S&P 500 Value ET | $26M | 2.6% | — | 4.5 yr |
| SCHRSchwab Intermediate-Term | $25M | 2.6% | — | 3.3 yr |
| DYNFiShares U.S. Equity Fact | $22M | 2.3% | — | 2.3 yr |
| ITOTiShares Core S&P Total U | $20M | 2.1% | — | 6.5 yr |
| VTIVanguard Total Stock Mar | $19M | 1.9% | — | 6.5 yr |
| MSFTMicrosoft Corporation | $17M | 1.8% | -0.6% | 6.5 yr |
| JPMJPMorgan Chase & Co. | $14M | 1.5% | +21.8% | 6.5 yr |
| JNJJohnson & Johnson | $14M | 1.4% | +51.5% | 6.5 yr |
| SPMBState Street SPDR Portfo | $13M | 1.4% | — | 0.5 yr |
| CVXChevron Corporation | $13M | 1.3% | +29.2% | 6.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management54.3%-3.8pp$526M
Asset Management - Bonds7.0%+1.0pp$68M
Consumer Electronics5.1%-0.7pp$49M
Internet Content & Information4.5%+1.9pp$43M
Drug Manufacturers - General3.3%+0.5pp$32M
Software - Infrastructure2.4%-0.7pp$23M
Oil & Gas Integrated2.2%-1.5pp$21M
Semiconductors1.8%+0.7pp$18M
Banks - Diversified1.7%+0.2pp$17M
Unknown1.5%+1.4pp$14M
Country
US96.6%-1.6pp
Unknown1.5%+1.4pp
LU0.5%+0.0pp
IE0.4%+0.1pp
CO0.2%-0.3pp
GB0.1%-0.0pp
CA0.1%+0.1pp
BR0.1%+0.0pp
Top 5: 21.6% · Top 10: 33.1% · Top 25: 52.4%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| GOOG | $15M | +0.01B | 84.3% |
| AAPL | $51M | +0.01B | 14.7% |
| JNJ | $10M | +0.00B | 51.5% |
| CVX | $10M | +0.00B | 29.2% |
| JPM | $12M | +0.00B | 21.8% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $21M | -0.00B | -0.6% |
Top buys this quarter · 15
| TROW T. Rowe Price Group, Inc.new | +$3M |
| FRMM Forum Markets, Incorporatednew | +$2M |
| DOUG Douglas Elliman Inc.new | +$1M |
| CRC California Resources Corporatinew | +$1M |
| UBER Uber Technologies, Inc. | +$1M |
| MELI MercadoLibre, Inc. | +$1M |
| AVAL Grupo Aval Acciones y Valores | +$1M |
| JEF Jefferies Financial Group Inc.new | +$0M |
| BDX Becton, Dickinson and Companynew | +$0M |
| HWC Hancock Whitney Corporationnew | +$0M |
Top sells this quarter · 15
| AAPL Apple Inc. | −$8M |
| MSFT Microsoft Corporation | −$7M |
| GOOG Alphabet Inc. | −$2M |
| EC Ecopetrol S.A. | −$2M |
| JPM JPMorgan Chase & Co. | −$2M |
| NVDA NVIDIA Corporation | −$1M |
| INGN Inogen, Inc.exit | −$1M |
| PM Philip Morris International In | −$1M |
| JNJ Johnson & Johnson | −$13M |
| CAAP Corporación América Airports | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $969M | 276 | +20.39% | +17.59% | +2.80% | -0.11B |
| 2025-12-31 | $1.09B | 310 | +19.30% | +17.72% | +1.58% | +0.01B |
| 2025-09-30 | $1.04B | 264 | +17.71% | +17.52% | +0.19% | -0.00B |
| 2025-06-30 | $941M | 233 | +12.37% | +14.94% | -2.57% | +0.01B |
| 2025-03-31 | $878M | 231 | +11.46% | +8.30% | +3.16% | -0.02B |
| 2024-12-31 | $926M | 243 | +21.08% | +24.89% | -3.80% | -0.00B |
| 2024-09-30 | $905M | 226 | +28.48% | +36.04% | -7.56% | +0.01B |
| 2024-06-30 | $845M | 222 | +17.27% | +24.49% | -7.22% | +0.01B |
| 2024-03-31 | $792M | 221 | +20.76% | +29.62% | -8.86% | +0.02B |
| 2023-12-31 | $732M | 220 | +21.18% | +26.18% | -5.00% | -0.19B |
| 2023-09-30 | $844M | 339 | +21.21% | +21.57% | -0.36% | +0.02B |
| 2023-06-30 | $852M | 327 | +19.61% | +19.42% | +0.18% | -0.00B |
| 2023-03-31 | $788M | 300 | -3.50% | -7.82% | +4.32% | -0.02B |
| 2022-12-31 | $758M | 273 | +9.08% | +7.56% | +1.52% | -0.01B |
| 2022-09-30 | $701M | 271 | -4.59% | -4.93% | +0.34% | +0.00B |
| 2022-06-30 | $732M | 269 | -12.68% | -16.11% | +3.43% | +0.07B |