Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.18%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.00%
baseline attrition
Rally response
-7.33%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GBILGoldman Sachs Access Tre | $51M | 6.3% | — | 5.0 yr |
| MSFTMicrosoft Corporation | $48M | 6.0% | -0.6% | 6.5 yr |
| AAPLApple Inc. | $29M | 3.6% | +14.7% | 6.5 yr |
| NVDANVIDIA Corporation | $20M | 2.4% | +60.9% | 6.5 yr |
| VUGVanguard Growth ETF | $18M | 2.2% | — | 6.5 yr |
| AMZNAmazon.com, Inc. | $15M | 1.9% | +9.5% | 6.5 yr |
| VEAVanguard FTSE Developed | $13M | 1.6% | — | 3.5 yr |
| AVGOBroadcom Inc. | $13M | 1.6% | +86.0% | 6.5 yr |
| VTVVanguard Value ETF | $12M | 1.4% | — | 3.3 yr |
| GOOGLAlphabet Inc. | $11M | 1.3% | — | 6.5 yr |
| COSTCostco Wholesale Corpora | $10M | 1.2% | +5.9% | 6.5 yr |
| FLOTiShares Floating Rate Bo | $9M | 1.1% | — | 6.3 yr |
| BIVVanguard Intermediate-Te | $9M | 1.1% | — | 3.3 yr |
| AEMAgnico Eagle Mines Limit | $9M | 1.1% | +89.2% | 0.8 yr |
| SILJAmplify Junior Silver Mi | $8M | 1.0% | — | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management22.8%+0.6pp$184M
Software - Infrastructure6.4%-1.8pp$52M
Semiconductors5.4%-1.8pp$44M
Asset Management - Bonds4.3%+1.1pp$35M
Consumer Electronics3.6%+2.3pp$29M
Gold3.1%+2.1pp$25M
Specialty Retail2.9%-1.2pp$24M
Internet Content & Information2.5%-1.2pp$21M
Banks - Diversified2.3%-0.5pp$19M
Financial - Credit Services2.3%-0.0pp$18M
Country
US88.2%-3.4pp
CA5.4%+4.2pp
Unknown2.1%+0.2pp
GB1.7%-0.6pp
IE0.9%+0.6pp
ZA0.6%
UY0.4%+0.2pp
NL0.3%-0.6pp
Top 5: 20.5% · Top 10: 28.3% · Top 25: 42.5%
Top buys this quarter · 15
| MSFT Microsoft Corporation | +$14M |
| AAPL Apple Inc. | +$11M |
| CF CF Industries Holdings, Inc. | +$6M |
| NVDA NVIDIA Corporation | +$5M |
| ACHC Acadia Healthcare Company, Incnew | +$5M |
| HIMS Hims & Hers Health, Inc.new | +$5M |
| TMUS T-Mobile US, Inc. | +$5M |
| UNH UnitedHealth Group Incorporate | +$4M |
| EOG EOG Resources, Inc. | +$4M |
| CI Cigna Corporation | +$4M |
Top sells this quarter · 15
| NEM Newmont Corporation | −$11M |
| MU Micron Technology, Inc.exit | −$9M |
| LRCX Lam Research Corporation | −$8M |
| ASML ASML Holding N.V. | −$7M |
| UTHR United Therapeutics Corporatioexit | −$7M |
| AMAT Applied Materials, Inc. | −$6M |
| XOM Exxon Mobil Corporation | −$6M |
| AEP American Electric Power Compan | −$5M |
| JNJ Johnson & Johnson | −$5M |
| ORLA Orla Mining Ltd.exit | −$5M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $809M | 364 | +27.31% | +17.59% | +9.72% | +0.06B |
| 2025-12-31 | $737M | 309 | +22.19% | +17.72% | +4.47% | +0.02B |
| 2025-09-30 | $709M | 340 | +22.32% | +17.52% | +4.80% | +0.10B |
| 2025-06-30 | $555M | 264 | +19.96% | +14.94% | +5.01% | -0.00B |
| 2025-03-31 | $496M | 255 | +11.07% | +8.30% | +2.77% | +0.00B |
| 2024-12-31 | $505M | 237 | +22.57% | +24.89% | -2.32% | +0.04B |
| 2024-09-30 | $457M | 223 | +35.18% | +36.04% | -0.86% | +0.00B |
| 2024-06-30 | $423M | 210 | +22.46% | +24.49% | -2.03% | -0.01B |
| 2024-03-31 | $419M | 219 | +25.50% | +29.62% | -4.12% | +0.00B |
| 2023-12-31 | $389M | 191 | +20.04% | +26.18% | -6.14% | +0.00B |
| 2023-09-30 | $345M | 187 | +17.46% | +21.57% | -4.10% | -0.00B |
| 2023-06-30 | $358M | 183 | +13.70% | +19.42% | -5.72% | -0.00B |
| 2023-03-31 | $337M | 178 | -8.74% | -7.82% | -0.92% | +0.02B |
| 2022-12-31 | $309M | 162 | -15.62% | -18.17% | +2.55% | -0.03B |
| 2022-09-30 | $308M | 174 | -14.55% | -15.51% | +0.96% | -0.01B |
| 2022-06-30 | $335M | 184 | -8.99% | -10.62% | +1.63% | -0.09B |