Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.04%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.30%
baseline attrition
Rally response
-4.53%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VOOVanguard S&P 500 ETF | $396M | 23.5% | — | 6.5 yr |
| NVDANVIDIA Corporation | $139M | 8.2% | +60.9% | 6.5 yr |
| IBITiShares Bitcoin Trust ET | $78M | 4.6% | — | 2.3 yr |
| IEFAiShares Core MSCI EAFE E | $68M | 4.0% | — | 6.5 yr |
| IEMGiShares Core MSCI Emergi | $59M | 3.5% | — | 2.5 yr |
| VTEBVanguard Tax-Exempt Bond | $46M | 2.7% | — | 6.5 yr |
| AAPLApple Inc. | $42M | 2.5% | +14.7% | 6.5 yr |
| TCBITexas Capital Bancshares | $36M | 2.1% | +27.0% | 4.5 yr |
| IJHiShares Core S&P Mid-Cap | $25M | 1.5% | — | 6.5 yr |
| SPYState Street SPDR S&P 50 | $24M | 1.4% | +17.6% | 6.5 yr |
| IWRiShares Russell Mid-Cap | $24M | 1.4% | — | 6.5 yr |
| MSFTMicrosoft Corporation | $23M | 1.3% | -0.6% | 6.5 yr |
| VEAVanguard FTSE Developed | $22M | 1.3% | — | 6.5 yr |
| AGGiShares Core U.S. Aggreg | $22M | 1.3% | — | 6.5 yr |
| VVVanguard Large-Cap ETF | $19M | 1.1% | — | 6.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management56.1%-0.9pp$945M
Semiconductors11.6%+3.7pp$195M
Banks - Regional2.7%+0.0pp$45M
Consumer Electronics2.5%-0.2pp$42M
Internet Content & Information2.2%+1.1pp$38M
Agricultural - Machinery1.8%-0.1pp$31M
Drug Manufacturers - General1.8%-0.6pp$30M
Software - Infrastructure1.7%-0.7pp$29M
Banks - Diversified1.5%+0.1pp$26M
Oil & Gas Integrated1.3%+1.0pp$22M
Country
US98.4%-0.3pp
IE0.6%-0.4pp
GB0.3%
CA0.2%+0.1pp
CH0.2%
TW0.1%
Unknown0.1%-0.2pp
NL0.0%
Top 5: 43.9% · Top 10: 54.2% · Top 25: 69.6%
Top buys this quarter · 15
| EBAY eBay Inc.new | +$6M |
| COP ConocoPhillips | +$5M |
| ZTS Zoetis Inc. | +$4M |
| TCBI Texas Capital Bancshares, Inc. | +$3M |
| NBHC National Bank Holdings Corporanew | +$3M |
| HPK HighPeak Energy, Inc. | +$2M |
| UNH UnitedHealth Group Incorporate | +$2M |
| INTU Intuit Inc. | +$8M |
| STEL Stellar Bancorp, Inc. | +$2M |
| ET Energy Transfer LP | +$1M |
Top sells this quarter · 15
| LRCX Lam Research Corporation | −$10M |
| ORCL Oracle Corporation | −$7M |
| SPY State Street SPDR S&P 500 ETF | −$6M |
| NVS Novartis AG | −$4M |
| CAT Caterpillar Inc. | −$3M |
| NVDA NVIDIA Corporation | −$3M |
| DELL Dell Technologies Inc. | −$1M |
| DE Deere & Company | −$15M |
| NEE NextEra Energy, Inc. | −$8M |
| KLAC KLA Corporation | −$14M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.68B | 345 | +24.29% | +17.59% | +6.69% | -0.02B |
| 2025-12-31 | $1.73B | 337 | +19.88% | +17.72% | +2.16% | +0.50B |
| 2025-09-30 | $1.21B | 255 | +19.10% | +17.52% | +1.58% | +0.04B |
| 2025-06-30 | $1.07B | 223 | +14.73% | +14.94% | -0.21% | -0.05B |
| 2025-03-31 | $989M | 207 | +4.51% | +8.30% | -3.80% | +0.06B |
| 2024-12-31 | $977M | 160 | +18.13% | +24.89% | -6.76% | -0.05B |
| 2024-09-30 | $1.02B | 199 | +29.00% | +36.04% | -7.04% | +0.00B |
| 2024-06-30 | $961M | 197 | +19.28% | +24.49% | -5.21% | +0.02B |
| 2024-03-31 | $910M | 196 | +22.58% | +29.62% | -7.04% | +0.00B |
| 2023-12-31 | $845M | 199 | +20.04% | +26.18% | -6.14% | -0.03B |
| 2023-09-30 | $790M | 202 | +16.74% | +21.57% | -4.83% | -0.12B |
| 2023-06-30 | $931M | 225 | +12.84% | +19.42% | -6.59% | +0.02B |
| 2023-03-31 | $862M | 188 | -7.30% | -7.82% | +0.52% | +0.00B |
| 2022-12-31 | $820M | 169 | -15.87% | -18.17% | +2.30% | -0.01B |
| 2022-09-30 | $775M | 148 | -13.06% | -15.51% | +2.45% | -0.04B |
| 2022-06-30 | $861M | 143 | -7.32% | -10.62% | +3.30% | -0.09B |