Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.51%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.00%
baseline attrition
Rally response
-1.08%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| RWLInvesco S&P 500 Revenue | $19M | 5.2% | — | 2.3 yr |
| ITAiShares U.S. Aerospace & | $19M | 5.0% | — | 3.3 yr |
| SOXXiShares Semiconductor ET | $16M | 4.4% | — | 5.5 yr |
| VISVanguard Industrials ETF | $15M | 4.1% | — | 5.5 yr |
| JAAAJanus Henderson AAA CLO | $15M | 4.1% | — | 0.8 yr |
| VTWOVanguard Russell 2000 ET | $14M | 3.8% | — | 3.8 yr |
| AAPLApple Inc. | $14M | 3.7% | +14.7% | 5.5 yr |
| XLYState Street Consumer Di | $14M | 3.6% | — | 2.3 yr |
| KYNKayne Anderson Energy In | $10M | 2.6% | — | 5.5 yr |
| IYWiShares U.S. Technology | $9M | 2.4% | — | 5.5 yr |
| OKEONEOK, Inc. | $8M | 2.2% | -3.8% | 5.5 yr |
| JPIBJPMorgan International B | $8M | 2.0% | — | 0.5 yr |
| IVViShares Core S&P 500 ETF | $7M | 1.9% | — | 3.8 yr |
| IAIiShares U.S. Broker-Deal | $6M | 1.7% | — | 3.5 yr |
| SPHQInvesco S&P 500 Quality | $6M | 1.6% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management64.0%+7.9pp$240M
Consumer Electronics3.7%+0.7pp$14M
Oil & Gas Midstream3.4%-1.3pp$13M
Semiconductors3.4%+2.9pp$13M
Asset Management - Bonds2.4%-3.6pp$9M
Financial - Credit Services2.0%+1.5pp$7M
Insurance - Diversified1.9%-1.5pp$7M
Asset Management - Global1.8%-0.5pp$7M
Hardware, Equipment & Parts1.3%+1.2pp$5M
Aerospace & Defense1.3%+0.5pp$5M
Country
US98.4%+4.7pp
CA0.5%+0.5pp
TW0.5%
NL0.4%
SG0.1%
IE0.1%-0.0pp
Top 5: 22.7% · Top 10: 38.8% · Top 25: 61.2%
Top buys this quarter · 15
| TSM Taiwan Semiconductor Manufactunew | +$2M |
| GLW Corning Incorporatednew | +$2M |
| AMAT Applied Materials, Inc.new | +$2M |
| MP MP Materials Corp.new | +$2M |
| ASML ASML Holding N.V.new | +$1M |
| COHR Coherent, Inc.new | +$1M |
| GEV GE Vernova Inc. | +$0M |
| STX Seagate Technology Holdings plnew | +$0M |
| RKLB Rocket Lab USA, Inc. | +$0M |
| ENB Enbridge Inc.new | +$0M |
Top sells this quarter · 15
| ESLT Elbit Systems Ltd.exit | −$2M |
| GS The Goldman Sachs Group, Inc.exit | −$2M |
| EXPE Expedia Group, Inc.exit | −$2M |
| AEM Agnico Eagle Mines Limitedexit | −$2M |
| CAT Caterpillar Inc. | −$2M |
| SPXC SPX Technologies, Inc.exit | −$1M |
| CLS Celestica Inc. | −$1M |
| SNOW Snowflake Inc.exit | −$1M |
| WLDN Willdan Group, Inc.exit | −$1M |
| LMND Lemonade, Inc.exit | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $376M | 184 | +25.40% | +17.59% | +7.81% | -0.01B |
| 2025-12-31 | $376M | 179 | +18.29% | +17.72% | +0.58% | -0.01B |
| 2025-09-30 | $375M | 189 | +18.81% | +17.52% | +1.29% | +0.04B |
| 2025-06-30 | $303M | 152 | +15.63% | +14.94% | +0.69% | +0.03B |
| 2025-03-31 | $260M | 140 | +12.11% | +8.30% | +3.81% | -0.02B |
| 2024-12-31 | $283M | 149 | +23.94% | +24.89% | -0.95% | -0.02B |
| 2024-09-30 | $291M | 152 | +26.43% | +36.04% | -9.60% | +0.03B |
| 2024-06-30 | $243M | 134 | +14.86% | +24.49% | -9.63% | -0.01B |
| 2024-03-31 | $247M | 132 | +14.98% | +29.62% | -14.65% | +0.04B |
| 2023-12-31 | $194M | 122 | +9.35% | +26.18% | -16.83% | -0.02B |
| 2023-09-30 | $203M | 126 | +17.00% | +21.57% | -4.57% | +0.05B |
| 2023-06-30 | $157M | 126 | +16.04% | +19.42% | -3.38% | -0.01B |
| 2023-03-31 | $165M | 129 | +0.20% | -7.82% | +8.02% | -0.00B |
| 2022-12-31 | $164M | 119 | +11.94% | +7.56% | +4.38% | -0.02B |
| 2022-09-30 | $163M | 106 | -2.27% | -4.93% | +2.66% | +0.00B |
| 2022-06-30 | $167M | 106 | -10.93% | -16.11% | +5.18% | -0.03B |