Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.34%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.94%
baseline attrition
Rally response
-4.84%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IVViShares Core S&P 500 ETF | $40M | 6.9% | — | 6.5 yr |
| IVEiShares S&P 500 Value ET | $31M | 5.3% | — | 2.5 yr |
| IUSBiShares Core Universal U | $26M | 4.4% | — | 5.3 yr |
| IVWiShares S&P 500 Growth E | $25M | 4.4% | — | 2.5 yr |
| DYNFiShares U.S. Equity Fact | $25M | 4.3% | — | 2.5 yr |
| IEMGiShares Core MSCI Emergi | $23M | 4.0% | — | 4.3 yr |
| EFViShares MSCI EAFE Value | $21M | 3.7% | — | 5.3 yr |
| WWJDInspire International ET | $17M | 2.9% | — | 5.5 yr |
| BONDPIMCO Active Bond Exchan | $13M | 2.3% | — | 3.0 yr |
| QUALiShares MSCI USA Quality | $12M | 2.1% | — | 3.8 yr |
| EFGiShares MSCI EAFE Growth | $12M | 2.1% | — | 6.0 yr |
| BAIiShares A.I. Innovation | $12M | 2.0% | — | 1.0 yr |
| THROiShares U.S. Thematic Ro | $11M | 1.9% | — | 1.0 yr |
| MTUMiShares MSCI USA Momentu | $11M | 1.9% | — | 2.3 yr |
| TLHiShares 10-20 Year Treas | $9M | 1.6% | — | 3.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management72.1%+8.9pp$419M
Asset Management - Bonds13.8%-1.5pp$80M
Unknown2.2%+2.1pp$13M
Semiconductors1.4%+0.0pp$8M
Software - Infrastructure1.0%-1.2pp$6M
Consumer Electronics0.9%-0.5pp$5M
Internet Content & Information0.8%-0.3pp$5M
Specialty Retail0.6%-0.2pp$3M
Asset Management - Income0.5%+0.2pp$3M
Asset Management - Leveraged0.4%-0.2pp$2M
Country
US97.1%-1.5pp
Unknown2.2%+2.1pp
IE0.2%-0.2pp
NL0.1%+0.0pp
DK0.1%-0.0pp
TW0.1%
CH0.1%-0.1pp
GB0.1%-0.1pp
Top 5: 25.3% · Top 10: 40.2% · Top 25: 63.5%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| AAPL | $8M | +0.00B | 14.7% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| NVDA NVIDIA Corporation | +$1M |
| RBC RBC Bearings Incorporatednew | +$0M |
| ULTA Ulta Beauty, Inc.new | +$0M |
| MSFT Microsoft Corporation | +$4M |
| HON Honeywell International Inc.new | +$0M |
| NVO Novo Nordisk A/S | +$0M |
| AAPL Apple Inc. | +$5M |
| LRCX Lam Research Corporationnew | +$0M |
| PUK Prudential plcnew | +$0M |
| LIN Linde plcnew | +$0M |
Top sells this quarter · 15
| SPY State Street SPDR S&P 500 ETF | −$1M |
| MRK Merck & Co., Inc.exit | −$0M |
| ANET Arista Networks, Inc. | −$0M |
| FAST Fastenal Companyexit | −$0M |
| VZ Verizon Communications Inc.exit | −$0M |
| JKHY Jack Henry & Associates, Inc. | −$0M |
| CHRW C.H. Robinson Worldwide, Inc.exit | −$0M |
| SNA Snap-on Incorporatedexit | −$0M |
| ORCL Oracle Corporation | −$0M |
| WMT Walmart Inc. | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $581M | 197 | +10.23% | +17.59% | -7.36% | +0.03B |
| 2025-12-31 | $575M | 205 | +8.90% | +17.72% | -8.82% | +0.03B |
| 2025-09-30 | $549M | 214 | +12.24% | +17.52% | -5.28% | +0.00B |
| 2025-06-30 | $518M | 231 | +13.61% | +14.94% | -1.33% | -0.10B |
| 2025-03-31 | $560M | 244 | +2.89% | +8.30% | -5.41% | +0.04B |
| 2024-12-31 | $553M | 225 | +15.30% | +24.89% | -9.58% | -0.02B |
| 2024-09-30 | $552M | 223 | +23.20% | +36.04% | -12.84% | +0.01B |
| 2024-06-30 | $506M | 228 | +10.38% | +24.49% | -14.11% | +0.02B |
| 2024-03-31 | $492M | 219 | +16.05% | +29.62% | -13.57% | -0.01B |
| 2023-12-31 | $478M | 210 | +15.84% | +26.18% | -10.34% | +0.00B |
| 2023-09-30 | $431M | 213 | +14.20% | +21.57% | -7.37% | +0.01B |
| 2023-06-30 | $436M | 201 | +13.09% | +19.42% | -6.34% | +0.01B |
| 2023-03-31 | $410M | 185 | -6.79% | -7.82% | +1.03% | +0.00B |
| 2022-12-31 | $387M | 199 | -15.47% | -18.17% | +2.71% | -0.03B |
| 2022-09-30 | $385M | 166 | -13.59% | -15.51% | +1.92% | +0.01B |
| 2022-06-30 | $393M | 166 | -8.36% | -10.62% | +2.26% | +0.02B |