Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.15%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.96%
baseline attrition
Rally response
+1.00%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VOOVanguard S&P 500 ETF | $677M | 24.8% | — | 5.5 yr |
| VTVVanguard Value ETF | $176M | 6.4% | — | 5.5 yr |
| NVDANVIDIA Corporation | $156M | 5.7% | +60.9% | 5.5 yr |
| AAPLApple Inc. | $146M | 5.4% | +14.7% | 5.5 yr |
| AMATApplied Materials, Inc. | $109M | 4.0% | +137.6% | 5.5 yr |
| MSFTMicrosoft Corporation | $93M | 3.4% | -0.6% | 5.5 yr |
| GOOGLAlphabet Inc. | $89M | 3.3% | — | 5.3 yr |
| VIGVanguard Dividend Apprec | $76M | 2.8% | — | 5.5 yr |
| TRVThe Travelers Companies, | $63M | 2.3% | +12.0% | 5.5 yr |
| MRKMerck & Co., Inc. | $49M | 1.8% | +38.9% | 5.5 yr |
| SPYState Street SPDR S&P 50 | $47M | 1.7% | +17.6% | 5.5 yr |
| AMZNAmazon.com, Inc. | $47M | 1.7% | +9.5% | 5.5 yr |
| GOOGAlphabet Inc. | $46M | 1.7% | +84.3% | 5.3 yr |
| METAMeta Platforms, Inc. | $42M | 1.5% | -0.4% | 5.5 yr |
| RZVInvesco S&P SmallCap 600 | $38M | 1.4% | — | 5.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management40.0%+0.7pp$1.09B
Semiconductors12.6%+5.6pp$344M
Internet Content & Information6.5%+2.1pp$176M
Consumer Electronics5.4%+0.5pp$148M
Drug Manufacturers - General3.7%-8.4pp$101M
Software - Infrastructure3.5%-0.2pp$96M
Insurance - Property & Casualty3.3%+0.1pp$90M
Regulated Electric2.1%+0.2pp$57M
Specialty Retail1.9%+0.1pp$52M
Restaurants1.7%-0.1pp$46M
Country
US98.6%-0.1pp
CA0.6%+0.0pp
Unknown0.3%+0.3pp
KR0.1%+0.1pp
IE0.1%-0.0pp
GB0.1%-0.3pp
CN0.0%+0.0pp
TW0.0%+0.0pp
Top 5: 46.3% · Top 10: 59.8% · Top 25: 78.0%
Top buys this quarter · 6
| TEX Terex Corporationnew | +$0M |
| PARR Par Pacific Holdings, Inc.new | +$0M |
| KB KB Financial Group Inc. | +$0M |
| PAHC Phibro Animal Health Corporatinew | +$0M |
| ZTO ZTO Express (Cayman) Inc.new | +$0M |
| — new | +$0M |
Top sells this quarter · 12
| LLY Eli Lilly and Companyexit | −$257M |
| TSM Taiwan Semiconductor Manufactu | −$1M |
| UMC United Microelectronics Corpor | −$0M |
| NSIT Insight Enterprises, Inc.exit | −$0M |
| SPGI S&P Global Inc.exit | −$0M |
| VCYT Veracyte, Inc.exit | −$0M |
| KT KT Corporation | −$0M |
| MCO Moody's Corporationexit | −$0M |
| CCL Carnival Corporation & plcexit | −$0M |
| REVG REV Group, Inc.exit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.73B | 232 | +21.34% | +17.59% | +3.75% | -0.42B |
| 2025-12-31 | $3.21B | 228 | +20.69% | +17.72% | +2.97% | -0.07B |
| 2025-09-30 | $3.04B | 226 | +9.87% | +17.52% | -7.65% | +0.00B |
| 2025-06-30 | $2.82B | 230 | +6.09% | +14.94% | -8.85% | +0.03B |
| 2025-03-31 | $2.62B | 222 | +3.96% | +8.30% | -4.35% | -0.03B |
| 2024-12-31 | $2.71B | 228 | +20.02% | +24.89% | -4.86% | +0.04B |
| 2024-09-30 | $2.73B | 221 | +36.84% | +36.04% | +0.80% | +0.01B |
| 2024-06-30 | $2.61B | 215 | +27.32% | +24.49% | +2.83% | +0.01B |
| 2024-03-31 | $2.49B | 220 | +33.95% | +29.62% | +4.32% | -0.02B |
| 2023-12-31 | $2.23B | 287 | +24.33% | +26.18% | -1.84% | -0.00B |
| 2023-09-30 | $2.00B | 297 | +21.34% | +21.57% | -0.23% | -0.00B |
| 2023-06-30 | $2.06B | 260 | +18.36% | +19.42% | -1.07% | -0.02B |
| 2023-03-31 | $1.90B | 303 | -3.14% | -7.82% | +4.67% | -0.16B |
| 2022-12-31 | $1.97B | 215 | -11.68% | -18.17% | +6.50% | +0.16B |
| 2022-09-30 | $1.66B | 210 | -10.09% | -15.51% | +5.42% | +0.04B |
| 2022-06-30 | $1.71B | 206 | -4.41% | -10.62% | +6.22% | -0.13B |