Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.94%
trims when stocks drop
when a holding falls −10%+
Middle response
+6.19%
steady accumulation
Rally response
-1.53%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VCSHVanguard Short-Term Corp | $33M | 3.0% | — | 2.8 yr |
| IVEiShares S&P 500 Value ET | $26M | 2.4% | — | 2.3 yr |
| SPYState Street SPDR S&P 50 | $26M | 2.4% | +17.6% | 3.0 yr |
| IVViShares Core S&P 500 ETF | $22M | 2.0% | — | 3.0 yr |
| IEMGiShares Core MSCI Emergi | $21M | 1.9% | — | 3.3 yr |
| DYNFiShares U.S. Equity Fact | $20M | 1.8% | — | 2.3 yr |
| IVWiShares S&P 500 Growth E | $18M | 1.6% | — | 2.3 yr |
| SCHBSchwab U.S. Broad Market | $18M | 1.6% | — | 0.5 yr |
| VTIVanguard Total Stock Mar | $16M | 1.4% | — | 2.8 yr |
| AGGiShares Core U.S. Aggreg | $16M | 1.4% | — | 3.3 yr |
| BSCSInvesco BulletShares 202 | $15M | 1.3% | — | 0.5 yr |
| EFViShares MSCI EAFE Value | $14M | 1.3% | — | 3.3 yr |
| OEFiShares S&P 100 ETF | $14M | 1.2% | — | 1.3 yr |
| SFLRInnovator Equity Managed | $13M | 1.2% | — | 3.0 yr |
| AAPLApple Inc. | $13M | 1.2% | +14.7% | 3.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management63.3%-7.1pp$697M
Asset Management - Bonds10.3%+0.9pp$113M
Drug Manufacturers - General1.8%+0.1pp$20M
Semiconductors1.7%+0.6pp$19M
Financial - Credit Services1.5%-1.6pp$16M
Internet Content & Information1.4%+0.3pp$15M
Asset Management - Income1.3%+0.2pp$14M
Consumer Electronics1.2%-0.6pp$13M
Banks - Diversified1.1%+0.2pp$13M
Software - Infrastructure1.1%+0.3pp$12M
Country
US97.8%-1.8pp
CA1.3%+1.2pp
GB0.3%+0.2pp
IE0.2%+0.1pp
Unknown0.1%+0.1pp
CH0.1%
TW0.1%-0.0pp
BM0.1%
Top 5: 11.7% · Top 10: 19.5% · Top 25: 36.3%
Top buys this quarter · 15
| JPM JPMorgan Chase & Co. | +$5M |
| AAPL Apple Inc. | +$4M |
| ABBV AbbVie Inc. | +$3M |
| MSFT Microsoft Corporation | +$3M |
| NVDA NVIDIA Corporation | +$3M |
| HIG The Hartford Financial Servicenew | +$2M |
| AMZN Amazon.com, Inc. | +$2M |
| AVGO Broadcom Inc. | +$1M |
| META Meta Platforms, Inc. | +$1M |
| UBER Uber Technologies, Inc.new | +$1M |
Top sells this quarter · 15
| ASM Avino Silver & Gold Mines Ltd.exit | −$2M |
| EZPW EZCORP, Inc. | −$2M |
| NPKI NPK International Inc. | −$2M |
| RLGT Radiant Logistics, Inc. | −$2M |
| NWPX NWPX Infrastructure, Inc. | −$2M |
| PESI Perma-Fix Environmental Servic | −$2M |
| SAMG Silvercrest Asset Management G | −$1M |
| EXK Endeavour Silver Corp. | −$1M |
| LEGH Legacy Housing Corporationexit | −$1M |
| MUX McEwen Mining Inc. | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.10B | 593 | +14.81% | +17.59% | -2.78% | +0.09B |
| 2025-12-31 | $1.03B | 534 | +15.54% | +17.72% | -2.17% | +0.56B |
| 2025-09-30 | $453M | 234 | +17.49% | +17.52% | -0.03% | +0.03B |
| 2025-06-30 | $402M | 207 | +18.25% | +14.94% | +3.31% | +0.03B |
| 2025-03-31 | $340M | 194 | +15.70% | +8.30% | +7.39% | +0.02B |
| 2024-12-31 | $329M | 180 | +32.92% | +24.89% | +8.03% | +0.07B |
| 2024-09-30 | $242M | 168 | -31.81% | +32.43% | -64.25% | -0.08B |
| 2024-06-30 | $303M | 179 | -37.20% | +34.57% | -71.77% | +0.01B |
| 2024-03-31 | $280M | 168 | -39.09% | +38.67% | -77.76% | -0.07B |
| 2023-06-30 | $315M | 196 | -45.53% | +8.68% | -54.21% | +0.15B |
| 2023-03-31 | $299M | 189 | -2.98% | +7.46% | -10.44% | +0.13B |
| 2022-12-31 | $170M | 121 | +2.48% | +7.56% | -5.08% | +0.01B |
| 2022-09-30 | $159M | 111 | — | — | — | — |