Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.48%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.04%
baseline attrition
Rally response
-6.05%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPLGSPDR Portfolio S&P 500 E | $74M | 8.3% | — | 4.0 yr |
| DGRWWisdomTree U.S. Quality | $44M | 4.9% | — | 2.5 yr |
| JPSTJPMorgan Ultra-Short Inc | $41M | 4.6% | — | 5.3 yr |
| QGROAmerican Century U.S. Qu | $33M | 3.7% | — | 2.0 yr |
| XLKState Street Technology | $31M | 3.5% | — | 6.0 yr |
| PYLDPIMCO Multisector Bond A | $29M | 3.3% | — | 2.0 yr |
| GLDSPDR Gold Shares | $28M | 3.1% | — | 6.0 yr |
| AAPLApple Inc. | $18M | 2.0% | +14.7% | 6.0 yr |
| IQLTiShares MSCI Intl Qualit | $14M | 1.6% | — | 1.3 yr |
| NVDANVIDIA Corporation | $13M | 1.5% | +60.9% | 6.0 yr |
| USFRWisdomTree Floating Rate | $13M | 1.5% | — | 0.8 yr |
| PCEFInvesco CEF Income Compo | $12M | 1.3% | — | 2.5 yr |
| XLIState Street Industrial | $12M | 1.3% | — | 2.8 yr |
| XOMExxon Mobil Corporation | $11M | 1.3% | +47.6% | 6.0 yr |
| SPYState Street SPDR S&P 50 | $9M | 1.0% | +17.6% | 6.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management57.8%+1.8pp$518M
Asset Management - Bonds7.5%-1.2pp$68M
Asset Management - Income6.8%+4.1pp$61M
Semiconductors3.0%+1.0pp$27M
Oil & Gas Integrated2.3%-0.3pp$21M
Drug Manufacturers - General2.0%-0.8pp$18M
Consumer Electronics2.0%-0.2pp$18M
Oil & Gas Midstream1.2%-0.4pp$11M
Software - Infrastructure1.2%-0.1pp$10M
Asset Management - Leveraged1.1%-0.1pp$10M
Country
US97.4%+0.7pp
CA0.7%-0.8pp
GB0.6%-0.2pp
Unknown0.5%+0.3pp
IE0.3%-0.1pp
FR0.1%-0.0pp
TW0.1%+0.1pp
CH0.1%-0.0pp
Top 5: 24.9% · Top 10: 36.3% · Top 25: 50.6%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NVDA | $7M | +0.00B | 60.9% |
| XOM | $8M | +0.00B | 47.6% |
| AVGO | $2M | +0.00B | 86.0% |
| AAPL | $13M | +0.00B | 14.7% |
| SPY | $5M | +0.00B | 17.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $6M | -0.00B | -0.6% |
Top buys this quarter · 15
| BX Blackstone Inc. | +$1M |
| RKLB Rocket Lab USA, Inc.new | +$0M |
| ASML ASML Holding N.V. | +$0M |
| MSIF MSC Income Fund, Inc.new | +$0M |
| SM SM Energy Companynew | +$0M |
| HPQ HP Inc.new | +$0M |
| TSLA Tesla, Inc. | +$2M |
| LLY Eli Lilly and Company | +$2M |
| MSFT Microsoft Corporation | +$7M |
| MU Micron Technology, Inc. | +$0M |
Top sells this quarter · 15
| SPY State Street SPDR S&P 500 ETF | −$2M |
| NVDA NVIDIA Corporation | −$1M |
| AAPL Apple Inc. | −$1M |
| AVGO Broadcom Inc. | −$1M |
| CF CF Industries Holdings, Inc. | −$1M |
| XOM Exxon Mobil Corporation | −$8M |
| TPL Texas Pacific Land Corporationexit | −$1M |
| JNJ Johnson & Johnson | −$3M |
| DGX Quest Diagnostics Incorporatedexit | −$0M |
| CNQ Canadian Natural Resources Limexit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $897M | 455 | +21.74% | +17.59% | +4.15% | -0.01B |
| 2025-12-31 | $873M | 455 | +17.33% | +17.72% | -0.39% | +0.04B |
| 2025-09-30 | $818M | 440 | +16.54% | +17.52% | -0.97% | +0.09B |
| 2025-06-30 | $661M | 370 | +14.03% | +14.94% | -0.91% | +0.03B |
| 2025-03-31 | $603M | 369 | +9.91% | +8.30% | +1.61% | +0.02B |
| 2024-12-31 | $581M | 355 | +17.54% | +24.89% | -7.34% | -0.03B |
| 2024-09-30 | $603M | 376 | +27.31% | +36.04% | -8.73% | -0.05B |
| 2024-06-30 | $604M | 386 | +14.93% | +24.49% | -9.56% | -0.05B |
| 2024-03-31 | $642M | 410 | +18.47% | +29.62% | -11.15% | -0.04B |
| 2023-12-31 | $638M | 396 | +14.67% | +26.18% | -11.51% | +0.03B |
| 2023-09-30 | $552M | 346 | +14.50% | +21.57% | -7.07% | +0.01B |
| 2023-06-30 | $559M | 354 | +11.74% | +19.42% | -7.69% | +0.06B |
| 2023-03-31 | $477M | 328 | -4.98% | -7.82% | +2.84% | +0.03B |
| 2022-12-31 | $429M | 328 | -12.15% | -18.17% | +6.02% | +0.02B |
| 2022-09-30 | $374M | 293 | -10.79% | -15.51% | +4.72% | -0.07B |
| 2022-06-30 | $469M | 352 | -5.54% | -10.62% | +5.08% | -0.03B |