Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.79%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.58%
baseline attrition
Rally response
-12.81%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPYState Street SPDR S&P 50 | $172M | 20.4% | +17.6% | 5.3 yr |
| EFAiShares MSCI EAFE ETF | $21M | 2.4% | — | 2.8 yr |
| NVDANVIDIA Corporation | $19M | 2.2% | +60.9% | 5.3 yr |
| AAPLApple Inc. | $17M | 2.0% | +14.7% | 5.3 yr |
| GOOGLAlphabet Inc. | $9M | 1.0% | — | 5.3 yr |
| IESCIES Holdings, Inc. | $8M | 1.0% | +188.6% | 4.0 yr |
| EMXCiShares MSCI Emerging Ma | $8M | 0.9% | — | 2.8 yr |
| EWTiShares MSCI Taiwan ETF | $8M | 0.9% | — | 2.8 yr |
| GOOGAlphabet Inc. | $5M | 0.6% | +84.3% | 5.3 yr |
| MSFTMicrosoft Corporation | $5M | 0.6% | -0.6% | 5.3 yr |
| INDAiShares MSCI India ETF | $4M | 0.5% | — | 2.8 yr |
| AVGOBroadcom Inc. | $4M | 0.5% | +86.0% | 4.8 yr |
| EEMiShares MSCI Emerging Ma | $4M | 0.4% | — | 0.5 yr |
| SATSEchoStar Corporation | $4M | 0.4% | +357.7% | 2.3 yr |
| AMZNAmazon.com, Inc. | $4M | 0.4% | +9.5% | 5.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management27.6%-6.1pp$232M
Semiconductors5.3%+2.3pp$44M
Software - Application3.3%-0.7pp$28M
Software - Infrastructure2.7%-0.2pp$23M
Internet Content & Information2.7%-0.4pp$23M
Engineering & Construction2.5%+0.1pp$21M
Unknown2.2%+0.3pp$18M
Consumer Electronics2.1%+0.6pp$18M
Specialty Retail1.9%-0.1pp$16M
Biotechnology1.6%+0.1pp$14M
Country
US87.4%-1.6pp
CA2.9%+0.3pp
Unknown2.2%+0.3pp
IL1.0%-0.5pp
IE0.9%-0.1pp
BM0.8%+0.4pp
GB0.7%-0.1pp
TW0.4%+0.0pp
Top 5: 28.1% · Top 10: 32.1% · Top 25: 37.7%
Top buys this quarter · 15
| AAPL Apple Inc. | +$10M |
| SOLS Solstice Advanced Materials In | +$2M |
| TD The Toronto-Dominion Bank | +$2M |
| SATS EchoStar Corporation | +$1M |
| AVGO Broadcom Inc. | +$1M |
| RY Royal Bank of Canada | +$1M |
| CPNG Coupang, Inc. | +$1M |
| SHC Sotera Health Company | +$1M |
| TOST Toast, Inc. | +$1M |
| NCNO nCino, Inc. | +$2M |
Top sells this quarter · 15
| MSFT Microsoft Corporation | −$8M |
| SNDK Sandisk Corporation | −$4M |
| IESC IES Holdings, Inc. | −$3M |
| MA Mastercard Incorporated | −$2M |
| KVUE Kenvue Inc.exit | −$2M |
| ROG Rogers Corporation | −$1M |
| KBR KBR, Inc. | −$1M |
| CSCO Cisco Systems, Inc. | −$1M |
| ASO Academy Sports and Outdoors, Iexit | −$1M |
| CWAN Clearwater Analytics Holdings,exit | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $842M | 1776 | +24.37% | +17.59% | +6.78% | -0.06B |
| 2025-12-31 | $912M | 1776 | +17.64% | +17.72% | -0.07% | +0.01B |
| 2025-09-30 | $876M | 1809 | +17.43% | +17.52% | -0.09% | -0.02B |
| 2025-06-30 | $818M | 1826 | +15.26% | +14.94% | +0.31% | -0.02B |
| 2025-03-31 | $754M | 1615 | +5.19% | +8.30% | -3.11% | +0.02B |
| 2024-12-31 | $783M | 1583 | +20.83% | +24.89% | -4.06% | +0.06B |
| 2024-09-30 | $700M | 1661 | +30.93% | +36.04% | -5.11% | +0.04B |
| 2024-06-30 | $607M | 1634 | +17.45% | +24.49% | -7.04% | +0.00B |
| 2024-03-31 | $599M | 1593 | +25.88% | +29.62% | -3.75% | +0.02B |
| 2023-12-31 | $536M | 1590 | +24.07% | +26.18% | -2.10% | +0.02B |
| 2023-09-30 | $464M | 1582 | +19.56% | +21.57% | -2.00% | +0.13B |
| 2023-06-30 | $342M | 1534 | +14.16% | +19.42% | -5.26% | +0.00B |
| 2023-03-31 | $311M | 1563 | -13.63% | -7.82% | -5.81% | -0.01B |
| 2022-12-31 | $300M | 1539 | -22.24% | -18.17% | -4.06% | +0.08B |
| 2022-09-30 | $202M | 1484 | -19.67% | -15.51% | -4.16% | +0.05B |
| 2022-06-30 | $161M | 1822 | -12.65% | -10.62% | -2.03% | -0.00B |