Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-12.02%
trims when stocks drop
when a holding falls −10%+
Middle response
-14.08%
baseline attrition
Rally response
-11.60%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPYState Street SPDR S&P 50 | $293M | 8.1% | +17.6% | 4.3 yr |
| IVViShares Core S&P 500 ETF | $163M | 4.5% | — | 2.8 yr |
| FDXFedEx Corporation | $159M | 4.4% | +49.3% | 3.5 yr |
| HONHoneywell International | $158M | 4.4% | +9.0% | 0.8 yr |
| ETREntergy Corporation | $157M | 4.3% | +35.0% | 1.0 yr |
| FISFidelity National Inform | $112M | 3.1% | -35.6% | 3.3 yr |
| VICIVICI Properties Inc. | $108M | 3.0% | -11.1% | 0.5 yr |
| MSFTMicrosoft Corporation | $104M | 2.9% | -0.6% | 2.3 yr |
| ABCAmerisourceBergen Corpor | $90M | 2.5% | — | 1.0 yr |
| HALOHalozyme Therapeutics, I | $86M | 2.4% | +1.3% | 3.8 yr |
| EXCExelon Corporation | $81M | 2.3% | +10.2% | 0.8 yr |
| NINiSource Inc. | $77M | 2.1% | +19.6% | 0.3 yr |
| RKLBRocket Lab USA, Inc. | $76M | 2.1% | +259.2% | 1.0 yr |
| ADIAnalog Devices, Inc. | $70M | 1.9% | +60.2% | 1.0 yr |
| TSLATesla, Inc. | $69M | 1.9% | +43.4% | 1.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management14.1%+6.4pp$509M
Regulated Electric10.2%+3.5pp$368M
Semiconductors8.2%-0.4pp$294M
Integrated Freight & Logistics4.6%-0.4pp$167M
Software - Infrastructure4.6%+2.3pp$167M
Conglomerates4.4%$158M
Internet Content & Information3.4%+2.8pp$121M
Financial - Capital Markets3.2%+1.0pp$117M
Aerospace & Defense3.2%-1.4pp$116M
Information Technology Services3.1%-1.9pp$112M
Country
US95.5%-1.0pp
IL1.2%+1.1pp
CA1.1%+0.3pp
AU1.1%+1.0pp
KY0.5%
Unknown0.4%-1.2pp
JE0.1%
SG0.1%-0.6pp
Top 5: 25.8% · Top 10: 39.7% · Top 25: 66.0%
Top buys this quarter · 15
| SPY State Street SPDR S&P 500 ETF | +$251M |
| VICI VICI Properties Inc. | +$107M |
| NI NiSource Inc.new | +$77M |
| XEL Xcel Energy Inc.new | +$64M |
| MSFT Microsoft Corporation | +$63M |
| ET Energy Transfer LP | +$61M |
| DXCM DexCom, Inc.new | +$50M |
| ZTS Zoetis Inc. | +$46M |
| EXC Exelon Corporation | +$42M |
| NCLH Norwegian Cruise Line Holdingsnew | +$33M |
Top sells this quarter · 15
| HON Honeywell International Inc. | −$304M |
| KVUE Kenvue Inc. | −$207M |
| CSGP CoStar Group, Inc. | −$167M |
| GEHC GE HealthCare Technologies Inc | −$138M |
| STX Seagate Technology Holdings pl | −$121M |
| NVDA NVIDIA Corporation | −$77M |
| FIS Fidelity National Information | −$61M |
| LUV Southwest Airlines Co.exit | −$50M |
| ATO Atmos Energy Corporationexit | −$44M |
| WDC Western Digital Corporation | −$41M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.60B | 157 | +26.48% | +17.59% | +8.89% | -1.05B |
| 2025-12-31 | $4.66B | 128 | +19.89% | +17.72% | +2.17% | -0.38B |
| 2025-09-30 | $4.74B | 164 | +12.51% | +17.52% | -5.01% | +1.43B |
| 2025-06-30 | $3.03B | 144 | +10.42% | +14.94% | -4.53% | -2.00B |
| 2025-03-31 | $4.61B | 198 | +0.99% | +8.30% | -7.32% | -0.33B |
| 2024-12-31 | $5.22B | 225 | +16.06% | +24.89% | -8.83% | +1.15B |
| 2024-09-30 | $4.08B | 174 | +25.06% | +36.04% | -10.98% | +0.19B |
| 2024-06-30 | $3.63B | 193 | +15.65% | +24.49% | -8.85% | -0.04B |
| 2024-03-31 | $3.67B | 168 | +17.60% | +29.62% | -12.02% | +0.06B |
| 2023-12-31 | $3.31B | 164 | +11.95% | +26.18% | -14.23% | +0.44B |
| 2023-09-30 | $2.68B | 159 | +18.09% | +21.57% | -3.48% | +1.33B |
| 2023-06-30 | $1.36B | 33 | +8.42% | +19.42% | -11.00% | -1.52B |
| 2023-03-31 | $2.84B | 88 | -4.61% | -7.82% | +3.21% | +1.31B |
| 2022-12-31 | $1.47B | 109 | -12.11% | -18.17% | +6.07% | -1.00B |
| 2022-09-30 | $2.18B | 108 | -13.80% | -15.51% | +1.71% | +1.03B |
| 2022-06-30 | $1.27B | 64 | +3.19% | -10.62% | +13.81% | -0.15B |