Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-15.31%
trims when stocks drop
when a holding falls −10%+
Middle response
-23.32%
baseline attrition
Rally response
-23.75%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IWMiShares Russell 2000 ETF | $384M | 6.3% | — | 4.0 yr |
| XLEState Street Energy Sele | $65M | 1.1% | — | 4.0 yr |
| IVViShares Core S&P 500 ETF | $62M | 1.0% | — | 2.8 yr |
| XLYState Street Consumer Di | $58M | 1.0% | — | 4.0 yr |
| SLViShares Silver Trust | $58M | 0.9% | — | 2.5 yr |
| SOXLDirexion Daily Semicondu | $48M | 0.8% | — | 2.3 yr |
| CMECME Group Inc. | $47M | 0.8% | +15.6% | 5.8 yr |
| SNDKSandisk Corporation | $47M | 0.8% | +1234.5% | 1.0 yr |
| MSFTMicrosoft Corporation | $47M | 0.8% | -0.6% | 5.0 yr |
| APHAmphenol Corporation | $42M | 0.7% | +93.6% | 4.8 yr |
| BSXBoston Scientific Corpor | $39M | 0.6% | -37.8% | 3.5 yr |
| CRCLCircle Internet Group | $38M | 0.6% | — | 0.5 yr |
| NOWServiceNow, Inc. | $36M | 0.6% | -34.3% | 4.5 yr |
| AMDAdvanced Micro Devices, | $35M | 0.6% | +98.0% | 4.5 yr |
| DIAState Street SPDR Dow Jo | $34M | 0.6% | — | 2.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management21.4%+10.7pp$1.30B
Biotechnology4.5%+1.8pp$271M
Semiconductors4.0%-1.2pp$241M
Hardware, Equipment & Parts3.5%+2.6pp$212M
Software - Application3.4%-3.5pp$207M
Financial - Capital Markets3.1%+2.2pp$188M
Software - Infrastructure2.5%-0.9pp$155M
Aerospace & Defense2.4%+0.7pp$145M
Medical - Devices2.0%-0.3pp$124M
Unknown1.7%-0.4pp$106M
Country
US84.9%-2.3pp
CA2.7%+1.7pp
Unknown1.7%-0.4pp
IE1.4%+0.8pp
GB1.1%+0.3pp
CH0.9%+0.0pp
SG0.8%+0.2pp
CN0.6%-0.7pp
Top 5: 10.3% · Top 10: 14.1% · Top 25: 22.1%
Top buys this quarter · 15
| CRCL Circle Internet Group | +$31M |
| BAC Bank of America Corporation | +$30M |
| WFC Wells Fargo & Company | +$28M |
| ABT Abbott Laboratories | +$27M |
| B Barrick Mining Corporation | +$26M |
| ZS Zscaler, Inc. | +$23M |
| NVO Novo Nordisk A/S | +$22M |
| CVX Chevron Corporation | +$22M |
| ADP Automatic Data Processing, Inc | +$21M |
| FIG Figma, Inc.new | +$21M |
Top sells this quarter · 15
| SPY State Street SPDR S&P 500 ETF | −$94M |
| WMT Walmart Inc.exit | −$88M |
| NVDA NVIDIA Corporation | −$77M |
| AMZN Amazon.com, Inc. | −$65M |
| VRT Vertiv Holdings Co | −$60M |
| ARM Arm Holdings plc American Depo | −$55M |
| NFLX Netflix, Inc.exit | −$51M |
| ET Energy Transfer LP | −$49M |
| COST Costco Wholesale Corporation | −$37M |
| FCX Freeport-McMoRan Inc. | −$37M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $6.09B | 1757 | +29.97% | +17.59% | +12.38% | -1.28B |
| 2025-12-31 | $7.38B | 1850 | +24.42% | +17.72% | +6.70% | -0.27B |
| 2025-09-30 | $7.39B | 1676 | +24.20% | +17.52% | +6.68% | -1.49B |
| 2025-06-30 | $7.91B | 1710 | +18.34% | +14.94% | +3.40% | +0.62B |
| 2025-03-31 | $6.51B | 1504 | +4.36% | +8.30% | -3.95% | +2.09B |
| 2024-12-31 | $4.62B | 1547 | +20.15% | +24.89% | -4.73% | -0.30B |
| 2024-09-30 | $4.76B | 1556 | +29.35% | +36.04% | -6.69% | -0.46B |
| 2024-06-30 | $4.89B | 1716 | +17.47% | +24.49% | -7.03% | +1.61B |
| 2024-03-31 | $3.31B | 1844 | +25.01% | +29.62% | -4.62% | +0.26B |
| 2023-12-31 | $2.78B | 1719 | +19.89% | +26.18% | -6.28% | -0.12B |
| 2023-09-30 | $2.61B | 1775 | +10.81% | +21.57% | -10.76% | +0.08B |
| 2023-06-30 | $2.60B | 1745 | +7.83% | +19.42% | -11.60% | +0.11B |
| 2023-03-31 | $2.37B | 1512 | -16.65% | -7.82% | -8.83% | +0.38B |
| 2022-12-31 | $1.88B | 1517 | -16.32% | -18.17% | +1.85% | -0.74B |
| 2022-09-30 | $2.56B | 1523 | -14.08% | -15.51% | +1.42% | +0.36B |
| 2022-06-30 | $2.32B | 1549 | -8.54% | -10.62% | +2.08% | +0.43B |