Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.18%
trims when stocks drop
when a holding falls −10%+
Middle response
+2.12%
steady accumulation
Rally response
+1.81%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| JAAAJanus Henderson AAA CLO | $260M | 18.6% | — | 3.5 yr |
| JQUAJPMorgan U.S. Quality Fa | $182M | 13.0% | — | 3.8 yr |
| VTIVanguard Total Stock Mar | $134M | 9.6% | — | 5.5 yr |
| QUALiShares MSCI USA Quality | $111M | 7.9% | — | 5.5 yr |
| IQLTiShares MSCI Intl Qualit | $75M | 5.4% | — | 5.5 yr |
| VOOVanguard S&P 500 ETF | $49M | 3.5% | — | 5.5 yr |
| GBDCGolub Capital BDC, Inc. | $48M | 3.4% | -6.8% | 5.5 yr |
| VGITVanguard Intermediate-Te | $43M | 3.0% | — | 5.3 yr |
| VEAVanguard FTSE Developed | $36M | 2.6% | — | 5.5 yr |
| QUSState Street SPDR MSCI U | $29M | 2.1% | — | 5.5 yr |
| JMSTJPMorgan Ultra-Short Mun | $28M | 2.0% | — | 0.5 yr |
| VXUSVanguard Total Internati | $16M | 1.1% | — | 5.3 yr |
| VGTVanguard Information Tec | $13M | 1.0% | — | 4.3 yr |
| SPYState Street SPDR S&P 50 | $12M | 0.9% | +17.6% | 5.3 yr |
| VBVanguard Small-Cap ETF | $12M | 0.8% | — | 5.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management90.4%+18.3pp$1.27B
Asset Management - Income2.0%+1.9pp$28M
Semiconductors1.0%-1.6pp$14M
Banks - Diversified0.7%-1.1pp$10M
Asset Management - Leveraged0.7%-0.1pp$9M
Consumer Electronics0.6%-1.5pp$8M
Auto - Manufacturers0.6%+0.0pp$8M
Specialty Business Services0.5%-0.7pp$8M
Internet Content & Information0.5%-1.2pp$7M
Software - Infrastructure0.4%-2.0pp$6M
Country
US99.7%+0.9pp
CA0.1%+0.0pp
TW0.1%+0.0pp
IE0.0%-0.3pp
FR0.0%
Unknown0.0%-0.0pp
Top 5: 54.4% · Top 10: 69.0% · Top 25: 81.7%
Top buys this quarter · 15
| GBDC Golub Capital BDC, Inc. | +$5M |
| BMNR Bitmine Immersion Technologies | +$1M |
| FIGR Figure Technology Solutions, Inew | +$0M |
| MSTR Strategy Inc | +$0M |
| TPL Texas Pacific Land Corporation | +$0M |
| SPY State Street SPDR S&P 500 ETF | +$12M |
| BMI Badger Meter, Inc. | +$0M |
| PYPL PayPal Holdings, Inc. | +$0M |
| BLCV iShares Large Cap Value Activenew | +$0M |
| DFLV Dimensional - US Large Cap Valnew | +$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.40B | 280 | +13.94% | +17.59% | -3.65% | -0.38B |
| 2025-12-31 | $1.86B | 558 | +13.82% | +17.72% | -3.90% | +0.10B |
| 2025-09-30 | $1.72B | 546 | +17.46% | +17.52% | -0.05% | +0.11B |
| 2025-06-30 | $1.52B | 493 | +15.24% | +14.94% | +0.30% | +0.05B |
| 2025-03-31 | $1.34B | 491 | +7.04% | +8.30% | -1.27% | +0.05B |
| 2024-12-31 | $1.36B | 472 | +23.18% | +24.89% | -1.71% | +0.12B |
| 2024-09-30 | $1.17B | 484 | +30.04% | +36.04% | -5.99% | +0.04B |
| 2024-06-30 | $1.08B | 421 | +21.59% | +24.49% | -2.91% | +0.10B |
| 2024-03-31 | $962M | 407 | +30.73% | +29.62% | +1.11% | +0.02B |
| 2023-12-31 | $862M | 354 | +26.00% | +26.18% | -0.18% | +0.05B |
| 2023-09-30 | $727M | 359 | +19.89% | +21.57% | -1.68% | +0.04B |
| 2023-06-30 | $702M | 352 | +19.65% | +19.42% | +0.22% | +0.02B |
| 2023-03-31 | $620M | 329 | +5.88% | -7.82% | +13.70% | +0.16B |
| 2022-12-31 | $439M | 275 | -4.40% | -18.17% | +13.78% | +0.04B |
| 2022-09-30 | $375M | 347 | +0.11% | -15.51% | +15.62% | -0.19B |
| 2022-06-30 | $580M | 663 | +3.24% | -10.62% | +13.86% | -0.15B |