Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+4.03%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.99%
baseline attrition
Rally response
+2.57%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| FBNDFidelity Total Bond ETF | $130M | 6.3% | — | 2.5 yr |
| PYLDPIMCO Multisector Bond A | $111M | 5.3% | — | 1.5 yr |
| JAAAJanus Henderson AAA CLO | $110M | 5.3% | — | 3.0 yr |
| BSCSInvesco BulletShares 202 | $93M | 4.5% | — | 3.5 yr |
| VTIVanguard Total Stock Mar | $86M | 4.1% | — | 5.5 yr |
| BSCUInvesco BulletShares 203 | $78M | 3.8% | — | 1.8 yr |
| AAPLApple Inc. | $52M | 2.5% | +14.7% | 5.5 yr |
| XMHQInvesco S&P MidCap Quali | $51M | 2.4% | — | 2.3 yr |
| GOOGAlphabet Inc. | $47M | 2.3% | +84.3% | 5.5 yr |
| IWFiShares Russell 1000 Gro | $47M | 2.2% | — | 5.5 yr |
| AMZNAmazon.com, Inc. | $39M | 1.9% | +9.5% | 5.5 yr |
| COSTCostco Wholesale Corpora | $38M | 1.8% | +5.9% | 5.5 yr |
| AVUVAvantis U.S. Small Cap V | $38M | 1.8% | — | 5.0 yr |
| DFIVDimensional - Internatio | $38M | 1.8% | — | 1.0 yr |
| MSFTMicrosoft Corporation | $38M | 1.8% | -0.6% | 5.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management36.0%-3.8pp$749M
Asset Management - Bonds23.1%-0.9pp$481M
Semiconductors4.9%+3.1pp$102M
Drug Manufacturers - General4.1%-0.1pp$86M
Internet Content & Information3.2%+0.5pp$66M
Consumer Electronics2.5%-0.0pp$52M
Discount Stores2.0%-0.3pp$42M
Specialty Retail1.9%-0.2pp$40M
Oil & Gas Integrated1.9%-0.8pp$39M
Software - Infrastructure1.9%-0.3pp$39M
Country
US96.7%-1.8pp
GB2.2%+0.7pp
TW1.1%
CA0.0%+0.0pp
Top 5: 25.5% · Top 10: 38.7% · Top 25: 63.6%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| GOOG | $32M | +0.03B | 84.3% |
| AVGO | $26M | +0.02B | 86.0% |
| PWR | $13M | +0.01B | 116.2% |
| FCX | $17M | +0.01B | 57.4% |
| CAT | $8M | +0.01B | 117.8% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $35M | -0.00B | -0.6% |
Top buys this quarter · 15
| T AT&T Inc. | +$14M |
| MSFT Microsoft Corporation | +$38M |
| JPM JPMorgan Chase & Co. | +$36M |
| AAPL Apple Inc. | +$52M |
| COST Costco Wholesale Corporation | +$1M |
| V Visa Inc. | +$23M |
| AVGO Broadcom Inc. | +$29M |
| WPC W. P. Carey Inc. | +$1M |
| AEP American Electric Power Compan | +$1M |
| META Meta Platforms, Inc. | +$14M |
Top sells this quarter · 15
| MPC Marathon Petroleum Corporation | −$18M |
| IBM International Business Machine | −$8M |
| SYK Stryker Corporationexit | −$1M |
| FCX Freeport-McMoRan Inc. | −$30M |
| COF Capital One Financial Corporat | −$0M |
| CAT Caterpillar Inc. | −$25M |
| CEG Constellation Energy Corporatiexit | −$0M |
| IDXX IDEXX Laboratories, Inc.exit | −$0M |
| UNH UnitedHealth Group Incorporateexit | −$0M |
| ACM Aecomexit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.08B | 182 | +30.29% | +17.59% | +12.70% | +0.01B |
| 2025-12-31 | $2.04B | 182 | +26.41% | +17.72% | +8.70% | -0.09B |
| 2025-09-30 | $1.98B | 182 | +20.91% | +17.52% | +3.39% | +0.01B |
| 2025-06-30 | $1.82B | 176 | +16.35% | +14.94% | +1.41% | -0.00B |
| 2025-03-31 | $1.66B | 158 | +10.99% | +8.30% | +2.69% | +0.03B |
| 2024-12-31 | $1.66B | 163 | +21.61% | +24.89% | -3.28% | -0.03B |
| 2024-09-30 | $1.63B | 164 | +29.65% | +36.04% | -6.39% | +0.06B |
| 2024-06-30 | $1.50B | 158 | +24.24% | +24.49% | -0.26% | +0.00B |
| 2024-03-31 | $1.43B | 164 | +26.93% | +29.62% | -2.69% | +0.02B |
| 2023-12-31 | $1.31B | 150 | +22.89% | +26.18% | -3.29% | +0.03B |
| 2023-09-30 | $1.16B | 145 | +19.03% | +21.57% | -2.54% | -0.00B |
| 2023-06-30 | $1.16B | 147 | +13.19% | +19.42% | -6.24% | -0.00B |
| 2023-03-31 | $1.09B | 144 | -7.43% | -7.82% | +0.39% | +0.02B |
| 2022-12-31 | $1.02B | 136 | -15.25% | -18.17% | +2.92% | +0.02B |
| 2022-09-30 | $944M | 130 | -11.75% | -15.51% | +3.76% | +0.06B |
| 2022-06-30 | $932M | 132 | -6.71% | -10.62% | +3.91% | +0.09B |