Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.68%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.72%
baseline attrition
Rally response
-2.12%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IVViShares Core S&P 500 ETF | $58M | 8.3% | — | 1.8 yr |
| IWBiShares Russell 1000 ETF | $58M | 8.2% | — | 1.8 yr |
| VIGVanguard Dividend Apprec | $53M | 7.6% | — | 1.8 yr |
| JPIEJPMorgan Income ETF | $40M | 5.8% | — | 1.8 yr |
| VOVanguard Mid-Cap ETF | $37M | 5.3% | — | 1.8 yr |
| XARState Street SPDR S&P Ae | $34M | 4.8% | — | 1.8 yr |
| VGTVanguard Information Tec | $25M | 3.6% | — | 1.8 yr |
| VUGVanguard Growth ETF | $19M | 2.7% | — | 1.8 yr |
| WMTWalmart Inc. | $18M | 2.6% | +42.8% | 1.8 yr |
| QQQMInvesco NASDAQ 100 ETF | $18M | 2.6% | — | 1.8 yr |
| IEFAiShares Core MSCI EAFE E | $18M | 2.5% | — | 1.8 yr |
| VEAVanguard FTSE Developed | $17M | 2.5% | — | 1.8 yr |
| VGITVanguard Intermediate-Te | $16M | 2.3% | — | 0.8 yr |
| IWMiShares Russell 2000 ETF | $16M | 2.3% | — | 1.8 yr |
| AMZNAmazon.com, Inc. | $16M | 2.3% | +9.5% | 1.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management69.1%-1.4pp$485M
Asset Management - Income6.9%-0.8pp$48M
Gold3.7%$26M
Discount Stores2.8%+0.4pp$19M
Specialty Retail2.3%+1.3pp$16M
Oil & Gas Integrated2.2%-0.4pp$15M
Software - Infrastructure2.1%-1.5pp$14M
Semiconductors1.6%+0.2pp$11M
Internet Content & Information1.5%-0.2pp$10M
Beverages - Non-Alcoholic1.5%-0.2pp$10M
Country
US96.8%-3.0pp
CA3.0%
Unknown0.1%
TW0.1%+0.0pp
IE0.0%-0.0pp
Top 5: 35.2% · Top 10: 51.5% · Top 25: 78.1%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| XOM | $13M | +0.01B | 47.6% |
| WMT | $12M | +0.01B | 42.8% |
| NVDA | $7M | +0.00B | 60.9% |
| PLTR | $3M | +0.00B | 73.3% |
| AAPL | $10M | +0.00B | 14.7% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $12M | -0.00B | -0.6% |
Top buys this quarter · 15
| AMZN Amazon.com, Inc. | +$10M |
| CAT Caterpillar Inc. | +$2M |
| PSX Phillips 66new | +$1M |
| LNG Cheniere Energy, Inc.new | +$1M |
| WMT Walmart Inc. | +$1M |
| BAER Bridger Aerospace Group Holdinnew | +$1M |
| GEV GE Vernova Inc.new | +$1M |
| NOC Northrop Grumman Corporationnew | +$0M |
| SATS EchoStar Corporationnew | +$0M |
| RTX RTX Corporation | +$0M |
Top sells this quarter · 15
| MSFT Microsoft Corporation | −$3M |
| META Meta Platforms, Inc. | −$2M |
| FNV Franco-Nevada Corporation | −$1M |
| CRWD CrowdStrike Holdings, Inc. | −$1M |
| ORCL Oracle Corporationexit | −$1M |
| AXP American Express Company | −$1M |
| B Barrick Mining Corporation | −$1M |
| EGP EastGroup Properties, Inc. | −$0M |
| PAAS Pan American Silver Corp. | −$0M |
| NG NovaGold Resources Inc.exit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $702M | 126 | +25.06% | +17.59% | +7.47% | -0.02B |
| 2025-12-31 | $706M | 124 | +17.56% | +17.72% | -0.15% | +0.04B |
| 2025-09-30 | $655M | 121 | +18.09% | +17.52% | +0.57% | -0.01B |
| 2025-06-30 | $619M | 116 | +11.66% | +10.78% | +0.88% | -0.04B |
| 2025-03-31 | $586M | 112 | -4.09% | -4.27% | +0.18% | +0.00B |
| 2024-12-31 | $608M | 123 | +2.65% | +2.49% | +0.16% | +0.00B |
| 2024-09-30 | $590M | 119 | — | — | — | — |