Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.94%
adds when stocks drop
when a holding falls −10%+
Middle response
-2.37%
baseline attrition
Rally response
-6.15%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| EFAiShares MSCI EAFE ETF | $604M | 13.1% | — | 2.5 yr |
| ITOTiShares Core S&P Total U | $413M | 9.0% | — | 2.5 yr |
| SPYState Street SPDR S&P 50 | $383M | 8.3% | +17.6% | 2.5 yr |
| SPMDState Street SPDR Portfo | $167M | 3.6% | — | 2.5 yr |
| AKREAkre Focus ETF | $165M | 3.6% | — | 0.5 yr |
| VTIVanguard Total Stock Mar | $161M | 3.5% | — | 2.5 yr |
| GLDSPDR Gold Shares | $155M | 3.4% | — | 2.5 yr |
| EIPXFT Energy Income Partner | $149M | 3.2% | — | 2.5 yr |
| IAUiShares Gold Trust | $138M | 3.0% | — | 2.5 yr |
| XOMExxon Mobil Corporation | $136M | 3.0% | +47.6% | 2.5 yr |
| EMLPFirst Trust North Americ | $123M | 2.7% | — | 2.5 yr |
| IJHiShares Core S&P Mid-Cap | $109M | 2.4% | — | 2.5 yr |
| IVViShares Core S&P 500 ETF | $101M | 2.2% | — | 2.5 yr |
| GEMEPacific North of South E | $91M | 2.0% | — | 0.5 yr |
| GOOGLAlphabet Inc. | $74M | 1.6% | — | 2.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management71.9%-0.0pp$3.31B
Oil & Gas Integrated3.8%+0.1pp$175M
Asset Management - Income3.3%+0.4pp$149M
Internet Content & Information2.3%+0.8pp$106M
Consumer Electronics1.6%-0.1pp$73M
Asset Management - Bonds1.4%-0.9pp$63M
Software - Infrastructure1.0%-0.3pp$47M
Semiconductors1.0%+0.4pp$44M
Software - Application0.9%-0.5pp$43M
Financial - Capital Markets0.8%+0.4pp$35M
Country
US98.4%-0.1pp
IE0.6%-0.1pp
CA0.5%+0.1pp
Unknown0.1%+0.1pp
GB0.1%+0.0pp
NL0.0%+0.0pp
TW0.0%+0.0pp
CN0.0%-0.0pp
Top 5: 37.7% · Top 10: 53.8% · Top 25: 74.2%
Top buys this quarter · 15
| SPY State Street SPDR S&P 500 ETF | +$31M |
| OKE ONEOK, Inc. | +$7M |
| UNH UnitedHealth Group Incorporate | +$4M |
| MSFT Microsoft Corporation | +$33M |
| CVX Chevron Corporation | +$3M |
| OMC Omnicom Group Inc. | +$3M |
| CCJ Cameco Corporation | +$3M |
| ISTR Investar Holding Corporationnew | +$2M |
| VLO Valero Energy Corporation | +$2M |
| JPM JPMorgan Chase & Co. | +$2M |
Top sells this quarter · 15
| XOM Exxon Mobil Corporation | −$116M |
| BMY Bristol-Myers Squibb Company | −$6M |
| TAP Molson Coors Beverage Companyexit | −$5M |
| SWKS Skyworks Solutions, Inc.exit | −$4M |
| AMGN Amgen Inc. | −$3M |
| LYB LyondellBasell Industries N.V. | −$3M |
| ORCL Oracle Corporation | −$3M |
| PRVA Privia Health Group, Inc.exit | −$2M |
| PLD Prologis, Inc. | −$2M |
| ASML ASML Holding N.V. | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.60B | 436 | +21.24% | +17.59% | +3.65% | -0.10B |
| 2025-12-31 | $4.66B | 450 | +19.55% | +17.72% | +1.83% | +0.30B |
| 2025-09-30 | $4.26B | 429 | +18.00% | +17.52% | +0.48% | -0.09B |
| 2025-06-30 | $3.98B | 414 | +14.44% | +14.94% | -0.50% | -0.11B |
| 2025-03-31 | $3.81B | 386 | +7.11% | +8.30% | -1.20% | -0.30B |
| 2024-12-31 | $4.14B | 410 | +15.47% | +24.89% | -9.42% | -0.06B |
| 2024-09-30 | $4.16B | 383 | +6.02% | +5.75% | +0.27% | +0.21B |
| 2024-06-30 | $3.72B | 380 | +0.57% | +4.38% | -3.80% | +0.11B |
| 2024-03-31 | $3.59B | 381 | +7.06% | +10.39% | -3.33% | +0.11B |
| 2023-12-31 | $3.26B | 355 | — | — | — | — |