Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+4.80%
adds when stocks drop
when a holding falls −10%+
Middle response
+2.88%
steady accumulation
Rally response
+5.47%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| KRMNKarman Holdings Inc. | $206M | 14.0% | +139.5% | 0.3 yr |
| AVLVAvantis U.S. Large Cap V | $159M | 10.8% | — | 2.5 yr |
| MGKVanguard Mega Cap Growth | $86M | 5.9% | — | 5.5 yr |
| AAPLApple Inc. | $72M | 4.9% | +14.7% | 5.5 yr |
| FBNDFidelity Total Bond ETF | $69M | 4.7% | — | 2.3 yr |
| DFIVDimensional - Internatio | $66M | 4.5% | — | 4.5 yr |
| PYLDPIMCO Multisector Bond A | $62M | 4.2% | — | 1.8 yr |
| BINCiShares Flexible Income | $62M | 4.2% | — | 1.8 yr |
| QQQInvesco QQQ Trust, Serie | $60M | 4.1% | — | 4.8 yr |
| VGSHVanguard Short-Term Trea | $57M | 3.9% | — | 5.5 yr |
| AVEMAvantis Emerging Markets | $48M | 3.3% | — | 0.3 yr |
| IHDGWisdomTree International | $45M | 3.1% | — | 1.8 yr |
| VNQVanguard Real Estate ETF | $39M | 2.7% | — | 5.5 yr |
| AVUVAvantis U.S. Small Cap V | $29M | 2.0% | — | 3.5 yr |
| FPEFirst Trust Preferred Se | $27M | 1.8% | — | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management60.1%-10.4pp$882M
Aerospace & Defense14.2%+14.1pp$209M
Asset Management - Bonds9.3%-2.1pp$136M
Consumer Electronics4.9%-1.9pp$72M
Asset Management - Leveraged3.9%-0.9pp$57M
Semiconductors1.3%+0.5pp$20M
Internet Content & Information0.9%+0.3pp$14M
Discount Stores0.8%+0.1pp$12M
Software - Infrastructure0.5%-0.1pp$7M
Banks - Diversified0.4%-0.1pp$6M
Country
US99.7%-0.3pp
Unknown0.2%+0.2pp
NL0.0%+0.0pp
TW0.0%
CH0.0%
IE0.0%
SG0.0%
Top 5: 40.3% · Top 10: 61.2% · Top 25: 85.8%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| AAPL | $61M | +0.01B | 14.7% |
| NVDA | $4M | +0.00B | 60.9% |
| GOOG | $2M | +0.00B | 84.3% |
| TSLA | $3M | +0.00B | 43.4% |
| COST | $5M | +0.00B | 5.9% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $4M | -0.00B | -0.6% |
Top buys this quarter · 15
| KRMN Karman Holdings Inc.new | +$206M |
| GOOG Alphabet Inc. | +$4M |
| AAPL Apple Inc. | +$72M |
| CDE Coeur Mining, Inc.new | +$1M |
| MU Micron Technology, Inc. | +$1M |
| EQIX Equinix, Inc. | +$1M |
| NVDA NVIDIA Corporation | +$11M |
| WMT Walmart Inc. | +$1M |
| CVX Chevron Corporation | +$0M |
| MCHP Microchip Technology Incorporanew | +$0M |
Top sells this quarter · 15
| COST Costco Wholesale Corporation | −$9M |
| PYPL PayPal Holdings, Inc.exit | −$0M |
| WLDN Willdan Group, Inc.exit | −$0M |
| EMR Emerson Electric Co.exit | −$0M |
| PCG PG&E Corporationexit | −$0M |
| WFC Wells Fargo & Companyexit | −$0M |
| MMM 3M Companyexit | −$0M |
| ACN Accenture plcexit | −$0M |
| BMY Bristol-Myers Squibb Company | −$0M |
| COF Capital One Financial Corporatexit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.47B | 235 | +24.91% | +17.59% | +7.32% | +0.28B |
| 2025-12-31 | $1.19B | 215 | +12.52% | +17.72% | -5.20% | +0.02B |
| 2025-09-30 | $1.11B | 190 | +14.99% | +17.52% | -2.53% | -0.03B |
| 2025-06-30 | $989M | 175 | +7.45% | +14.94% | -7.49% | +0.06B |
| 2025-03-31 | $899M | 162 | +19.31% | +8.30% | +11.01% | +0.09B |
| 2024-12-31 | $896M | 160 | +29.18% | +24.89% | +4.29% | -0.01B |
| 2024-09-30 | $851M | 150 | +36.38% | +36.04% | +0.34% | +0.02B |
| 2024-06-30 | $769M | 134 | +14.90% | +24.49% | -9.59% | +0.04B |
| 2024-03-31 | $631M | 132 | +15.96% | +29.62% | -13.66% | +0.07B |
| 2023-12-31 | $571M | 131 | +45.86% | +26.18% | +19.68% | +0.05B |
| 2023-09-30 | $461M | 109 | +23.06% | +21.57% | +1.50% | +0.05B |
| 2023-06-30 | $449M | 105 | +35.62% | +19.42% | +16.20% | -0.02B |
| 2023-03-31 | $400M | 97 | -7.23% | -7.82% | +0.59% | -0.03B |
| 2022-12-31 | $349M | 95 | -27.80% | -18.17% | -9.63% | +0.06B |
| 2022-09-30 | $302M | 87 | -15.73% | -15.51% | -0.22% | +0.01B |
| 2022-06-30 | $294M | 80 | -15.34% | -10.62% | -4.72% | +0.04B |