Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-24.86%
trims when stocks drop
when a holding falls −10%+
Middle response
-12.55%
baseline attrition
Rally response
-20.03%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPYState Street SPDR S&P 50 | $499M | 43.5% | +17.6% | 3.8 yr |
| AAPLApple Inc. | $23M | 2.0% | +14.7% | 2.3 yr |
| NVDANVIDIA Corporation | $17M | 1.4% | +60.9% | 3.5 yr |
| GOOGLAlphabet Inc. | $16M | 1.4% | — | 3.5 yr |
| MSGSMadison Square Garden Sp | $16M | 1.4% | +65.1% | 3.8 yr |
| TLTiShares 20+ Year Treasur | $13M | 1.1% | — | 0.5 yr |
| AMZNAmazon.com, Inc. | $12M | 1.1% | +9.5% | 3.3 yr |
| ECLEcolab Inc. | $11M | 1.0% | +6.0% | 3.8 yr |
| PKGPackaging Corporation of | $11M | 1.0% | +9.8% | 2.8 yr |
| LINLinde plc | $11M | 1.0% | +7.9% | 3.3 yr |
| RSPInvesco S&P 500 Equal We | $11M | 1.0% | — | 1.8 yr |
| VXXiPath Series B S&P 500 V | $11M | 0.9% | — | 1.8 yr |
| IGViShares Expanded Tech-So | $10M | 0.9% | — | 0.3 yr |
| COSTCostco Wholesale Corpora | $10M | 0.9% | +5.9% | 2.0 yr |
| PHParker-Hannifin Corporat | $10M | 0.8% | +48.6% | 3.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management51.7%+1.0pp$594M
Semiconductors4.5%+2.9pp$52M
Chemicals - Specialty3.7%+0.5pp$42M
Hardware, Equipment & Parts2.7%+0.7pp$31M
Industrial - Machinery2.4%-1.5pp$27M
Internet Content & Information2.3%+1.6pp$27M
Entertainment2.2%+0.8pp$26M
Aerospace & Defense2.0%-0.4pp$23M
Consumer Electronics2.0%$23M
Specialty Retail1.8%+0.8pp$21M
Country
US95.8%+0.5pp
GB1.4%-0.5pp
IE1.1%-0.3pp
SG0.4%+0.2pp
CA0.3%
NL0.3%+0.2pp
LU0.2%-0.2pp
Unknown0.1%+0.1pp
Top 5: 49.7% · Top 10: 54.9% · Top 25: 65.8%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| SPY | $389M | +0.07B | 17.6% |
| PH | $14M | +0.01B | 48.6% |
| MSGS | $6M | +0.00B | 65.1% |
| NVDA | $3M | +0.00B | 60.9% |
| KEYS | $2M | +0.00B | 88.5% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| META | $2M | -0.00B | -0.4% |
Top buys this quarter · 15
| SPY State Street SPDR S&P 500 ETF | +$28M |
| PKG Packaging Corporation of Ameri | +$9M |
| AAPL Apple Inc. | +$7M |
| COST Costco Wholesale Corporation | +$7M |
| WMT Walmart Inc. | +$6M |
| META Meta Platforms, Inc. | +$6M |
| NFLX Netflix, Inc. | +$6M |
| PEP PepsiCo, Inc.new | +$4M |
| RTX RTX Corporation | +$4M |
| PG The Procter & Gamble Company | +$4M |
Top sells this quarter · 15
| BCC Boise Cascade Company | −$26M |
| AMG Affiliated Managers Group, Inc | −$25M |
| ATI ATI Inc.exit | −$24M |
| LHX L3Harris Technologies, Inc. | −$23M |
| MSGS Madison Square Garden Sports C | −$23M |
| MKSI MKS Inc. | −$22M |
| LRCX Lam Research Corporation | −$21M |
| MSFT Microsoft Corporation | −$19M |
| DELL Dell Technologies Inc. | −$19M |
| AMAT Applied Materials, Inc. | −$18M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.15B | 306 | +32.84% | +17.59% | +15.25% | -0.85B |
| 2025-12-31 | $1.93B | 242 | +26.19% | +17.72% | +8.47% | -0.25B |
| 2025-09-30 | $2.09B | 281 | +26.14% | +17.52% | +8.62% | +0.12B |
| 2025-06-30 | $1.77B | 242 | +19.34% | +14.94% | +4.40% | +0.66B |
| 2025-03-31 | $997M | 151 | +9.60% | +8.30% | +1.29% | -0.56B |
| 2024-12-31 | $1.59B | 234 | +26.45% | +24.89% | +1.56% | -0.06B |
| 2024-09-30 | $1.59B | 231 | +33.91% | +36.04% | -2.12% | -0.10B |
| 2024-06-30 | $1.60B | 262 | +25.66% | +24.49% | +1.17% | +0.01B |
| 2024-03-31 | $1.56B | 252 | +33.62% | +29.62% | +3.99% | +0.69B |
| 2023-12-31 | $768M | 200 | +28.99% | +26.18% | +2.82% | -0.21B |
| 2023-09-30 | $890M | 196 | +26.53% | +21.57% | +4.96% | +0.43B |
| 2023-06-30 | $466M | 138 | +25.04% | +19.42% | +5.61% | +0.14B |
| 2023-03-31 | $297M | 122 | +1.99% | -7.82% | +9.81% | +0.08B |
| 2022-12-31 | $201M | 129 | +7.98% | +7.56% | +0.42% | -0.07B |
| 2022-09-30 | $254M | 144 | -2.32% | -4.93% | +2.61% | +0.14B |
| 2022-06-30 | $121M | 99 | -11.46% | -16.11% | +4.65% | -0.11B |