Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.94%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.49%
baseline attrition
Rally response
-3.09%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $432M | 5.1% | +60.9% | 4.5 yr |
| AAPLApple Inc. | $405M | 4.7% | +14.7% | 4.5 yr |
| MSFTMicrosoft Corporation | $295M | 3.5% | -0.6% | 4.5 yr |
| AMZNAmazon.com, Inc. | $217M | 2.5% | +9.5% | 4.5 yr |
| GOOGLAlphabet Inc. | $177M | 2.1% | — | 4.5 yr |
| AVGOBroadcom Inc. | $152M | 1.8% | +86.0% | 4.5 yr |
| GOOGAlphabet Inc. | $143M | 1.7% | +84.3% | 4.5 yr |
| METAMeta Platforms, Inc. | $136M | 1.6% | -0.4% | 4.5 yr |
| TSLATesla, Inc. | $112M | 1.3% | +43.4% | 4.5 yr |
| BRK-BBerkshire Hathaway Inc. | $101M | 1.2% | — | 4.5 yr |
| XOMExxon Mobil Corporation | $94M | 1.1% | +47.6% | 4.5 yr |
| JPMJPMorgan Chase & Co. | $93M | 1.1% | +21.8% | 4.5 yr |
| JNJJohnson & Johnson | $72M | 0.8% | +51.5% | 4.5 yr |
| LLYEli Lilly and Company | $68M | 0.8% | +12.2% | 4.5 yr |
| WMTWalmart Inc. | $57M | 0.7% | +42.8% | 4.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors10.7%+3.5pp$914M
Internet Content & Information5.6%+1.1pp$475M
Software - Infrastructure5.1%-0.4pp$432M
Consumer Electronics4.8%-0.1pp$412M
Asset Management4.7%+0.1pp$396M
Drug Manufacturers - General3.6%+0.2pp$306M
Specialty Retail3.3%-0.2pp$285M
Banks - Diversified2.7%+0.0pp$228M
Industrial - Machinery2.3%+0.0pp$194M
Regulated Electric2.0%+0.0pp$174M
Country
US93.9%+0.2pp
IE1.3%-0.1pp
GB1.1%+0.1pp
Unknown0.6%-0.4pp
CH0.5%-0.0pp
CA0.3%+0.0pp
SG0.3%+0.1pp
BM0.2%-0.0pp
Top 5: 17.9% · Top 10: 25.5% · Top 25: 35.6%
Top buys this quarter · 15
| SPY State Street SPDR S&P 500 ETF | +$18M |
| VRT Vertiv Holdings Co | +$8M |
| AZN AstraZeneca PLCnew | +$3M |
| AHR American Healthcare REIT, Inc. | +$2M |
| AGX Argan, Inc.new | +$2M |
| SARO StandardAero, Inc.new | +$1M |
| VSEC VSE Corporationnew | +$1M |
| LYFT Lyft, Inc.new | +$1M |
| PIPR Piper Sandler Companiesnew | +$1M |
| PANW Palo Alto Networks, Inc. | +$13M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $8.52B | 1854 | +17.40% | +17.59% | -0.19% | -0.37B |
| 2025-12-31 | $9.12B | 1873 | +15.37% | +17.72% | -2.35% | -0.45B |
| 2025-09-30 | $9.37B | 1885 | +14.21% | +17.52% | -3.31% | -0.61B |
| 2025-06-30 | $9.28B | 1914 | +13.58% | +14.94% | -1.36% | -0.16B |
| 2025-03-31 | $8.61B | 1900 | +4.21% | +8.30% | -4.09% | -0.05B |
| 2024-12-31 | $9.05B | 1917 | +17.40% | +24.89% | -7.49% | -0.28B |
| 2024-09-30 | $9.22B | 1965 | +29.63% | +36.04% | -6.41% | -0.23B |
| 2024-06-30 | $8.84B | 1960 | +16.55% | +24.49% | -7.94% | -0.23B |
| 2024-03-31 | $9.02B | 1984 | +23.43% | +29.62% | -6.20% | -0.14B |
| 2023-12-31 | $8.49B | 1988 | +20.89% | +26.18% | -5.29% | -0.29B |
| 2023-09-30 | $7.86B | 1979 | +17.35% | +21.57% | -4.22% | -0.04B |
| 2023-06-30 | $8.22B | 1966 | +16.36% | +19.42% | -3.07% | +0.04B |
| 2023-03-31 | $7.68B | 1963 | -6.30% | -7.82% | +1.52% | -0.37B |
| 2022-12-31 | $7.62B | 1965 | -15.43% | -18.17% | +2.74% | -0.01B |
| 2022-09-30 | $7.04B | 1957 | -4.66% | -4.93% | +0.27% | -0.20B |
| 2022-06-30 | $7.59B | 1977 | -14.24% | -16.11% | +1.87% | -0.30B |