Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-8.02%
trims when stocks drop
when a holding falls −10%+
Middle response
-19.43%
baseline attrition
Rally response
-20.84%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TSMTaiwan Semiconductor Man | $435M | 16.4% | +105.6% | 3.8 yr |
| ORCLOracle Corporation | $207M | 7.8% | +5.9% | 2.3 yr |
| MUMicron Technology, Inc. | $197M | 7.5% | +289.6% | 4.5 yr |
| AVGOBroadcom Inc. | $97M | 3.7% | +86.0% | 3.3 yr |
| XLFState Street Financial S | $90M | 3.4% | — | 2.5 yr |
| XLEState Street Energy Sele | $84M | 3.2% | — | 3.0 yr |
| PLTRPalantir Technologies In | $71M | 2.7% | +73.3% | 2.8 yr |
| AMDAdvanced Micro Devices, | $66M | 2.5% | +98.0% | 4.5 yr |
| DIAState Street SPDR Dow Jo | $66M | 2.5% | — | 2.8 yr |
| HYGiShares iBoxx $ High Yie | $48M | 1.8% | — | 2.3 yr |
| SLViShares Silver Trust | $45M | 1.7% | — | 3.8 yr |
| SOFISoFi Technologies, Inc. | $37M | 1.4% | +36.5% | 1.0 yr |
| BRK-BBerkshire Hathaway Inc. | $35M | 1.3% | — | 2.5 yr |
| XPXP Inc. | $30M | 1.1% | +39.9% | 2.3 yr |
| AMATApplied Materials, Inc. | $29M | 1.1% | +137.6% | 2.8 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors32.8%-3.6pp$867M
Asset Management17.2%+2.7pp$455M
Software - Infrastructure13.7%+12.1pp$362M
Financial - Credit Services3.0%+2.9pp$80M
Financial - Capital Markets3.0%+1.1pp$78M
Drug Manufacturers - General2.7%+2.3pp$72M
Software - Application2.3%+2.3pp$61M
Banks - Regional2.3%+2.0pp$60M
Asset Management - Bonds2.0%-1.0pp$54M
Banks - Diversified1.7%-1.4pp$45M
Country
US66.2%-0.9pp
TW16.4%+10.5pp
GB6.2%+2.3pp
BR3.1%-2.8pp
Unknown1.6%-2.7pp
CH1.2%+0.6pp
FR1.1%+0.8pp
CN1.1%-0.5pp
Top 5: 38.8% · Top 10: 51.5% · Top 25: 67.1%
Top buys this quarter · 15
| MU Micron Technology, Inc. | +$80M |
| TSM Taiwan Semiconductor Manufactu | +$41M |
| SOFI SoFi Technologies, Inc. | +$37M |
| BBD Banco Bradesco S.A. | +$22M |
| AZN AstraZeneca PLCnew | +$19M |
| COIN Coinbase Global, Inc. | +$17M |
| AMAT Applied Materials, Inc. | +$15M |
| AMD Advanced Micro Devices, Inc. | +$14M |
| CRWD CrowdStrike Holdings, Inc. | +$13M |
| MS Morgan Stanley | +$12M |
Top sells this quarter · 15
| SPY State Street SPDR S&P 500 ETF | −$1.04B |
| META Meta Platforms, Inc.exit | −$201M |
| AAPL Apple Inc. | −$180M |
| AMZN Amazon.com, Inc. | −$176M |
| NVDA NVIDIA Corporation | −$122M |
| NFLX Netflix, Inc.exit | −$89M |
| TSLA Tesla, Inc.exit | −$71M |
| JPM JPMorgan Chase & Co. | −$60M |
| MSFT Microsoft Corporation | −$51M |
| PBR Petróleo Brasileiro S.A. - Peexit | −$46M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.64B | 1877 | +53.20% | +17.59% | +35.61% | -2.66B |
| 2025-12-31 | $5.53B | 2095 | +51.60% | +17.72% | +33.88% | -1.13B |
| 2025-09-30 | $6.16B | 2341 | +41.67% | +17.52% | +24.16% | +1.89B |
| 2025-06-30 | $3.71B | 1122 | +28.00% | +14.94% | +13.06% | +0.39B |
| 2025-03-31 | $2.59B | 1048 | +10.54% | +8.30% | +2.24% | -0.35B |
| 2024-12-31 | $3.09B | 700 | +26.75% | +24.89% | +1.86% | -0.88B |
| 2024-09-30 | $3.93B | 608 | +41.23% | +36.04% | +5.19% | -1.47B |
| 2024-06-30 | $5.19B | 535 | +32.45% | +24.49% | +7.96% | +2.52B |
| 2024-03-31 | $2.41B | 332 | +36.60% | +29.62% | +6.98% | -1.24B |
| 2023-12-31 | $3.35B | 198 | +45.40% | +26.18% | +19.22% | -0.60B |
| 2023-09-30 | $3.50B | 259 | +30.14% | +21.57% | +8.57% | +0.13B |
| 2023-06-30 | $3.46B | 203 | +17.62% | +19.42% | -1.81% | +0.99B |
| 2023-03-31 | $2.16B | 246 | -9.92% | -7.82% | -2.10% | +0.25B |
| 2022-12-31 | $1.65B | 180 | -25.92% | -18.17% | -7.74% | -102.94B |
| 2022-09-30 | $103.81B | 263 | -18.33% | -15.51% | -2.82% | +37.55B |
| 2022-06-30 | $75.11B | 223 | -6.90% | -10.62% | +3.72% | -7.40B |