Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.45%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.53%
baseline attrition
Rally response
-7.28%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SCHXSchwab U.S. Large-Cap ET | $269M | 22.5% | — | 4.8 yr |
| BONDPIMCO Active Bond Exchan | $117M | 9.8% | — | 2.5 yr |
| AGGiShares Core U.S. Aggreg | $82M | 6.9% | — | 4.0 yr |
| ACWXiShares MSCI ACWI ex U.S | $82M | 6.9% | — | 0.3 yr |
| SPMDState Street SPDR Portfo | $63M | 5.3% | — | 5.0 yr |
| JPSEJPMorgan Diversified Ret | $54M | 4.5% | — | 5.0 yr |
| USHYiShares Broad USD High Y | $46M | 3.9% | — | 3.0 yr |
| SPEMState Street SPDR Portfo | $35M | 2.9% | — | 3.8 yr |
| BLVVanguard Long-Term Bond | $27M | 2.2% | — | 0.3 yr |
| EFIVState Street SPDR S&P 50 | $26M | 2.2% | — | 3.3 yr |
| IVEiShares S&P 500 Value ET | $20M | 1.6% | — | 5.0 yr |
| VWOVanguard FTSE Emerging M | $17M | 1.4% | — | 4.5 yr |
| BKLNInvesco Senior Loan ETF | $17M | 1.4% | — | 0.3 yr |
| GVIiShares Intermediate Gov | $16M | 1.4% | — | 2.0 yr |
| ISTBiShares Core 1-5 Year US | $15M | 1.2% | — | 4.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management79.9%+11.1pp$954M
Asset Management - Bonds8.5%-1.7pp$101M
Semiconductors1.0%-0.8pp$12M
Aerospace & Defense0.7%+0.1pp$8M
Insurance - Diversified0.6%-0.4pp$8M
Internet Content & Information0.6%-0.2pp$7M
Oil & Gas Exploration & Production0.4%+0.0pp$5M
Drug Manufacturers - General0.4%-0.6pp$5M
Software - Infrastructure0.4%-0.4pp$5M
Specialty Retail0.4%-0.3pp$4M
Country
US98.8%+0.7pp
GB0.5%-0.1pp
BE0.2%-0.0pp
NL0.1%-0.1pp
BM0.1%+0.0pp
Unknown0.1%+0.0pp
MC0.1%+0.0pp
TW0.1%-0.1pp
Top 5: 51.4% · Top 10: 67.1% · Top 25: 81.3%
Top buys this quarter · 15
| TEX Terex Corporationnew | +$1M |
| MO Altria Group, Inc. | +$1M |
| SFM Sprouts Farmers Market, Inc.new | +$1M |
| PYPL PayPal Holdings, Inc. | +$0M |
| TGT Target Corporation | +$0M |
| VZ Verizon Communications Inc. | +$0M |
| NKE NIKE, Inc. | +$0M |
| KHC The Kraft Heinz Company | +$0M |
| CPB Campbell Soup Company | +$0M |
| AEP American Electric Power Compan | +$0M |
Top sells this quarter · 15
| TSLA Tesla, Inc. | −$22M |
| NVDA NVIDIA Corporation | −$12M |
| PACB Pacific Biosciences of Califorexit | −$3M |
| AAPL Apple Inc. | −$3M |
| CRWV CoreWeave, Inc. Class A Commonexit | −$2M |
| SFST Southern First Bancshares, Incexit | −$2M |
| TM Toyota Motor Corporation | −$2M |
| NFLX Netflix, Inc. | −$1M |
| JNJ Johnson & Johnson | −$1M |
| NEE NextEra Energy, Inc.exit | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.19B | 254 | +25.84% | +17.59% | +8.25% | -0.03B |
| 2025-12-31 | $1.26B | 267 | +17.40% | +17.72% | -0.32% | +0.06B |
| 2025-09-30 | $1.17B | 309 | +25.53% | +17.52% | +8.01% | -0.16B |
| 2025-06-30 | $1.17B | 312 | +28.43% | +14.94% | +13.49% | -0.11B |
| 2025-03-31 | $1.14B | 305 | +10.35% | +8.30% | +2.05% | +0.15B |
| 2024-12-31 | $1.09B | 184 | +21.79% | +24.89% | -3.09% | -0.12B |
| 2024-09-30 | $1.10B | 275 | +22.67% | +36.04% | -13.36% | -0.09B |
| 2024-06-30 | $1.04B | 266 | +1.78% | +24.49% | -22.72% | +0.86B |
| 2024-03-31 | $185M | 46 | +15.54% | +29.62% | -14.08% | -0.78B |
| 2023-12-31 | $970M | 314 | +24.83% | +26.18% | -1.34% | +0.27B |
| 2023-09-30 | $635M | 274 | +18.43% | +21.57% | -3.14% | -0.19B |
| 2023-06-30 | $861M | 283 | +17.76% | +19.42% | -1.66% | -0.02B |
| 2023-03-31 | $802M | 262 | -5.59% | -7.82% | +2.23% | +0.06B |
| 2022-12-31 | $695M | 237 | -16.15% | -18.17% | +2.03% | +0.08B |
| 2022-09-30 | $588M | 228 | -3.35% | -15.51% | +12.16% | +0.07B |
| 2022-06-30 | $548M | 186 | -12.00% | -16.11% | +4.12% | +0.00B |