Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.81%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.87%
baseline attrition
Rally response
-1.53%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IVViShares Core S&P 500 ETF | $116M | 3.9% | — | 5.3 yr |
| GSLCGoldman Sachs ActiveBeta | $70M | 2.4% | — | 5.3 yr |
| DDWMWisdomTree Dynamic Inter | $59M | 2.0% | — | 1.3 yr |
| MQYBlackRock MuniYield Qual | $51M | 1.7% | — | 5.3 yr |
| VTVVanguard Value ETF | $46M | 1.6% | — | 4.5 yr |
| GSIEGoldman Sachs ActiveBeta | $45M | 1.5% | — | 5.3 yr |
| ISPYProShares - S&P 500 High | $44M | 1.5% | — | 2.0 yr |
| XCEMColumbia EM Core ex-Chin | $39M | 1.3% | — | 2.0 yr |
| IGEBiShares Investment Grade | $35M | 1.2% | — | 4.5 yr |
| JSMLJanus Henderson Small Ca | $33M | 1.1% | — | 0.3 yr |
| MHDBlackRock MuniHoldings F | $30M | 1.0% | — | 5.3 yr |
| GOOGLAlphabet Inc. | $27M | 0.9% | — | 5.3 yr |
| PFFiShares Preferred and In | $25M | 0.8% | — | 2.8 yr |
| NVDANVIDIA Corporation | $24M | 0.8% | +60.9% | 5.3 yr |
| NVGNuveen AMT-Free Municipa | $24M | 0.8% | — | 5.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management32.9%+0.7pp$975M
Asset Management - Income9.4%-1.6pp$280M
Biotechnology6.3%+1.2pp$188M
Semiconductors5.5%+1.7pp$162M
Aerospace & Defense5.0%+3.1pp$148M
Asset Management - Bonds3.6%-1.6pp$106M
Regulated Electric2.8%+0.6pp$82M
Software - Infrastructure1.8%-0.4pp$52M
Drug Manufacturers - General1.7%-0.0pp$50M
Internet Content & Information1.5%+0.1pp$45M
Country
US93.3%-0.7pp
Unknown1.3%+0.4pp
GB0.9%-0.4pp
IE0.9%+0.0pp
IL0.7%+0.1pp
CA0.4%+0.3pp
NL0.4%+0.1pp
ES0.3%+0.1pp
Top 5: 11.5% · Top 10: 18.1% · Top 25: 29.1%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| CELC | $2M | +0.02B | 1029.0% |
| AVGO | $14M | +0.01B | 86.0% |
| AMAT | $7M | +0.01B | 137.6% |
| KLAC | $8M | +0.01B | 118.2% |
| NVDA | $15M | +0.01B | 60.9% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| INDV Indivior Pharmaceuticals Incnew | +$10M |
| CEG Constellation Energy Corporati | +$3M |
| LEO BNY Mellon Strategic Municipal | +$3M |
| HWM Howmet Aerospace Inc. | +$3M |
| GE GE Aerospace | +$2M |
| MOD Modine Manufacturing Company | +$2M |
| ASML ASML Holding N.V. | +$2M |
| STT State Street Corporation | +$2M |
| GD General Dynamics Corporation | +$2M |
| ISSC Innovative Aerosystems, Inc. | +$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.97B | 927 | +20.54% | +17.59% | +2.95% | +0.07B |
| 2025-12-31 | $2.89B | 925 | +17.11% | +17.72% | -0.61% | +0.07B |
| 2025-09-30 | $2.76B | 936 | +14.26% | +17.52% | -3.26% | +0.08B |
| 2025-06-30 | $2.47B | 915 | +12.92% | +14.94% | -2.02% | +0.04B |
| 2025-03-31 | $2.24B | 865 | +3.17% | +8.30% | -5.13% | +0.10B |
| 2024-12-31 | $2.20B | 849 | +12.23% | +24.89% | -12.65% | +0.07B |
| 2024-09-30 | $2.13B | 864 | +27.86% | +36.04% | -8.17% | +0.06B |
| 2024-06-30 | $1.94B | 836 | +15.44% | +24.49% | -9.05% | +0.09B |
| 2024-03-31 | $1.86B | 837 | +19.96% | +29.62% | -9.66% | +0.02B |
| 2023-12-31 | $1.74B | 813 | +14.68% | +26.18% | -11.49% | -0.04B |
| 2023-09-30 | $1.56B | 797 | +7.00% | +21.57% | -14.57% | -0.06B |
| 2023-06-30 | $1.68B | 795 | +3.54% | +19.42% | -15.89% | +0.00B |
| 2023-03-31 | $1.63B | 772 | -15.47% | -7.82% | -7.65% | -0.01B |
| 2022-12-31 | $1.61B | 764 | +6.27% | +7.56% | -1.29% | +0.01B |
| 2022-09-30 | $1.51B | 763 | -6.48% | -4.93% | -1.55% | +0.01B |
| 2022-06-30 | $1.61B | 754 | -15.80% | -16.11% | +0.31% | +0.03B |