Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.96%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.64%
baseline attrition
Rally response
+0.37%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GSKGSK plc | $499M | 41.7% | +48.1% | 3.8 yr |
| GOOGLAlphabet Inc. | $142M | 11.9% | — | 5.0 yr |
| JPMJPMorgan Chase & Co. | $70M | 5.9% | +21.8% | 5.0 yr |
| UNPUnion Pacific Corporatio | $50M | 4.2% | +5.1% | 5.0 yr |
| MAMastercard Incorporated | $38M | 3.2% | -8.5% | 5.0 yr |
| CNQCanadian Natural Resourc | $26M | 2.2% | +66.0% | 5.0 yr |
| GOOGAlphabet Inc. | $25M | 2.1% | +84.3% | 5.0 yr |
| CCitigroup Inc. | $19M | 1.6% | +63.9% | 5.0 yr |
| AAPLApple Inc. | $19M | 1.6% | +14.7% | 5.0 yr |
| HLNHaleon plc | $16M | 1.3% | -2.2% | 3.8 yr |
| COSTCostco Wholesale Corpora | $15M | 1.3% | +5.9% | 5.0 yr |
| SPMOInvesco S&P 500 Momentum | $15M | 1.2% | — | 0.8 yr |
| TSMTaiwan Semiconductor Man | $14M | 1.2% | +105.6% | 3.3 yr |
| NVDANVIDIA Corporation | $14M | 1.2% | +60.9% | 5.0 yr |
| AIGAmerican International G | $13M | 1.1% | -11.5% | 5.0 yr |
Portfolio composition (YoY)
Industry mix
Drug Manufacturers - General41.8%-6.9pp$500M
Internet Content & Information14.3%+7.2pp$171M
Banks - Diversified9.1%+0.1pp$109M
Asset Management6.4%+1.6pp$77M
Financial - Credit Services4.7%+1.8pp$56M
Railroads4.3%+0.2pp$52M
Semiconductors2.8%-1.8pp$34M
Oil & Gas Exploration & Production2.2%+2.2pp$27M
Insurance - Diversified2.0%-0.2pp$23M
Consumer Electronics1.6%+0.0pp$19M
Country
US50.6%+2.8pp
GB44.0%-5.7pp
CA3.5%+2.7pp
TW1.2%+0.2pp
MX0.3%+0.1pp
CN0.3%+0.0pp
RU0.1%
Unknown0.1%-0.0pp
Top 5: 66.9% · Top 10: 75.6% · Top 25: 88.4%
Top buys this quarter · 15
| HLN Haleon plc | +$13M |
| IONQ IonQ, Inc. | +$0M |
| BMNR Bitmine Immersion Technologies | +$0M |
| TSLA Tesla, Inc. | +$0M |
| JPM JPMorgan Chase & Co. | +$70M |
| LUNR Intuitive Machines, Inc.new | +$0M |
| SATS EchoStar Corporationnew | +$0M |
| RCI Rogers Communications Inc. | +$0M |
| WAT Waters Corporationnew | +$0M |
| MSFT Microsoft Corporation | +$2M |
Top sells this quarter · 15
| GSK GSK plc | −$297M |
| NTRA Natera, Inc.exit | −$4M |
| CNQ Canadian Natural Resources Lim | −$21M |
| COGT Cogent Biosciences, Inc.exit | −$3M |
| GSL Global Ship Lease, Inc. | −$3M |
| GLW Corning Incorporated | −$4M |
| BAC Bank of America Corporation | −$1M |
| C Citigroup Inc. | −$1M |
| AMD Advanced Micro Devices, Inc. | −$0M |
| CAT Caterpillar Inc. | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.20B | 305 | +44.13% | +17.59% | +26.54% | -0.38B |
| 2025-12-31 | $1.47B | 310 | +43.74% | +17.72% | +26.02% | +0.17B |
| 2025-09-30 | $1.17B | 311 | +18.25% | +17.52% | +0.74% | -0.01B |
| 2025-06-30 | $1.05B | 305 | +11.03% | +14.94% | -3.92% | -0.26B |
| 2025-03-31 | $1.22B | 315 | -2.41% | +8.30% | -10.71% | -0.29B |
| 2024-12-31 | $1.41B | 319 | +1.15% | +24.89% | -23.74% | +0.01B |
| 2024-09-30 | $1.53B | 328 | +19.58% | +36.04% | -16.46% | -0.04B |
| 2024-06-30 | $1.50B | 328 | +12.61% | +24.49% | -11.88% | +0.00B |
| 2024-03-31 | $1.58B | 337 | +24.24% | +29.62% | -5.39% | +0.35B |
| 2023-12-31 | $1.11B | 344 | +14.62% | +26.18% | -11.56% | -0.06B |
| 2023-09-30 | $1.08B | 357 | +17.81% | +21.57% | -3.76% | +0.03B |
| 2023-06-30 | $1.05B | 363 | +3.32% | +19.42% | -16.10% | +0.07B |
| 2023-03-31 | $942M | 370 | -20.09% | -7.82% | -12.27% | -0.25B |
| 2022-12-31 | $1.17B | 396 | -25.43% | -18.17% | -7.26% | +0.50B |
| 2022-09-30 | $602M | 324 | -25.60% | -15.51% | -10.09% | -0.06B |
| 2022-06-30 | $765M | 299 | -13.94% | -10.62% | -3.32% | +0.04B |