Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-10.90%
trims when stocks drop
when a holding falls −10%+
Middle response
-8.91%
baseline attrition
Rally response
-6.77%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $1.52B | 2.5% | +60.9% | 4.5 yr |
| MSFTMicrosoft Corporation | $1.30B | 2.2% | -0.6% | 4.5 yr |
| AMZNAmazon.com, Inc. | $934M | 1.6% | +9.5% | 4.5 yr |
| AAPLApple Inc. | $913M | 1.5% | +14.7% | 4.5 yr |
| AVGOBroadcom Inc. | $860M | 1.4% | +86.0% | 4.5 yr |
| GOOGLAlphabet Inc. | $726M | 1.2% | — | 4.5 yr |
| GOOGAlphabet Inc. | $621M | 1.0% | +84.3% | 4.5 yr |
| LHLabcorp Holdings Inc. | $607M | 1.0% | +15.9% | 2.0 yr |
| AEPAmerican Electric Power | $592M | 1.0% | +24.0% | 4.5 yr |
| KEYSKeysight Technologies, I | $581M | 1.0% | +88.5% | 4.5 yr |
| BKRBaker Hughes Company | $534M | 0.9% | +41.7% | 4.5 yr |
| QQnity Electronics, Inc. | $519M | 0.9% | — | 0.5 yr |
| FEFirstEnergy Corp. | $508M | 0.9% | +30.4% | 4.5 yr |
| RSGRepublic Services, Inc. | $498M | 0.8% | -8.9% | 4.5 yr |
| CHDChurch & Dwight Co., Inc | $469M | 0.8% | -14.1% | 4.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors9.1%+3.6pp$5.42B
Asset Management5.8%+0.3pp$3.46B
Unknown4.2%+0.9pp$2.53B
Internet Content & Information3.7%+0.3pp$2.22B
Software - Infrastructure3.6%-1.6pp$2.14B
Medical - Diagnostics & Research2.9%+0.9pp$1.75B
Specialty Retail2.8%-0.4pp$1.67B
Regulated Electric2.8%+0.3pp$1.67B
Banks - Regional2.7%-0.2pp$1.64B
Hardware, Equipment & Parts2.7%+1.9pp$1.61B
Country
US86.4%+0.9pp
Unknown4.2%+0.9pp
IE1.6%-0.4pp
CA1.5%+0.6pp
BM0.8%-0.4pp
CH0.7%+0.1pp
GB0.7%-0.0pp
TW0.6%-0.3pp
Top 5: 9.3% · Top 10: 14.5% · Top 25: 25.3%
Top buys this quarter · 15
| Q Qnity Electronics, Inc. | +$445M |
| RSG Republic Services, Inc. | +$199M |
| RPM RPM International Inc. | +$193M |
| AZN AstraZeneca PLCnew | +$163M |
| CHD Church & Dwight Co., Inc. | +$159M |
| WAT Waters Corporation | +$145M |
| OKTA Okta, Inc. | +$117M |
| SARO StandardAero, Inc. | +$117M |
| EW Edwards Lifesciences Corporati | +$114M |
| OC Owens Corning | +$111M |
Top sells this quarter · 15
| TER Teradyne, Inc. | −$650M |
| JEF Jefferies Financial Group Inc. | −$292M |
| DOX Amdocs Limitedexit | −$207M |
| WCC WESCO International, Inc. | −$181M |
| DHI D.R. Horton, Inc. | −$129M |
| ICLR ICON Public Limited Company | −$110M |
| BXP BXP, Inc. | −$107M |
| EME EMCOR Group, Inc. | −$99M |
| J Jacobs Solutions Inc. | −$93M |
| HUM Humana Inc. | −$93M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $59.61B | 1748 | +14.60% | +17.59% | -2.99% | -1.04B |
| 2025-12-31 | $61.64B | 1683 | +11.85% | +17.72% | -5.87% | -0.90B |
| 2025-09-30 | $62.20B | 1621 | +10.74% | +17.52% | -6.78% | -1.39B |
| 2025-06-30 | $59.72B | 1612 | +11.63% | +14.94% | -3.31% | -2.93B |
| 2025-03-31 | $57.59B | 1724 | +1.82% | +8.30% | -6.48% | -2.22B |
| 2024-12-31 | $62.28B | 1741 | +16.16% | +24.89% | -8.73% | -1.88B |
| 2024-09-30 | $64.45B | 2437 | +30.66% | +36.04% | -5.38% | -1.17B |
| 2024-06-30 | $61.14B | 2362 | +15.56% | +24.49% | -8.93% | -2.31B |
| 2024-03-31 | $63.94B | 2283 | +23.83% | +29.62% | -5.79% | -2.04B |
| 2023-12-31 | $60.22B | 2196 | +19.93% | +26.18% | -6.25% | -2.76B |
| 2023-09-30 | $56.25B | 2761 | +16.82% | +21.57% | -4.75% | -3.03B |
| 2023-06-30 | $62.45B | 2672 | +17.78% | +19.42% | -1.65% | -1.52B |
| 2023-03-31 | $60.15B | 2742 | -6.97% | -7.82% | +0.85% | -1.70B |
| 2022-12-31 | $58.29B | 2887 | -16.37% | -18.17% | +1.81% | -3.20B |
| 2022-09-30 | $56.38B | 2851 | -4.30% | -4.93% | +0.63% | -0.81B |
| 2022-06-30 | $59.76B | 2665 | -16.00% | -16.11% | +0.11% | -7.05B |