Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-8.84%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.17%
baseline attrition
Rally response
-0.30%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MSFTMicrosoft Corporation | $238M | 4.7% | -0.6% | 4.8 yr |
| NVDANVIDIA Corporation | $237M | 4.7% | +60.9% | 4.8 yr |
| EFAiShares MSCI EAFE ETF | $219M | 4.4% | — | 4.8 yr |
| AAPLApple Inc. | $217M | 4.3% | +14.7% | 4.8 yr |
| VBVanguard Small-Cap ETF | $176M | 3.5% | — | 4.8 yr |
| VWOVanguard FTSE Emerging M | $134M | 2.7% | — | 4.8 yr |
| AMZNAmazon.com, Inc. | $134M | 2.7% | +9.5% | 4.8 yr |
| IJHiShares Core S&P Mid-Cap | $121M | 2.4% | — | 4.8 yr |
| VEAVanguard FTSE Developed | $118M | 2.3% | — | 4.8 yr |
| GOOGLAlphabet Inc. | $92M | 1.8% | — | 4.8 yr |
| GOOGAlphabet Inc. | $91M | 1.8% | +84.3% | 4.8 yr |
| COSTCostco Wholesale Corpora | $88M | 1.8% | +5.9% | 4.8 yr |
| VGITVanguard Intermediate-Te | $87M | 1.7% | — | 3.5 yr |
| LLYEli Lilly and Company | $86M | 1.7% | +12.2% | 4.8 yr |
| JPMJPMorgan Chase & Co. | $81M | 1.6% | +21.8% | 4.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management32.4%+2.6pp$1.63B
Semiconductors8.2%+3.5pp$413M
Software - Infrastructure6.1%-1.3pp$306M
Internet Content & Information5.0%+1.3pp$253M
Consumer Electronics4.3%-0.0pp$217M
Drug Manufacturers - General3.4%+0.0pp$171M
Specialty Retail3.1%-0.2pp$154M
Discount Stores2.7%-0.2pp$138M
Banks - Diversified2.3%-0.2pp$115M
Insurance - Diversified1.6%-0.6pp$81M
Country
US97.7%+0.2pp
GB0.8%+0.0pp
IE0.8%-0.3pp
CH0.5%-0.0pp
Unknown0.1%+0.1pp
CA0.0%+0.0pp
TW0.0%+0.0pp
IT0.0%-0.0pp
Top 5: 21.7% · Top 10: 33.6% · Top 25: 54.8%
Top buys this quarter · 15
| KRMN Karman Holdings Inc.new | +$11M |
| GEV GE Vernova Inc. | +$8M |
| PLTR Palantir Technologies Inc. | +$7M |
| MU Micron Technology, Inc. | +$5M |
| AVGO Broadcom Inc. | +$63M |
| ANET Arista Networks, Inc. | +$5M |
| TXN Texas Instruments Incorporated | +$2M |
| TMUS T-Mobile US, Inc. | +$2M |
| VLO Valero Energy Corporation | +$2M |
| TSLA Tesla, Inc. | +$27M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $5.02B | 328 | +13.21% | +17.59% | -4.38% | -0.12B |
| 2025-12-31 | $5.46B | 327 | +13.88% | +17.72% | -3.83% | +0.59B |
| 2025-09-30 | $4.75B | 296 | +12.71% | +17.52% | -4.81% | -0.05B |
| 2025-06-30 | $4.51B | 296 | +11.41% | +14.94% | -3.53% | -0.05B |
| 2025-03-31 | $4.14B | 299 | +2.60% | +8.30% | -5.70% | +0.08B |
| 2024-12-31 | $4.28B | 288 | +16.23% | +24.89% | -8.66% | -0.08B |
| 2024-09-30 | $4.30B | 290 | +28.06% | +36.04% | -7.97% | +0.05B |
| 2024-06-30 | $4.04B | 254 | +17.36% | +24.49% | -7.14% | -0.02B |
| 2024-03-31 | $4.00B | 260 | +24.31% | +29.62% | -5.32% | +0.06B |
| 2023-12-31 | $3.67B | 241 | +23.01% | +26.18% | -3.16% | +0.39B |
| 2023-09-30 | $2.94B | 229 | +17.30% | +21.57% | -4.26% | +0.02B |
| 2023-06-30 | $3.03B | 235 | +15.34% | +19.42% | -4.08% | +0.11B |
| 2023-03-31 | $2.72B | 206 | -7.05% | -7.82% | +0.77% | +0.06B |
| 2022-12-31 | $2.50B | 212 | -16.57% | -18.17% | +1.61% | +0.02B |
| 2022-09-30 | $2.33B | 200 | -13.02% | -15.51% | +2.49% | +0.02B |
| 2022-06-30 | $2.43B | 202 | -13.36% | -16.11% | +2.75% | -0.06B |