Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-9.01%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.05%
baseline attrition
Rally response
-6.14%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AAPLApple Inc. | $77M | 3.0% | +14.7% | 4.5 yr |
| JAAAJanus Henderson AAA CLO | $52M | 2.0% | — | 3.5 yr |
| IHDGWisdomTree International | $47M | 1.8% | — | 4.3 yr |
| QQQInvesco QQQ Trust, Serie | $43M | 1.7% | — | 4.5 yr |
| VOOVanguard S&P 500 ETF | $43M | 1.7% | — | 4.5 yr |
| FDRRFidelity Dividend ETF fo | $42M | 1.6% | — | 4.3 yr |
| SPYGState Street SPDR Portfo | $42M | 1.6% | — | 4.5 yr |
| IWFiShares Russell 1000 Gro | $40M | 1.6% | — | 4.5 yr |
| FBNDFidelity Total Bond ETF | $36M | 1.4% | — | 4.5 yr |
| NVDANVIDIA Corporation | $33M | 1.3% | +60.9% | 4.5 yr |
| IVViShares Core S&P 500 ETF | $31M | 1.2% | — | 4.5 yr |
| MTUMiShares MSCI USA Momentu | $30M | 1.2% | — | 4.5 yr |
| SPYState Street SPDR S&P 50 | $30M | 1.2% | +17.6% | 4.5 yr |
| VDEVanguard Energy ETF | $28M | 1.1% | — | 4.5 yr |
| RECSColumbia Research Enhanc | $27M | 1.1% | — | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management64.9%-4.5pp$1.66B
Asset Management - Bonds5.3%+0.7pp$136M
Consumer Electronics3.1%+1.4pp$78M
Semiconductors2.8%+1.5pp$72M
Asset Management - Global1.8%-0.5pp$45M
Asset Management - Leveraged1.7%+0.9pp$45M
Software - Infrastructure1.4%-0.0pp$36M
Internet Content & Information1.4%+0.5pp$35M
Asset Management - Income1.4%-1.3pp$35M
Banks - Diversified1.1%+0.4pp$27M
Country
US98.0%-0.8pp
CA0.6%+0.1pp
Unknown0.4%+0.3pp
GB0.2%+0.1pp
TW0.1%+0.1pp
IE0.1%-0.1pp
BM0.1%+0.1pp
CH0.1%-0.0pp
Top 5: 10.2% · Top 10: 17.7% · Top 25: 32.3%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NVDA | $18M | +0.01B | 60.9% |
| AAPL | $41M | +0.01B | 14.7% |
| SPY | $22M | +0.00B | 17.6% |
| AVGO | $5M | +0.00B | 86.0% |
| MSFT | $24M | -0.00B | -0.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $24M | -0.00B | -0.6% |
Top buys this quarter · 15
| STLD Steel Dynamics, Inc. | +$2M |
| CMI Cummins Inc. | +$1M |
| MU Micron Technology, Inc. | +$1M |
| EIX Edison International | +$1M |
| HHH Howard Hughes Holdings Inc.new | +$1M |
| ATO Atmos Energy Corporation | +$1M |
| UNH UnitedHealth Group Incorporate | +$1M |
| MELI MercadoLibre, Inc. | +$1M |
| MSFT Microsoft Corporation | +$26M |
| BX Blackstone Inc. | +$1M |
Top sells this quarter · 15
| XOM Exxon Mobil Corporation | −$2M |
| VST Vistra Corp.exit | −$1M |
| CPRX Catalyst Pharmaceuticals, Inc. | −$1M |
| V Visa Inc. | −$1M |
| GILD Gilead Sciences, Inc. | −$1M |
| MA Mastercard Incorporated | −$1M |
| PFE Pfizer Inc. | −$1M |
| AAPL Apple Inc. | −$1M |
| WMB The Williams Companies, Inc. | −$1M |
| NFG National Fuel Gas Companyexit | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.56B | 1069 | +16.80% | +17.59% | -0.79% | -0.00B |
| 2025-12-31 | $2.66B | 920 | +14.69% | +17.72% | -3.03% | +1.11B |
| 2025-09-30 | $1.53B | 2095 | +16.39% | +17.52% | -1.13% | -0.55B |
| 2025-06-30 | $1.92B | 2816 | +14.64% | +14.94% | -0.30% | -0.79B |
| 2025-03-31 | $2.47B | 854 | +9.14% | +8.30% | +0.83% | -0.27B |
| 2024-12-31 | $2.89B | 869 | +25.25% | +24.89% | +0.36% | +0.50B |
| 2024-09-30 | $2.31B | 841 | +34.74% | +36.04% | -1.30% | -0.52B |
| 2024-06-30 | $2.65B | 894 | +20.65% | +24.49% | -3.84% | +0.13B |
| 2024-03-31 | $2.42B | 869 | +24.74% | +29.62% | -4.88% | +0.48B |
| 2023-12-31 | $1.79B | 671 | +25.01% | +26.18% | -1.17% | -0.41B |
| 2023-09-30 | $1.98B | 801 | +18.15% | +21.57% | -3.42% | +1.23B |
| 2023-06-30 | $777M | 549 | +18.69% | +19.42% | -0.74% | -1.34B |
| 2023-03-31 | $1.97B | 2706 | -6.65% | -7.82% | +1.17% | -0.32B |
| 2022-12-31 | $2.10B | 876 | -18.27% | -18.17% | -0.09% | +0.39B |
| 2022-09-30 | $1.62B | 755 | -3.74% | -4.93% | +1.19% | -0.00B |
| 2022-06-30 | $1.68B | 788 | -15.28% | -16.11% | +0.83% | -0.49B |