Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.68%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.34%
baseline attrition
Rally response
-4.19%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VTIVanguard Total Stock Mar | $148M | 5.0% | — | 4.0 yr |
| SPYGState Street SPDR Portfo | $141M | 4.8% | — | 4.3 yr |
| BNDVanguard Total Bond Mark | $102M | 3.5% | — | 4.0 yr |
| VOOVanguard S&P 500 ETF | $93M | 3.2% | — | 4.0 yr |
| XLKState Street Technology | $76M | 2.6% | — | 4.3 yr |
| SPYVState Street SPDR Portfo | $68M | 2.3% | — | 4.3 yr |
| RSPInvesco S&P 500 Equal We | $61M | 2.1% | — | 4.3 yr |
| QQQInvesco QQQ Trust, Serie | $56M | 1.9% | — | 4.0 yr |
| SCHASchwab U.S. Small-Cap ET | $46M | 1.6% | — | 4.0 yr |
| GSUSGoldman Sachs MarketBeta | $44M | 1.5% | — | 4.0 yr |
| AAPLApple Inc. | $42M | 1.4% | +14.7% | 4.0 yr |
| NVDANVIDIA Corporation | $42M | 1.4% | +60.9% | 4.3 yr |
| IVViShares Core S&P 500 ETF | $32M | 1.1% | — | 4.0 yr |
| SPYState Street SPDR S&P 50 | $28M | 1.0% | +17.6% | 4.3 yr |
| AMZNAmazon.com, Inc. | $25M | 0.8% | +9.5% | 4.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management66.3%+1.1pp$1.95B
Asset Management - Bonds6.8%-1.4pp$199M
Semiconductors2.9%+1.1pp$85M
Asset Management - Income1.9%-0.1pp$55M
Drug Manufacturers - General1.5%+0.6pp$43M
Consumer Electronics1.4%-0.3pp$42M
Specialty Retail1.0%-0.2pp$30M
Software - Infrastructure1.0%-0.2pp$29M
Internet Content & Information1.0%+0.1pp$28M
Unknown0.8%+0.3pp$24M
Country
US98.5%-0.3pp
Unknown0.8%+0.3pp
CA0.2%+0.0pp
IE0.1%+0.0pp
GB0.1%-0.0pp
TW0.1%+0.0pp
NL0.0%+0.0pp
CH0.0%-0.0pp
Top 5: 19.1% · Top 10: 28.4% · Top 25: 41.3%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NVDA | $26M | +0.02B | 60.9% |
| AAPL | $38M | +0.01B | 14.7% |
| SPY | $29M | +0.00B | 17.6% |
| AMZN | $21M | +0.00B | 9.5% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| GILD Gilead Sciences, Inc. | +$6M |
| MRK Merck & Co., Inc. | +$6M |
| ABBV AbbVie Inc. | +$5M |
| CAT Caterpillar Inc. | +$5M |
| INTC Intel Corporation | +$4M |
| UBER Uber Technologies, Inc. | +$3M |
| MNST Monster Beverage Corporation | +$2M |
| GS The Goldman Sachs Group, Inc. | +$1M |
| SOFI SoFi Technologies, Inc. | +$1M |
| MO Altria Group, Inc. | +$1M |
Top sells this quarter · 15
| SPY State Street SPDR S&P 500 ETF | −$6M |
| WMB The Williams Companies, Inc. | −$5M |
| IDA IDACORP, Inc. | −$5M |
| DTE DTE Energy Company | −$4M |
| BLK BlackRock, Inc. | −$3M |
| WDC Western Digital Corporation | −$2M |
| MU Micron Technology, Inc. | −$2M |
| GRMN Garmin Ltd. | −$2M |
| LYV Live Nation Entertainment, Inc | −$2M |
| VST Vistra Corp. | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.94B | 2915 | +20.42% | +17.59% | +2.83% | +0.09B |
| 2025-12-31 | $2.86B | 2943 | +17.22% | +17.72% | -0.49% | +0.07B |
| 2025-09-30 | $2.75B | 2777 | +18.62% | +17.52% | +1.11% | +0.05B |
| 2025-06-30 | $2.48B | 2740 | +17.22% | +14.94% | +2.28% | +0.01B |
| 2025-03-31 | $2.26B | 3117 | +9.13% | +8.30% | +0.82% | +0.14B |
| 2024-12-31 | $2.19B | 2830 | +22.73% | +24.89% | -2.16% | +0.01B |
| 2024-09-30 | $2.12B | 2612 | +32.64% | +36.04% | -3.40% | +1.08B |
| 2024-06-30 | $962M | 1594 | +19.52% | +24.49% | -4.97% | -0.96B |
| 2024-03-31 | $1.88B | 2507 | +30.63% | +29.62% | +1.00% | +0.20B |
| 2023-12-31 | $1.54B | 599 | +28.22% | +26.30% | +1.92% | +0.01B |
| 2023-09-30 | $1.38B | 548 | +10.79% | +7.55% | +3.23% | +0.03B |
| 2023-06-30 | $1.40B | 571 | -1.72% | -6.77% | +5.05% | -0.16B |
| 2022-12-31 | $1.40B | 2401 | -16.02% | -18.17% | +2.15% | +0.13B |
| 2022-09-30 | $1.19B | 541 | -4.11% | -4.93% | +0.82% | -0.04B |
| 2022-06-30 | $1.28B | 2109 | -14.10% | -16.11% | +2.01% | +0.04B |
| 2022-03-31 | $1.45B | 550 | -4.62% | -4.62% | +0.00% | +0.02B |