Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.53%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.06%
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 | $538M | 6.6% | -0.6% | 4.5 yr |
| GOOGLAlphabet Inc. | $490M | 6.0% | — | 4.5 yr |
| AAPLApple Inc. | $428M | 5.2% | +14.7% | 4.5 yr |
| NVDANVIDIA Corporation | $411M | 5.0% | +60.9% | 4.5 yr |
| LLYEli Lilly and Company | $368M | 4.5% | +12.2% | 4.5 yr |
| AZNAstraZeneca PLC | $367M | 4.5% | +36.2% | 0.3 yr |
| AMZNAmazon.com, Inc. | $353M | 4.3% | +9.5% | 4.5 yr |
| JPMJPMorgan Chase & Co. | $269M | 3.3% | +21.8% | 4.5 yr |
| MAMastercard Incorporated | $237M | 2.9% | -8.5% | 4.5 yr |
| NEENextEra Energy, Inc. | $225M | 2.7% | +34.9% | 4.5 yr |
| METAMeta Platforms, Inc. | $199M | 2.4% | -0.4% | 4.5 yr |
| TOTB.DETotalEnergies SE | $180M | 2.2% | +41.2% | 0.5 yr |
| AVGOBroadcom Inc. | $172M | 2.1% | +86.0% | 4.5 yr |
| CRH.LCRH plc | $171M | 2.1% | — | 2.8 yr |
| PGThe Procter & Gamble Com | $147M | 1.8% | -12.9% | 4.5 yr |
Portfolio composition (YoY)
Industry mix
Drug Manufacturers - General12.7%+5.1pp$1.04B
Internet Content & Information9.3%+2.9pp$766M
Semiconductors9.0%-1.1pp$736M
Software - Infrastructure7.9%-1.9pp$648M
Banks - Diversified6.2%+0.5pp$510M
Consumer Electronics5.2%-0.9pp$428M
Specialty Retail4.4%-1.2pp$362M
Financial - Credit Services4.4%-1.0pp$359M
Oil & Gas Integrated4.3%+3.5pp$350M
Regulated Electric2.9%+1.2pp$237M
Country
US85.1%-2.5pp
GB4.6%+4.6pp
IE3.9%-0.1pp
CH3.1%+0.0pp
FR2.2%+2.2pp
CA0.6%+0.1pp
NL0.1%+0.1pp
IN0.1%-0.1pp
Top 5: 27.3% · Top 10: 45.0% · Top 25: 69.1%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$373M |
| NEE NextEra Energy, Inc. | +$60M |
| MTZ MasTec, Inc. | +$25M |
| JNJ Johnson & Johnson | +$24M |
| MU Micron Technology, Inc. | +$22M |
| XOM Exxon Mobil Corporation | +$21M |
| ABBV AbbVie Inc. | +$19M |
| JPM JPMorgan Chase & Co. | +$269M |
| COST Costco Wholesale Corporation | +$16M |
| MDT Medtronic plc | +$16M |
Top sells this quarter · 15
| TSM Taiwan Semiconductor Manufactuexit | −$439M |
| LLY Eli Lilly and Company | −$82M |
| INTU Intuit Inc.exit | −$41M |
| BAC Bank of America Corporation | −$34M |
| GLW Corning Incorporated | −$30M |
| VRSN VeriSign, Inc. | −$29M |
| MSFT Microsoft Corporation | −$26M |
| VEEV Veeva Systems Inc. | −$22M |
| ALC Alcon Inc. | −$22M |
| GEV GE Vernova Inc.exit | −$22M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $8.19B | 283 | +14.99% | +17.59% | -2.60% | -0.40B |
| 2025-12-31 | $9.17B | 290 | +16.07% | +17.72% | -1.64% | +0.15B |
| 2025-09-30 | $8.73B | 284 | +14.88% | +17.52% | -2.64% | +0.28B |
| 2025-06-30 | $7.98B | 290 | +14.25% | +14.94% | -0.69% | -0.16B |
| 2025-03-31 | $7.25B | 288 | +3.62% | +8.30% | -4.68% | +1.15B |
| 2024-12-31 | $6.46B | 272 | +18.91% | +24.89% | -5.98% | +0.21B |
| 2024-09-30 | $6.10B | 283 | +31.34% | +36.04% | -4.70% | -0.57B |
| 2024-06-30 | $6.34B | 265 | +20.21% | +24.49% | -4.28% | +2.03B |
| 2024-03-31 | $4.23B | 254 | +30.58% | +29.62% | +0.96% | -0.68B |
| 2023-12-31 | $4.53B | 250 | +31.02% | +26.18% | +4.84% | -0.04B |
| 2023-09-30 | $4.05B | 255 | +23.77% | +21.57% | +2.20% | +0.07B |
| 2023-06-30 | $4.13B | 250 | +21.22% | +19.42% | +1.80% | +0.28B |
| 2023-03-31 | $3.48B | 255 | -8.58% | -7.82% | -0.76% | -0.00B |
| 2022-12-31 | $3.20B | 257 | +6.75% | +7.56% | -0.81% | +0.46B |
| 2022-09-30 | $2.57B | 251 | -5.63% | -4.93% | -0.70% | -0.53B |
| 2022-06-30 | $3.28B | 253 | -16.67% | -16.11% | -0.56% | -0.27B |