Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+12.27%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.74%
baseline attrition
Rally response
-15.04%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GLDSPDR Gold Shares | $26M | 5.8% | — | 3.3 yr |
| SHViShares 0â1 Year Treas | $24M | 5.3% | — | 5.5 yr |
| NVDANVIDIA Corporation | $20M | 4.5% | +60.9% | 5.0 yr |
| IEFiShares 7-10 Year Treasu | $20M | 4.3% | — | 3.5 yr |
| MSFTMicrosoft Corporation | $18M | 4.0% | -0.6% | 5.5 yr |
| AMZNAmazon.com, Inc. | $17M | 3.7% | +9.5% | 5.5 yr |
| EZUiShares MSCI Eurozone ET | $15M | 3.4% | — | 4.8 yr |
| BRK-BBerkshire Hathaway Inc. | $14M | 3.0% | — | 5.5 yr |
| IVViShares Core S&P 500 ETF | $14M | 3.0% | — | 3.0 yr |
| ORCLOracle Corporation | $13M | 2.8% | +5.9% | 0.5 yr |
| IAUiShares Gold Trust | $12M | 2.8% | — | 1.5 yr |
| CRMSalesforce, Inc. | $12M | 2.6% | -30.2% | 3.5 yr |
| GOOGLAlphabet Inc. | $11M | 2.4% | — | 5.5 yr |
| VRTVertiv Holdings Co | $10M | 2.3% | +247.5% | 1.0 yr |
| BXBlackstone Inc. | $10M | 2.1% | -14.9% | 3.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management36.6%+6.2pp$166M
Asset Management - Bonds12.6%-10.1pp$57M
Software - Infrastructure6.9%+4.2pp$31M
Semiconductors6.5%+1.0pp$30M
Software - Application6.1%+1.3pp$28M
Internet Content & Information5.1%+0.6pp$23M
Specialty Retail4.0%-0.3pp$18M
Insurance - Diversified3.0%+2.6pp$14M
Electrical Equipment & Parts2.3%$10M
Consumer Electronics1.9%-0.6pp$9M
Country
US94.0%-2.7pp
DE1.7%
CH1.5%
DK0.7%+0.6pp
IE0.4%
GB0.3%-0.0pp
BM0.2%
UY0.2%-1.2pp
Top 5: 23.9% · Top 10: 39.8% · Top 25: 69.1%
Top buys this quarter · 15
| MSFT Microsoft Corporation | +$9M |
| SAP SAP SE | +$5M |
| BX Blackstone Inc. | +$5M |
| APO Apollo Global Management, Inc.new | +$5M |
| CRM Salesforce, Inc. | +$4M |
| ORCL Oracle Corporation | +$3M |
| NOW ServiceNow, Inc. | +$3M |
| AMZN Amazon.com, Inc. | +$3M |
| ONON On Holding AG | +$3M |
| OWL Blue Owl Capital Inc.new | +$2M |
Top sells this quarter · 15
| UUUU Energy Fuels Inc. | −$5M |
| NKE NIKE, Inc.exit | −$5M |
| DELL Dell Technologies Inc. | −$5M |
| UPS United Parcel Service, Inc.exit | −$3M |
| TSM Taiwan Semiconductor Manufactu | −$3M |
| ASML ASML Holding N.V.exit | −$3M |
| MELI MercadoLibre, Inc. | −$3M |
| SE Sea Limitedexit | −$3M |
| COIN Coinbase Global, Inc. | −$2M |
| MU Micron Technology, Inc. | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $453M | 137 | +18.77% | +17.59% | +1.18% | +0.01B |
| 2025-12-31 | $470M | 130 | +15.58% | +17.72% | -2.14% | +0.04B |
| 2025-09-30 | $423M | 110 | +20.14% | +17.52% | +2.62% | -0.01B |
| 2025-06-30 | $405M | 120 | +22.99% | +14.94% | +8.05% | -0.04B |
| 2025-03-31 | $376M | 121 | +5.22% | +8.30% | -3.08% | -0.01B |
| 2024-12-31 | $424M | 114 | +22.33% | +24.89% | -2.56% | +0.00B |
| 2024-09-30 | $402M | 107 | +29.93% | +36.04% | -6.10% | +0.01B |
| 2024-06-30 | $357M | 88 | +17.03% | +24.49% | -7.46% | -0.13B |
| 2024-03-31 | $479M | 101 | +24.55% | +29.62% | -5.08% | +0.01B |
| 2023-12-31 | $436M | 103 | +32.91% | +26.18% | +6.73% | -0.01B |
| 2023-09-30 | $402M | 111 | +19.71% | +21.57% | -1.86% | -0.02B |
| 2023-06-30 | $426M | 121 | +15.87% | +19.42% | -3.55% | +0.02B |
| 2023-03-31 | $381M | 124 | -11.98% | -7.82% | -4.16% | -0.02B |
| 2022-12-31 | $349M | 134 | -26.19% | -18.17% | -8.01% | +0.02B |
| 2022-09-30 | $333M | 119 | -18.12% | -15.51% | -2.61% | -0.02B |
| 2022-06-30 | $367M | 127 | -13.13% | -10.62% | -2.51% | +0.01B |