Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.89%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.35%
baseline attrition
Rally response
-8.36%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AVUSAvantis U.S. Equity ETF | $77M | 4.4% | — | 2.0 yr |
| VOOVanguard S&P 500 ETF | $58M | 3.3% | — | 3.8 yr |
| AVDEAvantis International Eq | $55M | 3.1% | — | 2.0 yr |
| AVIGAvantis Core Fixed Incom | $50M | 2.9% | — | 2.0 yr |
| IVViShares Core S&P 500 ETF | $34M | 2.0% | — | 4.0 yr |
| AVSFAvantis Short-Term Fixed | $34M | 1.9% | — | 2.0 yr |
| NVDANVIDIA Corporation | $32M | 1.8% | +60.9% | 2.8 yr |
| SPLGSPDR Portfolio S&P 500 E | $32M | 1.8% | — | 4.5 yr |
| AVLCAvantis U.S. Large Cap E | $29M | 1.6% | — | 1.3 yr |
| AAPLApple Inc. | $27M | 1.6% | +14.7% | 4.5 yr |
| TLTiShares 20+ Year Treasur | $25M | 1.4% | — | 2.5 yr |
| AVEMAvantis Emerging Markets | $23M | 1.3% | — | 1.8 yr |
| MSFTMicrosoft Corporation | $20M | 1.1% | -0.6% | 4.5 yr |
| IEMGiShares Core MSCI Emergi | $18M | 1.0% | — | 3.5 yr |
| DFACDimensional - US Core Eq | $17M | 1.0% | — | 2.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management56.8%+1.7pp$998M
Asset Management - Income6.2%-0.2pp$108M
Asset Management - Bonds6.2%+0.9pp$108M
Semiconductors4.0%+1.4pp$70M
Drug Manufacturers - General2.1%+0.5pp$36M
Internet Content & Information1.9%+0.2pp$34M
Software - Infrastructure1.7%-0.4pp$31M
Consumer Electronics1.6%-0.1pp$27M
Banks - Diversified1.3%+0.1pp$22M
Specialty Retail1.0%-0.2pp$17M
Country
US98.2%+2.4pp
Unknown0.5%+0.3pp
CA0.5%-0.1pp
IE0.3%-0.2pp
GB0.2%-0.1pp
TW0.1%+0.0pp
CH0.1%+0.0pp
NL0.1%+0.0pp
Top 5: 15.6% · Top 10: 24.4% · Top 25: 38.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NVDA | $21M | +0.01B | 60.9% |
| AVGO | $4M | +0.00B | 86.0% |
| AAPL | $21M | +0.00B | 14.7% |
| AMZN | $13M | +0.00B | 9.5% |
| MSFT | $18M | -0.00B | -0.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $18M | -0.00B | -0.6% |
Top buys this quarter · 15
| ABBV AbbVie Inc. | +$2M |
| MSFT Microsoft Corporation | +$20M |
| AMZN Amazon.com, Inc. | +$2M |
| AVGO Broadcom Inc. | +$2M |
| META Meta Platforms, Inc. | +$11M |
| AAPL Apple Inc. | +$27M |
| SPY State Street SPDR S&P 500 ETF | +$1M |
| TSLA Tesla, Inc. | +$11M |
| GOOG Alphabet Inc. | +$1M |
| IBM International Business Machine | +$1M |
Top sells this quarter · 15
| EQIX Equinix, Inc. | −$3M |
| TRV The Travelers Companies, Inc. | −$3M |
| TER Teradyne, Inc. | −$2M |
| TRGP Targa Resources Corp. | −$2M |
| 0HQN.L Cboe Global Markets, Inc. | −$1M |
| DELL Dell Technologies Inc. | −$1M |
| SLB SLB N.V. | −$1M |
| COST Costco Wholesale Corporation | −$9M |
| PPL PPL Corporation | −$1M |
| WMT Walmart Inc. | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.76B | 742 | +25.37% | +17.59% | +7.78% | +0.12B |
| 2025-12-31 | $1.67B | 696 | +23.89% | +17.72% | +6.17% | -0.07B |
| 2025-09-30 | $1.72B | 706 | +23.98% | +17.52% | +6.46% | -0.95B |
| 2025-06-30 | $2.39B | 583 | +17.15% | +14.94% | +2.21% | +0.94B |
| 2025-03-31 | $1.28B | 558 | +5.75% | +8.30% | -2.55% | +0.82B |
| 2024-12-31 | $478M | 321 | +16.52% | +24.89% | -8.37% | -0.61B |
| 2024-09-30 | $1.07B | 491 | +26.33% | +36.04% | -9.70% | -3.57B |
| 2024-06-30 | $4.41B | 1235 | +11.25% | +24.49% | -13.24% | +0.12B |
| 2024-03-31 | $4.18B | 1172 | +15.28% | +29.62% | -14.34% | +3.91B |
| 2023-12-31 | $250M | 179 | +14.10% | +26.18% | -12.07% | +0.07B |
| 2023-09-30 | $163M | 92 | +9.86% | +21.57% | -11.71% | +0.02B |
| 2023-06-30 | $152M | 74 | +13.48% | +19.42% | -5.95% | +0.00B |
| 2023-03-31 | $143M | 68 | -3.52% | -7.82% | +4.30% | +0.03B |
| 2022-12-31 | $107M | 64 | +5.77% | +7.56% | -1.79% | +0.03B |
| 2022-09-30 | $72M | 67 | -4.25% | -4.93% | +0.68% | +0.01B |
| 2022-06-30 | $66M | 52 | -9.55% | -16.11% | +6.57% | -0.02B |