Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-7.94%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.72%
baseline attrition
Rally response
-1.79%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MSFTMicrosoft Corporation | $71M | 3.8% | -0.6% | 3.5 yr |
| AAPLApple Inc. | $57M | 3.0% | +14.7% | 3.5 yr |
| NVDANVIDIA Corporation | $55M | 2.9% | +60.9% | 3.5 yr |
| AVGOBroadcom Inc. | $53M | 2.8% | +86.0% | 3.5 yr |
| AMZNAmazon.com, Inc. | $41M | 2.1% | +9.5% | 3.5 yr |
| FTGCFirst Trust Global Tacti | $33M | 1.7% | — | 3.5 yr |
| ABBVAbbVie Inc. | $30M | 1.6% | +7.3% | 3.5 yr |
| FBNDFidelity Total Bond ETF | $29M | 1.5% | — | 2.0 yr |
| GOOGLAlphabet Inc. | $29M | 1.5% | — | 3.5 yr |
| XOMExxon Mobil Corporation | $26M | 1.4% | +47.6% | 3.5 yr |
| VBVanguard Small-Cap ETF | $25M | 1.3% | — | 3.5 yr |
| FTCBFirst Trust Core Investm | $25M | 1.3% | — | 1.5 yr |
| JPMJPMorgan Chase & Co. | $23M | 1.2% | +21.8% | 3.5 yr |
| IAUiShares Gold Trust | $22M | 1.1% | — | 3.5 yr |
| UCONFirst Trust Smith Uncons | $21M | 1.1% | — | 3.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management29.1%+0.6pp$552M
Semiconductors8.4%+2.5pp$160M
Software - Infrastructure5.5%-0.2pp$105M
Drug Manufacturers - General5.5%+1.4pp$105M
Asset Management - Bonds3.3%-0.5pp$64M
Internet Content & Information3.1%+0.2pp$59M
Asset Management - Income3.1%-0.4pp$58M
Consumer Electronics3.0%+0.1pp$57M
Asset Management - Global2.8%+0.4pp$53M
Oil & Gas Integrated2.5%+1.4pp$47M
Country
US94.1%+1.3pp
CA1.8%-0.5pp
TW1.1%+0.3pp
IE0.9%+0.1pp
GB0.8%-1.1pp
CH0.5%-0.0pp
Unknown0.2%+0.1pp
SG0.2%-0.1pp
Top 5: 14.6% · Top 10: 22.3% · Top 25: 38.7%
Top buys this quarter · 15
| XOM Exxon Mobil Corporation | +$12M |
| PFE Pfizer Inc. | +$12M |
| CVX Chevron Corporation | +$11M |
| T AT&T Inc. | +$10M |
| BMY Bristol-Myers Squibb Company | +$10M |
| OKE ONEOK, Inc. | +$10M |
| MET MetLife, Inc. | +$9M |
| KHC The Kraft Heinz Company | +$9M |
| O Realty Income Corporation | +$9M |
| CLX The Clorox Companynew | +$8M |
Top sells this quarter · 15
| JNJ Johnson & Johnson | −$12M |
| DVN Devon Energy Corporationexit | −$11M |
| WMB The Williams Companies, Inc. | −$11M |
| TGT Target Corporation | −$10M |
| ORI Old Republic International Corexit | −$9M |
| GSK GSK plcexit | −$9M |
| AMGN Amgen Inc. | −$8M |
| LNC Lincoln National Corporationexit | −$8M |
| UPS United Parcel Service, Inc. | −$7M |
| BBY Best Buy Co., Inc.exit | −$7M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.90B | 477 | +18.86% | +17.59% | +1.27% | +0.10B |
| 2025-12-31 | $1.85B | 476 | +19.89% | +17.72% | +2.17% | +0.03B |
| 2025-09-30 | $1.80B | 472 | +20.97% | +17.52% | +3.45% | -0.03B |
| 2025-06-30 | $1.69B | 463 | +19.78% | +14.94% | +4.83% | -0.01B |
| 2025-03-31 | $1.52B | 445 | +9.23% | +8.30% | +0.92% | +0.07B |
| 2024-12-31 | $1.48B | 438 | +22.09% | +24.89% | -2.79% | +0.01B |
| 2024-09-30 | $1.43B | 441 | +32.81% | +36.04% | -3.22% | +0.06B |
| 2024-06-30 | $1.28B | 393 | +20.44% | +24.49% | -4.05% | +0.06B |
| 2024-03-31 | $1.20B | 379 | +24.81% | +29.62% | -4.81% | +0.02B |
| 2023-12-31 | $1.08B | 366 | +17.69% | +26.18% | -8.49% | +0.01B |
| 2023-09-30 | $959M | 338 | -2.76% | -3.22% | +0.46% | +0.03B |
| 2023-06-30 | $956M | 323 | +5.21% | +8.68% | -3.47% | -0.02B |
| 2023-03-31 | $927M | 319 | +3.34% | +7.46% | -4.12% | +0.05B |
| 2022-12-31 | $851M | 310 | — | — | — | — |