Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-10.08%
trims when stocks drop
when a holding falls −10%+
Middle response
-13.52%
baseline attrition
Rally response
-16.59%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VVVanguard Large-Cap ETF | $26M | 4.5% | — | 1.0 yr |
| AVGOBroadcom Inc. | $25M | 4.4% | +86.0% | 2.3 yr |
| MSFTMicrosoft Corporation | $19M | 3.3% | -0.6% | 3.5 yr |
| IVViShares Core S&P 500 ETF | $16M | 2.8% | — | 3.3 yr |
| ETNEaton Corporation plc | $14M | 2.5% | +33.2% | 1.0 yr |
| VRTVertiv Holdings Co | $14M | 2.5% | +247.5% | 1.0 yr |
| JPMJPMorgan Chase & Co. | $12M | 2.2% | +21.8% | 3.3 yr |
| CVXChevron Corporation | $12M | 2.1% | +29.2% | 3.5 yr |
| AAPLApple Inc. | $12M | 2.1% | +14.7% | 3.5 yr |
| RTXRTX Corporation | $12M | 2.0% | +48.1% | 3.5 yr |
| ABBVAbbVie Inc. | $11M | 2.0% | +7.3% | 3.5 yr |
| PSXPhillips 66 | $11M | 2.0% | +53.0% | 1.0 yr |
| IJRiShares Core S&P Small-C | $11M | 1.9% | — | 1.0 yr |
| ORCLOracle Corporation | $11M | 1.9% | +5.9% | 1.8 yr |
| LLYEli Lilly and Company | $11M | 1.9% | +12.2% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management15.6%+11.9pp$89M
Semiconductors7.3%+7.1pp$42M
Drug Manufacturers - General6.6%-30.3pp$38M
Software - Infrastructure6.1%+3.2pp$35M
Aerospace & Defense5.2%+5.2pp$30M
Industrial - Machinery4.9%+4.9pp$28M
Electrical Equipment & Parts3.8%+3.8pp$22M
Railroads2.6%+2.6pp$15M
Banks - Diversified2.5%+2.5pp$15M
Specialty Retail2.5%+2.4pp$14M
Country
US91.3%-5.5pp
IE5.0%
Unknown1.4%+1.0pp
BR1.1%
CA0.7%+0.7pp
NL0.2%
CH0.1%
SG0.1%-0.2pp
Top 5: 17.5% · Top 10: 28.4% · Top 25: 54.5%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| AAPL | $2M | +0.00B | 14.7% |
| CVX | $0M | +0.00B | 29.2% |
| JPM | $0M | +0.00B | 21.8% |
| RTX | $0M | +0.00B | 48.1% |
| CSCO | $0M | +0.00B | 28.1% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $8M | -0.00B | -0.6% |
Top buys this quarter · 15
| NCLH Norwegian Cruise Line Holdingsnew | +$6M |
| AIG American International Group, new | +$2M |
| CALM Cal-Maine Foods, Inc.new | +$1M |
| AFG American Financial Group, Inc. | +$1M |
| ORCL Oracle Corporation | +$11M |
| COLD Americold Realty Trust, Inc.new | +$1M |
| ABBV AbbVie Inc. | +$1M |
| PSX Phillips 66 | +$1M |
| AWK American Water Works Company, | +$1M |
| TEL TE Connectivity Ltd. | +$10M |
Top sells this quarter · 15
| VRT Vertiv Holdings Co | −$12M |
| RTX RTX Corporation | −$2M |
| BR Broadridge Financial Solutions | −$2M |
| AVGO Broadcom Inc. | −$2M |
| SPY State Street SPDR S&P 500 ETF exit | −$2M |
| CAT Caterpillar Inc. | −$2M |
| ACN Accenture plc | −$1M |
| CDW CDW Corporation | −$1M |
| BDX Becton, Dickinson and Company | −$1M |
| TSM Taiwan Semiconductor Manufactu | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $572M | 150 | +15.72% | +17.59% | -1.87% | -0.00B |
| 2025-12-31 | $572M | 146 | +22.90% | +17.72% | +5.18% | -0.06B |
| 2025-09-30 | $631M | 155 | +42.33% | +17.52% | +24.81% | -0.06B |
| 2025-06-30 | $626M | 172 | +34.66% | +14.94% | +19.72% | +0.35B |
| 2025-03-31 | $266M | 109 | +30.77% | +8.30% | +22.46% | +0.01B |
| 2024-12-31 | $243M | 119 | +26.58% | +24.89% | +1.69% | -0.19B |
| 2024-09-30 | $374M | 141 | +11.93% | +36.04% | -24.11% | +0.13B |
| 2024-06-30 | $229M | 151 | -10.32% | +24.49% | -34.81% | -0.03B |
| 2024-03-31 | $257M | 159 | -13.23% | +29.62% | -42.86% | -0.13B |
| 2023-12-31 | $379M | 149 | -21.94% | +26.18% | -48.12% | -0.14B |
| 2023-09-30 | $505M | 124 | -16.23% | -3.22% | -13.00% | +0.02B |
| 2023-06-30 | $583M | 119 | -3.01% | +8.68% | -11.69% | -0.01B |
| 2023-03-31 | $614M | 124 | -6.98% | +7.46% | -14.44% | -0.15B |
| 2022-12-31 | $824M | 71 | — | — | — | — |