Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.06%
trims when stocks drop
when a holding falls −10%+
Middle response
+1.95%
steady accumulation
Rally response
+1.06%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPSBState Street SPDR Portfo | $17M | 3.3% | — | 0.8 yr |
| CVXChevron Corporation | $16M | 3.1% | +29.2% | 2.5 yr |
| VZVerizon Communications I | $14M | 2.8% | +16.5% | 2.5 yr |
| PMPhilip Morris Internatio | $14M | 2.7% | +7.9% | 2.5 yr |
| MPLXMPLX Lp | $13M | 2.6% | +15.4% | 1.5 yr |
| BTIBritish American Tobacco | $13M | 2.6% | +47.5% | 2.5 yr |
| NEENextEra Energy, Inc. | $12M | 2.3% | +34.9% | 2.5 yr |
| OCTZTrueShares Structured Ou | $11M | 2.2% | — | 0.8 yr |
| DECZTrueShares Structured Ou | $11M | 2.1% | — | 0.8 yr |
| JNJJohnson & Johnson | $11M | 2.1% | +51.5% | 2.5 yr |
| MARZTrueShares Structured Ou | $10M | 2.0% | — | 0.8 yr |
| FEBZTrueShares Structured Ou | $10M | 2.0% | — | 0.8 yr |
| UPSUnited Parcel Service, I | $10M | 1.9% | -4.4% | 1.8 yr |
| CMECME Group Inc. | $10M | 1.9% | +15.6% | 1.3 yr |
| JANZTrueShares Structured Ou | $10M | 1.9% | — | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management26.0%+15.3pp$134M
Tobacco6.3%-1.0pp$32M
Oil & Gas Integrated6.2%+3.7pp$32M
Unknown5.7%-1.2pp$29M
Regulated Electric5.6%+1.4pp$29M
Drug Manufacturers - General5.3%-1.3pp$27M
Oil & Gas Midstream5.2%-0.1pp$27M
Telecommunications Services3.6%-3.7pp$19M
Asset Management - Bonds3.3%+0.6pp$17M
Semiconductors3.0%+0.5pp$15M
Country
US78.4%-0.7pp
GB6.4%+0.7pp
Unknown5.7%-1.2pp
BR2.2%+1.5pp
CA1.4%-1.4pp
FR1.0%+0.6pp
MX0.9%
TW0.9%+0.4pp
Top 5: 14.5% · Top 10: 25.8% · Top 25: 52.6%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| BTI | $12M | +0.01B | 47.5% |
| JNJ | $6M | +0.00B | 51.5% |
| ENB | $9M | +0.00B | 29.3% |
| VZ | $15M | +0.00B | 16.5% |
| NEE | $7M | +0.00B | 34.9% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| UPS | $2M | -0.00B | -4.4% |
Top buys this quarter · 15
| VLO Valero Energy Corporationnew | +$9M |
| CVX Chevron Corporation | +$9M |
| ATO Atmos Energy Corporationnew | +$6M |
| HD The Home Depot, Inc.new | +$6M |
| DVN Devon Energy Corporation | +$5M |
| VIV Telefônica Brasil S.A.new | +$4M |
| BP BP p.l.c.new | +$4M |
| UPS United Parcel Service, Inc. | +$4M |
| BTI British American Tobacco p.l.c | +$3M |
| LEN Lennar Corporation | +$3M |
Top sells this quarter · 15
| C Citigroup Inc.exit | −$10M |
| NVO Novo Nordisk A/Sexit | −$7M |
| NRG NRG Energy, Inc.exit | −$7M |
| ACN Accenture plcexit | −$5M |
| GS The Goldman Sachs Group, Inc. | −$5M |
| ENB Enbridge Inc. | −$4M |
| GPC Genuine Parts Companyexit | −$3M |
| SU Suncor Energy Inc.exit | −$3M |
| SAN Banco Santander, S.A.exit | −$3M |
| BABA Alibaba Group Holding Limitedexit | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $514M | 167 | +15.42% | +17.59% | -2.17% | -0.04B |
| 2025-12-31 | $523M | 240 | +11.58% | +17.72% | -6.14% | -0.06B |
| 2025-09-30 | $575M | 194 | +7.38% | +17.52% | -10.14% | +0.10B |
| 2025-06-30 | $461M | 138 | +8.70% | +14.94% | -6.24% | +0.06B |
| 2025-03-31 | $381M | 199 | +4.50% | +8.30% | -3.80% | +0.06B |
| 2024-12-31 | $313M | 179 | +6.68% | +24.89% | -18.21% | +0.01B |
| 2024-09-30 | $311M | 238 | +5.17% | +5.75% | -0.59% | +0.00B |
| 2024-06-30 | $293M | 218 | +0.15% | +4.38% | -4.23% | +0.18B |
| 2024-03-31 | $109M | 90 | +3.48% | +10.39% | -6.92% | +0.00B |
| 2023-12-31 | $101M | 91 | — | — | — | — |