Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+5.18%
adds when stocks drop
when a holding falls −10%+
Middle response
-4.67%
baseline attrition
Rally response
-13.60%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VGKVanguard FTSE Europe ETF | $68M | 8.4% | — | 2.8 yr |
| QQQInvesco QQQ Trust, Serie | $66M | 8.2% | — | 3.0 yr |
| SPMDState Street SPDR Portfo | $38M | 4.7% | — | 2.8 yr |
| SPEMState Street SPDR Portfo | $37M | 4.6% | — | 3.0 yr |
| VTVVanguard Value ETF | $32M | 3.9% | — | 3.0 yr |
| VUGVanguard Growth ETF | $31M | 3.8% | — | 3.0 yr |
| SPTSState Street SPDR Portfo | $29M | 3.6% | — | 3.0 yr |
| SPTIState Street SPDR Portfo | $25M | 3.1% | — | 3.0 yr |
| SPSMState Street SPDR Portfo | $24M | 3.0% | — | 3.0 yr |
| GLDSPDR Gold Shares | $23M | 2.9% | — | 3.0 yr |
| BILState Street SPDR Bloomb | $17M | 2.1% | — | 3.0 yr |
| SPYState Street SPDR S&P 50 | $16M | 2.0% | +17.6% | 3.0 yr |
| SPSBState Street SPDR Portfo | $15M | 1.8% | — | 2.8 yr |
| MBBiShares MBS ETF | $14M | 1.7% | — | 3.0 yr |
| SGOViShares 0-3 Month Treasu | $13M | 1.6% | — | 3.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management64.5%+0.5pp$522M
Asset Management - Bonds7.6%-2.5pp$61M
Asset Management - Leveraged3.6%-0.5pp$29M
Semiconductors1.9%+0.9pp$15M
Consumer Electronics1.6%-0.6pp$13M
Software - Infrastructure1.5%+0.6pp$12M
Insurance - Property & Casualty1.4%+0.1pp$11M
Information Technology Services1.1%+0.7pp$9M
Drug Manufacturers - General1.0%+0.0pp$8M
Software - Application0.8%+0.7pp$6M
Country
US98.2%-0.8pp
Unknown0.6%+0.5pp
BM0.4%-0.1pp
IE0.3%+0.2pp
CH0.2%
GB0.2%+0.0pp
LU0.1%
CL0.1%
Top 5: 29.8% · Top 10: 46.1% · Top 25: 65.9%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NVDA | $2M | +0.00B | 60.9% |
| AAPL | $10M | +0.00B | 14.7% |
| SPY | $7M | +0.00B | 17.6% |
| WMT | $1M | +0.00B | 42.8% |
| MSFT | $2M | -0.00B | -0.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $2M | -0.00B | -0.6% |
Top buys this quarter · 15
| ACN Accenture plc | +$2M |
| FSLR First Solar, Inc. | +$1M |
| EA Electronic Arts Inc. | +$1M |
| PFG Principal Financial Group, Inc | +$1M |
| LDOS Leidos Holdings, Inc. | +$1M |
| ILMN Illumina, Inc. | +$1M |
| COF Capital One Financial Corporat | +$1M |
| SSNC SS&C Technologies Holdings, Innew | +$1M |
| VLO Valero Energy Corporation | +$1M |
| JBHT J.B. Hunt Transport Services, | +$1M |
Top sells this quarter · 15
| SPY State Street SPDR S&P 500 ETF | −$5M |
| TGT Target Corporation | −$2M |
| UI Ubiquiti Inc.exit | −$2M |
| EME EMCOR Group, Inc.exit | −$2M |
| WBD Warner Bros. Discovery, Inc.exit | −$2M |
| DVN Devon Energy Corporationexit | −$2M |
| TRV The Travelers Companies, Inc.exit | −$1M |
| SPOT Spotify Technology S.A.exit | −$1M |
| MET MetLife, Inc.exit | −$1M |
| VST Vistra Corp.exit | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $810M | 363 | +23.10% | +17.59% | +5.51% | +0.03B |
| 2025-12-31 | $780M | 359 | +19.74% | +17.72% | +2.02% | +0.07B |
| 2025-09-30 | $672M | 307 | +17.84% | +17.52% | +0.33% | +0.08B |
| 2025-06-30 | $542M | 289 | +15.47% | +14.94% | +0.53% | +0.04B |
| 2025-03-31 | $468M | 258 | +7.66% | +8.30% | -0.65% | -0.01B |
| 2024-12-31 | $495M | 289 | +18.91% | +24.89% | -5.98% | +0.04B |
| 2024-09-30 | $443M | 238 | +29.41% | +36.04% | -6.63% | +0.03B |
| 2024-06-30 | $381M | 217 | +16.71% | +24.49% | -7.78% | +0.13B |
| 2024-03-31 | $252M | 687 | +6.99% | +10.39% | -3.40% | -0.04B |
| 2023-12-31 | $274M | 828 | +12.41% | +11.64% | +0.77% | -0.09B |
| 2023-09-30 | $321M | 977 | -3.20% | -3.22% | +0.02% | +0.04B |
| 2023-06-30 | $287M | 912 | — | — | — | — |