Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-19.83%
trims when stocks drop
when a holding falls −10%+
Middle response
-13.93%
baseline attrition
Rally response
-10.83%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IEFAiShares Core MSCI EAFE E | $140M | 8.5% | — | 2.8 yr |
| VOOVanguard S&P 500 ETF | $79M | 4.8% | — | 2.8 yr |
| VUGVanguard Growth ETF | $59M | 3.6% | — | 2.8 yr |
| MBBiShares MBS ETF | $59M | 3.6% | — | 2.8 yr |
| IEMGiShares Core MSCI Emergi | $57M | 3.5% | — | 2.8 yr |
| VTVVanguard Value ETF | $57M | 3.5% | — | 2.8 yr |
| VEAVanguard FTSE Developed | $53M | 3.2% | — | 2.8 yr |
| IWYiShares Russell Top 200 | $52M | 3.1% | — | 2.8 yr |
| VONVVanguard Russell 1000 Va | $51M | 3.1% | — | 2.8 yr |
| SPDWState Street SPDR Portfo | $45M | 2.7% | — | 2.8 yr |
| VONGVanguard Russell 1000 Gr | $42M | 2.6% | — | 2.8 yr |
| IWXiShares Russell Top 200 | $38M | 2.3% | — | 2.8 yr |
| VVVanguard Large-Cap ETF | $35M | 2.1% | — | 2.8 yr |
| IVViShares Core S&P 500 ETF | $33M | 2.0% | — | 2.8 yr |
| IWRiShares Russell Mid-Cap | $32M | 1.9% | — | 2.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management83.7%+0.4pp$1.38B
Asset Management - Bonds4.5%+0.6pp$75M
Internet Content & Information1.3%+0.3pp$22M
Consumer Electronics1.1%-0.2pp$18M
Semiconductors1.0%+0.1pp$16M
Software - Infrastructure0.9%-0.2pp$15M
Drug Manufacturers - General0.8%+0.0pp$13M
Banks - Diversified0.5%-0.1pp$8M
Oil & Gas Integrated0.5%+0.2pp$7M
Specialty Retail0.4%-0.1pp$7M
Country
US99.4%-0.0pp
CA0.2%+0.1pp
IE0.1%-0.1pp
TW0.1%+0.0pp
IL0.0%+0.0pp
GB0.0%-0.0pp
UY0.0%-0.0pp
Unknown0.0%+0.0pp
Top 5: 24.0% · Top 10: 39.6% · Top 25: 65.6%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| AAPL | $411M | +0.06B | 14.7% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 8
| WSBC WesBanco, Inc.new | +$0M |
| MPLX MPLX Lpnew | +$0M |
| PBA Pembina Pipeline Corporationnew | +$0M |
| OXY Occidental Petroleum Corporatinew | +$0M |
| AZN AstraZeneca PLCnew | +$0M |
| NVO Novo Nordisk A/S | +$0M |
| BKMI BNY Mellon Municipal Intermedinew | +$0M |
| SPIP State Street SPDR Portfolio TI | +$0M |
Top sells this quarter · 15
| AAPL Apple Inc. | −$451M |
| MSFT Microsoft Corporation | −$269M |
| NVDA NVIDIA Corporation | −$246M |
| AMZN Amazon.com, Inc. | −$171M |
| SPY State Street SPDR S&P 500 ETF | −$169M |
| JPM JPMorgan Chase & Co. | −$137M |
| AVGO Broadcom Inc. | −$114M |
| META Meta Platforms, Inc. | −$103M |
| GOOG Alphabet Inc. | −$78M |
| JNJ Johnson & Johnson | −$78M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.65B | 390 | +14.45% | +17.59% | -3.14% | -37.71B |
| 2025-12-31 | $41.72B | 680 | +15.77% | +17.72% | -1.94% | -0.32B |
| 2025-09-30 | $41.23B | 687 | +17.19% | +17.52% | -0.33% | -0.21B |
| 2025-06-30 | $38.40B | 639 | +14.98% | +14.94% | +0.04% | +3.04B |
| 2025-03-31 | $32.07B | 634 | +7.88% | +8.30% | -0.43% | +0.63B |
| 2024-12-31 | $32.94B | 649 | +21.80% | +24.89% | -3.09% | -1.68B |
| 2024-09-30 | $33.55B | 644 | +31.74% | +36.04% | -4.30% | -0.76B |
| 2024-06-30 | $32.40B | 632 | +3.43% | +4.38% | -0.95% | -1.41B |
| 2024-03-31 | $32.68B | 621 | +7.75% | +10.39% | -2.65% | +0.40B |
| 2023-12-31 | $29.96B | 588 | +11.63% | +11.64% | -0.01% | -1.00B |
| 2023-09-30 | $27.74B | 578 | — | — | — | — |