Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.91%
trims when stocks drop
when a holding falls −10%+
Middle response
-21.88%
baseline attrition
Rally response
-25.33%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| LITELumentum Holdings Inc. | $602M | 6.2% | +1027.3% | 1.0 yr |
| MSTRStrategy Inc | $426M | 4.4% | -56.7% | 2.5 yr |
| AVGOBroadcom Inc. | $404M | 4.2% | +86.0% | 2.8 yr |
| SNDKSandisk Corporation | $352M | 3.7% | +1234.5% | 0.5 yr |
| BRRRCoinShares Bitcoin ETF | $324M | 3.4% | — | 1.8 yr |
| MAMastercard Incorporated | $276M | 2.9% | -8.5% | 2.8 yr |
| NVDANVIDIA Corporation | $259M | 2.7% | +60.9% | 3.0 yr |
| TSLATesla, Inc. | $241M | 2.5% | +43.4% | 3.0 yr |
| UNHUnitedHealth Group Incor | $221M | 2.3% | -46.9% | 2.5 yr |
| ASTSAST SpaceMobile, Inc. | $219M | 2.3% | +264.4% | 2.5 yr |
| IBITiShares Bitcoin Trust ET | $207M | 2.1% | — | 2.3 yr |
| QQQInvesco QQQ Trust, Serie | $196M | 2.0% | — | 2.8 yr |
| GSThe Goldman Sachs Group, | $191M | 2.0% | +58.1% | 2.8 yr |
| BKNGBooking Holdings Inc. | $186M | 1.9% | -96.3% | 2.8 yr |
| BMNRBitmine Immersion Techno | $181M | 1.9% | — | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors12.3%+1.7pp$1.19B
Asset Management10.7%-0.2pp$1.03B
Communication Equipment9.0%+8.9pp$872M
Financial - Capital Markets8.3%+6.5pp$799M
Software - Application6.3%-6.5pp$602M
Software - Infrastructure4.8%-0.4pp$461M
Hardware, Equipment & Parts3.9%+3.9pp$374M
Asset Management - Cryptocurrency3.8%-0.4pp$365M
Internet Content & Information3.4%+1.6pp$324M
Financial - Credit Services3.2%-0.1pp$308M
Country
US91.3%-1.8pp
CA1.4%+0.0pp
AU1.4%+1.4pp
IE0.8%+0.7pp
RU0.8%+0.7pp
Unknown0.6%-0.6pp
CN0.5%-0.4pp
NL0.5%+0.2pp
Top 5: 21.9% · Top 10: 34.5% · Top 25: 57.3%
Top buys this quarter · 15
| LITE Lumentum Holdings Inc. | +$600M |
| SNDK Sandisk Corporation | +$341M |
| GS The Goldman Sachs Group, Inc. | +$170M |
| PEP PepsiCo, Inc. | +$104M |
| LLY Eli Lilly and Company | +$102M |
| MSFT Microsoft Corporation | +$97M |
| AVGO Broadcom Inc. | +$95M |
| JPM JPMorgan Chase & Co. | +$94M |
| GEV GE Vernova Inc. | +$80M |
| SMR NuScale Power Corporation | +$78M |
Top sells this quarter · 15
| META Meta Platforms, Inc. | −$272M |
| UNH UnitedHealth Group Incorporate | −$158M |
| NVDA NVIDIA Corporation | −$131M |
| HD The Home Depot, Inc. | −$118M |
| NFLX Netflix, Inc. | −$117M |
| QBTS D-Wave Quantum Inc. | −$52M |
| AXP American Express Company | −$45M |
| TSLA Tesla, Inc. | −$38M |
| VRT Vertiv Holdings Co | −$37M |
| ORCL Oracle Corporation | −$34M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $9.64B | 881 | +1.09% | +17.59% | -16.50% | +1.77B |
| 2025-12-31 | $9.24B | 829 | +9.69% | +17.72% | -8.03% | +1.90B |
| 2025-09-30 | $8.08B | 696 | +27.45% | +17.52% | +9.93% | +2.28B |
| 2025-06-30 | $5.26B | 515 | +20.45% | +14.94% | +5.50% | -0.93B |
| 2025-03-31 | $5.22B | 681 | +5.24% | +8.30% | -3.06% | -0.21B |
| 2024-12-31 | $5.87B | 675 | +21.37% | +24.89% | -3.51% | +1.24B |
| 2024-09-30 | $4.38B | 610 | +30.48% | +36.04% | -5.56% | +0.50B |
| 2024-06-30 | $3.72B | 632 | +19.94% | +24.49% | -4.55% | +0.53B |
| 2024-03-31 | $3.08B | 477 | +18.94% | +29.62% | -10.69% | +0.37B |
| 2023-12-31 | $2.54B | 563 | +25.14% | +26.18% | -1.04% | +1.74B |
| 2023-09-30 | $708M | 212 | -4.25% | -3.22% | -1.03% | +0.18B |
| 2023-06-30 | $555M | 224 | +2.75% | +8.68% | -5.93% | -0.22B |
| 2023-03-31 | $755M | 255 | +12.12% | +7.46% | +4.66% | -0.03B |
| 2022-12-31 | $704M | 266 | — | — | — | — |