Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-18.09%
trims when stocks drop
when a holding falls −10%+
Middle response
-15.48%
baseline attrition
Rally response
-21.44%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $547M | 48.2% | — | 0.5 yr |
| VGSHVanguard Short-Term Trea | $181M | 16.0% | — | 2.5 yr |
| VYMVanguard High Dividend Y | $68M | 6.0% | — | 2.8 yr |
| VTIVanguard Total Stock Mar | $62M | 5.5% | — | 2.5 yr |
| VEAVanguard FTSE Developed | $55M | 4.9% | — | 2.8 yr |
| RSPInvesco S&P 500 Equal We | $52M | 4.6% | — | 1.8 yr |
| VIGVanguard Dividend Apprec | $28M | 2.5% | — | 2.8 yr |
| IVEiShares S&P 500 Value ET | $10M | 0.9% | — | 2.8 yr |
| SMDVProShares - Russell 2000 | $9M | 0.8% | — | 2.8 yr |
| SFBSServisFirst Bancshares, | $8M | 0.7% | -10.7% | 2.5 yr |
| AAPLApple Inc. | $6M | 0.5% | +14.7% | 2.5 yr |
| IVViShares Core S&P 500 ETF | $4M | 0.4% | — | 2.8 yr |
| VOOVanguard S&P 500 ETF | $4M | 0.3% | — | 2.8 yr |
| BRK-BBerkshire Hathaway Inc. | $4M | 0.3% | — | 2.5 yr |
| IJHiShares Core S&P Mid-Cap | $4M | 0.3% | — | 2.0 yr |
Portfolio composition (YoY)
Industry mix
Unknown48.2%+48.2pp$547M
Asset Management30.2%-36.8pp$343M
Asset Management - Leveraged16.0%+15.8pp$181M
Banks - Regional0.9%+0.4pp$10M
Consumer Electronics0.5%-2.7pp$6M
Semiconductors0.5%-2.4pp$6M
Internet Content & Information0.4%-1.3pp$5M
Insurance - Diversified0.3%-2.5pp$4M
Software - Infrastructure0.3%-2.3pp$3M
Auto - Manufacturers0.2%+0.1pp$2M
Country
US51.6%-47.4pp
Unknown48.2%+48.2pp
CA0.1%-0.2pp
IE0.0%-0.1pp
JP0.0%-0.0pp
GB0.0%-0.1pp
CH0.0%-0.1pp
NL0.0%-0.0pp
Top 5: 80.5% · Top 10: 90.0% · Top 25: 94.2%
Top buys this quarter · 15
| SFBS ServisFirst Bancshares, Inc. | +$8M |
| NVDA NVIDIA Corporation | +$1M |
| AAPL Apple Inc. | +$0M |
| YOU Clear Secure, Inc.new | +$0M |
| AVGO Broadcom Inc. | +$0M |
| FCX Freeport-McMoRan Inc. | +$0M |
| AMZN Amazon.com, Inc. | +$0M |
| JPM JPMorgan Chase & Co. | +$0M |
| SO The Southern Company | +$0M |
| COST Costco Wholesale Corporation | +$0M |
Top sells this quarter · 15
| FOX Fox Corporation | −$5M |
| NWSA News Corporation | −$3M |
| XPO XPO Logistics, Inc. | −$1M |
| MCK McKesson Corporation | −$1M |
| WM Waste Management, Inc. | −$0M |
| LNG Cheniere Energy, Inc. | −$0M |
| LULU Lululemon Athletica Inc. | −$0M |
| MSFT Microsoft Corporation | −$0M |
| ASML ASML Holding N.V. | −$0M |
| LMT Lockheed Martin Corporation | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.13B | 844 | +25.14% | +17.59% | +7.54% | +0.14B |
| 2025-12-31 | $981M | 431 | +18.39% | +17.72% | +0.67% | +0.41B |
| 2025-09-30 | $556M | 585 | +17.49% | +17.52% | -0.03% | +0.00B |
| 2025-06-30 | $512M | 700 | +14.65% | +14.94% | -0.29% | -0.01B |
| 2025-03-31 | $472M | 615 | +7.30% | +8.30% | -1.01% | +0.01B |
| 2024-12-31 | $477M | 550 | +20.35% | +24.89% | -4.54% | +0.01B |
| 2024-09-30 | $459M | 553 | +31.86% | +36.04% | -4.17% | +0.01B |
| 2024-06-30 | $425M | 534 | +4.04% | +4.38% | -0.34% | +0.02B |
| 2024-03-31 | $389M | 494 | +7.80% | +10.39% | -2.60% | +0.00B |
| 2023-12-31 | $357M | 910 | +11.41% | +11.64% | -0.23% | +0.09B |
| 2023-09-30 | $244M | 323 | — | — | — | — |