Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-7.49%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.71%
baseline attrition
Rally response
-2.65%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IVViShares Core S&P 500 ETF | $518M | 13.6% | — | 2.5 yr |
| SPYGState Street SPDR Portfo | $360M | 9.5% | — | 2.5 yr |
| FBNDFidelity Total Bond ETF | $297M | 7.8% | — | 2.0 yr |
| BINCiShares Flexible Income | $288M | 7.6% | — | 2.5 yr |
| IEFAiShares Core MSCI EAFE E | $233M | 6.1% | — | 2.5 yr |
| SPYVState Street SPDR Portfo | $217M | 5.7% | — | 2.5 yr |
| AGGiShares Core U.S. Aggreg | $187M | 4.9% | — | 2.5 yr |
| MBBiShares MBS ETF | $155M | 4.1% | — | 2.5 yr |
| HEFAiShares Currency Hedged | $143M | 3.8% | — | 2.5 yr |
| IEMGiShares Core MSCI Emergi | $129M | 3.4% | — | 2.5 yr |
| PWRDTCW Transform Systems ET | $91M | 2.4% | — | 2.3 yr |
| DGROiShares Core Dividend Gr | $86M | 2.3% | — | 0.3 yr |
| XOMExxon Mobil Corporation | $85M | 2.2% | +47.6% | 2.5 yr |
| TLHiShares 10-20 Year Treas | $67M | 1.8% | — | 2.3 yr |
| FESMFidelity Enhanced Small | $67M | 1.8% | — | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management78.7%-0.7pp$2.99B
Asset Management - Bonds10.9%+0.5pp$412M
Oil & Gas Integrated2.5%-0.1pp$97M
Semiconductors1.0%+0.3pp$38M
Consumer Electronics0.6%+0.1pp$23M
Internet Content & Information0.5%+0.1pp$20M
Software - Infrastructure0.5%-0.1pp$19M
Drug Manufacturers - General0.4%+0.0pp$14M
Discount Stores0.3%+0.2pp$12M
Aerospace & Defense0.3%+0.0pp$11M
Country
US99.4%-0.1pp
CA0.2%+0.1pp
GB0.1%-0.0pp
IE0.1%-0.0pp
Unknown0.1%+0.1pp
CH0.0%+0.0pp
TW0.0%+0.0pp
NL0.0%+0.0pp
Top 5: 44.7% · Top 10: 66.5% · Top 25: 87.3%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| XOM | $74M | +0.03B | 47.6% |
| NVDA | $10M | +0.01B | 60.9% |
| AAPL | $17M | +0.00B | 14.7% |
| MSFT | $12M | -0.00B | -0.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $12M | -0.00B | -0.6% |
Top buys this quarter · 15
| AAPL Apple Inc. | +$2M |
| AZN AstraZeneca PLCnew | +$0M |
| SNDK Sandisk Corporationnew | +$0M |
| STX Seagate Technology Holdings plnew | +$0M |
| GLW Corning Incorporatednew | +$0M |
| GOOG Alphabet Inc. | +$5M |
| DELL Dell Technologies Inc.new | +$0M |
| MSTR Strategy Inc | +$0M |
| KEYS Keysight Technologies, Inc.new | +$0M |
| NVS Novartis AGnew | +$0M |
Top sells this quarter · 15
| XOM Exxon Mobil Corporation | −$70M |
| CVX Chevron Corporation | −$7M |
| PSX Phillips 66 | −$4M |
| PDS Precision Drilling Corporation | −$6M |
| RTX RTX Corporation | −$1M |
| TXN Texas Instruments Incorporated | −$3M |
| PLSE Pulse Biosciences, Inc.exit | −$0M |
| FSLY Fastly, Inc.exit | −$0M |
| COST Costco Wholesale Corporation | −$8M |
| ENB Enbridge Inc.exit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.80B | 376 | +25.49% | +17.59% | +7.90% | -0.24B |
| 2025-12-31 | $3.76B | 352 | +16.48% | +17.72% | -1.24% | -0.01B |
| 2025-09-30 | $3.65B | 357 | +12.13% | +17.52% | -5.39% | -0.00B |
| 2025-06-30 | $3.40B | 342 | +9.75% | +14.94% | -5.19% | +0.10B |
| 2025-03-31 | $3.13B | 329 | +5.43% | +8.30% | -2.87% | +0.08B |
| 2024-12-31 | $3.06B | 323 | +15.30% | +24.89% | -9.58% | +0.04B |
| 2024-09-30 | $3.04B | 313 | +5.26% | +5.75% | -0.50% | +0.04B |
| 2024-06-30 | $2.85B | 302 | +1.06% | +4.38% | -3.31% | +0.03B |
| 2024-03-31 | $2.79B | 291 | +9.14% | +10.39% | -1.25% | +0.01B |
| 2023-12-31 | $2.54B | 277 | — | — | — | — |