Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-16.52%
trims when stocks drop
when a holding falls −10%+
Middle response
-17.98%
baseline attrition
Rally response
-23.64%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VOOVanguard S&P 500 ETF | $789M | 5.7% | — | 1.3 yr |
| IVViShares Core S&P 500 ETF | $644M | 4.7% | — | 1.3 yr |
| JNJJohnson & Johnson | $136M | 1.0% | +51.5% | 1.0 yr |
| CCitigroup Inc. | $134M | 1.0% | +63.9% | 1.0 yr |
| AXSAXIS Capital Holdings Li | $132M | 1.0% | +2.5% | 0.8 yr |
| DDOGDatadog, Inc. | $128M | 0.9% | +19.0% | 1.3 yr |
| BAHBooz Allen Hamilton Hold | $125M | 0.9% | -23.5% | 0.5 yr |
| BPBP p.l.c. | $124M | 0.9% | +47.2% | 1.3 yr |
| ESTCElastic N.V. | $113M | 0.8% | -43.9% | 1.5 yr |
| — | $111M | 0.8% | — | 0.3 yr |
| ISRGIntuitive Surgical, Inc. | $109M | 0.8% | -6.9% | 0.8 yr |
| DTDynatrace, Inc. | $104M | 0.8% | -21.6% | 1.0 yr |
| XELXcel Energy Inc. | $103M | 0.7% | +15.8% | 1.3 yr |
| MDLZMondelez International, | $103M | 0.7% | -13.0% | 1.3 yr |
| WYWeyerhaeuser Company | $101M | 0.7% | -13.6% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management12.3%+5.0pp$1.69B
Software - Application5.2%+1.2pp$713M
Software - Infrastructure4.0%+1.0pp$551M
Banks - Regional3.7%-1.1pp$515M
Insurance - Property & Casualty2.8%+0.3pp$382M
Oil & Gas Exploration & Production2.6%-1.2pp$357M
Regulated Electric2.5%-0.1pp$350M
Restaurants2.2%+1.6pp$308M
Aerospace & Defense2.2%-3.7pp$302M
Banks - Diversified2.2%+1.4pp$300M
Country
US92.7%-2.3pp
Unknown1.8%+1.0pp
BM1.1%
CH1.1%
IL1.0%
GB0.9%-0.3pp
FI0.4%-0.5pp
KY0.3%-0.0pp
Top 5: 13.3% · Top 10: 17.7% · Top 25: 28.2%
Top buys this quarter · 15
| C Citigroup Inc. | +$133M |
| JNJ Johnson & Johnson | +$100M |
| AXS AXIS Capital Holdings Limited | +$96M |
| AIG American International Group, | +$94M |
| MDLZ Mondelez International, Inc. | +$88M |
| KKR KKR & Co. Inc. | +$84M |
| ISRG Intuitive Surgical, Inc. | +$84M |
| VMC Vulcan Materials Company | +$81M |
| GS The Goldman Sachs Group, Inc.new | +$78M |
| ESTC Elastic N.V. | +$77M |
Top sells this quarter · 15
| WDC Western Digital Corporation | −$273M |
| XOM Exxon Mobil Corporationexit | −$128M |
| CTRA Coterra Energy Inc. | −$125M |
| AMD Advanced Micro Devices, Inc. | −$125M |
| CIEN Ciena Corporation | −$119M |
| SNDK Sandisk Corporation | −$109M |
| OVV Ovintiv Inc. | −$105M |
| CL Colgate-Palmolive Companyexit | −$99M |
| KNX Knight-Swift Transportation Ho | −$91M |
| MLM Martin Marietta Materials, Incexit | −$89M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $13.77B | 960 | +21.31% | +17.59% | +3.72% | -0.63B |
| 2025-12-31 | $13.82B | 710 | +14.70% | +17.72% | -3.02% | +0.13B |
| 2025-09-30 | $13.39B | 676 | +5.48% | +8.12% | -2.64% | -0.58B |
| 2025-06-30 | $13.24B | 644 | +7.93% | +10.78% | -2.85% | +2.77B |
| 2025-03-31 | $9.71B | 567 | -1.51% | -4.27% | +2.76% | +1.67B |
| 2024-12-31 | $8.16B | 566 | — | — | — | — |