Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.37%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.48%
baseline attrition
Rally response
+0.16%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IVViShares Core S&P 500 ETF | $1.50B | 6.0% | — | 2.5 yr |
| SPYState Street SPDR S&P 50 | $1.42B | 5.6% | +17.6% | 2.5 yr |
| VOOVanguard S&P 500 ETF | $995M | 4.0% | — | 2.5 yr |
| AAPLApple Inc. | $739M | 2.9% | +14.7% | 2.5 yr |
| MSFTMicrosoft Corporation | $641M | 2.6% | -0.6% | 2.5 yr |
| NVDANVIDIA Corporation | $597M | 2.4% | +60.9% | 2.5 yr |
| MDYState Street SPDR S&P MI | $518M | 2.1% | — | 2.5 yr |
| IJHiShares Core S&P Mid-Cap | $478M | 1.9% | — | 2.5 yr |
| IWBiShares Russell 1000 ETF | $397M | 1.6% | — | 2.5 yr |
| VEAVanguard FTSE Developed | $342M | 1.4% | — | 2.5 yr |
| AMZNAmazon.com, Inc. | $310M | 1.2% | +9.5% | 2.5 yr |
| IJRiShares Core S&P Small-C | $291M | 1.2% | — | 2.5 yr |
| VTIVanguard Total Stock Mar | $267M | 1.1% | — | 2.5 yr |
| GOOGLAlphabet Inc. | $260M | 1.0% | — | 2.5 yr |
| VVVanguard Large-Cap ETF | $250M | 1.0% | — | 2.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management48.8%+2.7pp$12.26B
Semiconductors5.4%+2.2pp$1.37B
Software - Infrastructure3.5%-2.8pp$878M
Consumer Electronics3.0%+0.3pp$750M
Internet Content & Information2.9%+0.9pp$724M
Drug Manufacturers - General1.9%+0.3pp$474M
Insurance - Diversified1.7%-0.4pp$421M
Specialty Retail1.6%-0.0pp$405M
Banks - Diversified1.5%+0.1pp$383M
Beverages - Non-Alcoholic1.4%-0.2pp$359M
Country
US95.2%-0.2pp
GB1.1%+0.2pp
CA0.5%+0.0pp
IE0.5%-0.0pp
Unknown0.4%-0.1pp
TW0.3%+0.2pp
CH0.3%+0.0pp
NL0.3%+0.1pp
Top 5: 21.1% · Top 10: 30.4% · Top 25: 44.2%
Top buys this quarter · 15
| AAPL Apple Inc. | +$739M |
| AZN AstraZeneca PLCnew | +$34M |
| ASGN ASGN Incorporated | +$11M |
| FSCO FS Credit Opportunities Corp.new | +$10M |
| AVGO Broadcom Inc. | +$174M |
| SUNB Sunbelt Rentals Holdings Incnew | +$9M |
| CRCL Circle Internet Group | +$8M |
| TSLA Tesla, Inc. | +$188M |
| TSLX Sixth Street Specialty Lendingnew | +$8M |
| ET Energy Transfer LP | +$8M |
Top sells this quarter · 15
| CRWD CrowdStrike Holdings, Inc. | −$408M |
| PAGP Plains GP Holdings, L.P. | −$43M |
| PAA Plains All American Pipeline, | −$42M |
| SPY State Street SPDR S&P 500 ETF | −$26M |
| MSFT Microsoft Corporation | −$18M |
| EVTC EVERTEC, Inc. | −$6M |
| LITE Lumentum Holdings Inc. | −$12M |
| PGR The Progressive Corporation | −$5M |
| BP BP p.l.c. | −$4M |
| TMO Thermo Fisher Scientific Inc. | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $25.10B | 2199 | +14.58% | +17.59% | -3.01% | +0.26B |
| 2025-12-31 | $25.89B | 2202 | +14.53% | +17.72% | -3.19% | -0.60B |
| 2025-09-30 | $26.14B | 2319 | +14.49% | +17.52% | -3.02% | -0.46B |
| 2025-06-30 | $25.24B | 2154 | +14.92% | +14.94% | -0.03% | -0.52B |
| 2025-03-31 | $23.03B | 2195 | +4.78% | +8.30% | -3.52% | +1.35B |
| 2024-12-31 | $22.61B | 2290 | +18.75% | +24.89% | -6.14% | -0.02B |
| 2024-09-30 | $22.33B | 2303 | +5.75% | +5.75% | -0.00% | -1.08B |
| 2024-06-30 | $22.13B | 2286 | +1.98% | +4.38% | -2.39% | +0.50B |
| 2024-03-31 | $21.21B | 2275 | +8.66% | +10.39% | -1.73% | +1.20B |
| 2023-12-31 | $18.42B | 2188 | — | — | — | — |