Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+3.85%
adds when stocks drop
when a holding falls −10%+
Middle response
+0.56%
steady accumulation
Rally response
-4.13%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| JPMJPMorgan Chase & Co. | $1.41B | 11.9% | +21.8% | 2.5 yr |
| TMOThermo Fisher Scientific | $1.01B | 8.5% | -0.9% | 2.5 yr |
| HONHoneywell International | $927M | 7.8% | +9.0% | 2.5 yr |
| SPGIS&P Global Inc. | $906M | 7.6% | -15.6% | 2.5 yr |
| BLKBlackRock, Inc. | $877M | 7.4% | +3.7% | 1.5 yr |
| GOOGLAlphabet Inc. | $837M | 7.0% | — | 2.3 yr |
| INTUIntuit Inc. | $783M | 6.6% | -29.3% | 2.5 yr |
| MSFTMicrosoft Corporation | $667M | 5.6% | -0.6% | 2.5 yr |
| NVDANVIDIA Corporation | $412M | 3.5% | +60.9% | 2.3 yr |
| PFEPfizer Inc. | $411M | 3.5% | +18.8% | 2.5 yr |
| ZTSZoetis Inc. | $331M | 2.8% | -27.2% | 2.5 yr |
| VVisa Inc. | $310M | 2.6% | -13.1% | 2.5 yr |
| LINLinde plc | $279M | 2.3% | +7.9% | 2.5 yr |
| BACBank of America Corporat | $233M | 2.0% | +19.4% | 1.8 yr |
| AMZNAmazon.com, Inc. | $228M | 1.9% | +9.5% | 2.5 yr |
Portfolio composition (YoY)
Industry mix
Banks - Diversified13.9%+2.0pp$1.65B
Medical - Diagnostics & Research9.5%+1.0pp$1.13B
Asset Management9.5%+0.5pp$1.13B
Internet Content & Information8.1%+5.3pp$961M
Conglomerates7.8%+1.0pp$927M
Financial - Data & Stock Exchanges7.7%+0.2pp$917M
Software - Application7.7%-3.9pp$916M
Drug Manufacturers - General6.3%-3.5pp$749M
Software - Infrastructure5.6%-0.3pp$667M
Semiconductors5.5%+2.2pp$649M
Country
US97.3%+0.2pp
GB2.3%+0.7pp
TW0.2%+0.1pp
SG0.1%-0.0pp
Unknown0.0%-0.1pp
Top 5: 43.2% · Top 10: 69.3% · Top 25: 93.7%
Top buys this quarter · 15
| SUNB Sunbelt Rentals Holdings Incnew | +$152M |
| CDNS Cadence Design Systems, Inc.new | +$115M |
| BLK BlackRock, Inc. | +$877M |
| NVDA NVIDIA Corporation | +$72M |
| SPGI S&P Global Inc. | +$906M |
| TMO Thermo Fisher Scientific Inc. | +$1.01B |
| INTU Intuit Inc. | +$783M |
| BSX Boston Scientific Corporation | +$176M |
| MDLN Medline Inc. | +$37M |
| CMG Chipotle Mexican Grill, Inc. | +$27M |
Top sells this quarter · 15
| ZTS Zoetis Inc. | −$236M |
| WMT Walmart Inc.exit | −$195M |
| UBER Uber Technologies, Inc.exit | −$151M |
| DIS The Walt Disney Companyexit | −$137M |
| AVGO Broadcom Inc. | −$75M |
| CRM Salesforce, Inc.exit | −$71M |
| SPY State Street SPDR S&P 500 ETF exit | −$49M |
| KKR KKR & Co. Inc. | −$42M |
| BAC Bank of America Corporation | −$42M |
| MSFT Microsoft Corporation | −$32M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $11.89B | 50 | -1.06% | +17.59% | -18.65% | +0.01B |
| 2025-12-31 | $13.38B | 59 | +9.89% | +17.72% | -7.83% | +0.61B |
| 2025-09-30 | $12.75B | 61 | +11.97% | +17.52% | -5.55% | +0.16B |
| 2025-06-30 | $12.42B | 58 | +16.38% | +14.94% | +1.44% | -0.15B |
| 2025-03-31 | $11.45B | 62 | +5.12% | +8.30% | -3.18% | +0.14B |
| 2024-12-31 | $11.47B | 62 | +11.00% | +24.89% | -13.89% | +0.71B |
| 2024-09-30 | $10.55B | 60 | +5.46% | +5.75% | -0.30% | +0.08B |
| 2024-06-30 | $9.93B | 63 | -0.93% | +4.38% | -5.31% | +0.13B |
| 2024-03-31 | $9.90B | 63 | +4.17% | +10.39% | -6.23% | -0.17B |
| 2023-12-31 | $9.67B | 63 | — | — | — | — |