Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+9.80%
adds when stocks drop
when a holding falls −10%+
Middle response
+0.84%
steady accumulation
Rally response
-9.58%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SCHXSchwab U.S. Large-Cap ET | $58M | 11.4% | — | 2.0 yr |
| IVViShares Core S&P 500 ETF | $28M | 5.5% | — | 2.0 yr |
| EWYiShares MSCI South Korea | $19M | 3.7% | — | 0.8 yr |
| GRIDFirst Trust NASDAQ Clean | $16M | 3.2% | — | 0.5 yr |
| EUADSelect STOXX Europe Aero | $14M | 2.9% | — | 1.3 yr |
| ICVTiShares Convertible Bond | $14M | 2.8% | — | 2.0 yr |
| VNMVanEck Vietnam ETF | $14M | 2.8% | — | 0.8 yr |
| CLOAiShares AAA CLO Active E | $11M | 2.2% | — | 2.0 yr |
| MINTPIMCO Enhanced Short Mat | $11M | 2.1% | — | 2.0 yr |
| VOOVanguard S&P 500 ETF | $10M | 1.9% | — | 2.0 yr |
| MSFTMicrosoft Corporation | $9M | 1.9% | -0.6% | 2.0 yr |
| VGITVanguard Intermediate-Te | $9M | 1.8% | — | 1.3 yr |
| NVDANVIDIA Corporation | $9M | 1.8% | +60.9% | 2.0 yr |
| IVOLQuadratic Interest Rate | $9M | 1.7% | — | 1.5 yr |
| XLKState Street Technology | $9M | 1.7% | — | 1.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management67.0%-5.2pp$339M
Asset Management - Bonds7.1%-0.1pp$36M
Semiconductors4.4%+1.2pp$22M
Asset Management - Leveraged2.3%+0.2pp$12M
Software - Infrastructure2.2%+0.5pp$11M
Oil & Gas Exploration & Production1.6%-0.3pp$8M
Auto - Manufacturers1.5%+0.3pp$7M
Internet Content & Information1.3%+0.5pp$7M
Consumer Electronics1.1%+0.5pp$5M
Specialty Retail0.9%+0.2pp$5M
Country
US97.1%-0.5pp
GB0.9%+0.3pp
TW0.8%+0.2pp
ES0.7%
SG0.3%+0.1pp
CA0.2%+0.0pp
Unknown0.1%-0.8pp
Top 5: 26.7% · Top 10: 38.6% · Top 25: 62.4%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $7M | -0.00B | -0.6% |
Top buys this quarter · 15
| FSLR First Solar, Inc.new | +$3M |
| MSFT Microsoft Corporation | +$9M |
| AAPL Apple Inc. | +$1M |
| DDOG Datadog, Inc. | +$1M |
| NVDA NVIDIA Corporation | +$1M |
| AMZN Amazon.com, Inc. | +$1M |
| PGR The Progressive Corporation | +$1M |
| MTG MGIC Investment Corporation | +$1M |
| ENB Enbridge Inc. | +$0M |
| XOM Exxon Mobil Corporation | +$0M |
Top sells this quarter · 15
| SM SM Energy Companyexit | −$5M |
| ATKR Atkore Inc.exit | −$3M |
| HP Helmerich & Payne, Inc. | −$1M |
| AGX Argan, Inc.exit | −$1M |
| MPWR Monolithic Power Systems, Inc.exit | −$0M |
| STX Seagate Technology Holdings pl | −$1M |
| GEV GE Vernova Inc.exit | −$0M |
| ET Energy Transfer LPexit | −$0M |
| COP ConocoPhillips | −$3M |
| DVN Devon Energy Corporation | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $507M | 175 | +32.32% | +17.59% | +14.73% | -0.02B |
| 2025-12-31 | $526M | 225 | +24.35% | +17.72% | +6.63% | +0.04B |
| 2025-09-30 | $482M | 194 | +24.85% | +17.52% | +7.33% | -0.11B |
| 2025-06-30 | $529M | 192 | +11.66% | +14.94% | -3.28% | -0.05B |
| 2025-03-31 | $500M | 157 | -5.86% | -4.27% | -1.59% | -0.00B |
| 2024-12-31 | $533M | 125 | +1.66% | +2.49% | -0.83% | +0.06B |
| 2024-09-30 | $466M | 109 | +0.50% | +5.75% | -5.25% | +0.03B |
| 2024-06-30 | $434M | 103 | — | — | — | — |