Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-23.16%
trims when stocks drop
when a holding falls −10%+
Middle response
+8.17%
steady accumulation
Rally response
-8.80%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GOOGLAlphabet Inc. | $897M | 20.7% | — | 2.0 yr |
| GEGE Aerospace | $598M | 13.8% | +42.5% | 2.3 yr |
| INTCIntel Corporation | $504M | 11.6% | +94.3% | 0.5 yr |
| GLWCorning Incorporated | $273M | 6.3% | +201.5% | 0.5 yr |
| GLDMSPDR Gold MiniShares Tru | $240M | 5.5% | — | 1.0 yr |
| SNDKSandisk Corporation | $225M | 5.2% | +1234.5% | 0.5 yr |
| EQXEquinox Gold Corp. | $183M | 4.2% | +110.2% | 0.8 yr |
| BBarrick Mining Corporati | $169M | 3.9% | +114.9% | 0.8 yr |
| MCOMoody's Corporation | $147M | 3.4% | -5.6% | 2.0 yr |
| MUMicron Technology, Inc. | $146M | 3.4% | +289.6% | 0.5 yr |
| TSMTaiwan Semiconductor Man | $122M | 2.8% | +105.6% | 0.8 yr |
| SPGIS&P Global Inc. | $115M | 2.7% | -15.6% | 0.5 yr |
| SQBlock, Inc. | $113M | 2.6% | — | 1.5 yr |
| AMDAdvanced Micro Devices, | $107M | 2.5% | +98.0% | 0.5 yr |
| PDDPDD Holdings Inc. | $83M | 1.9% | -13.7% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors22.1%$959M
Internet Content & Information20.7%-2.4pp$897M
Aerospace & Defense13.8%+1.0pp$598M
Hardware, Equipment & Parts11.5%$498M
Gold8.1%$352M
Financial - Data & Stock Exchanges6.7%-13.6pp$289M
Asset Management6.5%+2.7pp$281M
Software - Infrastructure3.2%$137M
Specialty Retail1.9%+0.1pp$84M
Silver1.7%$72M
Country
US83.2%-16.8pp
CA9.8%
TW2.8%
IE1.9%
IL0.7%
JP0.6%
BR0.5%
FR0.4%
Top 5: 58.0% · Top 10: 78.0% · Top 25: 98.4%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MCO | $231M | -0.01B | -5.6% |
Top buys this quarter · 13
| INTC Intel Corporation | +$481M |
| TSM Taiwan Semiconductor Manufactu | +$42M |
| TSEM Tower Semiconductor Ltd.new | +$29M |
| PAYP PayPay Corporationnew | +$24M |
| PBR Petróleo Brasileiro S.A. - Pe | +$11M |
| DNTH Dianthus Therapeutics, Inc.new | +$4M |
| NVDA NVIDIA Corporationnew | +$3M |
| ONTO Onto Innovation Inc.new | +$3M |
| TER Teradyne, Inc. | +$3M |
| PONY Pony AI Inc. American Deposita | +$2M |
Top sells this quarter · 15
| GEV GE Vernova Inc. | −$1.23B |
| SNDK Sandisk Corporation | −$460M |
| ASML ASML Holding N.V. | −$274M |
| MU Micron Technology, Inc. | −$229M |
| MCO Moody's Corporation | −$147M |
| MRVL Marvell Technology, Inc. | −$105M |
| LITE Lumentum Holdings Inc. | −$96M |
| ZM Zoom Communications, Inc.exit | −$83M |
| SE Sea Limitedexit | −$61M |
| LYV Live Nation Entertainment, Incexit | −$47M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.33B | 39 | +87.31% | +17.59% | +69.71% | -2.39B |
| 2025-12-31 | $5.05B | 41 | +34.80% | +17.72% | +17.08% | +0.23B |
| 2025-09-30 | $4.51B | 36 | +29.68% | +17.52% | +12.16% | +0.90B |
| 2025-06-30 | $3.23B | 18 | +24.92% | +14.94% | +9.98% | +0.07B |
| 2025-03-31 | $2.68B | 11 | +13.79% | +8.30% | +5.48% | -0.31B |
| 2024-12-31 | $3.12B | 15 | +2.86% | +2.49% | +0.37% | +1.09B |
| 2024-09-30 | $1.97B | 12 | +7.29% | +5.75% | +1.54% | -0.63B |
| 2024-06-30 | $2.42B | 21 | +7.61% | +4.38% | +3.23% | +1.54B |
| 2024-03-31 | $819M | 11 | — | — | — | — |