Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-11.53%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.08%
baseline attrition
Rally response
-3.69%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IVViShares Core S&P 500 ETF | $62M | 8.3% | — | 2.3 yr |
| AAPLApple Inc. | $21M | 2.8% | +14.7% | 2.3 yr |
| SPYState Street SPDR S&P 50 | $20M | 2.6% | +17.6% | 2.3 yr |
| NVDANVIDIA Corporation | $17M | 2.3% | +60.9% | 2.3 yr |
| MSFTMicrosoft Corporation | $17M | 2.2% | -0.6% | 2.3 yr |
| VCRBVanguard Core Bond ETF | $15M | 1.9% | — | 0.3 yr |
| AMZNAmazon.com, Inc. | $13M | 1.8% | +9.5% | 2.3 yr |
| GOOGLAlphabet Inc. | $12M | 1.6% | — | 2.3 yr |
| IEMGiShares Core MSCI Emergi | $9M | 1.2% | — | 2.3 yr |
| LQDiShares iBoxx $ Investme | $9M | 1.2% | — | 2.3 yr |
| LLYEli Lilly and Company | $9M | 1.2% | +12.2% | 2.3 yr |
| DYNFiShares U.S. Equity Fact | $9M | 1.1% | — | 1.5 yr |
| AVGOBroadcom Inc. | $8M | 1.0% | +86.0% | 2.3 yr |
| XOMExxon Mobil Corporation | $8M | 1.0% | +47.6% | 2.3 yr |
| GLWCorning Incorporated | $7M | 0.9% | +201.5% | 2.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management28.7%+2.5pp$215M
Semiconductors6.5%+2.4pp$49M
Asset Management - Bonds3.5%-2.9pp$26M
Industrial - Machinery3.5%+1.1pp$26M
Consumer Electronics3.1%-0.2pp$24M
Software - Infrastructure3.1%-1.0pp$23M
Internet Content & Information3.1%+0.0pp$23M
Drug Manufacturers - General2.8%+0.4pp$21M
Hardware, Equipment & Parts2.7%+1.3pp$20M
Aerospace & Defense2.6%+0.4pp$19M
Country
US94.2%-0.2pp
IE1.4%+0.4pp
Unknown1.2%-0.2pp
CA0.7%+0.3pp
NL0.6%+0.2pp
GB0.5%-0.1pp
CH0.3%+0.1pp
JP0.3%-0.1pp
Top 5: 18.3% · Top 10: 25.9% · Top 25: 38.7%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NVDA | $11M | +0.01B | 60.9% |
| GLW | $3M | +0.01B | 201.5% |
| SPY | $22M | +0.00B | 17.6% |
| AVGO | $4M | +0.00B | 86.0% |
| AAPL | $20M | +0.00B | 14.7% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $19M | -0.00B | -0.6% |
Top buys this quarter · 15
| ADI Analog Devices, Inc. | +$2M |
| NOW ServiceNow, Inc. | +$2M |
| GEV GE Vernova Inc. | +$1M |
| QSR Restaurant Brands Internationa | +$1M |
| SHOP Shopify Inc. | +$1M |
| AMAT Applied Materials, Inc. | +$1M |
| NFLX Netflix, Inc. | +$1M |
| DAL Delta Air Lines, Inc. | +$1M |
| SPOT Spotify Technology S.A. | +$1M |
| KLAC KLA Corporation | +$1M |
Top sells this quarter · 15
| GLW Corning Incorporated | −$6M |
| MSFT Microsoft Corporation | −$2M |
| META Meta Platforms, Inc. | −$2M |
| AMZN Amazon.com, Inc. | −$2M |
| GE GE Aerospace | −$1M |
| BSX Boston Scientific Corporation | −$1M |
| TSEM Tower Semiconductor Ltd.exit | −$1M |
| MA Mastercard Incorporated | −$1M |
| AMD Advanced Micro Devices, Inc. | −$1M |
| CEG Constellation Energy Corporatiexit | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $748M | 796 | +18.03% | +17.59% | +0.44% | -0.01B |
| 2025-12-31 | $784M | 790 | +17.49% | +17.72% | -0.23% | -0.03B |
| 2025-09-30 | $797M | 778 | +17.53% | +17.52% | +0.02% | -0.02B |
| 2025-06-30 | $758M | 786 | +16.29% | +14.94% | +1.35% | -0.01B |
| 2025-03-31 | $692M | 782 | +4.85% | +8.30% | -3.46% | -0.01B |
| 2024-12-31 | $727M | 809 | +1.59% | +2.49% | -0.89% | -0.04B |
| 2024-09-30 | $758M | 797 | +6.30% | +5.75% | +0.55% | -0.09B |
| 2024-06-30 | $797M | 871 | +0.49% | +4.38% | -3.89% | +0.03B |
| 2024-03-31 | $763M | 865 | — | — | — | — |