Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.89%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.80%
baseline attrition
Rally response
-0.76%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MSFTMicrosoft Corporation | $24M | 5.8% | -11.3% | 2.0 yr |
| EFAiShares MSCI EAFE ETF | $18M | 4.2% | — | 2.0 yr |
| INFLHorizon Kinetics Inflati | $15M | 3.5% | — | 2.0 yr |
| VOOVanguard S&P 500 ETF | $13M | 3.2% | — | 2.0 yr |
| NVDANVIDIA Corporation | $12M | 2.7% | +29.9% | 2.0 yr |
| AAPLApple Inc. | $11M | 2.5% | +1.9% | 2.0 yr |
| IVViShares Core S&P 500 ETF | $9M | 2.2% | — | 2.0 yr |
| RSPInvesco S&P 500 Equal We | $7M | 1.7% | — | 2.0 yr |
| VOEVanguard Mid-Cap Value E | $7M | 1.7% | — | 2.0 yr |
| IAUiShares Gold Trust | $7M | 1.6% | — | 2.0 yr |
| XOMExxon Mobil Corporation | $6M | 1.5% | +64.6% | 2.0 yr |
| VWOVanguard FTSE Emerging M | $6M | 1.4% | — | 2.0 yr |
| IJHiShares Core S&P Mid-Cap | $6M | 1.3% | — | 2.0 yr |
| IWPiShares Russell Mid-Cap | $6M | 1.3% | — | 2.0 yr |
| BRK-BBerkshire Hathaway Inc. | $6M | 1.3% | — | 2.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management35.9%+3.0pp$151M
Semiconductors7.5%+0.6pp$31M
Software - Infrastructure6.5%+0.1pp$27M
Drug Manufacturers - General3.6%-0.1pp$15M
Oil & Gas Integrated2.7%+0.7pp$11M
Consumer Electronics2.6%-0.5pp$11M
Insurance - Diversified2.4%-0.6pp$10M
Banks - Diversified1.9%+0.3pp$8M
Computer Hardware1.9%+1.1pp$8M
Discount Stores1.8%+0.0pp$8M
Country
US92.5%+0.1pp
CA1.8%+0.1pp
IE1.3%-0.2pp
TW1.2%+0.2pp
GB1.1%+0.1pp
SG0.7%+0.3pp
NL0.3%-0.3pp
BE0.2%+0.2pp
Top 5: 19.4% · Top 10: 29.1% · Top 25: 45.6%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NVDA | $10M | +0.00B | 29.9% |
| TSM | $3M | +0.00B | 73.3% |
| XOM | $4M | +0.00B | 64.6% |
| PWR | $2M | +0.00B | 73.9% |
| AVGO | $3M | +0.00B | 34.7% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $19M | -0.00B | -11.3% |
Top buys this quarter · 15
| F-PD Ford Motor Company 6.500% Note | +$1M |
| HLT Hilton Worldwide Holdings Inc. | +$1M |
| LHX L3Harris Technologies, Inc. | +$1M |
| BUD Anheuser-Busch InBev SA/NV | +$1M |
| BAC Bank of America Corporation | +$1M |
| BX Blackstone Inc. | +$1M |
| SPY State Street SPDR S&P 500 ETF | +$0M |
| TSLA Tesla, Inc. | +$0M |
| CW Curtiss-Wright Corporation | +$0M |
| VZ Verizon Communications Inc. | +$0M |
Top sells this quarter · 15
| DKS DICK'S Sporting Goods, Inc. | −$1M |
| KLAC KLA Corporation | −$1M |
| LITE Lumentum Holdings Inc. | −$1M |
| J Jacobs Solutions Inc. | −$1M |
| PG The Procter & Gamble Company | −$1M |
| STX Seagate Technology Holdings pl | −$2M |
| FIS Fidelity National Information | −$1M |
| AVGO Broadcom Inc. | −$0M |
| GBCI Glacier Bancorp, Inc.exit | −$0M |
| QCOM QUALCOMM Incorporated | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $420M | 792 | +14.41% | +17.59% | -3.18% | +0.01B |
| 2025-12-31 | $413M | 776 | +14.45% | +26.03% | -11.58% | +0.00B |
| 2025-09-30 | $406M | 792 | +19.10% | +29.82% | -10.71% | -0.00B |
| 2025-06-30 | $383M | 793 | +13.41% | +25.32% | -11.91% | +0.03B |
| 2024-12-31 | $333M | 778 | -0.19% | +2.49% | -2.68% | +0.00B |
| 2024-09-30 | $329M | 818 | +5.19% | +5.75% | -0.56% | +0.00B |
| 2024-06-30 | $311M | 827 | +1.90% | +4.38% | -2.48% | +0.01B |
| 2024-03-31 | $294M | 799 | — | — | — | — |