Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+6.40%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.17%
baseline attrition
Rally response
+0.07%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IEFAiShares Core MSCI EAFE E | $162M | 12.1% | — | 2.3 yr |
| DIVZPolen Dividend Income ET | $159M | 11.9% | — | 0.3 yr |
| — | $136M | 10.2% | — | 1.5 yr |
| SPLGSPDR Portfolio S&P 500 E | $108M | 8.1% | — | 2.0 yr |
| PFDEPathfinder Disciplined U | $98M | 7.4% | — | 0.5 yr |
| PFOEPathfinder Focused Oppor | $93M | 7.0% | — | 0.5 yr |
| IEMGiShares Core MSCI Emergi | $62M | 4.6% | — | 2.0 yr |
| BIVVanguard Intermediate-Te | $53M | 4.0% | — | 0.5 yr |
| SPHYState Street SPDR Portfo | $51M | 3.8% | — | 0.8 yr |
| VEAVanguard FTSE Developed | $47M | 3.5% | — | 2.5 yr |
| IJHiShares Core S&P Mid-Cap | $30M | 2.3% | — | 2.5 yr |
| JAAAJanus Henderson AAA CLO | $29M | 2.2% | — | 2.0 yr |
| VGSHVanguard Short-Term Trea | $25M | 1.9% | — | 1.8 yr |
| VCSHVanguard Short-Term Corp | $21M | 1.5% | — | 1.0 yr |
| DFCFDimensional - Core Fixed | $19M | 1.5% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management55.0%-2.5pp$735M
Asset Management - Income14.3%+13.2pp$191M
Unknown10.2%-12.7pp$136M
Asset Management - Bonds9.9%+4.8pp$133M
Asset Management - Leveraged2.3%+1.0pp$31M
Asset Management - Global0.8%-4.1pp$10M
Semiconductors0.7%+0.1pp$10M
Software - Infrastructure0.6%+0.0pp$8M
Internet Content & Information0.6%+0.2pp$8M
Consumer Electronics0.5%-0.2pp$7M
Country
US89.5%+12.8pp
Unknown10.2%-12.7pp
TW0.1%+0.0pp
GB0.1%-0.1pp
IE0.0%-0.0pp
CA0.0%-0.0pp
UY0.0%-0.0pp
NL0.0%
Top 5: 49.6% · Top 10: 72.6% · Top 25: 88.5%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $3M | -0.00B | -0.6% |
Top buys this quarter · 15
| XOM Exxon Mobil Corporation | +$1M |
| WMT Walmart Inc. | +$1M |
| VLO Valero Energy Corporationnew | +$1M |
| DVN Devon Energy Corporationnew | +$1M |
| CVX Chevron Corporation | +$1M |
| ATO Atmos Energy Corporationnew | +$1M |
| AESI Atlas Energy Solutions Inc. | +$1M |
| UNH UnitedHealth Group Incorporate | +$0M |
| HD The Home Depot, Inc. | +$0M |
| UPS United Parcel Service, Inc. | +$0M |
Top sells this quarter · 15
| KO The Coca-Cola Company | −$1M |
| DELL Dell Technologies Inc. | −$1M |
| C Citigroup Inc.exit | −$1M |
| ROAD Construction Partners, Inc. | −$1M |
| T AT&T Inc. | −$1M |
| COST Costco Wholesale Corporation | −$1M |
| ACN Accenture plcexit | −$1M |
| NVO Novo Nordisk A/Sexit | −$1M |
| NRG NRG Energy, Inc.exit | −$1M |
| ENB Enbridge Inc. | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.34B | 202 | +31.48% | +17.59% | +13.89% | +0.11B |
| 2025-12-31 | $1.23B | 197 | +27.07% | +17.72% | +9.36% | +0.12B |
| 2025-09-30 | $1.06B | 197 | +25.83% | +17.52% | +8.31% | -0.02B |
| 2025-06-30 | $939M | 177 | +15.28% | +14.94% | +0.34% | +0.03B |
| 2025-03-31 | $830M | 188 | +9.67% | +8.30% | +1.36% | +0.15B |
| 2024-12-31 | $702M | 172 | +18.77% | +24.89% | -6.12% | +0.07B |
| 2024-09-30 | $614M | 177 | +5.66% | +5.75% | -0.09% | +0.08B |
| 2024-06-30 | $507M | 157 | +4.33% | +4.38% | -0.04% | +0.02B |
| 2024-03-31 | $466M | 128 | +4.41% | +10.39% | -5.98% | +0.06B |
| 2023-12-31 | $389M | 121 | — | — | — | — |