Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-25.02%
trims when stocks drop
when a holding falls −10%+
Middle response
-17.48%
baseline attrition
Rally response
-29.00%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GLDSPDR Gold Shares | $220M | 3.0% | — | 1.0 yr |
| EEMiShares MSCI Emerging Ma | $198M | 2.7% | — | 1.3 yr |
| NVDANVIDIA Corporation | $150M | 2.0% | +60.9% | 1.5 yr |
| GDXJVanEck Junior Gold Miner | $132M | 1.8% | — | 0.8 yr |
| MUMicron Technology, Inc. | $132M | 1.8% | +289.6% | 0.8 yr |
| SPYState Street SPDR S&P 50 | $132M | 1.8% | +17.6% | 0.5 yr |
| GOOGLAlphabet Inc. | $127M | 1.7% | — | 1.3 yr |
| IWMiShares Russell 2000 ETF | $126M | 1.7% | — | 0.5 yr |
| TSLATesla, Inc. | $118M | 1.6% | +43.4% | 1.5 yr |
| AAPLApple Inc. | $107M | 1.4% | +14.7% | 1.0 yr |
| METAMeta Platforms, Inc. | $104M | 1.4% | -0.4% | 1.3 yr |
| EWZiShares MSCI Brazil ETF | $95M | 1.3% | — | 1.3 yr |
| KWEBKraneShares CSI China In | $91M | 1.2% | — | 0.8 yr |
| NOWServiceNow, Inc. | $82M | 1.1% | -34.3% | 0.5 yr |
| BABAAlibaba Group Holding Li | $68M | 0.9% | -3.5% | 1.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management19.8%-9.7pp$1.47B
Semiconductors7.6%+1.4pp$564M
Internet Content & Information4.6%+3.9pp$344M
Aerospace & Defense4.3%+1.4pp$319M
Banks - Regional3.6%+2.3pp$263M
Unknown3.5%+0.1pp$255M
Software - Application2.7%-1.9pp$201M
Specialty Retail2.6%+0.7pp$189M
Software - Infrastructure2.5%-0.9pp$183M
Trucking2.3%+2.2pp$168M
Country
US89.9%-0.1pp
Unknown3.5%+0.1pp
GB1.2%+0.6pp
CN1.1%+0.3pp
CA0.8%-0.3pp
NL0.6%+0.3pp
IE0.4%-1.4pp
BM0.4%+0.1pp
Top 5: 11.2% · Top 10: 19.5% · Top 25: 33.1%
Top buys this quarter · 15
| META Meta Platforms, Inc. | +$96M |
| NOW ServiceNow, Inc. | +$82M |
| MU Micron Technology, Inc. | +$71M |
| AAPL Apple Inc. | +$59M |
| BABA Alibaba Group Holding Limited | +$57M |
| ODFL Old Dominion Freight Line, Inc | +$55M |
| FITB Fifth Third Bancorp | +$46M |
| XOM Exxon Mobil Corporation | +$45M |
| FPS Forgent Power Solutions, Inc.new | +$45M |
| UNM Unum Group | +$43M |
Top sells this quarter · 15
| AVGO Broadcom Inc.exit | −$119M |
| BA The Boeing Company | −$118M |
| CSX CSX Corporation | −$97M |
| SNDK Sandisk Corporation | −$9M |
| WMB The Williams Companies, Inc.exit | −$90M |
| JNJ Johnson & Johnsonexit | −$86M |
| HD The Home Depot, Inc. | −$78M |
| SPY State Street SPDR S&P 500 ETF | −$77M |
| AMZN Amazon.com, Inc. | −$72M |
| MRK Merck & Co., Inc. | −$67M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $7.40B | 892 | +26.13% | +17.59% | +8.54% | -2.48B |
| 2025-12-31 | $9.89B | 1037 | +22.40% | +17.72% | +4.68% | +2.40B |
| 2025-09-30 | $7.19B | 854 | +9.15% | +8.12% | +1.03% | +0.53B |
| 2025-06-30 | $6.10B | 1043 | +11.17% | +10.78% | +0.39% | +0.74B |
| 2025-03-31 | $4.83B | 988 | -3.17% | -4.27% | +1.10% | +1.59B |
| 2024-12-31 | $3.34B | 715 | — | — | — | — |