Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.56%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.80%
baseline attrition
Rally response
-6.56%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| XHLFBondBloxx Bloomberg Six | $142M | 21.9% | — | 1.8 yr |
| BILState Street SPDR Bloomb | $31M | 4.8% | — | 2.0 yr |
| FTGCFirst Trust Global Tacti | $31M | 4.7% | — | 1.5 yr |
| BTALAGF U.S. Market Neutral | $24M | 3.7% | — | 0.5 yr |
| NOBLProShares - S&P 500 Divi | $24M | 3.7% | — | 1.0 yr |
| LMBSFirst Trust Low Duration | $18M | 2.7% | — | 0.8 yr |
| VEAVanguard FTSE Developed | $17M | 2.7% | — | 2.0 yr |
| TLTiShares 20+ Year Treasur | $17M | 2.6% | — | 1.3 yr |
| ILFiShares Latin America 40 | $15M | 2.4% | — | 2.0 yr |
| USMViShares MSCI USA Min Vol | $13M | 2.0% | — | 2.0 yr |
| KREState Street SPDR S&P Re | $13M | 2.0% | — | 0.3 yr |
| — | $12M | 1.8% | — | 1.3 yr |
| BSCTInvesco BulletShares 202 | $11M | 1.7% | — | 1.0 yr |
| JAAAJanus Henderson AAA CLO | $10M | 1.5% | — | 1.0 yr |
| EWMiShares MSCI Malaysia ET | $9M | 1.4% | — | 1.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management44.0%+2.9pp$286M
Asset Management - Bonds26.9%+4.5pp$174M
Asset Management - Global4.9%+1.8pp$32M
Unknown2.0%-4.5pp$13M
Oil & Gas Integrated2.0%+1.7pp$13M
Regulated Electric1.8%+1.3pp$12M
Oil & Gas Exploration & Production1.7%+0.4pp$11M
Banks - Diversified1.2%-0.4pp$8M
REIT - Healthcare Facilities1.0%+0.0pp$7M
Telecommunications Services0.9%-0.1pp$6M
Country
US91.8%+3.9pp
Unknown2.0%-4.5pp
JP1.2%-0.1pp
LU0.9%+0.6pp
CA0.8%+0.6pp
PA0.7%
NO0.6%
BR0.5%+0.3pp
Top 5: 38.8% · Top 10: 51.1% · Top 25: 70.1%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| VTR | $4M | +0.00B | 21.4% |
| NMR | $2M | +0.00B | 31.1% |
| JPM | $1M | +0.00B | 21.8% |
| CVX | $1M | +0.00B | 29.2% |
| COP | $0M | +0.00B | 30.0% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| NEE NextEra Energy, Inc. | +$7M |
| COP ConocoPhillips | +$5M |
| BWA BorgWarner Inc.new | +$5M |
| EQNR Equinor ASAnew | +$4M |
| CVX Chevron Corporation | +$4M |
| PTEN Patterson-UTI Energy, Inc.new | +$3M |
| POR Portland General Electric Compnew | +$3M |
| RES RPC, Inc.new | +$2M |
| EC Ecopetrol S.A. | +$2M |
| TKC Turkcell Iletisim Hizmetleri Anew | +$2M |
Top sells this quarter · 15
| VZ Verizon Communications Inc. | −$8M |
| GILD Gilead Sciences, Inc. | −$5M |
| SYY Sysco Corporation | −$3M |
| OXY Occidental Petroleum Corporati | −$3M |
| AMG Affiliated Managers Group, Inc | −$2M |
| JNJ Johnson & Johnson | −$2M |
| VIV Telefônica Brasil S.A. | −$2M |
| RNW ReNew Energy Global Plc | −$1M |
| NMR Nomura Holdings, Inc. | −$1M |
| LYFT Lyft, Inc.exit | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $649M | 188 | +26.36% | +17.59% | +8.77% | +0.01B |
| 2025-12-31 | $595M | 171 | +19.05% | +17.72% | +1.33% | +0.02B |
| 2025-09-30 | $557M | 151 | +15.84% | +17.52% | -1.68% | +0.03B |
| 2025-06-30 | $497M | 143 | +17.62% | +14.94% | +2.68% | +0.02B |
| 2025-03-31 | $451M | 148 | +1.25% | -4.27% | +5.52% | +0.02B |
| 2024-12-31 | $427M | 137 | +0.99% | +2.49% | -1.50% | +0.01B |
| 2024-09-30 | $409M | 108 | +8.77% | +5.75% | +3.02% | +0.08B |
| 2024-06-30 | $306M | 85 | — | — | — | — |