Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.78%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.19%
baseline attrition
Rally response
-24.92%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPGPInvesco S&P 500 GARP ETF | $11M | 10.7% | — | 1.5 yr |
| VEUVanguard FTSE All-World | $8M | 8.0% | — | 1.3 yr |
| VGKVanguard FTSE Europe ETF | $8M | 7.6% | — | 1.3 yr |
| BXBlackstone Inc. | $6M | 5.5% | -14.9% | 1.5 yr |
| EEMiShares MSCI Emerging Ma | $5M | 5.1% | — | 0.3 yr |
| RSPInvesco S&P 500 Equal We | $5M | 5.1% | — | 1.5 yr |
| IGViShares Expanded Tech-So | $5M | 4.5% | — | 0.3 yr |
| DVYEiShares Emerging Markets | $4M | 3.9% | — | 1.5 yr |
| STWDStarwood Property Trust, | $3M | 3.3% | -6.2% | 1.5 yr |
| CHICalamos Convertible Oppo | $3M | 3.2% | — | 1.5 yr |
| MSFTMicrosoft Corporation | $3M | 2.9% | -0.6% | 1.5 yr |
| GOOGLAlphabet Inc. | $3M | 2.9% | — | 1.5 yr |
| PANWPalo Alto Networks, Inc. | $3M | 2.7% | -6.0% | 1.5 yr |
| SPYState Street SPDR S&P 50 | $3M | 2.7% | +17.6% | 1.5 yr |
| KKRKKR & Co. Inc. | $3M | 2.7% | -19.5% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management69.7%+6.0pp$70M
Software - Infrastructure7.2%+1.2pp$7M
REIT - Mortgage3.3%-2.5pp$3M
Internet Content & Information3.2%-1.0pp$3M
Asset Management - Income3.2%+0.7pp$3M
Industrial - Machinery2.4%+2.1pp$2M
Semiconductors2.3%-1.7pp$2M
Consumer Electronics1.9%-0.4pp$2M
Financial - Credit Services1.4%-0.8pp$1M
Construction1.3%$1M
Country
US99.6%-0.0pp
GB0.4%+0.0pp
Top 5: 36.9% · Top 10: 56.9% · Top 25: 87.3%
Top buys this quarter · 15
| SERV Serve Robotics Inc.new | +$2M |
| KKR KKR & Co. Inc. | +$1M |
| PANW Palo Alto Networks, Inc. | +$1M |
| CVX Chevron Corporationnew | +$0M |
| XOM Exxon Mobil Corporationnew | +$0M |
| MSFT Microsoft Corporation | +$3M |
| TSLA Tesla, Inc. | +$1M |
| OBDC Blue Owl Capital Corporation | +$1M |
| V Visa Inc. | +$0M |
| SLS SELLAS Life Sciences Group, In | +$0M |
Top sells this quarter · 15
| ALL The Allstate Corporationexit | −$3M |
| VRTX Vertex Pharmaceuticals Incorpoexit | −$1M |
| STWD Starwood Property Trust, Inc. | −$1M |
| NVDA NVIDIA Corporation | −$1M |
| ALMS Alumis Inc. Common Stockexit | −$1M |
| VRT Vertiv Holdings Coexit | −$1M |
| BLDR Builders FirstSource, Inc. | −$0M |
| RKLB Rocket Lab USA, Inc.exit | −$0M |
| UNH UnitedHealth Group Incorporateexit | −$0M |
| SPY State Street SPDR S&P 500 ETF | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $100M | 46 | +11.45% | +17.59% | -6.14% | +0.01B |
| 2025-12-31 | $104M | 47 | +12.30% | +17.72% | -5.41% | +0.00B |
| 2025-09-30 | $103M | 45 | +10.57% | +8.12% | +2.45% | -0.00B |
| 2025-06-30 | $96M | 48 | +17.19% | +10.78% | +6.41% | -0.00B |
| 2025-03-31 | $86M | 46 | -11.08% | -4.27% | -6.82% | +0.00B |
| 2024-12-31 | $95M | 42 | — | — | — | — |