Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-27.32%
trims when stocks drop
when a holding falls −10%+
Middle response
-21.52%
baseline attrition
Rally response
-35.39%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MSFTMicrosoft Corporation | $479M | 11.1% | -0.6% | 1.3 yr |
| WBDWarner Bros. Discovery, | $450M | 10.4% | +155.9% | 0.8 yr |
| NVDANVIDIA Corporation | $449M | 10.4% | +60.9% | 1.3 yr |
| AMDAdvanced Micro Devices, | $253M | 5.9% | +98.0% | 0.5 yr |
| AMZNAmazon.com, Inc. | $202M | 4.7% | +9.5% | 1.3 yr |
| METAMeta Platforms, Inc. | $201M | 4.7% | -0.4% | 1.3 yr |
| AAPLApple Inc. | $131M | 3.0% | +14.7% | 1.3 yr |
| BAThe Boeing Company | $122M | 2.8% | +16.7% | 1.3 yr |
| NSCNorfolk Southern Corpora | $97M | 2.3% | +23.6% | 0.8 yr |
| TECKTeck Resources Limited | $81M | 1.9% | +43.3% | 1.3 yr |
| EAElectronic Arts Inc. | $66M | 1.5% | +41.7% | 0.8 yr |
| PENPenumbra, Inc. | $61M | 1.4% | +22.8% | 0.3 yr |
| KVUEKenvue Inc. | $58M | 1.3% | -25.0% | 0.5 yr |
| RTXRTX Corporation | $52M | 1.2% | +48.1% | 1.0 yr |
| WBSWebster Financial Corpor | $47M | 1.1% | +38.5% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors18.1%+14.5pp$778M
Software - Infrastructure11.7%+10.5pp$505M
Entertainment10.8%+7.1pp$466M
Specialty Retail4.9%-6.2pp$210M
Internet Content & Information4.8%+3.5pp$207M
Aerospace & Defense4.5%+3.4pp$195M
Consumer Electronics3.1%+2.9pp$132M
Software - Application2.6%-3.1pp$112M
Railroads2.3%+2.2pp$98M
Asset Management2.0%+1.3pp$87M
Country
US97.0%+0.8pp
CA2.6%+1.1pp
IL0.1%-0.1pp
Unknown0.1%-0.6pp
FR0.1%
SG0.1%-0.3pp
CN0.0%-0.7pp
TW0.0%-0.1pp
Top 5: 42.6% · Top 10: 57.2% · Top 25: 72.9%
Top buys this quarter · 15
| WBD Warner Bros. Discovery, Inc. | +$433M |
| MSFT Microsoft Corporation | +$410M |
| NVDA NVIDIA Corporation | +$299M |
| META Meta Platforms, Inc. | +$194M |
| BA The Boeing Company | +$119M |
| NSC Norfolk Southern Corporation | +$74M |
| AAPL Apple Inc. | +$72M |
| EA Electronic Arts Inc. | +$61M |
| PEN Penumbra, Inc.new | +$61M |
| KVUE Kenvue Inc. | +$57M |
Top sells this quarter · 15
| TSLA Tesla, Inc.exit | −$806M |
| BP BP p.l.c.exit | −$489M |
| B Barrick Mining Corporationexit | −$244M |
| AMD Advanced Micro Devices, Inc. | −$196M |
| AVGO Broadcom Inc. | −$148M |
| JPM JPMorgan Chase & Co. | −$85M |
| ISRG Intuitive Surgical, Inc. | −$77M |
| GILD Gilead Sciences, Inc. | −$76M |
| GOOG Alphabet Inc.exit | −$75M |
| UEC Uranium Energy Corp. | −$74M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.31B | 751 | +45.86% | +17.59% | +28.27% | -0.70B |
| 2025-12-31 | $5.05B | 748 | +6.52% | +2.66% | +3.85% | +1.16B |
| 2025-09-30 | $3.65B | 668 | +20.40% | +8.12% | +12.28% | -1.01B |
| 2025-06-30 | $3.87B | 670 | +14.79% | +10.78% | +4.01% | +0.58B |
| 2025-03-31 | $2.87B | 736 | — | — | — | — |