Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-17.76%
trims when stocks drop
when a holding falls −10%+
Middle response
-11.82%
baseline attrition
Rally response
-23.88%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPYState Street SPDR S&P 50 | $471M | 15.1% | +17.6% | 0.8 yr |
| QQQInvesco QQQ Trust, Serie | $166M | 5.3% | — | 1.3 yr |
| RSPInvesco S&P 500 Equal We | $45M | 1.4% | — | 1.0 yr |
| ASMLASML Holding N.V. | $37M | 1.2% | +100.9% | 1.0 yr |
| MKSIMKS Inc. | $37M | 1.2% | +188.8% | 1.3 yr |
| MDYState Street SPDR S&P MI | $33M | 1.1% | — | 0.5 yr |
| GFFGriffon Corporation | $30M | 1.0% | +2.7% | 1.3 yr |
| MTHMeritage Homes Corporati | $29M | 0.9% | -10.5% | 1.3 yr |
| CTRACoterra Energy Inc. | $28M | 0.9% | +25.8% | 0.3 yr |
| BLDTopBuild Corp. | $27M | 0.9% | +15.2% | 1.3 yr |
| NVRNVR, Inc. | $27M | 0.9% | -9.0% | 0.3 yr |
| CSCOCisco Systems, Inc. | $27M | 0.9% | +28.1% | 1.3 yr |
| GEGE Aerospace | $26M | 0.8% | +42.5% | 0.8 yr |
| NVDANVIDIA Corporation | $25M | 0.8% | +60.9% | 1.3 yr |
| AMZNAmazon.com, Inc. | $24M | 0.8% | +9.5% | 1.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management25.4%+4.4pp$792M
Biotechnology5.7%+3.3pp$177M
Semiconductors4.8%-0.7pp$151M
Regulated Electric4.8%-2.4pp$149M
Hardware, Equipment & Parts2.9%+1.4pp$89M
Aerospace & Defense2.8%+2.1pp$87M
Specialty Retail2.3%+1.1pp$73M
Residential Construction2.1%+0.1pp$64M
Unknown1.9%+0.6pp$61M
Oil & Gas Exploration & Production1.8%+0.4pp$57M
Country
US88.5%-1.3pp
Unknown1.9%+0.6pp
CA1.9%-0.0pp
IE1.7%+1.1pp
NL1.6%+1.1pp
GB1.3%-0.1pp
TW0.6%-0.1pp
BR0.4%-0.0pp
Top 5: 24.2% · Top 10: 29.0% · Top 25: 39.2%
Top buys this quarter · 15
| SPY State Street SPDR S&P 500 ETF | +$202M |
| CTRA Coterra Energy Inc.new | +$28M |
| NVR NVR, Inc.new | +$27M |
| GE GE Aerospace | +$20M |
| WBD Warner Bros. Discovery, Inc. | +$15M |
| FNV Franco-Nevada Corporation | +$15M |
| ORLY O'Reilly Automotive, Inc. | +$14M |
| CWAN Clearwater Analytics Holdings,new | +$11M |
| TT Trane Technologies plcnew | +$10M |
| ETN Eaton Corporation plcnew | +$10M |
Top sells this quarter · 15
| LLY Eli Lilly and Companyexit | −$32M |
| WMT Walmart Inc. | −$26M |
| FTI TechnipFMC plc | −$26M |
| SNDK Sandisk Corporation | −$2M |
| LITE Lumentum Holdings Inc. | −$22M |
| PYPL PayPal Holdings, Inc.exit | −$22M |
| UNH UnitedHealth Group Incorporate | −$22M |
| COST Costco Wholesale Corporation | −$21M |
| COHR Coherent, Inc. | −$21M |
| CAT Caterpillar Inc. | −$21M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.12B | 735 | +28.59% | +17.59% | +10.99% | -0.35B |
| 2025-12-31 | $3.29B | 666 | +5.38% | +2.66% | +2.71% | +0.76B |
| 2025-09-30 | $2.40B | 718 | +8.67% | +8.12% | +0.55% | -0.05B |
| 2025-06-30 | $2.25B | 713 | +6.27% | +10.78% | -4.51% | -0.16B |
| 2025-03-31 | $2.27B | 769 | — | — | — | — |