Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-30.61%
trims when stocks drop
when a holding falls −10%+
Middle response
-10.20%
baseline attrition
Rally response
-24.32%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| JAAAJanus Henderson AAA CLO | $17M | 9.0% | — | 1.3 yr |
| — | $11M | 5.6% | — | 0.3 yr |
| JPLDJPMorgan Limited Duratio | $8M | 4.1% | — | 0.3 yr |
| BALTInnovator Defined Wealth | $5M | 2.5% | — | 1.5 yr |
| WEAWestern Asset Premier Bo | $4M | 2.0% | — | 1.5 yr |
| TSLATesla, Inc. | $4M | 2.0% | +43.4% | 1.5 yr |
| RDVIFT Vest Rising Dividend | $4M | 2.0% | — | 1.3 yr |
| VIGVanguard Dividend Apprec | $4M | 1.9% | — | 1.3 yr |
| AAPLApple Inc. | $3M | 1.8% | +14.7% | 1.5 yr |
| VEAVanguard FTSE Developed | $3M | 1.7% | — | 1.5 yr |
| MTUMiShares MSCI USA Momentu | $3M | 1.7% | — | 1.5 yr |
| VIGIVanguard International D | $3M | 1.6% | — | 1.3 yr |
| ARKKARK Innovation ETF | $3M | 1.5% | — | 1.3 yr |
| FNDFSchwab Fundamental Inter | $3M | 1.5% | — | 1.5 yr |
| VTVanguard Total World Sto | $3M | 1.3% | — | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management55.7%+20.7pp$107M
Asset Management - Income11.8%+1.6pp$23M
Unknown6.8%+4.8pp$13M
Asset Management - Bonds2.6%-0.6pp$5M
Semiconductors2.4%-2.2pp$5M
Auto - Manufacturers2.1%-1.4pp$4M
Consumer Electronics1.8%-2.4pp$4M
Oil & Gas Midstream1.7%+1.4pp$3M
Internet Content & Information1.3%-1.3pp$3M
Software - Infrastructure1.2%-2.8pp$2M
Country
US90.9%-0.5pp
Unknown6.8%+4.8pp
GB0.6%-0.7pp
TW0.3%-0.3pp
CH0.2%-0.0pp
NL0.2%-0.1pp
IE0.2%-0.2pp
CA0.1%-0.4pp
Top 5: 23.2% · Top 10: 32.6% · Top 25: 51.1%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| TSLA | $3M | +0.00B | 43.4% |
| NVDA | $2M | +0.00B | 60.9% |
| AAPL | $4M | +0.00B | 14.7% |
| EPD | $0M | +0.00B | 18.7% |
| MSFT | $3M | -0.00B | -0.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $3M | -0.00B | -0.6% |
Top buys this quarter · 15
| NVDA NVIDIA Corporation | +$1M |
| ARES Ares Management Corporation | +$1M |
| BX Blackstone Inc. | +$0M |
| TSM Taiwan Semiconductor Manufactu | +$0M |
| HTGC Hercules Capital, Inc. | +$0M |
| TSLX Sixth Street Specialty Lending | +$0M |
| META Meta Platforms, Inc. | +$0M |
| ARCC Ares Capital Corporation | +$0M |
| AMZN Amazon.com, Inc. | +$0M |
| MAIN Main Street Capital Corporationew | +$0M |
Top sells this quarter · 15
| OBDC Blue Owl Capital Corporationexit | −$1M |
| TRIN Trinity Capital Inc.exit | −$0M |
| OWL Blue Owl Capital Inc. | −$0M |
| MCD McDonald's Corporation | −$0M |
| NCDL Nuveen Churchill Direct Lendinexit | −$0M |
| CCAP Crescent Capital BDC, Inc.exit | −$0M |
| WSM Williams-Sonoma, Inc. | −$0M |
| VRT Vertiv Holdings Co | −$0M |
| WELL Welltower Inc. | −$0M |
| O Realty Income Corporation | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $193M | 1065 | +17.34% | +17.59% | -0.25% | +0.04B |
| 2025-12-31 | $156M | 503 | +15.23% | +17.72% | -2.49% | -0.00B |
| 2025-09-30 | $152M | 293 | +8.27% | +8.12% | +0.14% | -0.05B |
| 2025-06-30 | $182M | 1202 | +9.67% | +10.78% | -1.11% | +0.08B |
| 2025-03-31 | $94M | 791 | -6.11% | -4.27% | -1.84% | -0.07B |
| 2024-12-31 | $176M | 1183 | — | — | — | — |