Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-9.78%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.28%
baseline attrition
Rally response
-15.96%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VOOVanguard S&P 500 ETF | $163M | 25.3% | — | 1.5 yr |
| VTVanguard Total World Sto | $97M | 15.1% | — | 1.0 yr |
| AGGiShares Core U.S. Aggreg | $64M | 10.0% | — | 1.5 yr |
| VEAVanguard FTSE Developed | $46M | 7.2% | — | 1.5 yr |
| VGITVanguard Intermediate-Te | $35M | 5.5% | — | 1.5 yr |
| MSFTMicrosoft Corporation | $30M | 4.6% | -11.3% | 1.5 yr |
| RSPInvesco S&P 500 Equal We | $23M | 3.6% | — | 1.5 yr |
| VWOVanguard FTSE Emerging M | $17M | 2.7% | — | 1.5 yr |
| USFRWisdomTree Floating Rate | $14M | 2.2% | — | 1.5 yr |
| ACWIiShares MSCI ACWI ETF | $8M | 1.3% | — | 0.8 yr |
| AURAurora Innovation, Inc. | $8M | 1.2% | -34.6% | 1.5 yr |
| VTIVanguard Total Stock Mar | $8M | 1.2% | — | 1.3 yr |
| SPTLState Street SPDR Portfo | $7M | 1.1% | — | 1.5 yr |
| CATCaterpillar Inc. | $5M | 0.8% | +98.7% | 1.0 yr |
| NVDANVIDIA Corporation | $5M | 0.7% | +29.9% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management79.1%-2.7pp$509M
Software - Infrastructure4.6%-5.1pp$30M
Internet Content & Information1.3%+0.5pp$9M
Information Technology Services1.3%-0.0pp$8M
Semiconductors1.2%+0.2pp$8M
Banks - Diversified1.0%+0.6pp$6M
Agricultural - Machinery0.9%$6M
Specialty Retail0.9%+0.3pp$6M
Consumer Electronics0.6%-0.1pp$4M
Insurance - Property & Casualty0.5%$3M
Country
US98.3%-1.5pp
CH0.4%
BM0.4%
CA0.3%+0.2pp
Unknown0.3%
GB0.1%
IE0.1%+0.0pp
TW0.1%
Top 5: 63.1% · Top 10: 77.4% · Top 25: 87.9%
Top buys this quarter · 15
| KMB Kimberly-Clark Corporation | +$2M |
| NOW ServiceNow, Inc. | +$1M |
| PLD Prologis, Inc.new | +$1M |
| DGX Quest Diagnostics Incorporatednew | +$1M |
| AMZN Amazon.com, Inc. | +$1M |
| LLY Eli Lilly and Companynew | +$0M |
| WAT Waters Corporationnew | +$0M |
| STZ Constellation Brands, Inc.new | +$0M |
| MGM MGM Resorts International | +$0M |
| FRMI Fermi Inc. Common Stocknew | +$0M |
Top sells this quarter · 15
| ACTG Acacia Research Corporation | −$2M |
| GLNG Golar LNG Limited | −$2M |
| IAC IAC InterActive Corp. | −$1M |
| COF Capital One Financial Corporat | −$1M |
| HUT.TO Hut 8 Mining Corp.exit | −$1M |
| SEM Select Medical Holdings Corporexit | −$1M |
| UNP Union Pacific Corporation | −$1M |
| OI O-I Glass, Inc. | −$1M |
| BA The Boeing Company | −$1M |
| PCG PG&E Corporation | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $643M | 155 | +0.82% | +1.62% | -0.80% | +0.16B |
| 2025-12-31 | $513M | 157 | +20.12% | +8.91% | +11.20% | -0.01B |
| 2025-09-30 | $535M | 151 | +17.72% | +8.12% | +9.60% | +0.12B |
| 2025-03-31 | $349M | 79 | -6.92% | -4.27% | -2.66% | +0.05B |
| 2024-12-31 | $323M | 74 | +11.46% | +2.49% | +8.97% | -0.21B |
| 2024-06-30 | $478M | 157 | — | — | — | — |