Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-28.40%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.22%
baseline attrition
Rally response
-30.28%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BACBank of America Corporat | $76M | 3.6% | +19.4% | 0.3 yr |
| PNCThe PNC Financial Servic | $68M | 3.3% | +22.7% | 0.5 yr |
| BSXBoston Scientific Corpor | $60M | 2.9% | -37.8% | 0.3 yr |
| KEYKeyCorp | $60M | 2.9% | +31.0% | 0.3 yr |
| GSThe Goldman Sachs Group, | $57M | 2.8% | +58.1% | 0.3 yr |
| MSMorgan Stanley | $52M | 2.5% | +44.8% | 0.5 yr |
| MMEDMiniMed Group, Inc. Comm | $47M | 2.3% | — | 0.3 yr |
| CFGCitizens Financial Group | $47M | 2.3% | +51.7% | 0.5 yr |
| EVREvercore Inc. | $47M | 2.3% | +51.2% | 0.3 yr |
| MAMastercard Incorporated | $43M | 2.1% | -8.5% | 0.3 yr |
| MSCIMSCI Inc. | $42M | 2.0% | -3.4% | 0.3 yr |
| SPGIS&P Global Inc. | $40M | 1.9% | -15.6% | 0.3 yr |
| USBU.S. Bancorp | $39M | 1.9% | +27.1% | 0.3 yr |
| VSHVishay Intertechnology, | $34M | 1.6% | +16.1% | 0.3 yr |
| CTSHCognizant Technology Sol | $34M | 1.6% | -18.4% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional11.7%$244M
Financial - Capital Markets10.9%-13.9pp$226M
Biotechnology8.3%+7.8pp$173M
Banks - Diversified7.0%$145M
Semiconductors6.4%$133M
Software - Infrastructure5.0%+1.3pp$104M
Medical - Devices4.4%+3.7pp$92M
Financial - Data & Stock Exchanges3.9%$81M
Information Technology Services3.4%-3.3pp$70M
Asset Management3.2%$66M
Country
US88.7%+13.8pp
GB2.6%
Unknown2.1%-20.8pp
NL1.2%
IE1.2%
SG1.1%
CH0.9%
DE0.9%
Top 5: 15.4% · Top 10: 26.8% · Top 25: 49.6%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| SCHW | $44M | +0.01B | 21.5% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| BAC Bank of America Corporationnew | +$76M |
| BSX Boston Scientific Corporationnew | +$60M |
| KEY KeyCorpnew | +$60M |
| GS The Goldman Sachs Group, Inc.new | +$57M |
| EVR Evercore Inc.new | +$47M |
| PNC The PNC Financial Services Gro | +$46M |
| MA Mastercard Incorporatednew | +$43M |
| MSCI MSCI Inc.new | +$42M |
| SPGI S&P Global Inc.new | +$40M |
| USB U.S. Bancorpnew | +$39M |
Top sells this quarter · 15
| CAI Caris Life Sciences, Inc.exit | −$27M |
| BTSG BrightSpring Health Services, | −$21M |
| EW Edwards Lifesciences Corporatiexit | −$21M |
| BDX Becton, Dickinson and Companyexit | −$21M |
| EAT Brinker International, Inc.exit | −$17M |
| NVO Novo Nordisk A/Sexit | −$16M |
| TPG TPG Inc.exit | −$15M |
| ANNX Annexon, Inc. | −$14M |
| PCTY Paylocity Holding Corporationexit | −$13M |
| RJF Raymond James Financial, Inc.exit | −$13M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.08B | 193 | +15.18% | +17.59% | -2.41% | +1.30B |
| 2025-12-31 | $841M | 114 | +5.53% | +2.66% | +2.87% | +0.34B |
| 2025-09-30 | $470M | 72 | +6.63% | +8.12% | -1.49% | +0.03B |
| 2025-06-30 | $416M | 53 | +10.82% | +10.78% | +0.05% | +0.22B |
| 2025-03-31 | $177M | 21 | — | — | — | — |