Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.62%
trims when stocks drop
when a holding falls −10%+
Middle response
+5.28%
steady accumulation
Rally response
-16.28%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IJSiShares S&P Small-Cap 60 | $230M | 17.6% | — | 0.3 yr |
| IWMiShares Russell 2000 ETF | $228M | 17.5% | — | 0.5 yr |
| IJKiShares S&P Mid-Cap 400 | $227M | 17.4% | — | 0.3 yr |
| GLDSPDR Gold Shares | $94M | 7.2% | — | 1.3 yr |
| BIVVanguard Intermediate-Te | $39M | 3.0% | — | 0.5 yr |
| XLEState Street Energy Sele | $37M | 2.8% | — | 1.0 yr |
| SCHXSchwab U.S. Large-Cap ET | $35M | 2.7% | — | 1.0 yr |
| BNDVanguard Total Bond Mark | $33M | 2.5% | — | 1.3 yr |
| SCHFSchwab International Equ | $29M | 2.3% | — | 1.0 yr |
| SPYState Street SPDR S&P 50 | $21M | 1.6% | +12.6% | 1.3 yr |
| IEFiShares 7-10 Year Treasu | $15M | 1.2% | — | 0.3 yr |
| COPConocoPhillips | $11M | 0.8% | +38.8% | 0.5 yr |
| XOMExxon Mobil Corporation | $10M | 0.8% | +64.6% | 0.5 yr |
| MSFTMicrosoft Corporation | $8M | 0.6% | -11.3% | 1.0 yr |
| PSXPhillips 66 | $7M | 0.6% | +67.3% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management73.0%-10.7pp$952M
Asset Management - Bonds7.4%+2.3pp$97M
Semiconductors2.1%+1.5pp$27M
Drug Manufacturers - General2.0%$26M
Oil & Gas Integrated1.3%$17M
Software - Infrastructure1.0%-0.1pp$13M
Banks - Diversified0.9%$12M
Regulated Electric0.9%$12M
Oil & Gas Exploration & Production0.8%+0.7pp$11M
Household & Personal Products0.8%$10M
Country
US98.5%-1.5pp
Unknown0.6%
GB0.5%
TW0.4%
CA0.0%
Top 5: 62.8% · Top 10: 74.7% · Top 25: 83.6%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$7M |
| VZ Verizon Communications Inc.new | +$6M |
| DUK Duke Energy Corporationnew | +$6M |
| SO The Southern Companynew | +$6M |
| PEP PepsiCo, Inc. | +$6M |
| AMT American Tower Corporationnew | +$5M |
| AAPL Apple Inc. | +$5M |
| COP ConocoPhillips | +$4M |
| NVDA NVIDIA Corporation | +$4M |
| META Meta Platforms, Inc.new | +$4M |
Top sells this quarter · 15
| MSFT Microsoft Corporation | −$148M |
| GS The Goldman Sachs Group, Inc.exit | −$148M |
| SPGI S&P Global Inc.exit | −$133M |
| MAR Marriott International, Inc.exit | −$65M |
| CAT Caterpillar Inc.exit | −$53M |
| AVY Avery Dennison Corporationexit | −$40M |
| ECL Ecolab Inc.exit | −$26M |
| DIS The Walt Disney Companyexit | −$20M |
| SPY State Street SPDR S&P 500 ETF | −$15M |
| BDX Becton, Dickinson and Companyexit | −$13M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.30B | 98 | +34.65% | +17.59% | +17.06% | -0.08B |
| 2025-12-31 | $1.47B | 155 | +7.22% | +2.66% | +4.56% | +1.17B |
| 2025-09-30 | $280M | 70 | +14.85% | +8.12% | +6.72% | -0.01B |
| 2025-06-30 | $254M | 57 | +15.56% | +10.78% | +4.78% | -0.01B |
| 2024-12-31 | $230M | 56 | — | — | — | — |