Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+4.27%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.54%
baseline attrition
Rally response
+1.29%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPYState Street SPDR S&P 50 | $27M | 8.9% | +17.6% | 5.3 yr |
| IAUiShares Gold Trust | $21M | 6.8% | — | 5.0 yr |
| SHViShares 0â1 Year Treas | $20M | 6.5% | — | 1.3 yr |
| SGOLabrdn Physical Gold Shar | $14M | 4.5% | — | 4.3 yr |
| VTIVanguard Total Stock Mar | $11M | 3.5% | — | 2.8 yr |
| QQQInvesco QQQ Trust, Serie | $10M | 3.4% | — | 5.3 yr |
| BILState Street SPDR Bloomb | $10M | 3.3% | — | 3.3 yr |
| IGEiShares North American N | $9M | 2.9% | — | 1.0 yr |
| AAPLApple Inc. | $8M | 2.6% | +14.7% | 5.3 yr |
| BOXXAlpha Architect 1-3 Mont | $7M | 2.4% | — | 2.5 yr |
| DOCNDigitalOcean Holdings, I | $7M | 2.4% | +156.9% | 0.8 yr |
| GSYInvesco Ultra Short Dura | $7M | 2.3% | — | 1.8 yr |
| USAIPacer American Energy In | $7M | 2.2% | — | 0.3 yr |
| GLDSPDR Gold Shares | $6M | 2.1% | — | 5.3 yr |
| XLIState Street Industrial | $6M | 2.1% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management56.8%-1.2pp$174M
Asset Management - Bonds10.8%+1.2pp$33M
Software - Infrastructure3.0%+0.8pp$9M
Consumer Electronics2.6%-0.5pp$8M
Semiconductors2.6%+1.9pp$8M
Hardware, Equipment & Parts2.2%+1.7pp$7M
Biotechnology1.8%+0.2pp$6M
Engineering & Construction1.8%+1.0pp$6M
Financial - Data & Stock Exchanges1.7%$5M
Drug Manufacturers - General1.6%-0.1pp$5M
Country
US96.5%+3.1pp
CA3.1%-0.1pp
GB0.2%-0.6pp
CH0.1%-0.0pp
BM0.1%
Top 5: 30.2% · Top 10: 44.8% · Top 25: 70.8%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| AGX | $1M | +0.00B | 318.5% |
| SPY | $26M | +0.00B | 17.6% |
| AUPH | $3M | +0.00B | 84.3% |
| TPB | $2M | +0.00B | 46.5% |
| AAPL | $7M | +0.00B | 14.7% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| COIN Coinbase Global, Inc.new | +$3M |
| PFE Pfizer Inc. | +$2M |
| VTS Vitesse Energy, Inc. | +$1M |
| STAG STAG Industrial, Inc. | +$1M |
| LMT Lockheed Martin Corporation | +$0M |
| DHT DHT Holdings, Inc.new | +$0M |
| LHX L3Harris Technologies, Inc. | +$0M |
| MTDR Matador Resources Companynew | +$0M |
| OKE ONEOK, Inc. | +$0M |
| SHOP Shopify Inc. | +$2M |
Top sells this quarter · 15
| SPY State Street SPDR S&P 500 ETF | −$14M |
| DXPE DXP Enterprises, Inc.exit | −$4M |
| OKTA Okta, Inc.exit | −$3M |
| UBER Uber Technologies, Inc.exit | −$2M |
| RIO Rio Tinto Group | −$2M |
| IVZ Invesco Ltd.exit | −$2M |
| STWD Starwood Property Trust, Inc. | −$1M |
| AGX Argan, Inc. | −$3M |
| MU Micron Technology, Inc. | −$1M |
| BWXT BWX Technologies, Inc.exit | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $306M | 97 | +41.05% | +17.59% | +23.45% | +0.00B |
| 2025-12-31 | $294M | 97 | +29.18% | +17.72% | +11.46% | +0.01B |
| 2025-09-30 | $274M | 98 | +33.72% | +17.52% | +16.20% | -0.00B |
| 2025-06-30 | $238M | 81 | +23.92% | +14.94% | +8.98% | -0.00B |
| 2025-03-31 | $214M | 85 | +16.11% | +8.30% | +7.81% | +0.01B |
| 2024-12-31 | $213M | 82 | +29.54% | +24.89% | +4.65% | -0.01B |
| 2024-09-30 | $203M | 76 | +37.12% | +36.04% | +1.09% | -0.00B |
| 2024-06-30 | $192M | 78 | +19.53% | +24.49% | -4.96% | +0.00B |
| 2024-03-31 | $182M | 74 | +20.87% | +29.62% | -8.75% | +0.01B |
| 2023-12-31 | $165M | 67 | +30.08% | +26.18% | +3.91% | -0.00B |
| 2023-09-30 | $144M | 63 | +14.86% | +21.57% | -6.70% | +0.01B |
| 2023-06-30 | $144M | 63 | +13.83% | +19.42% | -5.60% | +0.00B |
| 2023-03-31 | $136M | 66 | -10.38% | -7.82% | -2.57% | +0.00B |
| 2022-12-31 | $118M | 68 | -24.56% | -18.17% | -6.39% | +0.01B |
| 2022-09-30 | $109M | 67 | -17.85% | -15.51% | -2.35% | -0.01B |
| 2022-06-30 | $124M | 66 | -11.29% | -10.62% | -0.67% | -0.01B |