Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+2.55%
adds when stocks drop
when a holding falls −10%+
Middle response
-2.74%
baseline attrition
Rally response
-5.16%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AMZNAmazon.com, Inc. | $342M | 5.6% | +9.5% | 10.5 yr |
| AAPLApple Inc. | $305M | 5.0% | +14.7% | 10.5 yr |
| GOOGLAlphabet Inc. | $295M | 4.8% | — | 10.5 yr |
| ANETArista Networks, Inc. | $281M | 4.6% | +58.5% | 1.5 yr |
| METAMeta Platforms, Inc. | $268M | 4.4% | -0.4% | 10.5 yr |
| MSFTMicrosoft Corporation | $268M | 4.4% | -0.6% | 10.5 yr |
| NFLXNetflix, Inc. | $196M | 3.2% | +3.1% | 10.0 yr |
| MAMastercard Incorporated | $190M | 3.1% | -8.5% | 10.0 yr |
| JPMJPMorgan Chase & Co. | $178M | 2.9% | +21.8% | 10.5 yr |
| TMOThermo Fisher Scientific | $168M | 2.8% | -0.9% | 8.8 yr |
| ISRGIntuitive Surgical, Inc. | $166M | 2.7% | -6.9% | 5.3 yr |
| NVDANVIDIA Corporation | $160M | 2.6% | +60.9% | 2.0 yr |
| — | $144M | 2.4% | — | 3.0 yr |
| IFNNYInfineon Technologies AG | $135M | 2.2% | — | 3.5 yr |
| DEDeere & Company | $131M | 2.2% | +21.2% | 5.3 yr |
Portfolio composition (YoY)
Industry mix
Internet Content & Information10.2%-0.1pp$620M
Semiconductors8.0%+1.3pp$487M
Specialty Retail5.6%+0.5pp$342M
Consumer Electronics5.0%+0.9pp$305M
Restaurants4.7%-0.2pp$285M
Computer Hardware4.6%+1.1pp$281M
Software - Infrastructure4.4%-0.5pp$268M
Financial - Credit Services4.0%+0.2pp$242M
Medical - Diagnostics & Research3.8%+1.3pp$228M
Entertainment3.2%-0.6pp$196M
Country
US90.4%-3.1pp
CH3.0%+0.1pp
Unknown2.4%+0.5pp
DE2.2%+0.4pp
IE1.5%
CA0.5%
Top 5: 24.5% · Top 10: 41.0% · Top 25: 71.8%
Top buys this quarter · 12
| WAT Waters Corporation | +$59M |
| SHW The Sherwin-Williams Companynew | +$57M |
| COF Capital One Financial Corporatnew | +$52M |
| AAPL Apple Inc. | +$40M |
| SHOP Shopify Inc. | +$30M |
| AMZN Amazon.com, Inc. | +$342M |
| WDAY Workday, Inc. | +$95M |
| SBAC SBA Communications Corporation | +$12M |
| UNH UnitedHealth Group Incorporate | +$82M |
| CMG Chipotle Mexican Grill, Inc. | +$85M |
Top sells this quarter · 15
| WAB Westinghouse Air Brake Technolexit | −$82M |
| ROST Ross Stores, Inc. | −$70M |
| UBER Uber Technologies, Inc.exit | −$59M |
| DAL Delta Air Lines, Inc. | −$48M |
| JPM JPMorgan Chase & Co. | −$48M |
| FDX FedEx Corporation | −$41M |
| JNJ Johnson & Johnson | −$30M |
| VRSK Verisk Analytics, Inc. | −$11M |
| SBUX Starbucks Corporation | −$116M |
| ANET Arista Networks, Inc. | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $6.08B | 61 | +9.79% | +17.59% | -7.80% | -0.06B |
| 2025-12-31 | $6.50B | 62 | +9.96% | +17.72% | -7.76% | +0.07B |
| 2025-09-30 | $6.34B | 58 | +12.54% | +17.52% | -4.98% | -0.17B |
| 2025-06-30 | $6.17B | 58 | +13.34% | +14.94% | -1.60% | -0.20B |
| 2025-03-31 | $5.86B | 61 | +8.26% | +8.30% | -0.04% | +0.10B |
| 2024-12-31 | $6.09B | 61 | +23.63% | +24.89% | -1.26% | -0.42B |
| 2024-09-30 | $6.26B | 67 | +34.87% | +36.04% | -1.16% | -0.29B |
| 2024-06-30 | $6.18B | 64 | +23.20% | +24.49% | -1.29% | +0.07B |
| 2024-03-31 | $5.87B | 57 | +30.48% | +29.62% | +0.86% | +0.00B |
| 2023-12-31 | $5.44B | 70 | +33.23% | +26.18% | +7.05% | -0.30B |
| 2023-09-30 | $5.06B | 71 | +29.59% | +21.57% | +8.03% | -0.05B |
| 2023-06-30 | $5.28B | 70 | +25.62% | +19.42% | +6.19% | -0.07B |
| 2023-03-31 | $4.86B | 85 | -1.60% | -7.82% | +6.22% | +0.23B |
| 2022-12-31 | $4.20B | 81 | +10.27% | +7.56% | +2.71% | -0.21B |
| 2022-09-30 | $4.00B | 81 | -6.10% | -4.93% | -1.18% | +0.17B |
| 2022-06-30 | $4.08B | 77 | -13.77% | -16.11% | +2.34% | -0.26B |