Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.96%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.32%
baseline attrition
Rally response
-1.73%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $3.46B | 7.0% | +60.9% | 10.5 yr |
| AAPLApple Inc. | $3.03B | 6.2% | +14.7% | 10.5 yr |
| MSFTMicrosoft Corporation | $2.25B | 4.6% | -0.6% | 10.5 yr |
| AMZNAmazon.com, Inc. | $1.64B | 3.3% | +9.5% | 10.5 yr |
| GOOGLAlphabet Inc. | $1.36B | 2.8% | — | 10.5 yr |
| AVGOBroadcom Inc. | $1.18B | 2.4% | +86.0% | 8.0 yr |
| GOOGAlphabet Inc. | $1.09B | 2.2% | +84.3% | 10.5 yr |
| METAMeta Platforms, Inc. | $1.01B | 2.1% | -0.4% | 10.5 yr |
| TSLATesla, Inc. | $842M | 1.7% | +43.4% | 5.5 yr |
| BRK-BBerkshire Hathaway Inc. | $708M | 1.4% | — | 10.5 yr |
| JPMJPMorgan Chase & Co. | $643M | 1.3% | +21.8% | 10.5 yr |
| LLYEli Lilly and Company | $592M | 1.2% | +12.2% | 10.5 yr |
| XOMExxon Mobil Corporation | $584M | 1.2% | +47.6% | 10.5 yr |
| JNJJohnson & Johnson | $485M | 1.0% | +51.5% | 10.5 yr |
| WMTWalmart Inc. | $435M | 0.9% | +42.8% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors13.5%+4.3pp$6.65B
Internet Content & Information7.2%+1.4pp$3.53B
Software - Infrastructure6.4%-0.7pp$3.15B
Consumer Electronics6.2%-0.3pp$3.04B
Drug Manufacturers - General4.6%+0.0pp$2.24B
Specialty Retail4.0%-0.2pp$1.95B
Banks - Diversified2.8%+0.0pp$1.38B
Aerospace & Defense2.4%+0.4pp$1.16B
Financial - Credit Services2.2%-0.7pp$1.09B
Software - Application2.0%-0.8pp$971M
Country
US97.2%+0.1pp
IE1.3%-0.1pp
GB0.6%+0.0pp
Unknown0.2%-0.0pp
CH0.2%-0.0pp
SG0.2%+0.1pp
BM0.2%-0.0pp
NL0.1%-0.0pp
Top 5: 23.9% · Top 10: 33.7% · Top 25: 45.7%
Top buys this quarter · 15
| VRT Vertiv Holdings Co | +$71M |
| PANW Palo Alto Networks, Inc. | +$15M |
| FITB Fifth Third Bancorp | +$12M |
| WELL Welltower Inc. | +$9M |
| HBAN Huntington Bancshares Incorpor | +$9M |
| RTX RTX Corporation | +$9M |
| WAT Waters Corporation | +$8M |
| SO The Southern Company | +$8M |
| PIPR Piper Sandler Companiesnew | +$8M |
| AMZN Amazon.com, Inc. | +$1.64B |
Top sells this quarter · 15
| AAPL Apple Inc. | −$14M |
| PNFP Pinnacle Financial Partners, Iexit | −$10M |
| SCHW The Charles Schwab Corporation | −$8M |
| GE GE Aerospace | −$8M |
| PNC The PNC Financial Services Gro | −$8M |
| CIEN Ciena Corporation | −$33M |
| LITE Lumentum Holdings Inc. | −$25M |
| F-PD Ford Motor Company 6.500% Note | −$6M |
| HON Honeywell International Inc. | −$106M |
| T AT&T Inc. | −$156M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $49.17B | 1611 | +18.27% | +17.59% | +0.68% | -0.26B |
| 2025-12-31 | $51.43B | 1627 | +16.90% | +17.72% | -0.82% | -1.06B |
| 2025-09-30 | $51.25B | 1628 | +16.63% | +17.52% | -0.88% | -0.43B |
| 2025-06-30 | $47.80B | 1627 | +14.67% | +14.94% | -0.27% | -0.37B |
| 2025-03-31 | $43.35B | 1632 | +5.13% | +8.30% | -3.17% | -1.76B |
| 2024-12-31 | $47.48B | 1634 | +19.50% | +24.89% | -5.39% | -2.05B |
| 2024-09-30 | $48.48B | 1617 | +30.84% | +36.04% | -5.20% | -1.96B |
| 2024-06-30 | $47.44B | 1623 | +18.42% | +24.49% | -6.07% | -1.36B |
| 2024-03-31 | $47.90B | 1610 | +25.05% | +29.62% | -4.57% | -0.44B |
| 2023-12-31 | $44.77B | 1617 | +23.71% | +26.18% | -2.47% | -1.54B |
| 2023-09-30 | $41.40B | 1604 | +18.26% | +21.57% | -3.30% | -1.34B |
| 2023-06-30 | $44.41B | 1599 | +17.38% | +19.42% | -2.05% | -1.41B |
| 2023-03-31 | $42.59B | 1603 | -6.37% | -7.82% | +1.45% | -0.86B |
| 2022-12-31 | $40.67B | 1598 | +6.95% | +7.56% | -0.62% | -0.44B |
| 2022-09-30 | $38.44B | 1593 | -4.50% | -4.93% | +0.43% | -0.52B |
| 2022-06-30 | $40.80B | 1604 | -14.19% | -16.11% | +1.92% | -1.20B |