Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.91%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.34%
baseline attrition
Rally response
-0.74%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CATCaterpillar Inc. | $10.32B | 8.1% | +117.8% | 10.5 yr |
| LLYEli Lilly and Company | $9.90B | 7.8% | +12.2% | 10.5 yr |
| JNJJohnson & Johnson | $7.72B | 6.1% | +51.5% | 10.5 yr |
| AAPLApple Inc. | $5.96B | 4.7% | +14.7% | 10.5 yr |
| ITWIllinois Tool Works Inc. | $5.47B | 4.3% | +6.9% | 10.5 yr |
| XOMExxon Mobil Corporation | $5.18B | 4.1% | +47.6% | 10.5 yr |
| WMTWalmart Inc. | $4.85B | 3.8% | +42.8% | 10.5 yr |
| NUENucor Corporation | $4.09B | 3.2% | +42.2% | 10.5 yr |
| MSFTMicrosoft Corporation | $3.84B | 3.0% | -0.6% | 10.5 yr |
| ASMLASML Holding N.V. | $3.64B | 2.9% | +100.9% | 10.5 yr |
| APDAir Products and Chemica | $3.44B | 2.7% | +0.5% | 10.5 yr |
| ADMArcher-Daniels-Midland C | $3.40B | 2.7% | +56.8% | 10.5 yr |
| WFCWells Fargo & Company | $3.17B | 2.5% | +13.3% | 10.5 yr |
| GOOGLAlphabet Inc. | $3.10B | 2.4% | — | 10.5 yr |
| CVXChevron Corporation | $2.76B | 2.2% | +29.2% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Drug Manufacturers - General19.6%-1.4pp$24.92B
Agricultural - Machinery9.4%+2.8pp$11.90B
Oil & Gas Integrated6.4%+0.9pp$8.11B
Semiconductors6.2%+2.3pp$7.85B
Industrial - Machinery5.7%-0.4pp$7.17B
Consumer Electronics4.7%-0.5pp$5.96B
Discount Stores3.8%+0.7pp$4.85B
Internet Content & Information3.7%+0.9pp$4.67B
Steel3.2%+0.5pp$4.09B
Banks - Diversified3.2%-0.2pp$4.08B
Country
US94.8%-1.1pp
NL2.9%+1.2pp
GB0.9%-0.2pp
BM0.6%+0.0pp
Unknown0.3%
IE0.2%-0.1pp
DK0.2%-0.2pp
AU0.1%+0.0pp
Top 5: 31.0% · Top 10: 48.1% · Top 25: 75.0%
Top buys this quarter · 15
| WAT Waters Corporation | +$20M |
| PGX Invesco Preferred ETF | +$0M |
| EMB iShares J.P. Morgan USD Emergi | +$0M |
| USIG iShares Broad USD Investment G | +$0M |
| TLH iShares 10-20 Year Treasury Bo | +$0M |
| GOVT iShares U.S. Treasury Bond ETF | +$0M |
| FLOT iShares Floating Rate Bond ETF | +$0M |
| IEMG iShares Core MSCI Emerging Mar | +$0M |
| USHY iShares Broad USD High Yield C | +$0M |
| SPDW State Street SPDR Portfolio Denew | +$0M |
Top sells this quarter · 15
| CAT Caterpillar Inc. | −$9.99B |
| LLY Eli Lilly and Company | −$1.58B |
| DIS The Walt Disney Company | −$732M |
| GLW Corning Incorporated | −$1.22B |
| KLAC KLA Corporation | −$1.73B |
| DE Deere & Company | −$1.32B |
| NUE Nucor Corporation | −$3.97B |
| MICC The Magnum Ice Cream Company N | −$18M |
| AAPL Apple Inc. | −$17M |
| GE GE Aerospace | −$11M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $126.86B | 113 | +23.66% | +17.59% | +6.07% | -5.30B |
| 2025-12-31 | $127.33B | 115 | +20.03% | +17.72% | +2.31% | -0.84B |
| 2025-09-30 | $119.95B | 115 | +7.44% | +17.52% | -10.08% | -0.79B |
| 2025-06-30 | $113.08B | 120 | +5.53% | +14.94% | -9.41% | -0.65B |
| 2025-03-31 | $108.90B | 122 | +1.24% | +8.30% | -7.06% | -1.71B |
| 2024-12-31 | $109.79B | 122 | +11.07% | +24.89% | -13.82% | -0.39B |
| 2024-09-30 | $115.20B | 108 | +25.53% | +36.04% | -10.50% | -0.96B |
| 2024-06-30 | $110.76B | 124 | +17.82% | +24.49% | -6.67% | -0.53B |
| 2024-03-31 | $111.08B | 123 | +24.99% | +29.62% | -4.63% | -3.84B |
| 2023-12-31 | $103.98B | 122 | +14.71% | +26.18% | -11.46% | -3.49B |
| 2023-09-30 | $99.42B | 123 | +21.50% | +21.57% | -0.07% | -0.74B |
| 2023-06-30 | $101.76B | 132 | +17.75% | +19.42% | -1.68% | -0.88B |
| 2023-03-31 | $96.57B | 134 | -2.09% | -7.82% | +5.73% | -0.44B |
| 2022-12-31 | $95.63B | 133 | -7.93% | -18.17% | +10.24% | +0.55B |
| 2022-09-30 | $83.04B | 131 | -10.69% | -15.51% | +4.82% | -0.46B |
| 2022-06-30 | $87.55B | 132 | -5.83% | -10.62% | +4.79% | -0.48B |