Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.57%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.33%
baseline attrition
Rally response
-1.92%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VOOVanguard S&P 500 ETF | $189M | 8.7% | — | 1.5 yr |
| IAUiShares Gold Trust | $150M | 6.9% | — | 5.0 yr |
| HCAHCA Healthcare, Inc. | $76M | 3.5% | +37.9% | 8.0 yr |
| GOOGLAlphabet Inc. | $70M | 3.2% | — | 8.0 yr |
| VTVVanguard Value ETF | $65M | 3.0% | — | 1.5 yr |
| MSFTMicrosoft Corporation | $48M | 2.2% | -0.6% | 8.0 yr |
| IXUSiShares Core MSCI Total | $48M | 2.2% | — | 7.5 yr |
| AAPLApple Inc. | $47M | 2.2% | +14.7% | 8.0 yr |
| GOOGAlphabet Inc. | $42M | 1.9% | +84.3% | 8.0 yr |
| — | $40M | 1.9% | — | 1.5 yr |
| AMZNAmazon.com, Inc. | $38M | 1.8% | +9.5% | 8.0 yr |
| XLEState Street Energy Sele | $38M | 1.7% | — | 1.5 yr |
| SHOPShopify Inc. | $37M | 1.7% | +24.2% | 8.0 yr |
| XMHQInvesco S&P MidCap Quali | $34M | 1.6% | — | 0.8 yr |
| QQQInvesco QQQ Trust, Serie | $26M | 1.2% | — | 8.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management36.8%+3.4pp$797M
Internet Content & Information6.0%+1.3pp$131M
Semiconductors5.7%+2.1pp$123M
Medical - Care Facilities3.9%+0.1pp$85M
Software - Infrastructure3.2%-0.5pp$69M
Financial - Credit Services2.8%-0.8pp$61M
Software - Application2.7%-0.7pp$60M
Specialty Retail2.7%-0.6pp$57M
Drug Manufacturers - General2.4%+0.2pp$51M
Consumer Electronics2.2%-0.3pp$47M
Country
US89.5%-0.5pp
CA2.2%+0.4pp
Unknown2.0%+0.3pp
BM1.1%-0.2pp
NL1.0%+0.6pp
SG1.0%-0.2pp
TW0.7%+0.4pp
IE0.6%-0.3pp
Top 5: 25.4% · Top 10: 35.7% · Top 25: 53.9%
Top buys this quarter · 15
| BKR Baker Hughes Companynew | +$10M |
| SAP SAP SE | +$7M |
| AMZN Amazon.com, Inc. | +$6M |
| FAST Fastenal Company | +$5M |
| TRU TransUnionnew | +$4M |
| MDT Medtronic plc | +$4M |
| SE Sea Limited | +$16M |
| NVS Novartis AG | +$3M |
| TEVA Teva Pharmaceutical Industriesnew | +$3M |
| BTI British American Tobacco p.l.cnew | +$2M |
Top sells this quarter · 15
| CRM Salesforce, Inc. | −$6M |
| OTIS Otis Worldwide Corporation | −$5M |
| LKQ LKQ Corporation | −$5M |
| MELI MercadoLibre, Inc. | −$5M |
| JCI Johnson Controls International | −$5M |
| EFX Equifax Inc. | −$4M |
| CSGP CoStar Group, Inc.exit | −$4M |
| ONB Old National Bancorp | −$3M |
| GOOG Alphabet Inc. | −$3M |
| ADP Automatic Data Processing, Inc | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.17B | 463 | +12.93% | +17.59% | -4.66% | +0.04B |
| 2025-12-31 | $2.24B | 439 | +16.52% | +17.72% | -1.19% | +0.03B |
| 2025-09-30 | $2.18B | 439 | +14.07% | +17.52% | -3.45% | +0.03B |
| 2025-06-30 | $2.01B | 432 | +17.32% | +14.94% | +2.38% | +0.02B |
| 2025-03-31 | $1.81B | 462 | +7.45% | +8.30% | -0.85% | +0.05B |
| 2024-12-31 | $1.79B | 469 | +19.99% | +24.89% | -4.90% | +0.24B |
| 2024-09-30 | $1.56B | 442 | +36.46% | +36.04% | +0.43% | -0.04B |
| 2024-06-30 | $1.45B | 432 | +16.28% | +24.49% | -8.21% | +0.00B |
| 2024-03-31 | $1.44B | 423 | +21.84% | +29.62% | -7.78% | -0.01B |
| 2023-12-31 | $1.33B | 396 | +19.70% | +26.18% | -6.48% | -0.04B |
| 2023-09-30 | $1.21B | 395 | +15.65% | +21.57% | -5.92% | -0.01B |
| 2023-06-30 | $1.31B | 405 | +15.99% | +19.42% | -3.43% | -0.03B |
| 2023-03-31 | $1.27B | 398 | -8.86% | -7.82% | -1.04% | -0.09B |
| 2022-12-31 | $1.27B | 389 | +9.13% | +7.56% | +1.57% | -0.04B |
| 2022-09-30 | $1.20B | 382 | -6.18% | -4.93% | -1.25% | -0.06B |
| 2022-06-30 | $1.34B | 394 | -17.16% | -16.11% | -1.05% | +0.05B |