Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.74%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.52%
baseline attrition
Rally response
-0.64%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AGGiShares Core U.S. Aggreg | $4.22B | 5.1% | — | 10.3 yr |
| IVViShares Core S&P 500 ETF | $3.80B | 4.6% | — | 10.3 yr |
| SCHXSchwab U.S. Large-Cap ET | $3.72B | 4.5% | — | 10.3 yr |
| IEFAiShares Core MSCI EAFE E | $3.23B | 3.9% | — | 10.3 yr |
| SPYState Street SPDR S&P 50 | $2.71B | 3.3% | +17.6% | 10.3 yr |
| AAPLApple Inc. | $2.57B | 3.1% | +14.7% | 10.3 yr |
| IEMGiShares Core MSCI Emergi | $2.06B | 2.5% | — | 10.3 yr |
| MSFTMicrosoft Corporation | $2.02B | 2.5% | -0.6% | 10.3 yr |
| GOOGLAlphabet Inc. | $1.71B | 2.1% | — | 10.3 yr |
| VOVanguard Mid-Cap ETF | $1.56B | 1.9% | — | 10.3 yr |
| NVDANVIDIA Corporation | $1.41B | 1.7% | +60.9% | 10.3 yr |
| IWRiShares Russell Mid-Cap | $1.26B | 1.5% | — | 10.3 yr |
| LLYEli Lilly and Company | $1.25B | 1.5% | +12.2% | 10.3 yr |
| AMZNAmazon.com, Inc. | $1.23B | 1.5% | +9.5% | 10.3 yr |
| GOVTiShares U.S. Treasury Bo | $1.20B | 1.5% | — | 9.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management51.4%+1.7pp$42.31B
Semiconductors4.3%+1.4pp$3.50B
Drug Manufacturers - General3.9%-0.0pp$3.19B
Internet Content & Information3.5%+1.0pp$2.88B
Software - Infrastructure3.4%-0.4pp$2.77B
Consumer Electronics3.1%-0.1pp$2.59B
Banks - Diversified2.6%+0.1pp$2.10B
Specialty Retail1.7%-0.0pp$1.44B
Discount Stores1.6%-0.0pp$1.35B
Industrial - Machinery1.5%+0.1pp$1.22B
Country
US97.5%+0.2pp
IE0.6%-0.2pp
GB0.4%+0.0pp
CH0.3%-0.0pp
CA0.2%+0.0pp
TW0.2%+0.1pp
Unknown0.1%-0.0pp
NL0.1%+0.0pp
Top 5: 21.5% · Top 10: 33.5% · Top 25: 51.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NVDA | $857M | +0.52B | 60.9% |
| SPY | $2.49B | +0.43B | 17.6% |
| AAPL | $2.43B | +0.36B | 14.7% |
| WMT | $531M | +0.23B | 42.8% |
| JNJ | $432M | +0.22B | 51.5% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $2.11B | -0.01B | -0.6% |
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$27M |
| AMZN Amazon.com, Inc. | +$1.23B |
| META Meta Platforms, Inc. | +$597M |
| MSFT Microsoft Corporation | +$2.02B |
| ETN Eaton Corporation plc | +$16M |
| CLS Celestica Inc. | +$14M |
| BSX Boston Scientific Corporation | +$13M |
| INTU Intuit Inc. | +$100M |
| AXP American Express Company | +$148M |
| MDLZ Mondelez International, Inc. | +$9M |
Top sells this quarter · 15
| SPY State Street SPDR S&P 500 ETF | −$50M |
| GWW W.W. Grainger, Inc. | −$49M |
| AAPL Apple Inc. | −$38M |
| PG The Procter & Gamble Company | −$27M |
| MU Micron Technology, Inc. | −$261M |
| JPM JPMorgan Chase & Co. | −$19M |
| GOOG Alphabet Inc. | −$18M |
| KR The Kroger Co. | −$16M |
| EXAS Exact Sciences Corporationexit | −$15M |
| WMT Walmart Inc. | −$624M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $82.36B | 4113 | +14.49% | +17.59% | -3.10% | -0.24B |
| 2025-12-31 | $85.24B | 3979 | +15.36% | +17.72% | -2.36% | -1.37B |
| 2025-09-30 | $84.25B | 3937 | +12.02% | +17.52% | -5.50% | -0.26B |
| 2025-06-30 | $79.32B | 4089 | +11.47% | +14.94% | -3.47% | -1.28B |
| 2025-03-31 | $74.72B | 4104 | +5.06% | +8.30% | -3.24% | +0.25B |
| 2024-12-31 | $76.26B | 4075 | +17.37% | +24.89% | -7.52% | -1.34B |
| 2024-09-30 | $77.75B | 3977 | +30.86% | +36.04% | -5.18% | +0.10B |
| 2024-06-30 | $73.24B | 3891 | +19.60% | +24.49% | -4.89% | +0.43B |
| 2024-03-31 | $71.62B | 3888 | +25.77% | +29.62% | -3.85% | -1.98B |
| 2023-12-31 | $67.47B | 3879 | +20.67% | +26.18% | -5.51% | -0.47B |
| 2023-09-30 | $61.05B | 3890 | +17.98% | +21.57% | -3.59% | +1.52B |
| 2023-06-30 | $61.43B | 3882 | +16.29% | +19.42% | -3.14% | -1.80B |
| 2023-03-31 | $59.15B | 4051 | -5.51% | -7.82% | +2.31% | +0.08B |
| 2022-12-31 | $56.44B | 4097 | -13.89% | -18.17% | +4.28% | +3.72B |
| 2022-09-30 | $48.45B | 4023 | -12.10% | -15.51% | +3.40% | -0.83B |
| 2022-06-30 | $51.59B | 4026 | -7.46% | -10.62% | +3.16% | -0.59B |