Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.93%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.20%
baseline attrition
Rally response
-1.05%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IEFAiShares Core MSCI EAFE E | $1.19B | 4.1% | — | 10.3 yr |
| AAPLApple Inc. | $1.18B | 4.1% | +14.7% | 10.5 yr |
| IWFiShares Russell 1000 Gro | $1.12B | 3.9% | — | 10.3 yr |
| IWBiShares Russell 1000 ETF | $998M | 3.4% | — | 10.3 yr |
| IVViShares Core S&P 500 ETF | $822M | 2.8% | — | 10.3 yr |
| IWDiShares Russell 1000 Val | $757M | 2.6% | — | 10.3 yr |
| MSFTMicrosoft Corporation | $731M | 2.5% | -0.6% | 10.5 yr |
| IEMGiShares Core MSCI Emergi | $648M | 2.2% | — | 10.3 yr |
| NVDANVIDIA Corporation | $618M | 2.1% | +60.9% | 10.5 yr |
| GOOGAlphabet Inc. | $564M | 1.9% | +84.3% | 10.5 yr |
| QUALiShares MSCI USA Quality | $548M | 1.9% | — | 7.3 yr |
| JPMJPMorgan Chase & Co. | $511M | 1.8% | +21.8% | 10.5 yr |
| IWMiShares Russell 2000 ETF | $508M | 1.8% | — | 10.3 yr |
| AVGOBroadcom Inc. | $464M | 1.6% | +86.0% | 8.0 yr |
| IVWiShares S&P 500 Growth E | $443M | 1.5% | — | 10.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management40.5%+0.9pp$11.77B
Semiconductors6.4%+2.2pp$1.85B
Drug Manufacturers - General4.4%+0.1pp$1.28B
Consumer Electronics4.1%-0.1pp$1.18B
Internet Content & Information3.8%+0.9pp$1.10B
Software - Infrastructure3.3%-0.4pp$957M
Banks - Diversified2.7%-0.0pp$797M
Oil & Gas Integrated1.9%+0.3pp$555M
Specialty Retail1.7%-0.2pp$498M
Industrial - Machinery1.3%+0.0pp$366M
Country
US96.6%-0.0pp
IE0.9%-0.1pp
GB0.6%+0.0pp
TW0.4%+0.2pp
CA0.3%+0.1pp
CH0.2%-0.0pp
Unknown0.2%-0.0pp
FR0.2%+0.0pp
Top 5: 18.3% · Top 10: 29.7% · Top 25: 49.0%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$24M |
| T AT&T Inc. | +$17M |
| DOC Healthpeak Properties, Inc. | +$4M |
| PFE Pfizer Inc. | +$3M |
| GE GE Aerospace | +$61M |
| KMB Kimberly-Clark Corporation | +$3M |
| NVS Novartis AG | +$3M |
| DOW Dow Inc. | +$3M |
| BTI British American Tobacco p.l.c | +$2M |
| PANW Palo Alto Networks, Inc. | +$26M |
Top sells this quarter · 15
| MTB M&T Bank Corporation | −$182M |
| AAPL Apple Inc. | −$38M |
| SPY State Street SPDR S&P 500 ETF | −$32M |
| AVGO Broadcom Inc. | −$22M |
| MSFT Microsoft Corporation | −$20M |
| JPM JPMorgan Chase & Co. | −$17M |
| GOOG Alphabet Inc. | −$17M |
| OMC Omnicom Group Inc. | −$17M |
| XOM Exxon Mobil Corporation | −$222M |
| NVDA NVIDIA Corporation | −$13M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $29.03B | 1667 | +17.76% | +17.59% | +0.17% | -1.35B |
| 2025-12-31 | $30.91B | 1665 | +15.92% | +17.72% | -1.80% | +0.67B |
| 2025-09-30 | $29.49B | 1435 | +13.71% | +17.52% | -3.80% | -1.86B |
| 2025-06-30 | $29.08B | 1519 | +12.44% | +14.94% | -2.51% | -0.65B |
| 2025-03-31 | $27.43B | 1498 | +5.34% | +8.30% | -2.96% | -1.26B |
| 2024-12-31 | $29.65B | 1592 | +17.40% | +24.89% | -7.48% | -0.94B |
| 2024-09-30 | $30.40B | 1581 | +28.55% | +36.04% | -7.49% | -0.80B |
| 2024-06-30 | $29.28B | 1549 | +16.29% | +24.49% | -8.20% | +0.12B |
| 2024-03-31 | $28.71B | 1561 | +21.24% | +29.62% | -8.38% | -0.61B |
| 2023-12-31 | $27.20B | 1572 | +16.75% | +26.18% | -9.43% | -0.39B |
| 2023-09-30 | $25.04B | 1532 | +16.19% | +21.57% | -5.38% | -0.74B |
| 2023-06-30 | $26.75B | 1569 | +14.87% | +19.42% | -4.56% | -0.57B |
| 2023-03-31 | $25.81B | 1584 | -4.77% | -7.82% | +3.05% | +0.02B |
| 2022-12-31 | $24.84B | 1587 | -12.51% | -18.17% | +5.67% | +0.18B |
| 2022-09-30 | $22.49B | 1537 | -11.37% | -15.51% | +4.14% | +2.29B |
| 2022-06-30 | $21.19B | 1475 | -6.48% | -10.62% | +4.14% | +1.34B |