Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.16%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.14%
baseline attrition
Rally response
-0.04%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $694M | 3.8% | +60.9% | 10.5 yr |
| AAPLApple Inc. | $592M | 3.3% | +14.7% | 10.5 yr |
| JPMJPMorgan Chase & Co. | $555M | 3.1% | +21.8% | 10.5 yr |
| GOOGLAlphabet Inc. | $527M | 2.9% | — | 10.3 yr |
| MSFTMicrosoft Corporation | $490M | 2.7% | -0.6% | 10.5 yr |
| VEAVanguard FTSE Developed | $470M | 2.6% | — | 10.5 yr |
| IVViShares Core S&P 500 ETF | $442M | 2.4% | — | 10.5 yr |
| AVGOBroadcom Inc. | $416M | 2.3% | +86.0% | 8.0 yr |
| AMZNAmazon.com, Inc. | $332M | 1.8% | +9.5% | 10.5 yr |
| XOMExxon Mobil Corporation | $329M | 1.8% | +47.6% | 10.5 yr |
| IJHiShares Core S&P Mid-Cap | $315M | 1.7% | — | 10.5 yr |
| IJRiShares Core S&P Small-C | $270M | 1.5% | — | 10.5 yr |
| WMTWalmart Inc. | $258M | 1.4% | +42.8% | 10.5 yr |
| LLYEli Lilly and Company | $240M | 1.3% | +12.2% | 10.5 yr |
| SPYState Street SPDR S&P 50 | $227M | 1.3% | +17.6% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management24.2%+1.5pp$4.39B
Semiconductors10.3%+3.4pp$1.87B
Software - Infrastructure4.5%-0.3pp$817M
Internet Content & Information4.5%+1.1pp$808M
Specialty Retail4.1%+1.0pp$735M
Drug Manufacturers - General3.6%-0.2pp$648M
Banks - Diversified3.5%-0.1pp$638M
Consumer Electronics3.3%-0.5pp$592M
Asset Management - Bonds3.1%+0.4pp$556M
Discount Stores2.6%+0.1pp$475M
Country
US96.8%-0.0pp
CH0.8%-0.0pp
GB0.7%-0.1pp
TW0.6%+0.6pp
CA0.4%+0.1pp
IE0.4%-0.6pp
FR0.1%+0.1pp
IL0.1%-0.0pp
Top 5: 15.8% · Top 10: 26.7% · Top 25: 44.0%
Top buys this quarter · 15
| MUSA Murphy USA Inc. | +$205M |
| MUR Murphy Oil Corporation | +$72M |
| AVGO Broadcom Inc. | +$55M |
| MSFT Microsoft Corporation | +$490M |
| AAPL Apple Inc. | +$48M |
| HBAN Huntington Bancshares Incorpor | +$45M |
| WMT Walmart Inc. | +$43M |
| AMAT Applied Materials, Inc. | +$39M |
| SPY State Street SPDR S&P 500 ETF | +$31M |
| RTX RTX Corporation | +$26M |
Top sells this quarter · 15
| TMUS T-Mobile US, Inc. | −$9M |
| EA Electronic Arts Inc. | −$9M |
| AL Air Lease Corporation | −$8M |
| PH Parker-Hannifin Corporation | −$8M |
| SHW The Sherwin-Williams Company | −$5M |
| ORCL Oracle Corporation | −$5M |
| EQT EQT Corporation | −$4M |
| VLO Valero Energy Corporation | −$78M |
| CRM Salesforce, Inc. | −$4M |
| GTLB GitLab Inc. | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $18.12B | 4397 | +16.89% | +17.59% | -0.70% | +1.98B |
| 2025-12-31 | $16.66B | 4287 | +17.43% | +17.72% | -0.29% | -0.03B |
| 2025-09-30 | $16.34B | 4316 | +16.07% | +17.52% | -1.44% | +0.03B |
| 2025-06-30 | $15.26B | 4326 | +15.77% | +14.94% | +0.83% | +0.01B |
| 2025-03-31 | $13.80B | 4339 | +6.92% | +8.30% | -1.38% | +0.15B |
| 2024-12-31 | $14.03B | 4329 | +19.50% | +24.89% | -5.39% | +0.15B |
| 2024-09-30 | $13.75B | 4313 | +31.02% | +36.04% | -5.02% | -0.02B |
| 2024-06-30 | $12.91B | 4254 | +19.00% | +24.49% | -5.49% | +0.23B |
| 2024-03-31 | $12.42B | 4111 | +23.30% | +29.62% | -6.32% | +0.46B |
| 2023-12-31 | $10.99B | 4008 | +17.17% | +26.18% | -9.01% | -0.05B |
| 2023-09-30 | $9.98B | 3982 | +16.30% | +21.57% | -5.27% | -0.46B |
| 2023-06-30 | $10.78B | 3932 | +14.41% | +19.42% | -5.01% | +0.14B |
| 2023-03-31 | $10.07B | 3789 | -6.37% | -7.82% | +1.45% | +0.14B |
| 2022-12-31 | $9.60B | 3650 | -13.62% | -18.17% | +4.56% | -0.04B |
| 2022-09-30 | $8.77B | 1963 | -12.68% | -15.51% | +2.83% | -0.08B |
| 2022-06-30 | $9.29B | 2001 | -7.81% | -10.62% | +2.81% | -0.06B |