Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-19.09%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.34%
baseline attrition
Rally response
-7.91%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $12.90B | 8.9% | +60.9% | 10.3 yr |
| AMZNAmazon.com, Inc. | $8.64B | 5.9% | +9.5% | 10.5 yr |
| AAPLApple Inc. | $8.52B | 5.9% | +14.7% | 10.5 yr |
| AVGOBroadcom Inc. | $7.05B | 4.9% | +86.0% | 8.0 yr |
| MSFTMicrosoft Corporation | $6.62B | 4.6% | -0.6% | 10.5 yr |
| GOOGLAlphabet Inc. | $5.71B | 3.9% | — | 10.5 yr |
| LLYEli Lilly and Company | $4.65B | 3.2% | +12.2% | 10.5 yr |
| METAMeta Platforms, Inc. | $4.50B | 3.1% | -0.4% | 10.5 yr |
| GOOGAlphabet Inc. | $4.11B | 2.8% | +84.3% | 10.5 yr |
| TSMTaiwan Semiconductor Man | $4.06B | 2.8% | +105.6% | 6.5 yr |
| TSLATesla, Inc. | $3.71B | 2.6% | +43.4% | 10.5 yr |
| GEGE Aerospace | $3.13B | 2.2% | +42.5% | 3.5 yr |
| NFLXNetflix, Inc. | $2.69B | 1.9% | +3.1% | 10.5 yr |
| MAMastercard Incorporated | $2.56B | 1.8% | -8.5% | 10.5 yr |
| WMTWalmart Inc. | $2.48B | 1.7% | +42.8% | 9.8 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors19.7%+8.0pp$28.66B
Internet Content & Information10.9%+0.4pp$15.84B
Software - Infrastructure8.2%+0.4pp$11.89B
Specialty Retail6.9%-2.2pp$10.09B
Consumer Electronics5.9%+0.2pp$8.53B
Aerospace & Defense4.7%+1.9pp$6.85B
Software - Application4.6%-2.7pp$6.74B
Drug Manufacturers - General4.1%+0.7pp$5.99B
Discount Stores3.4%-0.4pp$4.91B
Financial - Credit Services3.2%-0.9pp$4.70B
Country
US91.8%+1.7pp
TW2.8%+1.7pp
CA1.7%+0.9pp
LU0.9%-0.7pp
BR0.6%+0.2pp
GB0.5%+0.0pp
UY0.4%-1.2pp
Unknown0.2%-0.5pp
Top 5: 30.1% · Top 10: 46.0% · Top 25: 68.5%
Top buys this quarter · 15
| PLTR Palantir Technologies Inc.new | +$1.57B |
| GE GE Aerospace | +$856M |
| KLAC KLA Corporation | +$555M |
| LRCX Lam Research Corporation | +$539M |
| NET Cloudflare, Inc. | +$522M |
| ABNB Airbnb, Inc. | +$396M |
| BE Bloom Energy Corporation | +$362M |
| CRS Carpenter Technology Corporati | +$315M |
| AVGO Broadcom Inc. | +$7.05B |
| MA Mastercard Incorporated | +$2.56B |
Top sells this quarter · 15
| MSFT Microsoft Corporation | −$1.17B |
| VRT Vertiv Holdings Co | −$1.07B |
| NOW ServiceNow, Inc. | −$874M |
| NVDA NVIDIA Corporation | −$710M |
| SNOW Snowflake Inc. | −$670M |
| NFLX Netflix, Inc. | −$661M |
| CRWD CrowdStrike Holdings, Inc. | −$655M |
| CDNS Cadence Design Systems, Inc. | −$543M |
| AAPL Apple Inc. | −$528M |
| TSM Taiwan Semiconductor Manufactu | −$464M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $145.31B | 560 | +16.58% | +17.59% | -1.01% | -7.09B |
| 2025-12-31 | $166.47B | 573 | +15.99% | +17.72% | -1.73% | -6.87B |
| 2025-09-30 | $171.68B | 559 | +21.20% | +17.52% | +3.69% | -7.34B |
| 2025-06-30 | $168.54B | 573 | +17.45% | +14.94% | +2.51% | -0.70B |
| 2025-03-31 | $142.53B | 566 | +2.66% | +8.30% | -5.64% | -7.42B |
| 2024-12-31 | $164.62B | 571 | +23.33% | +24.89% | -1.56% | -5.25B |
| 2024-09-30 | $161.02B | 557 | +35.26% | +36.04% | -0.78% | +0.49B |
| 2024-06-30 | $155.96B | 571 | +28.13% | +24.49% | +3.64% | +0.73B |
| 2024-03-31 | $149.56B | 571 | +37.97% | +29.62% | +8.35% | +2.73B |
| 2023-12-31 | $134.18B | 582 | +41.72% | +26.18% | +15.55% | -2.10B |
| 2023-09-30 | $117.79B | 561 | +20.25% | +21.57% | -1.32% | -1.09B |
| 2023-06-30 | $121.92B | 564 | +21.34% | +19.42% | +1.92% | +0.06B |
| 2023-03-31 | $109.03B | 581 | -14.66% | -7.82% | -6.84% | -1.88B |
| 2022-12-31 | $98.68B | 569 | -1.83% | +7.56% | -9.39% | -0.05B |
| 2022-09-30 | $100.56B | 599 | -1.61% | -4.93% | +3.32% | +1.98B |
| 2022-06-30 | $100.19B | 612 | -21.40% | -16.11% | -5.29% | -6.58B |