Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.57%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.72%
baseline attrition
Rally response
-1.51%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ONBOld National Bancorp | $944M | 15.9% | +6.9% | 10.5 yr |
| LLYEli Lilly and Company | $564M | 9.5% | +12.2% | 10.5 yr |
| VOOVanguard S&P 500 ETF | $360M | 6.1% | — | 10.5 yr |
| SPYState Street SPDR S&P 50 | $205M | 3.4% | +17.6% | 10.5 yr |
| AAPLApple Inc. | $161M | 2.7% | +14.7% | 10.5 yr |
| VEAVanguard FTSE Developed | $150M | 2.5% | — | 10.5 yr |
| SPYGState Street SPDR Portfo | $142M | 2.4% | — | 7.0 yr |
| MSFTMicrosoft Corporation | $124M | 2.1% | -0.6% | 10.5 yr |
| GOOGLAlphabet Inc. | $123M | 2.1% | — | 10.5 yr |
| SPYVState Street SPDR Portfo | $110M | 1.8% | — | 7.0 yr |
| IVViShares Core S&P 500 ETF | $101M | 1.7% | — | 10.5 yr |
| AMZNAmazon.com, Inc. | $81M | 1.4% | +9.5% | 10.5 yr |
| AGGiShares Core U.S. Aggreg | $75M | 1.3% | — | 10.5 yr |
| METAMeta Platforms, Inc. | $44M | 0.7% | -0.4% | 10.5 yr |
| XLKState Street Technology | $41M | 0.7% | — | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management36.3%+2.5pp$2.16B
Banks - Regional16.6%+14.8pp$990M
Drug Manufacturers - General11.5%-4.3pp$686M
Internet Content & Information3.2%-0.2pp$190M
Software - Infrastructure2.8%-1.0pp$167M
Consumer Electronics2.7%-0.8pp$161M
Asset Management - Bonds1.9%-1.3pp$115M
Specialty Retail1.8%-0.7pp$107M
Banks - Diversified1.6%-0.6pp$95M
Financial - Credit Services1.3%-2.0pp$79M
Country
US97.9%-0.6pp
GB0.6%-0.1pp
CH0.4%+0.1pp
IE0.4%+0.2pp
TW0.2%
DK0.1%+0.1pp
NL0.1%+0.1pp
Unknown0.1%-0.0pp
Top 5: 37.5% · Top 10: 48.4% · Top 25: 60.1%
Top buys this quarter · 15
| GIS General Mills, Inc. | +$12M |
| CPRT Copart, Inc. | +$11M |
| SPY State Street SPDR S&P 500 ETF | +$205M |
| CFG Citizens Financial Group, Inc. | +$8M |
| NVO Novo Nordisk A/S | +$7M |
| IBM International Business Machine | +$6M |
| MSFT Microsoft Corporation | +$124M |
| USB U.S. Bancorp | +$4M |
| ZS Zscaler, Inc. | +$4M |
| VRT Vertiv Holdings Co | +$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $5.95B | 613 | +10.38% | +17.59% | -7.21% | +0.19B |
| 2025-12-31 | $6.00B | 602 | +15.23% | +17.72% | -2.49% | -0.21B |
| 2025-09-30 | $5.83B | 603 | +5.80% | +17.52% | -11.71% | +0.02B |
| 2025-06-30 | $5.60B | 593 | +5.40% | +14.94% | -9.54% | +1.67B |
| 2025-03-31 | $3.78B | 520 | +5.47% | +8.30% | -2.83% | -0.42B |
| 2024-12-31 | $4.19B | 652 | +18.75% | +24.89% | -6.14% | -0.02B |
| 2024-09-30 | $4.30B | 643 | +35.24% | +36.04% | -0.80% | -0.06B |
| 2024-06-30 | $4.21B | 620 | +29.53% | +24.49% | +5.04% | -0.13B |
| 2024-03-31 | $4.18B | 625 | +36.74% | +29.62% | +7.12% | -0.08B |
| 2023-12-31 | $3.77B | 637 | +24.97% | +26.18% | -1.20% | -0.06B |
| 2023-09-30 | $3.44B | 621 | +23.41% | +21.57% | +1.84% | -0.01B |
| 2023-06-30 | $3.48B | 664 | +19.53% | +19.42% | +0.11% | -0.09B |
| 2023-03-31 | $3.25B | 677 | -1.84% | -7.82% | +5.98% | -0.02B |
| 2022-12-31 | $3.18B | 675 | -9.20% | -18.17% | +8.97% | -0.06B |
| 2022-09-30 | $2.94B | 684 | -8.40% | -15.51% | +7.11% | +0.10B |
| 2022-06-30 | $2.95B | 630 | -4.06% | -10.62% | +6.56% | +0.53B |