Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.45%
trims when stocks drop
when a holding falls −10%+
Middle response
+0.56%
steady accumulation
Rally response
-4.82%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $33.35B | 2.5% | +60.9% | 10.5 yr |
| AAPLApple Inc. | $30.64B | 2.3% | +14.7% | 10.5 yr |
| MSFTMicrosoft Corporation | $26.20B | 1.9% | -0.6% | 10.5 yr |
| VTVVanguard Value ETF | $25.84B | 1.9% | — | 10.5 yr |
| VUGVanguard Growth ETF | $23.87B | 1.8% | — | 10.5 yr |
| SPYState Street SPDR S&P 50 | $20.99B | 1.5% | +17.6% | 10.5 yr |
| GOOGLAlphabet Inc. | $19.78B | 1.5% | — | 10.5 yr |
| JPMJPMorgan Chase & Co. | $19.31B | 1.4% | +21.8% | 10.5 yr |
| IEFAiShares Core MSCI EAFE E | $18.39B | 1.4% | — | 10.5 yr |
| AVGOBroadcom Inc. | $18.18B | 1.3% | +86.0% | 8.0 yr |
| AMZNAmazon.com, Inc. | $17.53B | 1.3% | +9.5% | 10.5 yr |
| VOOVanguard S&P 500 ETF | $16.40B | 1.2% | — | 10.5 yr |
| IEMGiShares Core MSCI Emergi | $15.34B | 1.1% | — | 10.5 yr |
| IVViShares Core S&P 500 ETF | $13.12B | 1.0% | — | 10.5 yr |
| VEAVanguard FTSE Developed | $12.73B | 0.9% | — | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management39.8%+1.4pp$541.19B
Semiconductors6.1%+1.4pp$83.59B
Asset Management - Bonds4.3%-0.0pp$57.97B
Internet Content & Information3.2%+0.7pp$43.15B
Software - Infrastructure3.0%-0.5pp$41.04B
Drug Manufacturers - General2.9%+0.1pp$39.17B
Banks - Diversified2.4%+0.4pp$32.04B
Consumer Electronics2.3%-0.2pp$31.20B
Specialty Retail1.7%-0.2pp$23.13B
Aerospace & Defense1.6%+0.2pp$22.40B
Country
US94.5%+0.0pp
IE1.1%-0.1pp
CA1.0%+0.1pp
GB0.8%+0.3pp
Unknown0.5%-0.2pp
TW0.4%+0.1pp
CH0.3%-0.0pp
NL0.3%+0.0pp
Top 5: 10.3% · Top 10: 17.4% · Top 25: 30.8%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$3.76B |
| JPM JPMorgan Chase & Co. | +$2.62B |
| META Meta Platforms, Inc. | +$12.04B |
| BMY Bristol-Myers Squibb Company | +$1.05B |
| SPY State Street SPDR S&P 500 ETF | +$20.99B |
| EL The Estée Lauder Companies In | +$899M |
| COST Costco Wholesale Corporation | +$771M |
| NVDA NVIDIA Corporation | +$33.35B |
| PLTR Palantir Technologies Inc. | +$615M |
| UNH UnitedHealth Group Incorporate | +$3.17B |
Top sells this quarter · 15
| XOM Exxon Mobil Corporation | −$9.04B |
| WDC Western Digital Corporation | −$2.07B |
| COP ConocoPhillips | −$875M |
| MSFT Microsoft Corporation | −$872M |
| RACE Ferrari N.V. | −$837M |
| CAT Caterpillar Inc. | −$3.86B |
| AAPL Apple Inc. | −$732M |
| JNJ Johnson & Johnson | −$5.86B |
| TSLA Tesla, Inc. | −$666M |
| TSM Taiwan Semiconductor Manufactu | −$607M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.36T | 5529 | +20.44% | +17.59% | +2.85% | +18.96B |
| 2025-12-31 | $1.37T | 7040 | +18.40% | +17.72% | +0.68% | +7.10B |
| 2025-09-30 | $1.33T | 7006 | +17.11% | +17.52% | -0.41% | -7.18B |
| 2025-06-30 | $1.23T | 7051 | +15.41% | +14.94% | +0.47% | -6.42B |
| 2025-03-31 | $1.12T | 6966 | +4.62% | +8.30% | -3.68% | +83.15B |
| 2024-12-31 | $1.08T | 6964 | +17.45% | +24.89% | -7.44% | -12.07B |
| 2024-09-30 | $1.07T | 6971 | +28.96% | +36.04% | -7.08% | -32.28B |
| 2024-06-30 | $1.04T | 7051 | +16.22% | +24.49% | -8.27% | +77.45B |
| 2024-03-31 | $955.47B | 6557 | +22.73% | +29.62% | -6.90% | +9.07B |
| 2023-12-31 | $873.93B | 6772 | +18.71% | +26.18% | -7.46% | -24.09B |
| 2023-09-30 | $807.24B | 6593 | +15.61% | +21.57% | -5.96% | +3.20B |
| 2023-06-30 | $837.07B | 6557 | +14.94% | +19.42% | -4.48% | -80.84B |
| 2023-03-31 | $865.48B | 6676 | -7.21% | -7.82% | +0.61% | +36.30B |
| 2022-12-31 | $791.57B | 7144 | -15.51% | -18.17% | +2.67% | -29.81B |
| 2022-09-30 | $758.17B | 6665 | -13.38% | -15.51% | +2.13% | -16.35B |
| 2022-06-30 | $811.03B | 6842 | -8.78% | -10.62% | +1.84% | +4.33B |