Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.63%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.87%
baseline attrition
Rally response
+1.47%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VTIPVanguard Short-Term Infl | $50M | 5.5% | — | 5.3 yr |
| QQQMInvesco NASDAQ 100 ETF | $46M | 5.0% | — | 1.3 yr |
| EMLPFirst Trust North Americ | $42M | 4.6% | — | 8.5 yr |
| STIPiShares 0-5 Year TIPS Bo | $41M | 4.4% | — | 8.5 yr |
| UTENUS Treasury 10 Year Note | $36M | 3.9% | — | 3.3 yr |
| MINVMatthews Asia Innovators | $35M | 3.8% | — | 3.8 yr |
| SCHPSchwab U.S. TIPS ETF | $28M | 3.1% | — | 6.8 yr |
| AAPLApple Inc. | $27M | 3.0% | +14.7% | 10.3 yr |
| SPMBState Street SPDR Portfo | $19M | 2.1% | — | 0.5 yr |
| SMHVanEck Semiconductor ETF | $19M | 2.0% | — | 2.8 yr |
| USARUSA Rare Earth Inc | $18M | 1.9% | +154.9% | 0.8 yr |
| GBILGoldman Sachs Access Tre | $18M | 1.9% | — | 6.0 yr |
| FHLCFidelity MSCI Health Car | $15M | 1.6% | — | 4.3 yr |
| LTPZPIMCO 15+ Year U.S. TIPS | $14M | 1.5% | — | 1.0 yr |
| TUASimplify Short Term Trea | $14M | 1.5% | — | 2.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management57.7%-1.1pp$530M
Asset Management - Leveraged7.4%-2.4pp$68M
Semiconductors3.2%+1.1pp$29M
Drug Manufacturers - General3.1%+0.4pp$29M
Consumer Electronics3.0%-0.0pp$27M
Asset Management - Bonds2.5%-0.1pp$23M
Asset Management - Global2.5%+2.1pp$23M
Industrial Materials2.0%$18M
Internet Content & Information1.3%-0.1pp$12M
Software - Infrastructure1.2%-0.4pp$11M
Country
US97.1%+0.1pp
TW0.6%+0.1pp
Unknown0.5%+0.1pp
GB0.4%+0.3pp
CA0.3%-0.2pp
IE0.2%-0.0pp
CL0.2%
NL0.2%-0.1pp
Top 5: 23.4% · Top 10: 37.4% · Top 25: 56.9%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$3M |
| AAPL Apple Inc. | +$3M |
| NVDA NVIDIA Corporation | +$2M |
| SPY State Street SPDR S&P 500 ETF | +$2M |
| NFLX Netflix, Inc. | +$2M |
| CSX CSX Corporation | +$1M |
| GEV GE Vernova Inc. | +$1M |
| T AT&T Inc. | +$1M |
| AVGO Broadcom Inc. | +$1M |
| KR The Kroger Co. | +$1M |
Top sells this quarter · 15
| TMO Thermo Fisher Scientific Inc. | −$2M |
| TGT Target Corporation | −$2M |
| MSFT Microsoft Corporation | −$2M |
| MPC Marathon Petroleum Corporation | −$2M |
| AMZN Amazon.com, Inc. | −$2M |
| LIN Linde plcexit | −$2M |
| GLW Corning Incorporated | −$1M |
| ALB Albemarle Corporationexit | −$1M |
| CB Chubb Limited | −$1M |
| VAL Valaris Limitedexit | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $919M | 324 | +25.40% | +17.59% | +7.81% | +0.01B |
| 2025-12-31 | $898M | 328 | +19.19% | +17.72% | +1.47% | +0.01B |
| 2025-09-30 | $863M | 327 | +18.76% | +17.52% | +1.24% | -0.04B |
| 2025-06-30 | $822M | 329 | +15.69% | +14.94% | +0.75% | -0.02B |
| 2025-03-31 | $772M | 316 | +10.04% | +8.30% | +1.73% | +0.04B |
| 2024-12-31 | $762M | 320 | +15.58% | +24.89% | -9.31% | +0.01B |
| 2024-09-30 | $731M | 329 | +24.17% | +36.04% | -11.87% | -0.05B |
| 2024-06-30 | $728M | 311 | +11.76% | +24.49% | -12.73% | -0.00B |
| 2024-03-31 | $704M | 308 | +14.33% | +29.62% | -15.29% | +0.01B |
| 2023-12-31 | $688M | 301 | +21.46% | +26.18% | -4.71% | -0.01B |
| 2023-09-30 | $633M | 286 | +18.04% | +21.57% | -3.53% | -0.00B |
| 2023-06-30 | $664M | 286 | +16.16% | +19.42% | -3.26% | -0.01B |
| 2023-03-31 | $637M | 271 | -4.53% | -7.82% | +3.29% | -0.01B |
| 2022-12-31 | $603M | 255 | -15.08% | -18.17% | +3.10% | +0.03B |
| 2022-09-30 | $532M | 257 | -12.39% | -15.51% | +3.12% | +0.01B |
| 2022-06-30 | $556M | 254 | -6.68% | -10.62% | +3.94% | +0.07B |