Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.86%
trims when stocks drop
when a holding falls −10%+
Middle response
+0.97%
steady accumulation
Rally response
-0.86%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $181M | 6.9% | — | 2.0 yr |
| VFIAXVanguard 500 Index Fund | $128M | 4.9% | — | 2.0 yr |
| — | $98M | 3.7% | — | 2.0 yr |
| — | $96M | 3.6% | — | 2.0 yr |
| BSVVanguard Short-Term Bond | $69M | 2.6% | — | 6.3 yr |
| VIMAXVanguard Mid-Cap Index F | $63M | 2.4% | — | 2.0 yr |
| GOOGLAlphabet Inc. | $52M | 2.0% | — | 9.0 yr |
| SFNNXSchwab Fundamental Inter | $52M | 2.0% | — | 2.0 yr |
| AAPLApple Inc. | $51M | 1.9% | +14.7% | 10.5 yr |
| LLYEli Lilly and Company | $46M | 1.8% | +12.2% | 10.5 yr |
| AVGOBroadcom Inc. | $43M | 1.6% | +86.0% | 8.3 yr |
| VEIRXVanguard Equity Income F | $38M | 1.4% | — | 2.0 yr |
| MSFTMicrosoft Corporation | $37M | 1.4% | -0.6% | 10.5 yr |
| VOOVanguard S&P 500 ETF | $36M | 1.4% | — | 8.8 yr |
| FCNTXFidelity Contrafund | $35M | 1.3% | — | 2.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management42.5%+2.7pp$1.12B
Unknown18.0%-2.7pp$473M
Semiconductors4.2%+1.3pp$109M
Asset Management - Bonds3.4%+0.5pp$89M
Drug Manufacturers - General3.1%+0.1pp$81M
Internet Content & Information2.6%+0.8pp$68M
Asset Management - Income2.0%-0.1pp$53M
Software - Infrastructure2.0%-0.1pp$51M
Consumer Electronics1.9%-0.1pp$51M
Specialty Retail1.6%+0.1pp$41M
Country
US80.0%+2.5pp
Unknown18.0%-2.7pp
GB0.7%+0.1pp
CH0.5%-0.1pp
IE0.4%-0.2pp
TW0.3%+0.2pp
DE0.1%
CA0.0%-0.0pp
Top 5: 21.8% · Top 10: 31.8% · Top 25: 50.1%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| AVGO | $33M | +0.03B | 86.0% |
| APH | $17M | +0.02B | 93.6% |
| NVDA | $16M | +0.01B | 60.9% |
| AAPL | $50M | +0.01B | 14.7% |
| LLY | $41M | +0.00B | 12.2% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $41M | -0.00B | -0.6% |
Top buys this quarter · 15
| NFLX Netflix, Inc. | +$3M |
| SPGI S&P Global Inc. | +$8M |
| TSM Taiwan Semiconductor Manufactu | +$1M |
| AMZN Amazon.com, Inc. | +$28M |
| AME AMETEK, Inc. | +$1M |
| SAP SAP SE | +$3M |
| PG The Procter & Gamble Company | +$1M |
| LIN Linde plc | +$1M |
| ZTS Zoetis Inc. | +$1M |
| F-PD Ford Motor Company 6.500% Note | +$1M |
Top sells this quarter · 15
| LRCX Lam Research Corporation | −$7M |
| ADP Automatic Data Processing, Inc | −$5M |
| AVGO Broadcom Inc. | −$4M |
| APH Amphenol Corporation | −$2M |
| MSFT Microsoft Corporation | −$2M |
| AMP Ameriprise Financial, Inc. | −$1M |
| ALC Alcon Inc.exit | −$1M |
| ADBE Adobe Inc. | −$1M |
| MDLZ Mondelez International, Inc.exit | −$1M |
| AMAT Applied Materials, Inc.exit | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.63B | 357 | +16.08% | +17.59% | -1.51% | +0.01B |
| 2025-12-31 | $2.70B | 368 | +16.97% | +17.72% | -0.75% | -0.04B |
| 2025-09-30 | $2.65B | 371 | +14.92% | +17.52% | -2.60% | -0.10B |
| 2025-06-30 | $2.58B | 369 | +14.65% | +14.94% | -0.29% | -0.14B |
| 2025-03-31 | $2.51B | 379 | +7.75% | +8.30% | -0.55% | -0.04B |
| 2024-12-31 | $2.60B | 404 | +20.34% | +24.89% | -4.55% | -0.05B |
| 2024-09-30 | $2.62B | 403 | +30.09% | +36.04% | -5.95% | -0.02B |
| 2024-06-30 | $2.48B | 374 | +16.92% | +24.49% | -7.57% | +1.12B |
| 2024-03-31 | $1.33B | 215 | +22.39% | +29.62% | -7.23% | -0.00B |
| 2023-12-31 | $1.22B | 211 | +14.60% | +26.18% | -11.58% | -0.01B |
| 2023-09-30 | $1.12B | 204 | +14.12% | +21.57% | -7.44% | -0.01B |
| 2023-06-30 | $1.18B | 206 | +15.68% | +19.42% | -3.74% | -0.02B |
| 2023-03-31 | $1.12B | 214 | -5.56% | -7.82% | +2.26% | +0.01B |
| 2022-12-31 | $1.09B | 224 | -11.83% | -18.17% | +6.34% | -0.00B |
| 2022-09-30 | $999M | 220 | -10.45% | -15.51% | +5.06% | +0.02B |
| 2022-06-30 | $1.01B | 217 | -6.85% | -10.62% | +3.77% | -0.06B |