Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.98%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.94%
baseline attrition
Rally response
-0.55%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| LLYEli Lilly and Company | $47.21B | 27.3% | +12.2% | 10.5 yr |
| IVViShares Core S&P 500 ETF | $10.24B | 5.9% | — | 10.5 yr |
| AAPLApple Inc. | $4.81B | 2.8% | +14.7% | 10.5 yr |
| MSFTMicrosoft Corporation | $3.38B | 2.0% | -0.6% | 10.5 yr |
| SPYState Street SPDR S&P 50 | $2.54B | 1.5% | +17.6% | 10.5 yr |
| GOOGLAlphabet Inc. | $2.53B | 1.5% | — | 10.5 yr |
| JPMJPMorgan Chase & Co. | $1.96B | 1.1% | +21.8% | 10.5 yr |
| NVDANVIDIA Corporation | $1.93B | 1.1% | +60.9% | 10.5 yr |
| XOMExxon Mobil Corporation | $1.75B | 1.0% | +47.6% | 10.5 yr |
| QQQInvesco QQQ Trust, Serie | $1.72B | 1.0% | — | 8.0 yr |
| IEFAiShares Core MSCI EAFE E | $1.52B | 0.9% | — | 10.5 yr |
| AVGOBroadcom Inc. | $1.45B | 0.8% | +86.0% | 8.0 yr |
| AMZNAmazon.com, Inc. | $1.42B | 0.8% | +9.5% | 10.5 yr |
| JNJJohnson & Johnson | $1.41B | 0.8% | +51.5% | 10.5 yr |
| IDEViShares Core MSCI Intern | $1.38B | 0.8% | — | 4.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management34.1%+9.1pp$59.11B
Drug Manufacturers - General29.7%-16.0pp$51.37B
Semiconductors3.2%+1.6pp$5.56B
Consumer Electronics2.8%+0.5pp$4.82B
Internet Content & Information2.4%+1.1pp$4.16B
Software - Infrastructure2.4%+0.2pp$4.09B
Banks - Diversified1.6%+0.4pp$2.84B
Oil & Gas Integrated1.6%+0.5pp$2.73B
Asset Management - Bonds1.5%+0.2pp$2.54B
Specialty Retail1.1%+0.2pp$1.84B
Country
US98.5%-0.3pp
IE0.4%+0.0pp
GB0.3%+0.1pp
TW0.2%+0.1pp
CH0.2%+0.0pp
CA0.1%+0.1pp
Unknown0.1%+0.0pp
NL0.0%+0.0pp
Top 5: 39.4% · Top 10: 45.1% · Top 25: 56.1%
Top buys this quarter · 15
| ATI ATI Inc. | +$114M |
| NVDA NVIDIA Corporation | +$1.93B |
| SYK Stryker Corporation | +$29M |
| AZN AstraZeneca PLCnew | +$25M |
| AMZN Amazon.com, Inc. | +$1.42B |
| AMAT Applied Materials, Inc. | +$24M |
| CSCO Cisco Systems, Inc. | +$18M |
| TJX The TJX Companies, Inc. | +$18M |
| TMUS T-Mobile US, Inc. | +$18M |
| TDG TransDigm Group Incorporated | +$17M |
Top sells this quarter · 15
| SPY State Street SPDR S&P 500 ETF | −$106M |
| JNJ Johnson & Johnson | −$1.24B |
| KTB Kontoor Brands, Inc. | −$413M |
| V Visa Inc. | −$32M |
| LRCX Lam Research Corporation | −$478M |
| PEG Public Service Enterprise Grou | −$31M |
| AAPL Apple Inc. | −$30M |
| JCI Johnson Controls International | −$26M |
| JPM JPMorgan Chase & Co. | −$25M |
| PG The Procter & Gamble Company | −$24M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $173.18B | 5140 | +10.52% | +17.59% | -7.07% | +4.16B |
| 2025-12-31 | $183.08B | 5132 | +21.08% | +17.72% | +3.36% | -8.83B |
| 2025-09-30 | $164.84B | 5058 | -1.99% | +17.52% | -19.51% | +4.01B |
| 2025-06-30 | $155.16B | 4887 | -1.51% | +14.94% | -16.45% | -34.26B |
| 2025-03-31 | $190.94B | 4863 | +6.90% | +8.30% | -1.41% | +39.71B |
| 2024-12-31 | $149.53B | 4753 | +24.06% | +24.89% | -0.82% | +1.94B |
| 2024-09-30 | $156.61B | 4759 | +44.62% | +36.04% | +8.58% | +0.20B |
| 2024-06-30 | $150.16B | 4744 | +42.95% | +24.49% | +18.46% | -4.62B |
| 2024-03-31 | $143.75B | 4672 | +47.90% | +29.62% | +18.27% | -5.62B |
| 2023-12-31 | $127.25B | 4596 | +26.56% | +26.18% | +0.38% | -1.05B |
| 2023-09-30 | $116.79B | 4593 | +27.53% | +21.57% | +5.97% | -4.00B |
| 2023-06-30 | $117.32B | 4667 | +18.00% | +19.42% | -1.42% | -9.67B |
| 2023-03-31 | $113.99B | 4649 | -1.11% | -7.82% | +6.71% | +9.44B |
| 2022-12-31 | $104.08B | 4746 | -6.09% | -18.17% | +12.08% | -1.73B |
| 2022-09-30 | $95.58B | 4408 | -5.78% | -15.51% | +9.73% | -1.45B |
| 2022-06-30 | $101.85B | 4428 | -0.53% | -10.62% | +10.09% | -4.57B |