Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.17%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.69%
baseline attrition
Rally response
-0.42%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ACWXiShares MSCI ACWI ex U.S | $115M | 9.9% | — | 8.0 yr |
| GVIiShares Intermediate Gov | $95M | 8.1% | — | 8.0 yr |
| IWRiShares Russell Mid-Cap | $93M | 8.0% | — | 8.0 yr |
| IWMiShares Russell 2000 ETF | $54M | 4.7% | — | 8.0 yr |
| GOOGLAlphabet Inc. | $47M | 4.0% | — | 8.0 yr |
| AAPLApple Inc. | $47M | 4.0% | +14.7% | 8.0 yr |
| NVDANVIDIA Corporation | $47M | 4.0% | +60.9% | 4.3 yr |
| MSFTMicrosoft Corporation | $41M | 3.6% | -0.6% | 8.0 yr |
| GABCGerman American Bancorp, | $40M | 3.5% | +14.8% | 8.0 yr |
| IVViShares Core S&P 500 ETF | $37M | 3.2% | — | 8.0 yr |
| AMZNAmazon.com, Inc. | $31M | 2.7% | +9.5% | 8.0 yr |
| SPYState Street SPDR S&P 50 | $28M | 2.4% | +17.6% | 8.0 yr |
| MUMicron Technology, Inc. | $23M | 2.0% | +289.6% | 8.0 yr |
| METAMeta Platforms, Inc. | $22M | 1.9% | -0.4% | 8.0 yr |
| XLUState Street Utilities S | $22M | 1.9% | — | 8.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management43.1%-3.0pp$501M
Semiconductors7.8%+2.9pp$91M
Internet Content & Information6.0%+0.6pp$70M
Software - Infrastructure5.0%-1.1pp$58M
Banks - Regional4.2%+1.3pp$49M
Consumer Electronics4.0%-0.4pp$47M
Drug Manufacturers - General3.5%+0.4pp$41M
Specialty Retail2.7%-0.3pp$31M
Banks - Diversified2.5%-0.5pp$30M
Aerospace & Defense2.2%+1.4pp$26M
Country
US99.7%-0.1pp
IE0.1%-0.0pp
Unknown0.1%+0.0pp
GB0.0%+0.0pp
TW0.0%
NL0.0%
Top 5: 34.8% · Top 10: 53.1% · Top 25: 76.3%
Top buys this quarter · 15
| NOC Northrop Grumman Corporation | +$3M |
| CRM Salesforce, Inc.new | +$1M |
| MSFT Microsoft Corporation | +$41M |
| AMGN Amgen Inc. | +$1M |
| AVGO Broadcom Inc. | +$18M |
| GABC German American Bancorp, Inc. | +$1M |
| META Meta Platforms, Inc. | +$22M |
| UNH UnitedHealth Group Incorporate | +$7M |
| APA APA Corporationnew | +$0M |
| PFE Pfizer Inc. | +$0M |
Top sells this quarter · 15
| TFC Truist Financial Corporation | −$5M |
| CVS CVS Health Corporation | −$4M |
| MU Micron Technology, Inc. | −$23M |
| NVDA NVIDIA Corporation | −$1M |
| XOM Exxon Mobil Corporation | −$10M |
| PSX Phillips 66 | −$4M |
| SPY State Street SPDR S&P 500 ETF | −$0M |
| COP ConocoPhillips | −$5M |
| TSLA Tesla, Inc.exit | −$0M |
| MMM 3M Companyexit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.16B | 147 | +22.20% | +17.59% | +4.60% | +0.03B |
| 2025-12-31 | $1.17B | 124 | +20.28% | +17.72% | +2.56% | +0.01B |
| 2025-09-30 | $1.13B | 124 | +18.20% | +17.52% | +0.68% | +0.02B |
| 2025-06-30 | $1.02B | 127 | +13.92% | +14.94% | -1.02% | -0.02B |
| 2025-03-31 | $930M | 121 | +5.03% | +8.30% | -3.27% | +0.02B |
| 2024-12-31 | $955M | 122 | +20.31% | +24.89% | -4.57% | -0.00B |
| 2024-09-30 | $944M | 127 | +31.96% | +36.04% | -4.08% | +0.03B |
| 2024-06-30 | $870M | 125 | +22.06% | +24.49% | -2.44% | +0.01B |
| 2024-03-31 | $831M | 118 | +27.62% | +29.62% | -2.00% | +0.00B |
| 2023-12-31 | $758M | 117 | +23.05% | +26.18% | -3.13% | -0.01B |
| 2023-09-30 | $687M | 109 | +20.55% | +21.57% | -1.02% | -0.00B |
| 2023-06-30 | $710M | 114 | +17.98% | +19.42% | -1.44% | -0.01B |
| 2023-03-31 | $667M | 117 | -6.43% | -7.82% | +1.39% | +0.02B |
| 2022-12-31 | $617M | 116 | -15.28% | -18.17% | +2.90% | -0.01B |
| 2022-09-30 | $576M | 100 | -13.72% | -15.51% | +1.79% | +0.01B |
| 2022-06-30 | $593M | 99 | -8.65% | -10.62% | +1.97% | +0.01B |