Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.70%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.74%
baseline attrition
Rally response
-3.90%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SVALiShares US Small Cap Val | $99M | 5.5% | — | 1.5 yr |
| SPMOInvesco S&P 500 Momentum | $69M | 3.9% | — | 4.3 yr |
| IWSiShares Russell Mid-Cap | $63M | 3.5% | — | 4.0 yr |
| VOOVanguard S&P 500 ETF | $61M | 3.4% | — | 4.8 yr |
| IEMGiShares Core MSCI Emergi | $43M | 2.4% | — | 1.5 yr |
| MAGSRoundhill Investments - | $38M | 2.1% | — | 2.0 yr |
| AAPLApple Inc. | $36M | 2.0% | +14.7% | 5.0 yr |
| XLIState Street Industrial | $31M | 1.7% | — | 4.5 yr |
| XLVState Street Health Care | $31M | 1.7% | — | 5.0 yr |
| XLFState Street Financial S | $27M | 1.5% | — | 5.0 yr |
| RSPInvesco S&P 500 Equal We | $27M | 1.5% | — | 4.8 yr |
| SPTMState Street SPDR Portfo | $25M | 1.4% | — | 5.0 yr |
| VYMVanguard High Dividend Y | $23M | 1.3% | — | 4.8 yr |
| IEFAiShares Core MSCI EAFE E | $22M | 1.2% | — | 4.8 yr |
| SPABState Street SPDR Portfo | $19M | 1.1% | — | 5.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management61.8%-2.5pp$1.11B
Asset Management - Bonds4.1%+0.6pp$74M
Drug Manufacturers - General3.5%-0.1pp$62M
Software - Infrastructure2.0%+0.3pp$37M
Consumer Electronics2.0%+0.1pp$36M
Semiconductors1.8%+0.7pp$33M
Regulated Electric1.7%+0.2pp$30M
Asset Management - Income1.3%+0.2pp$23M
Household & Personal Products1.2%-0.5pp$22M
Grocery Stores1.1%+0.1pp$21M
Country
US96.2%-1.0pp
CA1.7%+0.4pp
IE0.5%+0.2pp
Unknown0.5%-0.4pp
GB0.4%+0.3pp
DK0.3%+0.2pp
MX0.2%+0.1pp
CH0.1%+0.0pp
Top 5: 18.6% · Top 10: 27.7% · Top 25: 42.7%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NVDA | $9M | +0.01B | 60.9% |
| AAPL | $26M | +0.00B | 14.7% |
| JNJ | $7M | +0.00B | 51.5% |
| LLY | $10M | +0.00B | 12.2% |
| MSFT | $15M | -0.00B | -0.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $15M | -0.00B | -0.6% |
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$3M |
| COP ConocoPhillips | +$3M |
| SPY State Street SPDR S&P 500 ETF | +$2M |
| MDT Medtronic plc | +$2M |
| YELP Yelp Inc.new | +$2M |
| FRMI Fermi Inc. Common Stocknew | +$1M |
| KMB Kimberly-Clark Corporation | +$1M |
| HOG Harley-Davidson, Inc. | +$1M |
| ACN Accenture plc | +$1M |
| MSFT Microsoft Corporation | +$19M |
Top sells this quarter · 15
| ECCU Eagle Point Credit Company Inc | −$6M |
| RTX RTX Corporationexit | −$6M |
| CAT Caterpillar Inc. | −$2M |
| AGX Argan, Inc.exit | −$2M |
| CHYM Chime Financial, Inc. Class A exit | −$1M |
| MCD McDonald's Corporation | −$1M |
| FDX FedEx Corporation | −$1M |
| DAKT Daktronics, Inc. | −$1M |
| KD Kyndryl Holdings, Inc.exit | −$1M |
| GILD Gilead Sciences, Inc. | −$11M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.80B | 564 | +17.67% | +17.59% | +0.08% | +0.04B |
| 2025-12-31 | $1.78B | 515 | +17.44% | +17.72% | -0.28% | +0.11B |
| 2025-09-30 | $1.62B | 465 | +13.97% | +17.52% | -3.55% | +0.01B |
| 2025-06-30 | $1.49B | 439 | +13.43% | +14.94% | -1.51% | +0.07B |
| 2025-03-31 | $1.34B | 416 | +8.01% | +8.30% | -0.29% | +0.00B |
| 2024-12-31 | $1.34B | 402 | +14.66% | +24.89% | -10.23% | +0.02B |
| 2024-09-30 | $1.32B | 397 | +24.51% | +36.04% | -11.53% | +0.04B |
| 2024-06-30 | $1.19B | 380 | +10.86% | +24.49% | -13.63% | +0.09B |
| 2024-03-31 | $1.08B | 379 | +13.97% | +29.62% | -15.65% | -0.05B |
| 2023-12-31 | $1.08B | 380 | +10.50% | +26.18% | -15.67% | +0.04B |
| 2023-09-30 | $954M | 348 | +12.21% | +21.57% | -9.35% | +0.02B |
| 2023-06-30 | $982M | 365 | +11.63% | +19.42% | -7.79% | -0.67B |
| 2023-03-31 | $1.58B | 347 | -5.58% | -7.82% | +2.23% | -0.70B |
| 2022-12-31 | $2.24B | 3235 | -11.82% | -18.17% | +6.35% | +0.38B |
| 2022-09-30 | $1.68B | 1525 | -3.47% | -15.51% | +12.04% | +0.62B |
| 2022-06-30 | $1.12B | 1416 | +8.27% | -5.48% | +13.76% | -0.43B |