Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.08%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.80%
baseline attrition
Rally response
+1.01%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VOOVanguard S&P 500 ETF | $18.31B | 5.7% | — | 1.5 yr |
| AGGiShares Core U.S. Aggreg | $8.81B | 2.7% | — | 1.5 yr |
| AAPLApple Inc. | $7.65B | 2.4% | +14.7% | 1.5 yr |
| MSFTMicrosoft Corporation | $6.56B | 2.0% | -0.6% | 1.5 yr |
| NVDANVIDIA Corporation | $6.10B | 1.9% | +60.9% | 1.5 yr |
| AVGOBroadcom Inc. | $5.03B | 1.6% | +86.0% | 1.5 yr |
| AMZNAmazon.com, Inc. | $4.42B | 1.4% | +9.5% | 1.5 yr |
| JPMJPMorgan Chase & Co. | $4.25B | 1.3% | +21.8% | 1.5 yr |
| IEFAiShares Core MSCI EAFE E | $4.04B | 1.3% | — | 1.5 yr |
| GOOGLAlphabet Inc. | $3.78B | 1.2% | — | 1.5 yr |
| WMTWalmart Inc. | $3.00B | 0.9% | +42.8% | 1.5 yr |
| IVViShares Core S&P 500 ETF | $2.97B | 0.9% | — | 1.5 yr |
| SPYState Street SPDR S&P 50 | $2.95B | 0.9% | +17.6% | 1.5 yr |
| JNJJohnson & Johnson | $2.50B | 0.8% | +51.5% | 1.5 yr |
| IJHiShares Core S&P Mid-Cap | $2.46B | 0.8% | — | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management38.8%+2.8pp$125.10B
Semiconductors6.0%+1.8pp$19.25B
Drug Manufacturers - General3.0%+0.2pp$9.66B
Software - Infrastructure3.0%-0.6pp$9.54B
Asset Management - Bonds2.7%-0.0pp$8.61B
Internet Content & Information2.6%+0.5pp$8.44B
Consumer Electronics2.4%-0.1pp$7.71B
Banks - Diversified2.1%+0.2pp$6.90B
Specialty Retail2.0%-0.3pp$6.32B
Industrial - Machinery1.8%+0.2pp$5.86B
Country
US94.4%-0.2pp
IE1.6%-0.2pp
GB0.8%+0.1pp
CA0.7%+0.1pp
Unknown0.6%+0.1pp
CH0.5%-0.0pp
TW0.3%+0.1pp
NL0.2%+0.0pp
Top 5: 14.7% · Top 10: 21.4% · Top 25: 32.0%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$343M |
| ZTS Zoetis Inc. | +$266M |
| MSFT Microsoft Corporation | +$6.56B |
| TXN Texas Instruments Incorporated | +$142M |
| LIN Linde plc | +$138M |
| LLY Eli Lilly and Company | +$1.49B |
| META Meta Platforms, Inc. | +$2.21B |
| OXY Occidental Petroleum Corporati | +$95M |
| AMT American Tower Corporation | +$94M |
| CEG Constellation Energy Corporati | +$89M |
Top sells this quarter · 15
| SPY State Street SPDR S&P 500 ETF | −$415M |
| MDT Medtronic plc | −$335M |
| GLW Corning Incorporated | −$320M |
| BAC Bank of America Corporation | −$117M |
| AIG American International Group, | −$108M |
| TT Trane Technologies plc | −$98M |
| XOM Exxon Mobil Corporation | −$1.09B |
| BKR Baker Hughes Company | −$92M |
| TSCO Tractor Supply Company | −$82M |
| RTX RTX Corporation | −$80M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $322.69B | 5091 | +16.75% | +17.59% | -0.84% | +7.05B |
| 2025-12-31 | $319.93B | 4968 | +13.94% | +17.72% | -3.78% | +6.86B |
| 2025-09-30 | $309.81B | 4810 | +6.73% | +8.12% | -1.39% | +0.98B |
| 2025-06-30 | $289.35B | 6770 | +9.72% | +10.78% | -1.06% | -1.03B |
| 2025-03-31 | $264.65B | 4676 | -3.72% | -4.27% | +0.55% | +4.74B |
| 2024-12-31 | $269.95B | 4637 | — | — | — | — |