Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.99%
trims when stocks drop
when a holding falls −10%+
Middle response
+4.19%
steady accumulation
Rally response
-4.62%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $2.89B | 2.7% | +60.9% | 10.5 yr |
| AAPLApple Inc. | $2.81B | 2.6% | +14.7% | 10.5 yr |
| MSFTMicrosoft Corporation | $2.47B | 2.3% | -0.6% | 10.5 yr |
| AMZNAmazon.com, Inc. | $1.72B | 1.6% | +9.5% | 10.5 yr |
| GOOGLAlphabet Inc. | $1.68B | 1.6% | — | 10.3 yr |
| AVGOBroadcom Inc. | $1.39B | 1.3% | +86.0% | 8.0 yr |
| JPMJPMorgan Chase & Co. | $1.13B | 1.0% | +21.8% | 10.5 yr |
| JNJJohnson & Johnson | $1.10B | 1.0% | +51.5% | 10.5 yr |
| SPYState Street SPDR S&P 50 | $1.06B | 1.0% | +17.6% | 10.5 yr |
| CSCOCisco Systems, Inc. | $1.05B | 1.0% | +28.1% | 10.5 yr |
| IEFAiShares Core MSCI EAFE E | $1.04B | 1.0% | — | 10.5 yr |
| MRKMerck & Co., Inc. | $997M | 0.9% | +38.9% | 10.5 yr |
| VVisa Inc. | $991M | 0.9% | -13.1% | 10.5 yr |
| PEPPepsiCo, Inc. | $985M | 0.9% | +7.7% | 10.5 yr |
| GOOGAlphabet Inc. | $971M | 0.9% | +84.3% | 10.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management27.0%+2.9pp$29.19B
Semiconductors6.6%+1.7pp$7.11B
Drug Manufacturers - General4.7%+0.5pp$5.04B
Software - Infrastructure3.3%-1.0pp$3.62B
Internet Content & Information3.2%+0.7pp$3.50B
Asset Management - Bonds2.9%+0.4pp$3.12B
Consumer Electronics2.6%-0.1pp$2.83B
Specialty Retail2.5%-0.3pp$2.74B
Industrial - Machinery2.0%-0.3pp$2.18B
Aerospace & Defense2.0%+0.4pp$2.17B
Country
US94.0%-0.5pp
IE1.6%-0.3pp
GB1.1%+0.4pp
CA0.8%+0.1pp
Unknown0.5%-0.0pp
TW0.4%+0.2pp
NL0.3%+0.1pp
CH0.3%+0.0pp
Top 5: 10.7% · Top 10: 16.0% · Top 25: 27.8%
Top buys this quarter · 15
| ABBV AbbVie Inc. | +$275M |
| YUM Yum! Brands, Inc. | +$263M |
| AZN AstraZeneca PLCnew | +$135M |
| SF Stifel Financial Corp. | +$279M |
| PAYX Paychex, Inc. | +$81M |
| EMN Eastman Chemical Company | +$73M |
| BX Blackstone Inc. | +$66M |
| TSM Taiwan Semiconductor Manufactu | +$55M |
| EQR Equity Residential | +$53M |
| ADBE Adobe Inc. | +$217M |
Top sells this quarter · 15
| WMT Walmart Inc. | −$788M |
| MSFT Microsoft Corporation | −$131M |
| JNJ Johnson & Johnson | −$1.01B |
| NVDA NVIDIA Corporation | −$87M |
| XEL Xcel Energy Inc. | −$69M |
| AAPL Apple Inc. | −$63M |
| STT State Street Corporation | −$59M |
| MA Mastercard Incorporated | −$53M |
| XOM Exxon Mobil Corporation | −$480M |
| CMI Cummins Inc. | −$44M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $108.17B | 3591 | +15.16% | +17.59% | -2.43% | -0.88B |
| 2025-12-31 | $110.58B | 3532 | +13.68% | +17.72% | -4.04% | -0.13B |
| 2025-09-30 | $108.89B | 3500 | +12.31% | +17.52% | -5.21% | +0.45B |
| 2025-06-30 | $102.18B | 3434 | +13.35% | +14.94% | -1.60% | +0.99B |
| 2025-03-31 | $93.50B | 3388 | +4.94% | +8.30% | -3.36% | +0.55B |
| 2024-12-31 | $95.47B | 3346 | +16.45% | +24.89% | -8.44% | +0.19B |
| 2024-09-30 | $94.87B | 3341 | +28.25% | +36.04% | -7.78% | +0.17B |
| 2024-06-30 | $88.42B | 3336 | +14.60% | +24.49% | -9.89% | +0.88B |
| 2024-03-31 | $87.37B | 3307 | +20.50% | +29.62% | -9.13% | +1.89B |
| 2023-12-31 | $79.12B | 3280 | +16.30% | +26.18% | -9.88% | +0.79B |
| 2023-09-30 | $70.81B | 3242 | +14.87% | +21.57% | -6.69% | +1.19B |
| 2023-06-30 | $72.75B | 3284 | +13.96% | +19.42% | -5.47% | -0.40B |
| 2023-03-31 | $69.44B | 3287 | -6.11% | -7.82% | +1.71% | +0.33B |
| 2022-12-31 | $66.27B | 3249 | -14.11% | -18.17% | +4.06% | -0.06B |
| 2022-09-30 | $60.71B | 3236 | -12.70% | -15.51% | +2.81% | +0.42B |
| 2022-06-30 | $63.50B | 3272 | -7.52% | -10.62% | +3.11% | +0.27B |