Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-27.75%
trims when stocks drop
when a holding falls −10%+
Middle response
-8.55%
baseline attrition
Rally response
-1.70%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $1.36B | 4.5% | +60.9% | 9.8 yr |
| GOOGLAlphabet Inc. | $886M | 2.9% | — | 10.5 yr |
| AVGOBroadcom Inc. | $515M | 1.7% | +86.0% | 5.0 yr |
| AAPLApple Inc. | $503M | 1.6% | +14.7% | 10.5 yr |
| MSFTMicrosoft Corporation | $465M | 1.5% | -0.6% | 10.5 yr |
| JPMJPMorgan Chase & Co. | $458M | 1.5% | +21.8% | 10.5 yr |
| TSMTaiwan Semiconductor Man | $428M | 1.4% | +105.6% | 8.8 yr |
| XOMExxon Mobil Corporation | $414M | 1.4% | +47.6% | 8.8 yr |
| LLYEli Lilly and Company | $388M | 1.3% | +12.2% | 6.5 yr |
| JNJJohnson & Johnson | $362M | 1.2% | +51.5% | 7.3 yr |
| MSMorgan Stanley | $354M | 1.2% | +44.8% | 9.5 yr |
| PHParker-Hannifin Corporat | $352M | 1.2% | +48.6% | 7.5 yr |
| AMZNAmazon.com, Inc. | $340M | 1.1% | +9.5% | 10.5 yr |
| LRCXLam Research Corporation | $331M | 1.1% | +196.1% | 1.5 yr |
| ETREntergy Corporation | $331M | 1.1% | +35.0% | 8.0 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors12.5%+5.7pp$3.81B
Unknown5.0%+0.1pp$1.53B
Aerospace & Defense5.0%+1.8pp$1.52B
Biotechnology4.7%+1.5pp$1.44B
Drug Manufacturers - General4.1%+1.4pp$1.24B
Internet Content & Information3.7%-1.7pp$1.14B
Banks - Diversified3.5%+0.1pp$1.07B
Engineering & Construction3.3%+2.2pp$1.02B
Software - Infrastructure3.2%-3.2pp$993M
Financial - Capital Markets3.2%+0.6pp$981M
Country
US84.0%+4.1pp
Unknown5.0%+0.1pp
IE2.8%-0.4pp
GB1.5%-0.3pp
TW1.4%+0.5pp
CA1.1%-0.3pp
BM0.9%-0.3pp
CH0.8%+0.2pp
Top 5: 12.2% · Top 10: 18.9% · Top 25: 33.9%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NVDA | $707M | +0.43B | 60.9% |
| AVGO | $342M | +0.29B | 86.0% |
| TSM | $264M | +0.28B | 105.6% |
| LRCX | $140M | +0.27B | 196.1% |
| XOM | $347M | +0.16B | 47.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $537M | -0.00B | -0.6% |
Top buys this quarter · 15
| ADI Analog Devices, Inc. | +$160M |
| LLY Eli Lilly and Company | +$153M |
| LHX L3Harris Technologies, Inc. | +$131M |
| AAPL Apple Inc. | +$130M |
| MPWR Monolithic Power Systems, Inc. | +$122M |
| CRS Carpenter Technology Corporati | +$117M |
| AME AMETEK, Inc. | +$114M |
| GILD Gilead Sciences, Inc. | +$110M |
| CRCL Circle Internet Groupnew | +$94M |
| BE Bloom Energy Corporation | +$93M |
Top sells this quarter · 15
| MU Micron Technology, Inc. | −$206M |
| MSFT Microsoft Corporation | −$204M |
| GLW Corning Incorporated | −$55M |
| CSCO Cisco Systems, Inc. | −$154M |
| ABBV AbbVie Inc. | −$152M |
| RDDT Reddit, Inc. | −$128M |
| ABT Abbott Laboratories | −$122M |
| CVNA Carvana Co. | −$105M |
| AMZN Amazon.com, Inc. | −$105M |
| KGC Kinross Gold Corporation | −$105M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $30.58B | 545 | +27.12% | +17.59% | +9.53% | -1.77B |
| 2025-12-31 | $32.59B | 536 | +20.31% | +17.72% | +2.59% | -1.49B |
| 2025-09-30 | $33.58B | 520 | +24.65% | +17.52% | +7.14% | -0.69B |
| 2025-06-30 | $31.06B | 502 | +21.84% | +14.94% | +6.89% | -1.01B |
| 2025-03-31 | $28.05B | 529 | +8.21% | +8.30% | -0.09% | -0.60B |
| 2024-12-31 | $30.49B | 429 | +28.02% | +24.89% | +3.14% | -1.30B |
| 2024-09-30 | $30.24B | 443 | +36.45% | +36.04% | +0.41% | -3.07B |
| 2024-06-30 | $30.89B | 524 | +21.84% | +24.49% | -2.65% | -0.85B |
| 2024-03-31 | $31.25B | 543 | +27.20% | +29.62% | -2.43% | -0.42B |
| 2023-12-31 | $28.49B | 510 | +19.97% | +26.18% | -6.21% | -1.64B |
| 2023-09-30 | $26.89B | 526 | +14.43% | +21.57% | -7.14% | -1.09B |
| 2023-06-30 | $29.06B | 534 | +16.42% | +19.42% | -3.01% | -0.35B |
| 2023-03-31 | $27.73B | 535 | -6.81% | -7.82% | +1.01% | -1.56B |
| 2022-12-31 | $27.94B | 571 | +6.88% | +7.56% | -0.68% | -1.33B |
| 2022-09-30 | $27.38B | 558 | -2.05% | -4.93% | +2.88% | -0.33B |
| 2022-06-30 | $28.28B | 557 | -15.11% | -16.11% | +1.00% | -3.56B |