Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.89%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.24%
baseline attrition
Rally response
-1.24%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AAPLApple Inc. | $14.91B | 3.0% | +14.7% | 10.5 yr |
| IVViShares Core S&P 500 ETF | $12.79B | 2.6% | — | 10.5 yr |
| MSFTMicrosoft Corporation | $12.34B | 2.5% | -0.6% | 10.5 yr |
| NVDANVIDIA Corporation | $9.93B | 2.0% | +60.9% | 10.5 yr |
| ITOTiShares Core S&P Total U | $9.40B | 1.9% | — | 10.5 yr |
| GOOGLAlphabet Inc. | $8.00B | 1.6% | — | 10.5 yr |
| VOVanguard Mid-Cap ETF | $7.98B | 1.6% | — | 10.5 yr |
| AVGOBroadcom Inc. | $7.95B | 1.6% | +86.0% | 8.0 yr |
| IEFAiShares Core MSCI EAFE E | $7.71B | 1.5% | — | 10.5 yr |
| AMZNAmazon.com, Inc. | $7.29B | 1.5% | +9.5% | 10.5 yr |
| JPMJPMorgan Chase & Co. | $6.77B | 1.4% | +21.8% | 10.5 yr |
| AGGiShares Core U.S. Aggreg | $6.32B | 1.3% | — | 10.5 yr |
| SPYState Street SPDR S&P 50 | $6.13B | 1.2% | +17.6% | 10.5 yr |
| IEMGiShares Core MSCI Emergi | $6.10B | 1.2% | — | 10.5 yr |
| METAMeta Platforms, Inc. | $5.52B | 1.1% | -0.4% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management39.0%+1.9pp$194.13B
Semiconductors6.0%+1.8pp$29.95B
Internet Content & Information3.8%+1.2pp$19.05B
Asset Management - Bonds3.5%+0.2pp$17.67B
Drug Manufacturers - General3.5%+0.1pp$17.35B
Software - Infrastructure3.4%-0.5pp$16.81B
Consumer Electronics3.0%-0.1pp$15.03B
Banks - Diversified2.1%-0.0pp$10.49B
Aerospace & Defense1.9%+0.1pp$9.60B
Specialty Retail1.8%-0.1pp$8.94B
Country
US96.0%+0.3pp
IE0.8%-0.3pp
GB0.8%-0.1pp
CA0.5%+0.0pp
CH0.4%-0.1pp
TW0.3%+0.1pp
Unknown0.3%+0.0pp
NL0.3%+0.1pp
Top 5: 11.9% · Top 10: 19.7% · Top 25: 34.0%
Top buys this quarter · 15
| AMZN Amazon.com, Inc. | +$7.29B |
| MA Mastercard Incorporated | +$603M |
| AVGO Broadcom Inc. | +$7.95B |
| PNC The PNC Financial Services Gro | +$398M |
| AZN AstraZeneca PLCnew | +$305M |
| ORCL Oracle Corporation | +$1.05B |
| KO The Coca-Cola Company | +$171M |
| META Meta Platforms, Inc. | +$5.52B |
| CVX Chevron Corporation | +$155M |
| SNDK Sandisk Corporation | +$152M |
Top sells this quarter · 15
| SPY State Street SPDR S&P 500 ETF | −$7.56B |
| NVDA NVIDIA Corporation | −$1.04B |
| ITW Illinois Tool Works Inc. | −$497M |
| SBUX Starbucks Corporation | −$375M |
| C Citigroup Inc. | −$309M |
| AMD Advanced Micro Devices, Inc. | −$300M |
| SPGI S&P Global Inc. | −$293M |
| TSLA Tesla, Inc. | −$259M |
| JNJ Johnson & Johnson | −$3.69B |
| PAYX Paychex, Inc. | −$207M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $497.71B | 6301 | +15.30% | +17.59% | -2.29% | +3.05B |
| 2025-12-31 | $508.88B | 6235 | +15.39% | +17.72% | -2.33% | +12.89B |
| 2025-09-30 | $487.37B | 6190 | +13.60% | +17.52% | -3.92% | +3.45B |
| 2025-06-30 | $452.10B | 6208 | +13.74% | +14.94% | -1.20% | +2.79B |
| 2025-03-31 | $412.61B | 6110 | +5.30% | +8.30% | -3.00% | +10.21B |
| 2024-12-31 | $413.66B | 6125 | +16.35% | +24.89% | -8.54% | +2.76B |
| 2024-09-30 | $410.13B | 6055 | +29.28% | +36.04% | -6.76% | -3.23B |
| 2024-06-30 | $385.67B | 6047 | +16.21% | +24.49% | -8.28% | +5.51B |
| 2024-03-31 | $377.11B | 6673 | +21.98% | +29.62% | -7.64% | -0.00B |
| 2023-12-31 | $350.85B | 6728 | +18.57% | +26.18% | -7.61% | -3.05B |
| 2023-09-30 | $317.91B | 6778 | +16.45% | +21.57% | -5.12% | -10.55B |
| 2023-06-30 | $340.92B | 6884 | +15.01% | +19.42% | -4.41% | +0.11B |
| 2023-03-31 | $322.10B | 6760 | -5.78% | -7.82% | +2.04% | -5.76B |
| 2022-12-31 | $313.81B | 6804 | -13.98% | -18.17% | +4.20% | -1.37B |
| 2022-09-30 | $288.28B | 5957 | -12.61% | -15.51% | +2.90% | -5.44B |
| 2022-06-30 | $308.66B | 6138 | -7.64% | -10.62% | +2.98% | -17.47B |