Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.55%
trims when stocks drop
when a holding falls −10%+
Middle response
+0.05%
steady accumulation
Rally response
-3.00%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $10.65B | 5.5% | +60.9% | 10.0 yr |
| AAPLApple Inc. | $6.40B | 3.3% | +14.7% | 10.5 yr |
| MSFTMicrosoft Corporation | $5.98B | 3.1% | -0.6% | 10.5 yr |
| AMZNAmazon.com, Inc. | $5.05B | 2.6% | +9.5% | 10.5 yr |
| GOOGLAlphabet Inc. | $5.03B | 2.6% | — | 10.5 yr |
| AVGOBroadcom Inc. | $2.95B | 1.5% | +86.0% | 8.0 yr |
| METAMeta Platforms, Inc. | $2.86B | 1.5% | -0.4% | 10.5 yr |
| GOOGAlphabet Inc. | $2.69B | 1.4% | +84.3% | 10.5 yr |
| MAMastercard Incorporated | $2.68B | 1.4% | -8.5% | 10.5 yr |
| TSLATesla, Inc. | $2.51B | 1.3% | +43.4% | 10.5 yr |
| TSMTaiwan Semiconductor Man | $2.15B | 1.1% | +105.6% | 10.5 yr |
| NFLXNetflix, Inc. | $1.87B | 1.0% | +3.1% | 10.3 yr |
| COSTCostco Wholesale Corpora | $1.80B | 0.9% | +5.9% | 10.5 yr |
| LLYEli Lilly and Company | $1.70B | 0.9% | +12.2% | 10.5 yr |
| AMATApplied Materials, Inc. | $1.21B | 0.6% | +137.6% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors11.7%+3.9pp$22.54B
Internet Content & Information5.8%+0.1pp$11.16B
Software - Infrastructure5.4%-0.8pp$10.36B
Specialty Retail3.8%-0.4pp$7.36B
Banks - Regional3.8%-0.2pp$7.32B
Consumer Electronics3.4%-0.9pp$6.53B
Drug Manufacturers - General2.7%-0.0pp$5.31B
Oil & Gas Exploration & Production2.5%+0.6pp$4.82B
Asset Management2.3%-0.2pp$4.52B
Financial - Credit Services2.3%-0.6pp$4.38B
Country
US88.7%-2.9pp
CA2.1%+0.6pp
Unknown1.3%+0.4pp
TW1.2%+0.7pp
GB1.1%+0.3pp
IE1.1%-0.3pp
BM0.6%+0.1pp
BR0.5%+0.2pp
Top 5: 17.1% · Top 10: 24.2% · Top 25: 33.1%
Top buys this quarter · 15
| MSFT Microsoft Corporation | +$5.98B |
| AZN AstraZeneca PLCnew | +$356M |
| HON Honeywell International Inc. | +$210M |
| OC Owens Corning | +$187M |
| NFLX Netflix, Inc. | +$182M |
| FN Fabrinet | +$164M |
| PL Planet Labs PBC | +$160M |
| PWR Quanta Services, Inc. | +$159M |
| LRCX Lam Research Corporation | +$158M |
| CDE Coeur Mining, Inc. | +$150M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $193.48B | 2815 | +18.46% | +17.59% | +0.86% | -0.99B |
| 2025-12-31 | $198.36B | 2797 | +13.46% | +17.72% | -4.26% | -1.25B |
| 2025-09-30 | $195.97B | 2765 | +13.68% | +17.52% | -3.84% | -1.46B |
| 2025-06-30 | $183.49B | 2764 | +11.90% | +14.94% | -3.04% | +4.26B |
| 2025-03-31 | $162.58B | 2804 | +2.22% | +8.30% | -6.08% | -0.48B |
| 2024-12-31 | $173.64B | 2797 | +17.11% | +24.89% | -7.78% | -1.53B |
| 2024-09-30 | $171.64B | 2788 | +29.21% | +36.04% | -6.82% | -1.04B |
| 2024-06-30 | $163.05B | 2797 | +16.57% | +24.49% | -7.92% | +3.20B |
| 2024-03-31 | $158.72B | 2839 | +23.22% | +29.62% | -6.40% | +2.69B |
| 2023-12-31 | $145.03B | 2792 | +22.34% | +26.18% | -3.84% | -0.46B |
| 2023-09-30 | $129.20B | 2736 | +16.19% | +21.57% | -5.38% | +2.85B |
| 2023-06-30 | $132.24B | 2686 | +16.32% | +19.42% | -3.10% | -2.47B |
| 2023-03-31 | $126.55B | 2567 | -7.69% | -7.82% | +0.13% | -3.79B |
| 2022-12-31 | $122.02B | 2478 | -8.45% | -18.17% | +9.72% | +0.91B |
| 2022-09-30 | $113.26B | 2327 | -9.66% | -15.51% | +5.85% | -3.32B |
| 2022-06-30 | $121.87B | 2202 | +2.93% | -10.62% | +13.55% | -1.49B |