Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-11.18%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.41%
baseline attrition
Rally response
+6.37%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AAPLApple Inc. | $208M | 4.9% | +14.7% | 11.5 yr |
| NVDANVIDIA Corporation | $157M | 3.7% | +60.9% | 9.0 yr |
| MSFTMicrosoft Corporation | $156M | 3.7% | -0.6% | 11.5 yr |
| SPYState Street SPDR S&P 50 | $131M | 3.1% | +17.6% | 11.3 yr |
| GOOGLAlphabet Inc. | $127M | 3.0% | — | 10.5 yr |
| GLDSPDR Gold Shares | $127M | 3.0% | — | 11.3 yr |
| EFAiShares MSCI EAFE ETF | $124M | 2.9% | — | 11.3 yr |
| GILDGilead Sciences, Inc. | $102M | 2.4% | +27.7% | 10.8 yr |
| BILState Street SPDR Bloomb | $93M | 2.2% | — | 7.8 yr |
| VGTVanguard Information Tec | $79M | 1.9% | — | 11.3 yr |
| IEFAiShares Core MSCI EAFE E | $73M | 1.7% | — | 7.5 yr |
| CMFiShares California Muni | $70M | 1.6% | — | 11.3 yr |
| VTIVanguard Total Stock Mar | $64M | 1.5% | — | 11.3 yr |
| AMZNAmazon.com, Inc. | $55M | 1.3% | +9.5% | 11.5 yr |
| VBRVanguard Small-Cap Value | $55M | 1.3% | — | 11.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management38.3%+3.4pp$1.63B
Semiconductors8.1%+2.1pp$344M
Drug Manufacturers - General4.9%+1.1pp$211M
Consumer Electronics4.9%-0.2pp$210M
Internet Content & Information4.9%+0.7pp$207M
Software - Infrastructure4.5%-1.0pp$191M
Asset Management - Bonds2.8%-1.8pp$119M
Software - Application2.2%-0.8pp$92M
Industrial - Machinery1.8%+0.3pp$78M
Banks - Diversified1.7%+0.2pp$72M
Country
US94.5%+0.3pp
IE1.4%-0.1pp
TW1.0%+0.3pp
GB0.8%+0.4pp
CH0.5%-0.0pp
CA0.4%+0.1pp
LU0.4%-0.2pp
NL0.3%+0.1pp
Top 5: 18.3% · Top 10: 30.6% · Top 25: 48.1%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$15M |
| NOW ServiceNow, Inc. | +$7M |
| NDAQ Nasdaq, Inc.new | +$6M |
| EXPE Expedia Group, Inc. | +$4M |
| CVX Chevron Corporation | +$3M |
| NTR Nutrien Ltd.new | +$3M |
| P Everpure, Inc. | +$3M |
| STLD Steel Dynamics, Inc. | +$3M |
| ACN Accenture plc | +$12M |
| BA The Boeing Company | +$2M |
Top sells this quarter · 15
| WDC Western Digital Corporation | −$9M |
| QCOM QUALCOMM Incorporated | −$5M |
| ORCL Oracle Corporation | −$5M |
| DUK Duke Energy Corporation | −$4M |
| MPC Marathon Petroleum Corporation | −$1M |
| CAT Caterpillar Inc. | −$3M |
| KLAC KLA Corporation | −$26M |
| DXCM DexCom, Inc.exit | −$3M |
| DASH DoorDash, Inc. | −$3M |
| PNC The PNC Financial Services Gro | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.26B | 731 | +16.55% | +17.59% | -1.04% | +0.01B |
| 2025-12-31 | $4.43B | 739 | +17.40% | +17.72% | -0.32% | -0.17B |
| 2025-09-30 | $4.52B | 773 | +16.92% | +17.52% | -0.60% | -0.03B |
| 2025-06-30 | $4.21B | 752 | +13.83% | +14.94% | -1.11% | +0.02B |
| 2025-03-31 | $3.80B | 732 | +6.05% | +8.30% | -2.25% | +0.07B |
| 2024-12-31 | $3.85B | 723 | +17.29% | +24.89% | -7.60% | +0.03B |
| 2024-09-30 | $3.77B | 732 | +31.23% | +36.04% | -4.80% | +0.02B |
| 2024-06-30 | $3.57B | 721 | +20.14% | +24.49% | -4.35% | -0.10B |
| 2024-03-31 | $3.56B | 728 | +26.03% | +29.62% | -3.60% | +0.01B |
| 2023-12-31 | $3.32B | 701 | +26.18% | +26.18% | -0.00% | -0.04B |
| 2023-09-30 | $2.97B | 693 | +18.14% | +21.57% | -3.43% | +0.27B |
| 2023-06-30 | $2.81B | 680 | +17.82% | +19.42% | -1.60% | -0.15B |
| 2023-03-31 | $2.74B | 707 | -7.49% | -7.82% | +0.33% | -0.02B |
| 2022-12-31 | $2.58B | 698 | -17.63% | -18.17% | +0.55% | +0.07B |
| 2022-09-30 | $2.36B | 656 | -13.72% | -15.51% | +1.78% | -0.03B |
| 2022-06-30 | $2.49B | 674 | -9.60% | -10.62% | +1.02% | +0.01B |