Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.08%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.02%
baseline attrition
Rally response
-3.71%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| LLYEli Lilly and Company | $8.48B | 6.7% | +12.2% | 10.5 yr |
| MUMicron Technology, Inc. | $7.39B | 5.8% | +289.6% | 10.5 yr |
| GOOGLAlphabet Inc. | $4.31B | 3.4% | — | 5.5 yr |
| AZNAstraZeneca PLC | $3.59B | 2.8% | +36.2% | 0.3 yr |
| KLACKLA Corporation | $3.59B | 2.8% | +118.2% | 10.5 yr |
| INTCIntel Corporation | $3.34B | 2.6% | +94.3% | 10.5 yr |
| AMGNAmgen Inc. | $3.12B | 2.5% | +16.5% | 10.5 yr |
| NVDANVIDIA Corporation | $3.00B | 2.4% | +60.9% | 10.5 yr |
| FDXFedEx Corporation | $2.96B | 2.3% | +49.3% | 10.5 yr |
| BIIBBiogen Inc. | $2.71B | 2.1% | +34.0% | 10.5 yr |
| MSFTMicrosoft Corporation | $2.69B | 2.1% | -0.6% | 10.5 yr |
| AMZNAmazon.com, Inc. | $2.52B | 2.0% | +9.5% | 10.5 yr |
| BABAAlibaba Group Holding Li | $2.35B | 1.8% | -3.5% | 10.5 yr |
| TSLATesla, Inc. | $2.28B | 1.8% | +43.4% | 10.5 yr |
| SCHWThe Charles Schwab Corpo | $2.20B | 1.7% | +21.5% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors18.1%+4.9pp$22.96B
Drug Manufacturers - General17.3%-0.8pp$21.97B
Internet Content & Information6.2%+1.1pp$7.85B
Specialty Retail4.0%+0.7pp$5.14B
Airlines, Airports & Air Services4.0%-0.1pp$5.10B
Software - Infrastructure3.6%-1.2pp$4.54B
Financial - Capital Markets3.5%+0.8pp$4.46B
Hardware, Equipment & Parts3.0%+0.7pp$3.78B
Apparel - Retail3.0%+0.6pp$3.78B
Medical - Devices2.9%-1.4pp$3.62B
Country
US87.2%+0.4pp
GB4.8%+3.4pp
CN3.0%-0.4pp
SG1.4%+0.3pp
CH1.0%-0.2pp
JP1.0%-1.0pp
NL0.4%+0.1pp
SE0.3%+0.0pp
Top 5: 21.5% · Top 10: 33.5% · Top 25: 56.3%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$3.59B |
| ADBE Adobe Inc. | +$1.15B |
| BA The Boeing Company | +$157M |
| GTLB GitLab Inc. | +$133M |
| ERIC Telefonaktiebolaget LM Ericsso | +$121M |
| BSX Boston Scientific Corporation | +$2.04B |
| PYPL PayPal Holdings, Inc. | +$453M |
| HPQ HP Inc. | +$73M |
| WM Waste Management, Inc.new | +$64M |
| CARR Carrier Global Corporation | +$52M |
Top sells this quarter · 15
| MU Micron Technology, Inc. | −$7.08B |
| KLAC KLA Corporation | −$3.49B |
| QCOM QUALCOMM Incorporated | −$210M |
| SNDK Sandisk Corporation | −$180M |
| FLEX Flex Ltd. | −$1.61B |
| TXN Texas Instruments Incorporated | −$1.75B |
| FDX FedEx Corporation | −$2.46B |
| TSLA Tesla, Inc. | −$71M |
| IQV IQVIA Holdings Inc. | −$63M |
| STX Seagate Technology Holdings pl | −$60M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $127.01B | 320 | +30.02% | +17.59% | +12.43% | -2.61B |
| 2025-12-31 | $132.11B | 319 | +28.66% | +17.72% | +10.94% | -10.49B |
| 2025-09-30 | $130.57B | 327 | +16.38% | +17.52% | -1.14% | -9.41B |
| 2025-06-30 | $126.19B | 333 | +6.28% | +14.94% | -8.66% | -6.12B |
| 2025-03-31 | $120.96B | 335 | +0.84% | +8.30% | -7.47% | -4.40B |
| 2024-12-31 | $129.12B | 329 | +13.10% | +24.89% | -11.79% | -5.24B |
| 2024-09-30 | $136.01B | 336 | +26.22% | +36.04% | -9.82% | -3.92B |
| 2024-06-30 | $138.13B | 332 | +23.87% | +24.49% | -0.62% | -1.03B |
| 2024-03-31 | $134.08B | 335 | +30.36% | +29.62% | +0.73% | -3.47B |
| 2023-12-31 | $126.31B | 334 | +27.33% | +26.18% | +1.15% | -4.29B |
| 2023-09-30 | $118.47B | 331 | +26.33% | +21.57% | +4.76% | -0.52B |
| 2023-06-30 | $119.68B | 328 | +19.91% | +19.42% | +0.48% | -5.58B |
| 2023-03-31 | $114.68B | 331 | -4.74% | -7.82% | +3.08% | -1.50B |
| 2022-12-31 | $109.23B | 334 | +9.38% | +7.56% | +1.82% | -3.80B |
| 2022-09-30 | $103.34B | 335 | -5.63% | -4.93% | -0.70% | -2.23B |
| 2022-06-30 | $111.87B | 341 | -13.23% | -16.11% | +2.88% | -3.17B |