Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.34%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.27%
baseline attrition
Rally response
-0.14%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $29.51B | 6.8% | +60.9% | 10.3 yr |
| AAPLApple Inc. | $27.44B | 6.3% | +14.7% | 10.3 yr |
| MSFTMicrosoft Corporation | $18.61B | 4.3% | -0.6% | 10.3 yr |
| AMZNAmazon.com, Inc. | $11.57B | 2.7% | +9.5% | 10.3 yr |
| GOOGLAlphabet Inc. | $10.86B | 2.5% | — | 10.3 yr |
| AVGOBroadcom Inc. | $9.96B | 2.3% | +86.0% | 7.8 yr |
| GOOGAlphabet Inc. | $8.85B | 2.0% | +84.3% | 10.3 yr |
| METAMeta Platforms, Inc. | $8.18B | 1.9% | -0.4% | 10.3 yr |
| TSLATesla, Inc. | $7.51B | 1.7% | +43.4% | 10.3 yr |
| JPMJPMorgan Chase & Co. | $5.54B | 1.3% | +21.8% | 10.3 yr |
| AZNAstraZeneca PLC | $5.01B | 1.2% | +36.2% | 0.3 yr |
| LLYEli Lilly and Company | $4.95B | 1.1% | +12.2% | 10.3 yr |
| JNJJohnson & Johnson | $4.73B | 1.1% | +51.5% | 10.3 yr |
| VVisa Inc. | $3.79B | 0.9% | -13.1% | 10.3 yr |
| WMTWalmart Inc. | $3.35B | 0.8% | +42.8% | 10.3 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors13.7%+4.2pp$59.05B
Internet Content & Information6.7%+1.1pp$29.16B
Software - Infrastructure6.5%-1.2pp$28.21B
Consumer Electronics6.4%-0.5pp$27.49B
Drug Manufacturers - General5.9%+1.3pp$25.43B
Banks - Diversified4.0%+0.3pp$17.35B
Specialty Retail3.5%-0.4pp$15.01B
Regulated Electric2.4%-0.0pp$10.30B
Software - Application2.3%-1.0pp$9.75B
Financial - Credit Services2.2%-0.5pp$9.55B
Country
US90.0%-1.9pp
CA3.4%+0.8pp
GB1.8%+1.2pp
IE1.5%-0.2pp
Unknown0.7%+0.0pp
CH0.6%-0.1pp
FR0.3%+0.3pp
SG0.3%+0.0pp
Top 5: 22.7% · Top 10: 31.9% · Top 25: 43.2%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$5.10B |
| SUNB Sunbelt Rentals Holdings Incnew | +$186M |
| JNJ Johnson & Johnson | +$147M |
| PANW Palo Alto Networks, Inc. | +$134M |
| COHR Coherent, Inc. | +$111M |
| RYN Rayonier Inc. | +$104M |
| SNDK Sandisk Corporation | +$100M |
| UBER Uber Technologies, Inc. | +$1.07B |
| LLY Eli Lilly and Company | +$4.95B |
| AXP American Express Company | +$1.11B |
Top sells this quarter · 15
| AAPL Apple Inc. | −$590M |
| AVGO Broadcom Inc. | −$400M |
| NVDA NVIDIA Corporation | −$392M |
| MSFT Microsoft Corporation | −$307M |
| ORCL Oracle Corporation | −$146M |
| CSCO Cisco Systems, Inc. | −$98M |
| AMZN Amazon.com, Inc. | −$87M |
| JCI Johnson Controls International | −$77M |
| XOM Exxon Mobil Corporation | −$2.39B |
| MCO Moody's Corporation | −$69M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $432.24B | 3356 | +18.45% | +17.59% | +0.86% | +0.11B |
| 2025-12-31 | $450.80B | 3382 | +18.10% | +17.72% | +0.38% | -4.98B |
| 2025-09-30 | $445.71B | 3400 | +17.70% | +17.52% | +0.18% | +8.47B |
| 2025-06-30 | $402.83B | 3410 | +15.78% | +14.94% | +0.83% | -5.98B |
| 2025-03-31 | $367.20B | 3369 | +6.03% | +8.30% | -2.27% | +6.04B |
| 2024-12-31 | $377.90B | 3384 | +18.74% | +24.89% | -6.14% | -9.47B |
| 2024-09-30 | $380.08B | 3399 | +30.58% | +36.04% | -5.46% | +2.20B |
| 2024-06-30 | $353.93B | 3406 | +17.54% | +24.49% | -6.95% | -0.14B |
| 2024-03-31 | $347.27B | 3353 | +23.37% | +29.62% | -6.26% | +2.82B |
| 2023-12-31 | $321.82B | 3371 | +22.93% | +26.18% | -3.24% | +0.63B |
| 2023-09-30 | $286.60B | 3403 | +17.07% | +21.57% | -4.50% | -8.81B |
| 2023-06-30 | $307.36B | 3397 | +15.60% | +19.42% | -3.82% | +8.21B |
| 2023-03-31 | $279.55B | 3368 | -7.82% | -7.82% | -0.00% | +1.74B |
| 2022-12-31 | $260.48B | 3406 | -17.56% | -18.17% | +0.62% | -12.65B |
| 2022-09-30 | $255.93B | 3440 | -14.20% | -15.51% | +1.30% | -12.22B |
| 2022-06-30 | $282.54B | 3499 | -9.08% | -10.62% | +1.54% | +2.05B |