Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.53%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.59%
baseline attrition
Rally response
-3.64%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $144M | 2.9% | +60.9% | 9.3 yr |
| FINSAngel Oak Financial Stra | $139M | 2.8% | — | 4.8 yr |
| AVGOBroadcom Inc. | $137M | 2.8% | +86.0% | 8.3 yr |
| BBNBlackRock Taxable Munici | $121M | 2.4% | — | 8.0 yr |
| AAPLApple Inc. | $119M | 2.4% | +14.7% | 10.5 yr |
| MSFTMicrosoft Corporation | $103M | 2.1% | -0.6% | 10.5 yr |
| PPTPutnam Premier Income Tr | $100M | 2.0% | — | 10.5 yr |
| BHKBlackRock Core Bond Trus | $99M | 2.0% | — | 9.3 yr |
| KTFDWS Municipal Income Tru | $90M | 1.8% | — | 8.0 yr |
| TSITCW Strategic Income Fun | $85M | 1.7% | — | 9.0 yr |
| GOOGLAlphabet Inc. | $82M | 1.7% | — | 10.5 yr |
| MINMFS Intermediate Income | $76M | 1.6% | — | 10.5 yr |
| EVVEaton Vance Limited Dura | $74M | 1.5% | — | 10.5 yr |
| PIMPutnam Master Intermedia | $74M | 1.5% | — | 10.5 yr |
| BTZBlackRock Credit Allocat | $70M | 1.4% | — | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management - Income33.0%+0.0pp$1.62B
Asset Management12.0%-0.4pp$591M
Semiconductors7.7%+2.3pp$381M
Asset Management - Bonds5.6%+1.6pp$276M
Internet Content & Information3.2%+0.7pp$160M
Software - Infrastructure2.8%-0.9pp$137M
Consumer Electronics2.5%-0.2pp$124M
Unknown2.1%+0.6pp$105M
Industrial - Machinery1.8%-0.0pp$88M
Drug Manufacturers - General1.7%+0.3pp$84M
Country
US91.8%-0.1pp
Unknown2.1%+0.6pp
GB1.5%+0.4pp
IE1.1%-0.3pp
CH0.9%-0.1pp
DE0.4%+0.0pp
BM0.4%+0.1pp
NL0.4%+0.1pp
Top 5: 13.4% · Top 10: 23.1% · Top 25: 40.7%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$20M |
| MRK Merck & Co., Inc. | +$10M |
| AJG Arthur J. Gallagher & Co. | +$7M |
| EQH Equitable Holdings, Inc. | +$6M |
| A Agilent Technologies, Inc. | +$6M |
| AMAT Applied Materials, Inc. | +$6M |
| LEO BNY Mellon Strategic Municipal | +$5M |
| ADI Analog Devices, Inc. | +$5M |
| AXON Axon Enterprise, Inc. | +$4M |
| MS Morgan Stanley | +$4M |
Top sells this quarter · 15
| COP ConocoPhillips | −$10M |
| TYG Tortoise Energy Infrastructureexit | −$7M |
| ADBE Adobe Inc.exit | −$7M |
| HIG The Hartford Financial Serviceexit | −$6M |
| EXAS Exact Sciences Corporationexit | −$6M |
| PSA Public Storage | −$5M |
| FITB Fifth Third Bancorp | −$5M |
| NI NiSource Inc. | −$5M |
| ABBV AbbVie Inc. | −$5M |
| DTE DTE Energy Company | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.93B | 498 | +18.89% | +17.59% | +1.29% | +0.05B |
| 2025-12-31 | $5.08B | 510 | +16.29% | +17.72% | -1.43% | +0.04B |
| 2025-09-30 | $4.93B | 515 | +16.64% | +17.52% | -0.88% | -0.10B |
| 2025-06-30 | $4.68B | 522 | +14.12% | +14.94% | -0.83% | -0.14B |
| 2025-03-31 | $4.26B | 521 | +2.24% | +8.30% | -6.06% | +0.13B |
| 2024-12-31 | $4.41B | 529 | +16.98% | +24.89% | -7.90% | -0.18B |
| 2024-09-30 | $4.48B | 538 | +27.47% | +36.04% | -8.57% | -0.08B |
| 2024-06-30 | $4.34B | 532 | +16.56% | +24.49% | -7.93% | -0.06B |
| 2024-03-31 | $4.35B | 522 | +22.89% | +29.62% | -6.74% | -0.03B |
| 2023-12-31 | $4.08B | 534 | +19.90% | +26.18% | -6.28% | +0.01B |
| 2023-09-30 | $3.64B | 531 | +16.69% | +21.57% | -4.88% | -0.03B |
| 2023-06-30 | $3.83B | 545 | +17.28% | +19.42% | -2.15% | -0.10B |
| 2023-03-31 | $3.68B | 533 | -6.50% | -7.82% | +1.32% | -0.06B |
| 2022-12-31 | $3.57B | 541 | +8.67% | +7.56% | +1.11% | -0.07B |
| 2022-09-30 | $3.34B | 518 | -3.48% | -4.93% | +1.45% | +0.17B |
| 2022-06-30 | $3.29B | 514 | -14.89% | -16.11% | +1.22% | +0.13B |