Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.43%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.67%
baseline attrition
Rally response
-2.20%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| APPAppLovin Corporation | $106M | 23.9% | +50.2% | 3.8 yr |
| KGSKodiak Gas Services, Inc | $36M | 8.0% | +64.4% | 2.0 yr |
| AAPLApple Inc. | $35M | 7.9% | +14.7% | 10.3 yr |
| TSMTaiwan Semiconductor Man | $23M | 5.2% | +105.6% | 10.5 yr |
| MSFTMicrosoft Corporation | $21M | 4.8% | -0.6% | 10.5 yr |
| AAAUGoldman Sachs Physical G | $18M | 4.0% | — | 3.8 yr |
| SLViShares Silver Trust | $14M | 3.1% | — | 5.8 yr |
| JPMJPMorgan Chase & Co. | $10M | 2.3% | +21.8% | 9.3 yr |
| SHELShell plc | $10M | 2.2% | +32.0% | 4.3 yr |
| IBNICICI Bank Limited | $10M | 2.2% | -17.3% | 9.3 yr |
| MRKMerck & Co., Inc. | $9M | 2.0% | +38.9% | 9.3 yr |
| TOTB.DETotalEnergies SE | $8M | 1.9% | +41.2% | 0.5 yr |
| GILDGilead Sciences, Inc. | $7M | 1.5% | +27.7% | 8.8 yr |
| MFGMizuho Financial Group, | $7M | 1.5% | +46.2% | 2.5 yr |
| ASMLASML Holding N.V. | $6M | 1.4% | +100.9% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Software - Application24.3%+1.9pp$108M
Asset Management10.3%+0.6pp$46M
Semiconductors8.5%+2.0pp$38M
Oil & Gas Equipment & Services8.0%+1.3pp$36M
Consumer Electronics7.9%-1.1pp$35M
Banks - Diversified5.2%-0.2pp$23M
Drug Manufacturers - General5.0%-1.0pp$22M
Software - Infrastructure4.8%-2.0pp$21M
Oil & Gas Integrated4.7%+0.2pp$21M
Banks - Regional3.9%-1.1pp$17M
Country
US78.4%+0.0pp
TW5.3%+0.5pp
JP4.0%+0.1pp
IN3.0%-1.4pp
GB2.4%-0.1pp
FR2.4%-0.6pp
NL1.4%+0.5pp
AU1.0%
Top 5: 49.8% · Top 10: 63.5% · Top 25: 82.0%
Top buys this quarter · 15
| FCX Freeport-McMoRan Inc.new | +$5M |
| APP AppLovin Corporation | +$106M |
| NFLX Netflix, Inc.new | +$1M |
| BHP BHP Group Limited | +$1M |
| MSFT Microsoft Corporation | +$21M |
| EE Excelerate Energy, Inc.new | +$0M |
| EMR Emerson Electric Co. | +$0M |
| MDT Medtronic plc | +$3M |
| WMT Walmart Inc. | +$0M |
| NVO Novo Nordisk A/S | +$1M |
Top sells this quarter · 15
| TSM Taiwan Semiconductor Manufactu | −$9M |
| SPY State Street SPDR S&P 500 ETF | −$3M |
| FNF Fidelity National Financial, Iexit | −$0M |
| SMA Smartstop Self Storage REIT Inexit | −$0M |
| BSX Boston Scientific Corporationexit | −$0M |
| CTRA Coterra Energy Inc. | −$0M |
| HD The Home Depot, Inc. | −$0M |
| XOM Exxon Mobil Corporation | −$2M |
| MRK Merck & Co., Inc. | −$8M |
| CSCO Cisco Systems, Inc. | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $444M | 112 | +36.09% | +17.59% | +18.50% | +0.01B |
| 2025-12-31 | $501M | 113 | +43.29% | +17.72% | +25.57% | +0.00B |
| 2025-09-30 | $497M | 111 | +82.81% | +17.52% | +65.29% | -0.02B |
| 2025-06-30 | $374M | 107 | +47.81% | +14.94% | +32.87% | -0.01B |
| 2025-03-31 | $342M | 107 | +41.62% | +8.30% | +33.32% | -0.01B |
| 2024-12-31 | $380M | 107 | +77.97% | +24.89% | +53.08% | +0.01B |
| 2024-09-30 | $286M | 100 | +52.25% | +36.04% | +16.21% | -0.00B |
| 2024-06-30 | $259M | 95 | +39.40% | +24.49% | +14.91% | +0.00B |
| 2024-03-31 | $240M | 94 | +44.31% | +29.62% | +14.69% | -0.02B |
| 2023-12-31 | $226M | 97 | +36.60% | +26.18% | +10.42% | -0.01B |
| 2023-09-30 | $217M | 104 | +35.46% | +21.57% | +13.89% | -0.00B |
| 2023-06-30 | $216M | 106 | +26.10% | +19.42% | +6.67% | -0.01B |
| 2023-03-31 | $202M | 106 | -2.90% | -7.82% | +4.92% | +0.00B |
| 2022-12-31 | $181M | 104 | +8.60% | +7.56% | +1.04% | +0.02B |
| 2022-09-30 | $152M | 87 | -5.22% | -4.93% | -0.29% | -0.00B |
| 2022-06-30 | $163M | 90 | -14.03% | -16.11% | +2.08% | -0.01B |