Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.77%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.38%
baseline attrition
Rally response
-3.13%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AAPLApple Inc. | $156M | 4.6% | +14.7% | 10.5 yr |
| MSFTMicrosoft Corporation | $133M | 3.9% | -0.6% | 10.5 yr |
| VUGVanguard Growth ETF | $117M | 3.4% | — | 5.5 yr |
| JPMJPMorgan Chase & Co. | $103M | 3.0% | +21.8% | 10.5 yr |
| VTIVanguard Total Stock Mar | $88M | 2.6% | — | 3.3 yr |
| EFAiShares MSCI EAFE ETF | $87M | 2.6% | — | 3.3 yr |
| WMTWalmart Inc. | $75M | 2.2% | +42.8% | 10.5 yr |
| ERJEmbraer S.A. | $74M | 2.2% | — | 9.8 yr |
| GOOGLAlphabet Inc. | $70M | 2.1% | — | 10.5 yr |
| GSThe Goldman Sachs Group, | $69M | 2.0% | +58.1% | 10.5 yr |
| SCHWThe Charles Schwab Corpo | $69M | 2.0% | +21.5% | 6.3 yr |
| RTXRTX Corporation | $65M | 1.9% | +48.1% | 6.0 yr |
| MCKMcKesson Corporation | $63M | 1.9% | +29.1% | 10.5 yr |
| JNJJohnson & Johnson | $61M | 1.8% | +51.5% | 10.5 yr |
| NVDANVIDIA Corporation | $60M | 1.8% | +60.9% | 4.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management21.0%+1.2pp$714M
Drug Manufacturers - General6.6%+1.3pp$224M
Aerospace & Defense5.0%+0.2pp$171M
Consumer Electronics4.7%-0.1pp$160M
Financial - Capital Markets4.3%+0.6pp$147M
Banks - Diversified4.3%+0.1pp$145M
Semiconductors4.1%+1.3pp$141M
Software - Infrastructure4.0%-0.6pp$136M
Communication Equipment3.1%+1.2pp$106M
Discount Stores3.0%+0.2pp$102M
Country
US89.3%+1.1pp
BR2.2%-0.2pp
GB1.7%+0.3pp
IE1.6%-0.0pp
SG1.1%+0.4pp
CA0.9%+0.2pp
DE0.9%-0.6pp
CH0.9%-0.0pp
Top 5: 17.6% · Top 10: 28.6% · Top 25: 52.3%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$35M |
| UNP Union Pacific Corporation | +$18M |
| GO Grocery Outlet Holding Corp. | +$11M |
| NOW ServiceNow, Inc. | +$10M |
| MSFT Microsoft Corporation | +$133M |
| QCOM QUALCOMM Incorporated | +$39M |
| BAC Bank of America Corporation | +$3M |
| NVDA NVIDIA Corporation | +$60M |
| WAT Waters Corporation | +$2M |
| V Visa Inc. | +$21M |
Top sells this quarter · 15
| CIEN Ciena Corporation | −$47M |
| NEM Newmont Corporation | −$10M |
| PYPL PayPal Holdings, Inc. | −$7M |
| CRM Salesforce, Inc. | −$7M |
| INTC Intel Corporation | −$7M |
| RTX RTX Corporation | −$6M |
| WBD Warner Bros. Discovery, Inc. | −$6M |
| MCK McKesson Corporation | −$5M |
| MOH Molina Healthcare, Inc.exit | −$5M |
| BKR Baker Hughes Company | −$28M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.40B | 297 | +18.38% | +17.59% | +0.79% | -0.10B |
| 2025-12-31 | $3.49B | 300 | +16.85% | +17.72% | -0.86% | -0.01B |
| 2025-09-30 | $3.42B | 292 | +15.52% | +17.52% | -2.00% | -0.03B |
| 2025-06-30 | $3.21B | 277 | +14.72% | +14.94% | -0.23% | -0.05B |
| 2025-03-31 | $3.03B | 273 | +8.79% | +8.30% | +0.49% | +0.00B |
| 2024-12-31 | $3.06B | 271 | +18.00% | +24.89% | -6.89% | -0.05B |
| 2024-09-30 | $3.07B | 274 | +29.13% | +36.04% | -6.91% | -0.04B |
| 2024-06-30 | $2.91B | 265 | +16.58% | +24.49% | -7.91% | -0.05B |
| 2024-03-31 | $2.91B | 262 | +19.63% | +29.62% | -10.00% | -0.07B |
| 2023-12-31 | $2.77B | 262 | +15.06% | +26.18% | -11.12% | -0.02B |
| 2023-09-30 | $2.52B | 260 | +16.38% | +21.57% | -5.19% | -0.03B |
| 2023-06-30 | $2.64B | 271 | +12.68% | +19.42% | -6.75% | +0.00B |
| 2023-03-31 | $2.53B | 255 | -6.60% | -7.82% | +1.22% | +0.31B |
| 2022-12-31 | $2.15B | 187 | +11.97% | +7.56% | +4.41% | +0.01B |
| 2022-09-30 | $1.90B | 191 | -6.67% | -4.93% | -1.74% | -0.03B |
| 2022-06-30 | $2.08B | 193 | -13.42% | -16.11% | +2.70% | -0.07B |