Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-7.60%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.09%
baseline attrition
Rally response
+0.62%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $3.22B | 7.8% | +60.9% | 2.3 yr |
| AAPLApple Inc. | $2.92B | 7.0% | +14.7% | 2.3 yr |
| MSFTMicrosoft Corporation | $2.08B | 5.0% | -0.6% | 2.3 yr |
| AMZNAmazon.com, Inc. | $2.01B | 4.9% | +9.5% | 2.3 yr |
| GOOGLAlphabet Inc. | $1.37B | 3.3% | — | 2.3 yr |
| AVGOBroadcom Inc. | $997M | 2.4% | +86.0% | 2.3 yr |
| METAMeta Platforms, Inc. | $918M | 2.2% | -0.4% | 2.3 yr |
| GOOGAlphabet Inc. | $859M | 2.1% | +84.3% | 2.3 yr |
| TSLATesla, Inc. | $717M | 1.7% | +43.4% | 2.3 yr |
| LLYEli Lilly and Company | $699M | 1.7% | +12.2% | 2.3 yr |
| JPMJPMorgan Chase & Co. | $675M | 1.6% | +21.8% | 2.3 yr |
| VVisa Inc. | $541M | 1.3% | -13.1% | 2.3 yr |
| JNJJohnson & Johnson | $507M | 1.2% | +51.5% | 2.3 yr |
| BRK-BBerkshire Hathaway Inc. | $389M | 0.9% | — | 2.3 yr |
| WMTWalmart Inc. | $372M | 0.9% | +42.8% | 2.3 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors14.7%+4.9pp$6.08B
Internet Content & Information7.8%+1.3pp$3.25B
Consumer Electronics7.1%+0.2pp$2.95B
Software - Infrastructure7.0%-1.4pp$2.91B
Specialty Retail5.5%+0.3pp$2.29B
Drug Manufacturers - General5.3%-0.1pp$2.21B
Banks - Diversified3.3%+0.2pp$1.36B
Financial - Credit Services2.5%-0.9pp$1.03B
Software - Application2.3%-1.5pp$954M
Aerospace & Defense2.1%+0.8pp$853M
Country
US94.8%-0.8pp
IE1.4%-0.3pp
GB1.1%+0.2pp
CH0.6%+0.3pp
BM0.4%+0.0pp
Unknown0.4%+0.0pp
TW0.2%+0.2pp
BR0.2%+0.2pp
Top 5: 28.0% · Top 10: 38.1% · Top 25: 50.7%
Top buys this quarter · 15
| AAPL Apple Inc. | +$364M |
| AMZN Amazon.com, Inc. | +$217M |
| NVDA NVIDIA Corporation | +$3.22B |
| MSFT Microsoft Corporation | +$2.08B |
| WM Waste Management, Inc. | +$72M |
| HAL Halliburton Company | +$57M |
| OKE ONEOK, Inc. | +$53M |
| LLY Eli Lilly and Company | +$699M |
| AMGN Amgen Inc. | +$50M |
| TXN Texas Instruments Incorporated | +$41M |
Top sells this quarter · 15
| TSLA Tesla, Inc. | −$206M |
| GILD Gilead Sciences, Inc. | −$41M |
| UNH UnitedHealth Group Incorporate | −$32M |
| UBER Uber Technologies, Inc. | −$30M |
| ALL The Allstate Corporation | −$30M |
| DIS The Walt Disney Company | −$30M |
| LRCX Lam Research Corporation | −$205M |
| TPL Texas Pacific Land Corporation | −$41M |
| TJX The TJX Companies, Inc. | −$20M |
| VZ Verizon Communications Inc. | −$127M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $41.46B | 1161 | +16.51% | +17.59% | -1.08% | +1.01B |
| 2025-12-31 | $42.98B | 1548 | +17.21% | +17.72% | -0.50% | +1.82B |
| 2025-09-30 | $40.21B | 1468 | +17.83% | +17.52% | +0.32% | -3.26B |
| 2025-06-30 | $40.25B | 1501 | +15.50% | +14.94% | +0.56% | +3.60B |
| 2025-03-31 | $32.74B | 1354 | +5.61% | +8.30% | -2.69% | +1.07B |
| 2024-12-31 | $33.44B | 1385 | +2.91% | +2.49% | +0.42% | +2.56B |
| 2024-09-30 | $30.01B | 1582 | +5.86% | +5.75% | +0.11% | +1.32B |
| 2024-06-30 | $27.10B | 1115 | +2.36% | +4.38% | -2.02% | -5.51B |
| 2024-03-31 | $31.85B | 1020 | — | — | — | — |