Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.87%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.47%
baseline attrition
Rally response
-6.86%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $64.55B | 7.5% | +60.9% | 10.5 yr |
| AAPLApple Inc. | $50.87B | 5.9% | +14.7% | 10.5 yr |
| MSFTMicrosoft Corporation | $43.40B | 5.0% | -0.6% | 10.5 yr |
| AVGOBroadcom Inc. | $26.14B | 3.0% | +86.0% | 8.0 yr |
| AMZNAmazon.com, Inc. | $25.62B | 3.0% | +9.5% | 10.5 yr |
| GOOGLAlphabet Inc. | $23.15B | 2.7% | — | 10.5 yr |
| GOOGAlphabet Inc. | $19.46B | 2.3% | +84.3% | 10.5 yr |
| METAMeta Platforms, Inc. | $18.87B | 2.2% | -0.4% | 10.5 yr |
| LLYEli Lilly and Company | $12.87B | 1.5% | +12.2% | 10.5 yr |
| VVisa Inc. | $12.41B | 1.4% | -13.1% | 10.5 yr |
| NFLXNetflix, Inc. | $9.52B | 1.1% | +3.1% | 10.5 yr |
| MAMastercard Incorporated | $9.28B | 1.1% | -8.5% | 10.5 yr |
| TSLATesla, Inc. | $9.22B | 1.1% | +43.4% | 10.5 yr |
| JPMJPMorgan Chase & Co. | $8.09B | 0.9% | +21.8% | 10.5 yr |
| GEGE Aerospace | $6.79B | 0.8% | +42.5% | 4.8 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors14.7%+5.9pp$127.18B
Internet Content & Information7.6%+1.3pp$66.04B
Software - Infrastructure6.6%-0.9pp$57.49B
Consumer Electronics5.9%+0.0pp$51.20B
Specialty Retail4.2%-1.4pp$36.33B
Drug Manufacturers - General3.8%+0.7pp$32.45B
Financial - Credit Services2.9%-0.7pp$25.22B
Aerospace & Defense2.4%+0.5pp$20.48B
Software - Application2.3%-2.3pp$20.09B
Banks - Diversified2.2%+0.0pp$19.38B
Country
US92.4%+0.7pp
GB1.6%+0.7pp
CA1.1%-0.1pp
IE0.8%-0.4pp
CH0.6%-0.0pp
NL0.6%-0.1pp
Unknown0.5%-0.7pp
SG0.4%+0.2pp
Top 5: 24.3% · Top 10: 34.4% · Top 25: 45.8%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$3.84B |
| AMD Advanced Micro Devices, Inc. | +$1.73B |
| NFLX Netflix, Inc. | +$1.25B |
| CSCO Cisco Systems, Inc. | +$1.14B |
| SE Sea Limited | +$1.07B |
| JNJ Johnson & Johnson | +$994M |
| IR Ingersoll Rand Inc. | +$932M |
| RBLX Roblox Corporation | +$861M |
| PM Philip Morris International In | +$859M |
| CNQ Canadian Natural Resources Lim | +$792M |
Top sells this quarter · 15
| MSFT Microsoft Corporation | −$3.13B |
| AMZN Amazon.com, Inc. | −$1.66B |
| KLAC KLA Corporation | −$1.51B |
| APH Amphenol Corporation | −$1.48B |
| XEL Xcel Energy Inc. | −$1.40B |
| META Meta Platforms, Inc. | −$1.22B |
| CI Cigna Corporation | −$986M |
| ANET Arista Networks, Inc. | −$964M |
| C Citigroup Inc. | −$870M |
| GE GE Aerospace | −$869M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $864.93B | 3131 | +15.12% | +17.59% | -2.47% | -12.00B |
| 2025-12-31 | $927.46B | 3089 | +16.01% | +17.72% | -1.71% | -25.15B |
| 2025-09-30 | $934.71B | 3043 | +15.97% | +17.52% | -1.55% | -12.99B |
| 2025-06-30 | $882.76B | 3056 | +13.41% | +14.94% | -1.53% | -20.30B |
| 2025-03-31 | $811.55B | 3034 | +4.12% | +8.30% | -4.19% | -14.72B |
| 2024-12-31 | $867.16B | 3003 | +18.99% | +24.89% | -5.90% | -17.49B |
| 2024-09-30 | $868.33B | 3006 | +31.27% | +36.04% | -4.77% | -9.03B |
| 2024-06-30 | $835.67B | 2918 | +21.60% | +24.49% | -2.89% | +2.24B |
| 2024-03-31 | $815.82B | 2955 | +29.93% | +29.62% | +0.31% | +5.88B |
| 2023-12-31 | $743.81B | 2903 | +29.03% | +26.18% | +2.85% | -22.43B |
| 2023-09-30 | $681.73B | 2880 | +18.72% | +21.57% | -2.85% | -15.60B |
| 2023-06-30 | $717.02B | 2882 | +17.39% | +19.42% | -2.04% | -12.13B |
| 2023-03-31 | $667.96B | 2920 | -11.63% | -7.82% | -3.81% | -4.19B |
| 2022-12-31 | $621.59B | 2932 | -22.05% | -18.17% | -3.88% | -5.83B |
| 2022-09-30 | $606.70B | 2943 | -16.28% | -15.51% | -0.77% | -154.22B |
| 2022-06-30 | $791.30B | 2949 | -12.44% | -10.62% | -1.82% | -23.59B |