Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.89%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.07%
baseline attrition
Rally response
-8.91%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $4.57B | 6.4% | +60.9% | 10.5 yr |
| AAPLApple Inc. | $4.34B | 6.1% | +14.7% | 10.5 yr |
| MSFTMicrosoft Corporation | $3.28B | 4.6% | -0.6% | 10.5 yr |
| AMZNAmazon.com, Inc. | $2.42B | 3.4% | +9.5% | 10.5 yr |
| GOOGLAlphabet Inc. | $2.04B | 2.9% | — | 10.5 yr |
| GOOGAlphabet Inc. | $1.63B | 2.3% | +84.3% | 10.5 yr |
| AVGOBroadcom Inc. | $1.60B | 2.2% | +86.0% | 8.0 yr |
| METAMeta Platforms, Inc. | $1.39B | 1.9% | -0.4% | 10.5 yr |
| TSLATesla, Inc. | $1.16B | 1.6% | +43.4% | 10.5 yr |
| JPMJPMorgan Chase & Co. | $940M | 1.3% | +21.8% | 10.5 yr |
| BRK-BBerkshire Hathaway Inc. | $934M | 1.3% | — | 10.5 yr |
| LLYEli Lilly and Company | $837M | 1.2% | +12.2% | 10.5 yr |
| JNJJohnson & Johnson | $725M | 1.0% | +51.5% | 10.5 yr |
| XOMExxon Mobil Corporation | $710M | 1.0% | +47.6% | 10.5 yr |
| WMTWalmart Inc. | $618M | 0.9% | +42.8% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors13.3%+4.4pp$9.49B
Internet Content & Information7.4%+1.4pp$5.31B
Software - Infrastructure6.6%-0.8pp$4.70B
Consumer Electronics6.1%-0.1pp$4.39B
Drug Manufacturers - General4.8%+0.2pp$3.41B
Specialty Retail4.0%-0.3pp$2.83B
Banks - Diversified3.1%-0.0pp$2.23B
Aerospace & Defense2.6%+0.5pp$1.89B
Software - Application2.2%-1.9pp$1.57B
Financial - Credit Services2.1%-0.6pp$1.53B
Country
US94.4%-0.1pp
IE1.3%-0.3pp
GB0.9%+0.2pp
Unknown0.6%+0.2pp
CH0.4%+0.0pp
TW0.4%+0.1pp
BR0.3%+0.1pp
BM0.2%+0.0pp
Top 5: 23.3% · Top 10: 32.7% · Top 25: 44.4%
Top buys this quarter · 15
| AJG Arthur J. Gallagher & Co. | +$30M |
| AZN AstraZeneca PLCnew | +$28M |
| EFX Equifax Inc. | +$25M |
| PANW Palo Alto Networks, Inc. | +$24M |
| ASML ASML Holding N.V. | +$22M |
| CASH Pathward Financial, Inc. | +$21M |
| HDB HDFC Bank Limited | +$20M |
| BDC Belden Inc. | +$20M |
| BAP Credicorp Ltd. | +$20M |
| LIN Linde plc | +$19M |
Top sells this quarter · 15
| AAPL Apple Inc. | −$38M |
| CTVA Corteva, Inc. | −$37M |
| CAH Cardinal Health, Inc. | −$37M |
| PEN Penumbra, Inc. | −$31M |
| MKSI MKS Inc. | −$27M |
| FORM FormFactor, Inc. | −$23M |
| PNFP Pinnacle Financial Partners, Iexit | −$21M |
| WBS Webster Financial Corporation | −$17M |
| TCOM Trip.com Group Limited | −$16M |
| EVR Evercore Inc. | −$15M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $71.52B | 3125 | +17.89% | +17.59% | +0.30% | +0.03B |
| 2025-12-31 | $74.79B | 3121 | +16.93% | +17.72% | -0.79% | -4.18B |
| 2025-09-30 | $77.13B | 3130 | +17.02% | +17.52% | -0.50% | -3.75B |
| 2025-06-30 | $74.84B | 3137 | +14.95% | +14.94% | +0.01% | -0.75B |
| 2025-03-31 | $67.82B | 3113 | +4.74% | +8.30% | -3.57% | -2.60B |
| 2024-12-31 | $74.26B | 3116 | +19.23% | +24.89% | -5.65% | -1.18B |
| 2024-09-30 | $73.63B | 3125 | +30.26% | +36.04% | -5.78% | -6.99B |
| 2024-06-30 | $75.94B | 3345 | +18.11% | +24.49% | -6.38% | -0.66B |
| 2024-03-31 | $75.44B | 3174 | +25.23% | +29.62% | -4.39% | -2.21B |
| 2023-12-31 | $71.93B | 3185 | +24.02% | +26.18% | -2.16% | -5.63B |
| 2023-09-30 | $69.29B | 3200 | +18.15% | +21.57% | -3.41% | -5.60B |
| 2023-06-30 | $77.79B | 3371 | +17.35% | +19.42% | -2.08% | -2.20B |
| 2023-03-31 | $74.30B | 3145 | -7.83% | -7.82% | -0.01% | -3.36B |
| 2022-12-31 | $72.64B | 3167 | +6.64% | +7.56% | -0.92% | -0.68B |
| 2022-09-30 | $68.75B | 3185 | -4.39% | -4.93% | +0.53% | -4.20B |
| 2022-06-30 | $76.31B | 3399 | -15.43% | -16.11% | +0.68% | -2.52B |