Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+15.46%
adds when stocks drop
when a holding falls −10%+
Middle response
+7.68%
steady accumulation
Rally response
+11.98%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VUGVanguard Growth ETF | $16.57B | 8.0% | — | 10.5 yr |
| AGGiShares Core U.S. Aggreg | $13.03B | 6.3% | — | 10.5 yr |
| IVViShares Core S&P 500 ETF | $12.06B | 5.8% | — | 10.0 yr |
| VOOVanguard S&P 500 ETF | $9.97B | 4.8% | — | 10.0 yr |
| VTVVanguard Value ETF | $9.92B | 4.8% | — | 10.5 yr |
| IEFAiShares Core MSCI EAFE E | $9.49B | 4.6% | — | 8.0 yr |
| IWRiShares Russell Mid-Cap | $8.87B | 4.3% | — | 10.5 yr |
| SPLGSPDR Portfolio S&P 500 E | $8.26B | 4.0% | — | 2.5 yr |
| VOVanguard Mid-Cap ETF | $7.43B | 3.6% | — | 10.5 yr |
| VVVanguard Large-Cap ETF | $5.44B | 2.6% | — | 10.5 yr |
| SCZiShares MSCI EAFE Small- | $3.76B | 1.8% | — | 10.5 yr |
| IUSBiShares Core Universal U | $3.65B | 1.8% | — | 9.3 yr |
| IWBiShares Russell 1000 ETF | $3.64B | 1.7% | — | 10.5 yr |
| USHYiShares Broad USD High Y | $3.47B | 1.7% | — | 5.8 yr |
| VEAVanguard FTSE Developed | $3.42B | 1.6% | — | 10.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management71.7%-16.0pp$149.23B
Asset Management - Bonds4.3%-0.6pp$8.99B
Semiconductors2.8%+2.1pp$5.77B
Internet Content & Information1.4%+1.0pp$2.93B
Software - Infrastructure1.2%+0.7pp$2.52B
Drug Manufacturers - General1.1%+0.7pp$2.24B
Consumer Electronics1.1%+0.7pp$2.19B
Banks - Diversified1.0%+0.7pp$2.06B
Specialty Retail1.0%+0.6pp$2.04B
Oil & Gas Integrated0.7%+0.5pp$1.51B
Country
US96.4%-3.1pp
GB0.9%+0.8pp
IE0.5%+0.4pp
Unknown0.4%+0.3pp
CA0.3%+0.2pp
CH0.3%+0.3pp
TW0.3%+0.3pp
NL0.2%+0.2pp
Top 5: 29.6% · Top 10: 48.6% · Top 25: 66.3%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NVDA | $341M | +0.21B | 60.9% |
| AVGO | $202M | +0.17B | 86.0% |
| AAPL | $421M | +0.06B | 14.7% |
| AMZN | $391M | +0.04B | 9.5% |
| MSFT | $415M | -0.00B | -0.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $415M | -0.00B | -0.6% |
Top buys this quarter · 15
| AAPL Apple Inc. | +$1.41B |
| NVDA NVIDIA Corporation | +$1.31B |
| MSFT Microsoft Corporation | +$1.26B |
| AMZN Amazon.com, Inc. | +$1.08B |
| AVGO Broadcom Inc. | +$669M |
| TSM Taiwan Semiconductor Manufactu | +$526M |
| META Meta Platforms, Inc. | +$510M |
| GOOG Alphabet Inc. | +$467M |
| LIN Linde plc | +$394M |
| LLY Eli Lilly and Company | +$382M |
Top sells this quarter · 15
| FMC FMC Corporation | −$2M |
| PNFP Pinnacle Financial Partners, Iexit | −$2M |
| HPQ HP Inc. | −$1M |
| IDCC InterDigital, Inc. | −$1M |
| BSM Black Stone Minerals, L.P. | −$1M |
| FTNT Fortinet, Inc. | −$1M |
| UEC Uranium Energy Corp. | −$1M |
| EXAS Exact Sciences Corporationexit | −$1M |
| AES The AES Corporation | −$0M |
| TAP Molson Coors Beverage Company | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $208.07B | 4718 | +17.55% | +17.59% | -0.04% | +49.19B |
| 2025-12-31 | $164.02B | 4392 | +16.81% | +17.72% | -0.91% | +14.14B |
| 2025-09-30 | $146.81B | 4221 | +16.79% | +17.52% | -0.73% | +5.26B |
| 2025-06-30 | $131.91B | 4024 | +15.65% | +14.94% | +0.71% | +8.26B |
| 2025-03-31 | $111.63B | 3698 | +5.96% | +8.30% | -2.34% | +10.37B |
| 2024-12-31 | $105.20B | 3404 | +19.25% | +24.89% | -5.64% | +5.68B |
| 2024-09-30 | $97.50B | 3018 | +29.81% | +36.04% | -6.23% | +5.56B |
| 2024-06-30 | $86.52B | 2421 | +16.63% | +24.49% | -7.86% | +12.05B |
| 2024-03-31 | $73.37B | 1361 | +22.18% | +29.62% | -7.45% | +1.33B |
| 2023-12-31 | $66.50B | 1008 | +18.39% | +26.18% | -7.79% | -1.08B |
| 2023-09-30 | $60.82B | 688 | +16.77% | +21.57% | -4.80% | +0.93B |
| 2023-06-30 | $62.73B | 527 | +15.89% | +19.42% | -3.53% | -1.95B |
| 2023-03-31 | $60.83B | 565 | -4.96% | -7.82% | +2.85% | +0.43B |
| 2022-12-31 | $57.54B | 725 | -13.64% | -18.17% | +4.53% | -2.25B |
| 2022-09-30 | $54.56B | 526 | -12.48% | -15.51% | +3.03% | -1.16B |
| 2022-06-30 | $58.80B | 705 | -7.10% | -10.62% | +3.52% | +0.25B |