Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.07%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.21%
baseline attrition
Rally response
-3.22%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $16.06B | 3.7% | +60.9% | 10.5 yr |
| AAPLApple Inc. | $11.78B | 2.7% | +14.7% | 10.5 yr |
| MSFTMicrosoft Corporation | $11.50B | 2.7% | -0.6% | 10.5 yr |
| GOOGLAlphabet Inc. | $9.50B | 2.2% | — | 10.5 yr |
| AVGOBroadcom Inc. | $8.17B | 1.9% | +86.0% | 8.0 yr |
| AMZNAmazon.com, Inc. | $6.97B | 1.6% | +9.5% | 10.5 yr |
| JPMJPMorgan Chase & Co. | $5.03B | 1.2% | +21.8% | 10.5 yr |
| METAMeta Platforms, Inc. | $4.53B | 1.1% | -0.4% | 10.5 yr |
| LRCXLam Research Corporation | $4.44B | 1.0% | +196.1% | 1.5 yr |
| IVViShares Core S&P 500 ETF | $4.10B | 1.0% | — | 10.5 yr |
| CVXChevron Corporation | $3.55B | 0.8% | +29.2% | 10.5 yr |
| GOOGAlphabet Inc. | $3.44B | 0.8% | +84.3% | 10.5 yr |
| WMTWalmart Inc. | $3.38B | 0.8% | +42.8% | 10.5 yr |
| JNJJohnson & Johnson | $3.37B | 0.8% | +51.5% | 10.5 yr |
| VVisa Inc. | $3.33B | 0.8% | -13.1% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management19.9%+1.3pp$85.69B
Semiconductors10.9%+3.4pp$46.91B
Software - Infrastructure4.5%-1.3pp$19.23B
Internet Content & Information4.4%+0.5pp$18.80B
Drug Manufacturers - General3.7%+0.4pp$15.87B
Banks - Diversified2.9%-0.3pp$12.32B
Consumer Electronics2.8%+0.0pp$11.91B
Asset Management - Bonds2.7%+0.1pp$11.47B
Specialty Retail2.3%-0.5pp$10.04B
Regulated Electric2.1%+0.0pp$8.93B
Country
US93.7%+0.0pp
IE1.6%-0.4pp
GB1.1%+0.2pp
Unknown0.8%-0.0pp
CA0.5%+0.0pp
CH0.5%+0.0pp
TW0.4%+0.2pp
IL0.2%+0.1pp
Top 5: 13.2% · Top 10: 19.0% · Top 25: 29.2%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$1.13B |
| EOG EOG Resources, Inc. | +$662M |
| MU Micron Technology, Inc. | +$565M |
| NFLX Netflix, Inc. | +$547M |
| AVGO Broadcom Inc. | +$8.17B |
| MRVL Marvell Technology, Inc. | +$366M |
| EQIX Equinix, Inc. | +$314M |
| TEL TE Connectivity Ltd. | +$313M |
| PM Philip Morris International In | +$296M |
| EBAY eBay Inc. | +$277M |
Top sells this quarter · 15
| V Visa Inc. | −$818M |
| BE Bloom Energy Corporation | −$2.49B |
| WDC Western Digital Corporation | −$1.47B |
| XOM Exxon Mobil Corporation | −$2.79B |
| JPM JPMorgan Chase & Co. | −$658M |
| MSFT Microsoft Corporation | −$639M |
| MDLZ Mondelez International, Inc. | −$625M |
| LRCX Lam Research Corporation | −$3.98B |
| QCOM QUALCOMM Incorporated | −$490M |
| TER Teradyne, Inc. | −$488M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $430.96B | 4010 | +21.29% | +17.59% | +3.70% | -4.51B |
| 2025-12-31 | $442.20B | 4056 | +18.14% | +17.72% | +0.43% | -3.16B |
| 2025-09-30 | $434.83B | 4002 | +17.26% | +17.52% | -0.25% | -5.95B |
| 2025-06-30 | $405.54B | 3923 | +14.70% | +14.94% | -0.25% | -4.23B |
| 2025-03-31 | $370.36B | 3977 | +4.62% | +8.30% | -3.68% | -3.35B |
| 2024-12-31 | $389.59B | 4043 | +17.85% | +24.89% | -7.04% | -6.34B |
| 2024-09-30 | $389.47B | 3911 | +29.38% | +36.04% | -6.66% | -3.36B |
| 2024-06-30 | $369.53B | 3851 | +17.02% | +24.49% | -7.47% | +2.82B |
| 2024-03-31 | $363.34B | 3840 | +23.32% | +29.62% | -6.31% | +2.44B |
| 2023-12-31 | $334.02B | 3893 | +20.21% | +26.18% | -5.97% | -5.83B |
| 2023-09-30 | $304.51B | 3874 | +17.22% | +21.57% | -4.35% | -2.19B |
| 2023-06-30 | $318.97B | 3899 | +16.47% | +19.42% | -2.95% | -5.16B |
| 2023-03-31 | $304.78B | 3923 | -6.41% | -7.82% | +1.41% | -2.48B |
| 2022-12-31 | $291.72B | 3935 | -15.24% | -18.17% | +2.93% | -2.50B |
| 2022-09-30 | $270.35B | 3942 | -13.50% | -15.51% | +2.01% | -3.51B |
| 2022-06-30 | $286.63B | 3873 | -8.95% | -10.62% | +1.67% | -2.96B |