Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-7.36%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.62%
baseline attrition
Rally response
+6.00%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $1.58B | 6.3% | +60.9% | 10.5 yr |
| AAPLApple Inc. | $1.28B | 5.1% | +14.7% | 10.5 yr |
| MSFTMicrosoft Corporation | $1.00B | 4.0% | -0.6% | 10.5 yr |
| AMZNAmazon.com, Inc. | $760M | 3.0% | +9.5% | 10.5 yr |
| GOOGAlphabet Inc. | $598M | 2.4% | +84.3% | 10.5 yr |
| AVGOBroadcom Inc. | $590M | 2.3% | +86.0% | 8.0 yr |
| GOOGLAlphabet Inc. | $541M | 2.1% | — | 10.5 yr |
| METAMeta Platforms, Inc. | $459M | 1.8% | -0.4% | 10.5 yr |
| XOMExxon Mobil Corporation | $339M | 1.3% | +47.6% | 10.5 yr |
| JPMJPMorgan Chase & Co. | $323M | 1.3% | +21.8% | 10.5 yr |
| BRK-BBerkshire Hathaway Inc. | $302M | 1.2% | — | 10.5 yr |
| LLYEli Lilly and Company | $295M | 1.2% | +12.2% | 10.5 yr |
| TSLATesla, Inc. | $283M | 1.1% | +43.4% | 10.5 yr |
| MAMastercard Incorporated | $231M | 0.9% | -8.5% | 10.5 yr |
| GBDCGolub Capital BDC, Inc. | $217M | 0.9% | -6.8% | 6.8 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors12.5%+4.3pp$3.15B
Internet Content & Information6.6%+1.1pp$1.67B
Software - Infrastructure5.6%-1.3pp$1.40B
Consumer Electronics5.2%+0.1pp$1.30B
Drug Manufacturers - General4.0%+0.4pp$1.01B
Specialty Retail3.8%-0.4pp$969M
Asset Management3.8%+0.6pp$956M
Banks - Diversified2.8%+0.3pp$712M
Software - Application2.6%-1.3pp$643M
Aerospace & Defense2.5%-0.0pp$620M
Country
US95.8%+0.6pp
IE1.1%-0.2pp
CA0.6%+0.3pp
Unknown0.5%-0.1pp
GB0.4%-0.1pp
BR0.3%+0.1pp
MX0.3%+0.1pp
CH0.3%-0.0pp
Top 5: 20.7% · Top 10: 29.7% · Top 25: 41.3%
Top buys this quarter · 15
| ARCC Ares Capital Corporationnew | +$189M |
| OBDC Blue Owl Capital Corporation | +$97M |
| PANW Palo Alto Networks, Inc. | +$54M |
| TSLX Sixth Street Specialty Lending | +$40M |
| LLY Eli Lilly and Company | +$295M |
| KEYS Keysight Technologies, Inc. | +$23M |
| XEL Xcel Energy Inc. | +$23M |
| DAR Darling Ingredients Inc. | +$18M |
| MCD McDonald's Corporation | +$16M |
| MTZ MasTec, Inc. | +$15M |
Top sells this quarter · 15
| MSFT Microsoft Corporation | −$92M |
| NVDA NVIDIA Corporation | −$69M |
| AAPL Apple Inc. | −$49M |
| AMZN Amazon.com, Inc. | −$44M |
| GOOG Alphabet Inc. | −$40M |
| MU Micron Technology, Inc. | −$28M |
| DOC Healthpeak Properties, Inc. | −$23M |
| JPM JPMorgan Chase & Co. | −$19M |
| ZBH Zimmer Biomet Holdings, Inc. | −$19M |
| PNR Pentair plc | −$17M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $25.21B | 2118 | +17.62% | +17.59% | +0.03% | -0.57B |
| 2025-12-31 | $26.81B | 2169 | +16.83% | +17.72% | -0.89% | -1.14B |
| 2025-09-30 | $27.28B | 2185 | +16.17% | +17.52% | -1.35% | -1.66B |
| 2025-06-30 | $26.78B | 2195 | +13.85% | +14.94% | -1.09% | +0.40B |
| 2025-03-31 | $23.87B | 1922 | +4.88% | +8.30% | -3.43% | -0.20B |
| 2024-12-31 | $25.21B | 1878 | +19.02% | +24.89% | -5.87% | -1.27B |
| 2024-09-30 | $25.99B | 1959 | +30.50% | +36.04% | -5.54% | -0.80B |
| 2024-06-30 | $25.31B | 1948 | +19.13% | +24.49% | -5.36% | -0.25B |
| 2024-03-31 | $25.10B | 1910 | +25.64% | +29.62% | -3.99% | -0.93B |
| 2023-12-31 | $24.02B | 1903 | +23.26% | +26.18% | -2.92% | -1.07B |
| 2023-09-30 | $22.46B | 1929 | +17.60% | +21.57% | -3.96% | -0.43B |
| 2023-06-30 | $23.69B | 1927 | +16.04% | +19.42% | -3.38% | -1.11B |
| 2023-03-31 | $23.09B | 1941 | -8.74% | -7.82% | -0.92% | -0.45B |
| 2022-12-31 | $22.15B | 1972 | -18.11% | -18.17% | +0.06% | -0.22B |
| 2022-09-30 | $20.99B | 2001 | -14.68% | -15.51% | +0.83% | -0.19B |
| 2022-06-30 | $22.20B | 2027 | -10.02% | -10.62% | +0.60% | -0.88B |