Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.35%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.50%
baseline attrition
Rally response
-1.69%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IVViShares Core S&P 500 ETF | $930M | 7.6% | — | 10.5 yr |
| IWBiShares Russell 1000 ETF | $506M | 4.1% | — | 10.5 yr |
| AAPLApple Inc. | $466M | 3.8% | +14.7% | 10.5 yr |
| GOOGLAlphabet Inc. | $317M | 2.6% | — | 9.8 yr |
| PGThe Procter & Gamble Com | $317M | 2.6% | -12.9% | 10.5 yr |
| MSFTMicrosoft Corporation | $316M | 2.6% | -0.6% | 10.5 yr |
| IWRiShares Russell Mid-Cap | $283M | 2.3% | — | 10.5 yr |
| CINFCincinnati Financial Cor | $229M | 1.9% | +8.3% | 10.5 yr |
| ILOWAlliance Bernstein - AB | $220M | 1.8% | — | 1.3 yr |
| WMBThe Williams Companies, | $211M | 1.7% | +25.8% | 10.5 yr |
| VEUVanguard FTSE All-World | $210M | 1.7% | — | 10.5 yr |
| AMZNAmazon.com, Inc. | $199M | 1.6% | +9.5% | 10.5 yr |
| NVTnVent Electric plc | $184M | 1.5% | +127.9% | 6.3 yr |
| AEPAmerican Electric Power | $153M | 1.2% | +24.0% | 10.5 yr |
| MAMastercard Incorporated | $145M | 1.2% | -8.5% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management34.4%+5.7pp$4.22B
Semiconductors4.6%+1.8pp$571M
Consumer Electronics3.8%-0.3pp$466M
Insurance - Property & Casualty3.4%-0.6pp$422M
Internet Content & Information3.4%+1.0pp$419M
Household & Personal Products3.0%-0.9pp$374M
Software - Infrastructure2.8%-0.4pp$349M
Financial - Credit Services2.7%-0.5pp$330M
Regulated Electric2.6%-0.2pp$325M
Industrial - Machinery2.3%-0.2pp$277M
Country
US93.4%+0.7pp
GB2.3%+0.4pp
IE1.1%-0.7pp
BM1.0%-0.9pp
TW1.0%+0.4pp
NL0.8%+0.2pp
CA0.3%+0.2pp
CH0.1%-0.0pp
Top 5: 20.6% · Top 10: 30.9% · Top 25: 48.8%
Top buys this quarter · 15
| AVGO Broadcom Inc. | +$57M |
| LH Labcorp Holdings Inc. | +$53M |
| UMBF UMB Financial Corporation | +$14M |
| NOW ServiceNow, Inc. | +$13M |
| FICO Fair Isaac Corporation | +$10M |
| MSFT Microsoft Corporation | +$316M |
| CINF Cincinnati Financial Corporati | +$229M |
| V Visa Inc. | +$134M |
| CMG Chipotle Mexican Grill, Inc. | +$42M |
| CL Colgate-Palmolive Company | +$5M |
Top sells this quarter · 15
| ASML ASML Holding N.V. | −$31M |
| CVX Chevron Corporation | −$119M |
| LNT Alliant Energy Corporation | −$21M |
| PG The Procter & Gamble Company | −$18M |
| ADBE Adobe Inc. | −$14M |
| ROP Roper Technologies, Inc. | −$14M |
| WMB The Williams Companies, Inc. | −$183M |
| ADI Analog Devices, Inc. | −$115M |
| TSM Taiwan Semiconductor Manufactu | −$116M |
| NDSN Nordson Corporation | −$80M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $12.29B | 808 | +10.26% | +17.59% | -7.33% | +0.30B |
| 2025-12-31 | $12.23B | 789 | +11.38% | +17.72% | -6.33% | +0.09B |
| 2025-09-30 | $11.92B | 801 | +9.27% | +17.52% | -8.25% | +0.20B |
| 2025-06-30 | $11.13B | 807 | +12.17% | +14.94% | -2.77% | +0.27B |
| 2025-03-31 | $10.36B | 797 | +8.29% | +8.30% | -0.01% | +0.20B |
| 2024-12-31 | $10.26B | 788 | +17.04% | +24.89% | -7.85% | +0.10B |
| 2024-09-30 | $10.16B | 808 | +29.72% | +36.04% | -6.32% | -0.10B |
| 2024-06-30 | $9.49B | 765 | +14.81% | +24.49% | -9.68% | +0.18B |
| 2024-03-31 | $9.20B | 762 | +19.98% | +29.62% | -9.64% | +0.10B |
| 2023-12-31 | $8.51B | 711 | +15.86% | +26.18% | -10.31% | -0.10B |
| 2023-09-30 | $7.78B | 676 | +14.49% | +21.57% | -7.08% | +0.07B |
| 2023-06-30 | $8.06B | 669 | +14.20% | +19.42% | -5.22% | +0.09B |
| 2023-03-31 | $7.53B | 660 | -3.97% | -7.82% | +3.85% | -0.04B |
| 2022-12-31 | $7.33B | 659 | -11.34% | -18.17% | +6.83% | -0.06B |
| 2022-09-30 | $6.75B | 645 | -10.05% | -15.51% | +5.46% | +0.02B |
| 2022-06-30 | $7.05B | 652 | -5.21% | -10.62% | +5.41% | -0.13B |