Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.04%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.35%
baseline attrition
Rally response
-1.51%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $8.69B | 5.6% | +60.9% | 10.5 yr |
| MSFTMicrosoft Corporation | $6.17B | 3.9% | -0.6% | 10.5 yr |
| AAPLApple Inc. | $5.65B | 3.6% | +14.7% | 10.5 yr |
| AMZNAmazon.com, Inc. | $3.14B | 2.0% | +9.5% | 10.5 yr |
| GOOGLAlphabet Inc. | $2.95B | 1.9% | — | 10.5 yr |
| AVGOBroadcom Inc. | $2.93B | 1.9% | +86.0% | 8.0 yr |
| METAMeta Platforms, Inc. | $2.17B | 1.4% | -0.4% | 10.5 yr |
| IWMiShares Russell 2000 ETF | $2.10B | 1.3% | — | 10.5 yr |
| BACBank of America Corporat | $1.95B | 1.2% | +19.4% | 10.5 yr |
| TSLATesla, Inc. | $1.92B | 1.2% | +43.4% | 10.5 yr |
| GOOGAlphabet Inc. | $1.87B | 1.2% | +84.3% | 10.5 yr |
| VOOVanguard S&P 500 ETF | $1.86B | 1.2% | — | 10.5 yr |
| MUMicron Technology, Inc. | $1.61B | 1.0% | +289.6% | 10.5 yr |
| QQQInvesco QQQ Trust, Serie | $1.56B | 1.0% | — | 8.0 yr |
| XBIState Street SPDR S&P Bi | $1.36B | 0.9% | — | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management16.2%+1.4pp$25.38B
Semiconductors15.5%+5.0pp$24.29B
Software - Infrastructure6.2%+0.3pp$9.70B
Internet Content & Information4.8%+0.2pp$7.48B
Consumer Electronics3.6%-0.6pp$5.67B
Drug Manufacturers - General3.1%+0.1pp$4.78B
Specialty Retail3.0%-1.1pp$4.76B
Banks - Diversified2.9%+0.1pp$4.59B
Software - Application2.3%-0.6pp$3.67B
Auto - Manufacturers1.8%-0.9pp$2.80B
Country
US90.6%-1.8pp
GB1.2%+0.6pp
Unknown1.0%-0.1pp
CA1.0%+0.2pp
NL0.8%+0.2pp
IE0.7%-0.3pp
TW0.7%+0.2pp
CN0.6%-0.1pp
Top 5: 17.0% · Top 10: 24.1% · Top 25: 36.0%
Top buys this quarter · 15
| NVDA NVIDIA Corporation | +$2.26B |
| MSFT Microsoft Corporation | +$1.79B |
| AAPL Apple Inc. | +$1.59B |
| GOOG Alphabet Inc. | +$786M |
| BAC Bank of America Corporation | +$774M |
| AZN AstraZeneca PLCnew | +$731M |
| AMZN Amazon.com, Inc. | +$703M |
| CAT Caterpillar Inc. | +$484M |
| DB Deutsche Bank AG | +$457M |
| LLY Eli Lilly and Company | +$398M |
Top sells this quarter · 15
| SPY State Street SPDR S&P 500 ETF | −$4.47B |
| TSLA Tesla, Inc. | −$496M |
| GE GE Aerospace | −$436M |
| LITE Lumentum Holdings Inc. | −$262M |
| SNDK Sandisk Corporation | −$143M |
| WDC Western Digital Corporation | −$213M |
| NEM Newmont Corporation | −$204M |
| INTC Intel Corporation | −$178M |
| GS The Goldman Sachs Group, Inc. | −$171M |
| D Dominion Energy, Inc. | −$104M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $156.55B | 4907 | +21.91% | +17.59% | +4.32% | +15.67B |
| 2025-12-31 | $146.09B | 4934 | +18.63% | +17.72% | +0.91% | -1.39B |
| 2025-09-30 | $144.39B | 5006 | +18.57% | +17.52% | +1.05% | -12.74B |
| 2025-06-30 | $143.52B | 4669 | +14.02% | +14.94% | -0.92% | -4.66B |
| 2025-03-31 | $131.07B | 4534 | +2.30% | +8.30% | -6.00% | +33.74B |
| 2024-12-31 | $103.72B | 4751 | +16.66% | +24.89% | -8.23% | -6.12B |
| 2024-09-30 | $107.59B | 4621 | +27.53% | +36.04% | -8.51% | -1.40B |
| 2024-06-30 | $103.53B | 4555 | +15.66% | +24.49% | -8.83% | +10.65B |
| 2024-03-31 | $91.56B | 4593 | +21.14% | +29.62% | -8.48% | +11.34B |
| 2023-12-31 | $74.96B | 4618 | +21.08% | +26.18% | -5.10% | -2.71B |
| 2023-09-30 | $69.60B | 4628 | +16.06% | +21.57% | -5.51% | -4.06B |
| 2023-06-30 | $77.15B | 4560 | +15.93% | +19.42% | -3.49% | -1.61B |
| 2023-03-31 | $74.13B | 4477 | -9.61% | -7.82% | -1.79% | -1.55B |
| 2022-12-31 | $70.76B | 4718 | -19.38% | -18.17% | -1.21% | -4.51B |
| 2022-09-30 | $70.36B | 4684 | -16.30% | -15.51% | -0.79% | -0.43B |
| 2022-06-30 | $74.23B | 5150 | -11.74% | -10.62% | -1.12% | -4.80B |