Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.82%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.90%
baseline attrition
Rally response
-0.76%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AGGiShares Core U.S. Aggreg | $97M | 6.3% | — | 10.5 yr |
| VBVanguard Small-Cap ETF | $97M | 6.2% | — | 10.5 yr |
| VGSHVanguard Short-Term Trea | $90M | 5.8% | — | 3.5 yr |
| VOVanguard Mid-Cap ETF | $86M | 5.5% | — | 10.5 yr |
| JPSTJPMorgan Ultra-Short Inc | $71M | 4.6% | — | 7.0 yr |
| EFAiShares MSCI EAFE ETF | $61M | 3.9% | — | 10.5 yr |
| VTVVanguard Value ETF | $55M | 3.6% | — | 8.0 yr |
| VUGVanguard Growth ETF | $55M | 3.5% | — | 10.5 yr |
| VWOVanguard FTSE Emerging M | $36M | 2.3% | — | 9.8 yr |
| SPYState Street SPDR S&P 50 | $33M | 2.1% | +17.6% | 10.5 yr |
| AAPLApple Inc. | $26M | 1.7% | +14.7% | 10.5 yr |
| VCSHVanguard Short-Term Corp | $23M | 1.5% | — | 10.5 yr |
| BIVVanguard Intermediate-Te | $21M | 1.3% | — | 3.5 yr |
| NVDANVIDIA Corporation | $21M | 1.3% | +60.9% | 10.0 yr |
| VVVanguard Large-Cap ETF | $20M | 1.3% | — | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management49.8%-2.5pp$774M
Asset Management - Bonds7.9%+0.1pp$123M
Asset Management - Leveraged6.0%+2.4pp$93M
Asset Management - Income4.9%+1.3pp$76M
Semiconductors3.2%+1.2pp$50M
Drug Manufacturers - General2.0%-0.0pp$31M
Internet Content & Information2.0%+0.1pp$31M
Banks - Diversified1.9%-0.1pp$30M
Consumer Electronics1.7%-0.2pp$27M
Discount Stores1.5%+0.1pp$23M
Country
US97.9%-0.5pp
TW0.6%+0.3pp
IE0.3%-0.1pp
GB0.3%+0.2pp
CA0.3%+0.0pp
CH0.3%+0.0pp
CN0.1%+0.1pp
Unknown0.1%
Top 5: 28.4% · Top 10: 43.8% · Top 25: 62.0%
Top buys this quarter · 15
| KMI Kinder Morgan, Inc. | +$1M |
| GSK GSK plc | +$1M |
| CVX Chevron Corporation | +$1M |
| SNN Smith & Nephew plcnew | +$1M |
| AMGN Amgen Inc. | +$1M |
| JNJ Johnson & Johnson | +$1M |
| FITB Fifth Third Bancorp | +$1M |
| CAH Cardinal Health, Inc. | +$0M |
| SNA Snap-on Incorporated | +$0M |
| DVN Devon Energy Corporationnew | +$0M |
Top sells this quarter · 15
| IBM International Business Machine | −$4M |
| BAC Bank of America Corporation | −$2M |
| META Meta Platforms, Inc. | −$2M |
| AMAT Applied Materials, Inc. | −$2M |
| C Citigroup Inc. | −$2M |
| CFG Citizens Financial Group, Inc. | −$2M |
| MSI Motorola Solutions, Inc.exit | −$2M |
| KR The Kroger Co. | −$1M |
| NVDA NVIDIA Corporation | −$1M |
| T AT&T Inc. | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.56B | 270 | +22.28% | +17.59% | +4.69% | -0.02B |
| 2025-12-31 | $1.58B | 278 | +22.43% | +17.72% | +4.71% | +0.00B |
| 2025-09-30 | $1.54B | 277 | +20.23% | +17.52% | +2.71% | -0.03B |
| 2025-06-30 | $1.45B | 272 | +19.61% | +14.94% | +4.67% | -0.04B |
| 2025-03-31 | $1.35B | 285 | +10.04% | +8.30% | +1.74% | +0.01B |
| 2024-12-31 | $1.35B | 289 | +21.69% | +24.89% | -3.20% | +0.01B |
| 2024-09-30 | $1.32B | 296 | +31.89% | +36.04% | -4.14% | -0.02B |
| 2024-06-30 | $1.25B | 283 | +18.88% | +24.49% | -5.61% | +0.00B |
| 2024-03-31 | $1.23B | 279 | +22.65% | +29.62% | -6.97% | +0.01B |
| 2023-12-31 | $1.10B | 249 | +14.41% | +26.18% | -11.77% | -0.01B |
| 2023-09-30 | $1.02B | 239 | +15.57% | +21.57% | -5.99% | -0.03B |
| 2023-06-30 | $1.08B | 251 | +12.26% | +19.42% | -7.17% | -0.07B |
| 2023-03-31 | $1.10B | 265 | -2.94% | -7.82% | +4.88% | -0.02B |
| 2022-12-31 | $1.08B | 266 | -9.99% | -18.17% | +8.18% | -0.07B |
| 2022-09-30 | $1.04B | 254 | -9.56% | -15.51% | +5.94% | -0.01B |
| 2022-06-30 | $1.12B | 255 | -3.49% | -10.62% | +7.13% | -0.02B |