Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.64%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.55%
baseline attrition
Rally response
-0.30%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $34.70B | 7.2% | +60.9% | 10.5 yr |
| AAPLApple Inc. | $26.78B | 5.6% | +14.7% | 10.5 yr |
| MSFTMicrosoft Corporation | $23.63B | 4.9% | -0.6% | 10.5 yr |
| AMZNAmazon.com, Inc. | $15.38B | 3.2% | +9.5% | 10.5 yr |
| GOOGLAlphabet Inc. | $13.00B | 2.7% | — | 10.5 yr |
| AVGOBroadcom Inc. | $12.08B | 2.5% | +86.0% | 8.0 yr |
| GOOGAlphabet Inc. | $8.76B | 1.8% | +84.3% | 10.5 yr |
| TSLATesla, Inc. | $7.34B | 1.5% | +43.4% | 10.5 yr |
| METAMeta Platforms, Inc. | $7.25B | 1.5% | -0.4% | 10.5 yr |
| LLYEli Lilly and Company | $6.50B | 1.4% | +12.2% | 10.5 yr |
| JPMJPMorgan Chase & Co. | $5.50B | 1.1% | +21.8% | 10.5 yr |
| JNJJohnson & Johnson | $4.80B | 1.0% | +51.5% | 10.5 yr |
| BRK-BBerkshire Hathaway Inc. | $4.24B | 0.9% | — | 10.5 yr |
| VVisa Inc. | $4.20B | 0.9% | -13.1% | 10.5 yr |
| AMDAdvanced Micro Devices, | $3.90B | 0.8% | +98.0% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors15.5%+5.0pp$74.59B
Software - Infrastructure7.2%-1.6pp$34.53B
Internet Content & Information6.3%+1.1pp$30.43B
Consumer Electronics5.6%+4.8pp$26.84B
Drug Manufacturers - General4.9%+0.0pp$23.60B
Specialty Retail4.3%+2.2pp$20.83B
Software - Application2.7%-2.1pp$12.84B
Banks - Diversified2.6%-0.2pp$12.53B
Asset Management2.6%+0.5pp$12.46B
Financial - Credit Services2.4%-0.9pp$11.51B
Country
US94.8%+2.4pp
IE1.8%-0.3pp
GB0.8%+0.1pp
CN0.4%-0.3pp
Unknown0.3%-0.2pp
CH0.3%-1.0pp
TW0.3%+0.2pp
SG0.2%+0.1pp
Top 5: 23.6% · Top 10: 32.3% · Top 25: 43.7%
Top buys this quarter · 15
| PLD Prologis, Inc. | +$1.80B |
| AVGO Broadcom Inc. | +$1.75B |
| WELL Welltower Inc. | +$1.61B |
| MSFT Microsoft Corporation | +$23.63B |
| TSM Taiwan Semiconductor Manufactu | +$1.25B |
| PDD PDD Holdings Inc. | +$877M |
| AMZN Amazon.com, Inc. | +$15.38B |
| JPM JPMorgan Chase & Co. | +$672M |
| ADI Analog Devices, Inc. | +$619M |
| JNJ Johnson & Johnson | +$575M |
Top sells this quarter · 15
| DLR Digital Realty Trust, Inc. | −$867M |
| AZO AutoZone, Inc. | −$453M |
| EXR Extra Space Storage Inc. | −$279M |
| META Meta Platforms, Inc. | −$237M |
| AMAT Applied Materials, Inc. | −$2.75B |
| TAL TAL Education Group | −$222M |
| CAT Caterpillar Inc. | −$2.03B |
| TMUS T-Mobile US, Inc. | −$194M |
| TSLA Tesla, Inc. | −$171M |
| MCK McKesson Corporation | −$147M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $480.58B | 3788 | +18.20% | +17.59% | +0.61% | +33.63B |
| 2025-12-31 | $472.70B | 3273 | +18.74% | +17.72% | +1.02% | +1.24B |
| 2025-09-30 | $460.42B | 2265 | +18.10% | +17.52% | +0.58% | -73.28B |
| 2025-06-30 | $493.89B | 2599 | +15.70% | +14.94% | +0.76% | +52.74B |
| 2025-03-31 | $390.47B | 2621 | +4.08% | +8.30% | -4.23% | -16.64B |
| 2024-12-31 | $428.63B | 2612 | +17.39% | +24.89% | -7.50% | +32.48B |
| 2024-09-30 | $388.96B | 2705 | +29.84% | +36.04% | -6.19% | +20.22B |
| 2024-06-30 | $348.31B | 2700 | +18.32% | +24.49% | -6.17% | +62.46B |
| 2024-03-31 | $281.26B | 2517 | +25.03% | +29.62% | -4.59% | +8.95B |
| 2023-12-31 | $254.20B | 2537 | +25.24% | +26.18% | -0.94% | +3.02B |
| 2023-09-30 | $222.96B | 2579 | +18.61% | +21.57% | -2.96% | +23.84B |
| 2023-06-30 | $206.41B | 2670 | +16.97% | +19.42% | -2.46% | -15.22B |
| 2023-03-31 | $206.37B | 2672 | -7.36% | -7.82% | +0.46% | +1.89B |
| 2022-12-31 | $190.57B | 2514 | +6.70% | +7.56% | -0.87% | +0.45B |
| 2022-09-30 | $178.18B | 2735 | -4.86% | -4.93% | +0.06% | -3.45B |
| 2022-06-30 | $190.92B | 2686 | -14.94% | -16.11% | +1.17% | -7.48B |