Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+5.04%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.16%
baseline attrition
Rally response
-4.71%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $9.82B | 7.4% | +60.9% | 10.3 yr |
| TSMTaiwan Semiconductor Man | $6.51B | 4.9% | +105.6% | 10.3 yr |
| AVGOBroadcom Inc. | $4.35B | 3.3% | +86.0% | 7.8 yr |
| AEMAgnico Eagle Mines Limit | $4.31B | 3.2% | +89.2% | 10.3 yr |
| NEMNewmont Corporation | $3.90B | 2.9% | +127.1% | 10.3 yr |
| KGCKinross Gold Corporation | $3.21B | 2.4% | +143.6% | 10.3 yr |
| BBarrick Mining Corporati | $2.73B | 2.0% | +114.9% | 1.3 yr |
| ASMLASML Holding N.V. | $2.47B | 1.9% | +100.9% | 10.3 yr |
| AMDAdvanced Micro Devices, | $2.46B | 1.8% | +98.0% | 9.0 yr |
| TXNTexas Instruments Incorp | $2.32B | 1.7% | +11.4% | 10.3 yr |
| AMATApplied Materials, Inc. | $2.27B | 1.7% | +137.6% | 10.3 yr |
| KLACKLA Corporation | $2.20B | 1.7% | +118.2% | 9.3 yr |
| MUMicron Technology, Inc. | $2.17B | 1.6% | +289.6% | 10.3 yr |
| ADIAnalog Devices, Inc. | $2.15B | 1.6% | +60.2% | 10.3 yr |
| INTCIntel Corporation | $2.07B | 1.6% | +94.3% | 10.3 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors34.8%+5.7pp$46.38B
Gold21.6%+1.7pp$28.80B
Aerospace & Defense3.7%+0.5pp$4.92B
Software - Infrastructure2.7%-0.3pp$3.60B
Unknown2.4%+0.3pp$3.22B
Drug Manufacturers - General2.4%-1.0pp$3.15B
Silver2.2%+0.1pp$2.90B
Software - Application2.1%-1.1pp$2.78B
Oil & Gas Equipment & Services1.8%+0.3pp$2.37B
Uranium1.6%+1.2pp$2.19B
Country
US66.0%-3.4pp
CA19.2%+2.5pp
TW4.9%+1.1pp
NL2.8%+0.1pp
Unknown2.4%+0.3pp
ZA1.5%-0.6pp
GB0.7%+0.2pp
IL0.5%+0.4pp
Top 5: 21.7% · Top 10: 31.6% · Top 25: 51.5%
Top buys this quarter · 15
| NVDA NVIDIA Corporation | +$1.03B |
| AEM Agnico Eagle Mines Limited | +$809M |
| AVGO Broadcom Inc. | +$717M |
| NEM Newmont Corporation | +$673M |
| TSM Taiwan Semiconductor Manufactu | +$607M |
| QCOM QUALCOMM Incorporated | +$473M |
| B Barrick Mining Corporation | +$469M |
| CDE Coeur Mining, Inc. | +$366M |
| ARM Arm Holdings plc American Depo | +$327M |
| PLTR Palantir Technologies Inc. | +$279M |
Top sells this quarter · 15
| PAAS Pan American Silver Corp. | −$986M |
| RGLD Royal Gold, Inc. | −$685M |
| NGD New Gold Inc. | −$583M |
| MU Micron Technology, Inc. | −$437M |
| AMAT Applied Materials, Inc. | −$2.02B |
| MRK Merck & Co., Inc. | −$249M |
| AMGN Amgen Inc. | −$220M |
| HII Huntington Ingalls Industries, | −$217M |
| ASML ASML Holding N.V. | −$2.16B |
| IEX IDEX Corporation | −$197M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $133.17B | 1401 | +56.36% | +17.59% | +38.77% | +6.76B |
| 2025-12-31 | $120.96B | 1400 | +49.72% | +17.72% | +32.00% | +5.12B |
| 2025-09-30 | $107.62B | 1423 | +34.04% | +17.52% | +16.52% | +2.79B |
| 2025-06-30 | $88.33B | 1392 | +18.40% | +14.94% | +3.45% | -2.26B |
| 2025-03-31 | $77.35B | 1386 | +5.23% | +8.30% | -3.08% | -0.80B |
| 2024-12-31 | $78.09B | 1384 | +12.25% | +24.89% | -12.64% | +2.06B |
| 2024-09-30 | $78.89B | 1372 | +32.66% | +36.04% | -3.38% | +5.13B |
| 2024-06-30 | $70.37B | 1366 | +20.34% | +24.49% | -4.15% | +1.51B |
| 2024-03-31 | $66.15B | 1361 | +17.47% | +29.62% | -12.15% | +7.49B |
| 2023-12-31 | $54.96B | 1388 | +22.02% | +26.18% | -4.16% | +3.06B |
| 2023-09-30 | $45.57B | 1393 | +20.89% | +21.57% | -0.67% | +2.12B |
| 2023-06-30 | $45.69B | 1397 | +18.13% | +19.42% | -1.29% | +1.06B |
| 2023-03-31 | $43.92B | 1412 | -9.98% | -7.82% | -2.17% | +1.01B |
| 2022-12-31 | $38.70B | 1418 | +12.84% | +7.56% | +5.28% | +0.78B |
| 2022-09-30 | $33.60B | 1379 | -7.09% | -4.93% | -2.16% | -1.44B |
| 2022-06-30 | $37.71B | 1367 | -22.57% | -16.11% | -6.46% | +0.22B |