Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-7.70%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.87%
baseline attrition
Rally response
-1.16%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| LQDiShares iBoxx $ Investme | $281M | 8.9% | — | 2.3 yr |
| HYGiShares iBoxx $ High Yie | $188M | 6.0% | — | 2.3 yr |
| MSFTMicrosoft Corporation | $175M | 5.6% | -0.6% | 2.3 yr |
| NVDANVIDIA Corporation | $158M | 5.0% | +60.9% | 2.3 yr |
| AAPLApple Inc. | $117M | 3.7% | +14.7% | 2.3 yr |
| AMZNAmazon.com, Inc. | $116M | 3.7% | +9.5% | 2.3 yr |
| GOOGAlphabet Inc. | $111M | 3.5% | +84.3% | 2.3 yr |
| AVGOBroadcom Inc. | $109M | 3.5% | +86.0% | 2.3 yr |
| JPMJPMorgan Chase & Co. | $80M | 2.5% | +21.8% | 2.3 yr |
| GOOGLAlphabet Inc. | $80M | 2.5% | — | 2.3 yr |
| TSMTaiwan Semiconductor Man | $66M | 2.1% | +105.6% | 2.3 yr |
| AMATApplied Materials, Inc. | $60M | 1.9% | +137.6% | 2.3 yr |
| KOThe Coca-Cola Company | $58M | 1.8% | +9.3% | 2.3 yr |
| MCKMcKesson Corporation | $53M | 1.7% | +29.1% | 2.3 yr |
| VVisa Inc. | $52M | 1.7% | -13.1% | 2.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management - Bonds15.5%+9.4pp$488M
Semiconductors15.2%+4.7pp$479M
Software - Infrastructure8.7%-2.0pp$275M
Internet Content & Information7.7%+1.1pp$242M
Drug Manufacturers - General4.9%+0.5pp$154M
Specialty Retail4.1%-1.7pp$130M
Consumer Electronics3.7%-0.9pp$117M
Banks - Diversified2.9%-0.7pp$91M
Software - Application2.4%-1.8pp$76M
Industrial - Machinery2.4%+0.3pp$75M
Country
US96.2%+1.4pp
TW2.1%+1.0pp
CA0.8%+0.2pp
CN0.4%-0.2pp
GB0.2%+0.1pp
IE0.2%-0.8pp
FR0.1%
Unknown0.1%-0.5pp
Top 5: 29.2% · Top 10: 45.0% · Top 25: 66.9%
Top buys this quarter · 15
| MU Micron Technology, Inc. | +$28M |
| AMZN Amazon.com, Inc. | +$13M |
| ED Consolidated Edison, Inc. | +$12M |
| DDOG Datadog, Inc. | +$12M |
| MSI Motorola Solutions, Inc. | +$11M |
| AVGO Broadcom Inc. | +$109M |
| MSFT Microsoft Corporation | +$175M |
| NEM Newmont Corporation | +$10M |
| BK The Bank of New York Mellon Co | +$10M |
| EMR Emerson Electric Co. | +$9M |
Top sells this quarter · 15
| TOTB.DE TotalEnergies SE | −$26M |
| CRM Salesforce, Inc. | −$17M |
| AJG Arthur J. Gallagher & Co. | −$14M |
| HON Honeywell International Inc. | −$9M |
| HDB HDFC Bank Limited | −$9M |
| VMC Vulcan Materials Company | −$8M |
| JPM JPMorgan Chase & Co. | −$8M |
| AAPL Apple Inc. | −$8M |
| NFLX Netflix, Inc. | −$7M |
| PG The Procter & Gamble Company | −$7M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.15B | 333 | +16.30% | +17.59% | -1.29% | -0.12B |
| 2025-12-31 | $3.49B | 348 | +17.02% | +17.72% | -0.70% | +0.10B |
| 2025-09-30 | $3.31B | 329 | +18.32% | +17.52% | +0.80% | +0.03B |
| 2025-06-30 | $3.08B | 339 | +15.50% | +14.94% | +0.56% | +0.36B |
| 2025-03-31 | $2.39B | 342 | +4.20% | +8.30% | -4.11% | +0.12B |
| 2024-12-31 | $2.42B | 361 | +3.75% | +2.49% | +1.26% | -0.08B |
| 2024-09-30 | $2.41B | 380 | +4.04% | +5.75% | -1.71% | +0.34B |
| 2024-06-30 | $1.99B | 333 | +2.83% | +4.38% | -1.55% | -0.22B |
| 2024-03-31 | $2.14B | 338 | — | — | — | — |