Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.04%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.11%
baseline attrition
Rally response
+0.72%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $31.55B | 4.1% | +60.9% | 10.5 yr |
| AAPLApple Inc. | $27.05B | 3.6% | +14.7% | 10.5 yr |
| SPYState Street SPDR S&P 50 | $23.81B | 3.1% | +17.6% | 10.5 yr |
| MSFTMicrosoft Corporation | $22.66B | 3.0% | -0.6% | 10.5 yr |
| GOOGLAlphabet Inc. | $16.63B | 2.2% | — | 10.5 yr |
| AMZNAmazon.com, Inc. | $14.10B | 1.9% | +9.5% | 10.5 yr |
| AVGOBroadcom Inc. | $11.15B | 1.5% | +86.0% | 8.0 yr |
| TSLATesla, Inc. | $10.93B | 1.4% | +43.4% | 10.5 yr |
| METAMeta Platforms, Inc. | $10.71B | 1.4% | -0.4% | 10.5 yr |
| GOOGAlphabet Inc. | $9.15B | 1.2% | +84.3% | 10.5 yr |
| VOOVanguard S&P 500 ETF | $9.00B | 1.2% | — | 10.5 yr |
| IVViShares Core S&P 500 ETF | $8.83B | 1.2% | — | 10.5 yr |
| JPMJPMorgan Chase & Co. | $6.90B | 0.9% | +21.8% | 10.5 yr |
| LLYEli Lilly and Company | $5.83B | 0.8% | +12.2% | 10.5 yr |
| XOMExxon Mobil Corporation | $5.44B | 0.7% | +47.6% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management18.3%-2.7pp$139.49B
Semiconductors9.6%+3.1pp$73.38B
Internet Content & Information5.3%+1.4pp$40.38B
Software - Infrastructure4.8%-0.1pp$36.69B
Consumer Electronics3.6%-0.2pp$27.43B
Drug Manufacturers - General3.4%+0.3pp$25.56B
Specialty Retail2.8%-0.4pp$21.36B
Banks - Diversified2.6%-0.1pp$19.59B
Software - Application2.1%-0.7pp$15.83B
Financial - Credit Services1.9%-0.3pp$14.27B
Country
US90.2%+0.4pp
CA2.3%-0.2pp
GB1.4%+0.2pp
IE1.1%-0.3pp
Unknown0.8%-0.3pp
CH0.5%+0.1pp
TW0.4%+0.0pp
FR0.4%+0.3pp
Top 5: 16.0% · Top 10: 23.4% · Top 25: 33.5%
Top buys this quarter · 15
| MSFT Microsoft Corporation | +$22.66B |
| NVDA NVIDIA Corporation | +$2.46B |
| GOOG Alphabet Inc. | +$2.36B |
| SPY State Street SPDR S&P 500 ETF | +$2.29B |
| AZN AstraZeneca PLCnew | +$2.09B |
| AAPL Apple Inc. | +$1.88B |
| META Meta Platforms, Inc. | +$1.86B |
| MU Micron Technology, Inc. | +$1.23B |
| CNQ Canadian Natural Resources Lim | +$1.09B |
| XOM Exxon Mobil Corporation | +$990M |
Top sells this quarter · 15
| LRCX Lam Research Corporation | −$932M |
| WBD Warner Bros. Discovery, Inc. | −$756M |
| LUV Southwest Airlines Co. | −$492M |
| SHOP Shopify Inc. | −$479M |
| ARM Arm Holdings plc American Depo | −$339M |
| GEV GE Vernova Inc. | −$1.60B |
| TSEM Tower Semiconductor Ltd. | −$316M |
| CLS Celestica Inc. | −$282M |
| BMY Bristol-Myers Squibb Company | −$257M |
| BABA Alibaba Group Holding Limited | −$246M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $760.93B | 5537 | +18.64% | +17.59% | +1.05% | +81.34B |
| 2025-12-31 | $702.98B | 5363 | +17.29% | +17.72% | -0.43% | -1.52B |
| 2025-09-30 | $691.57B | 5258 | +16.91% | +17.52% | -0.60% | +19.93B |
| 2025-06-30 | $618.70B | 5110 | +14.69% | +14.94% | -0.25% | +33.37B |
| 2025-03-31 | $527.45B | 5052 | +4.64% | +8.30% | -3.66% | +28.84B |
| 2024-12-31 | $521.69B | 5003 | +17.24% | +24.89% | -7.65% | -9.68B |
| 2024-09-30 | $523.30B | 4816 | +29.46% | +36.04% | -6.58% | -21.33B |
| 2024-06-30 | $511.41B | 4710 | +17.08% | +24.49% | -7.41% | +30.70B |
| 2024-03-31 | $474.80B | 4717 | +23.25% | +29.62% | -6.37% | -13.26B |
| 2023-12-31 | $455.78B | 4739 | +22.97% | +26.18% | -3.20% | +14.77B |
| 2023-09-30 | $393.32B | 4685 | +16.99% | +21.57% | -4.58% | +15.63B |
| 2023-06-30 | $392.13B | 4904 | +15.40% | +19.42% | -4.02% | -3.52B |
| 2023-03-31 | $371.22B | 5082 | -9.55% | -7.82% | -1.73% | -2.85B |
| 2022-12-31 | $350.12B | 5121 | -19.25% | -18.17% | -1.08% | -14.73B |
| 2022-09-30 | $342.05B | 5456 | -15.92% | -15.51% | -0.41% | +15.59B |
| 2022-06-30 | $343.60B | 5663 | -11.00% | -10.62% | -0.38% | +11.98B |