Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-7.63%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.89%
baseline attrition
Rally response
-7.85%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPYState Street SPDR S&P 50 | $330M | 15.6% | +17.6% | 1.3 yr |
| QQQInvesco QQQ Trust, Serie | $300M | 14.2% | — | 2.0 yr |
| IWMiShares Russell 2000 ETF | $252M | 11.9% | — | 1.5 yr |
| XOPState Street SPDR S&P Oi | $118M | 5.6% | — | 2.0 yr |
| XLIState Street Industrial | $105M | 5.0% | — | 2.0 yr |
| XRTState Street SPDR S&P Re | $105M | 4.9% | — | 2.0 yr |
| DIAState Street SPDR Dow Jo | $93M | 4.4% | — | 2.0 yr |
| AVGOBroadcom Inc. | $79M | 3.7% | +86.0% | 2.0 yr |
| MDYState Street SPDR S&P MI | $51M | 2.4% | — | 1.0 yr |
| TSMTaiwan Semiconductor Man | $51M | 2.4% | +105.6% | 2.0 yr |
| XHBState Street SPDR S&P Ho | $49M | 2.3% | — | 2.0 yr |
| XLPState Street Consumer St | $29M | 1.4% | — | 2.0 yr |
| MSFTMicrosoft Corporation | $28M | 1.3% | -0.6% | 2.0 yr |
| ORCLOracle Corporation | $24M | 1.1% | +5.9% | 0.5 yr |
| GSThe Goldman Sachs Group, | $21M | 1.0% | +58.1% | 1.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management71.7%+24.1pp$1.52B
Semiconductors8.8%+2.5pp$187M
Software - Infrastructure3.3%+0.7pp$70M
Internet Content & Information1.7%-3.6pp$36M
Aerospace & Defense1.0%+0.5pp$21M
Financial - Capital Markets1.0%$21M
Financial - Credit Services1.0%$21M
Entertainment0.9%+0.5pp$19M
Beverages - Non-Alcoholic0.9%+0.7pp$18M
Agricultural - Machinery0.8%$18M
Country
US96.0%-0.2pp
TW2.4%+1.3pp
IE0.7%-0.5pp
CN0.4%-0.1pp
Unknown0.4%+0.2pp
Top 5: 52.2% · Top 10: 70.1% · Top 25: 85.1%
Top buys this quarter · 15
| SPY State Street SPDR S&P 500 ETF | +$81M |
| NFLX Netflix, Inc. | +$19M |
| TSM Taiwan Semiconductor Manufactu | +$17M |
| MA Mastercard Incorporatednew | +$13M |
| IBM International Business Machinenew | +$12M |
| BLK BlackRock, Inc.new | +$12M |
| GS The Goldman Sachs Group, Inc. | +$11M |
| AVGO Broadcom Inc. | +$11M |
| TT Trane Technologies plc | +$7M |
| ORCL Oracle Corporation | +$7M |
Top sells this quarter · 15
| META Meta Platforms, Inc.exit | −$59M |
| IREN IREN Limitedexit | −$49M |
| AMZN Amazon.com, Inc.exit | −$47M |
| AAPL Apple Inc.exit | −$32M |
| MSTR Strategy Incexit | −$29M |
| XOM Exxon Mobil Corporationexit | −$17M |
| BIDU Baidu, Inc.exit | −$17M |
| AMD Advanced Micro Devices, Inc. | −$16M |
| NVDA NVIDIA Corporation | −$16M |
| TRV The Travelers Companies, Inc.exit | −$15M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.12B | 99 | +15.58% | +17.59% | -2.01% | -0.28B |
| 2025-12-31 | $2.53B | 105 | +15.13% | +17.72% | -2.59% | +0.30B |
| 2025-09-30 | $2.28B | 88 | +21.62% | +17.52% | +4.10% | -0.24B |
| 2025-06-30 | $2.27B | 111 | +9.22% | +14.94% | -5.72% | -0.34B |
| 2025-03-31 | $2.33B | 110 | -5.41% | -4.27% | -1.14% | +0.31B |
| 2024-12-31 | $2.14B | 84 | +3.24% | +2.49% | +0.75% | +0.35B |
| 2024-09-30 | $1.73B | 76 | +0.09% | +5.75% | -5.66% | +0.17B |
| 2024-06-30 | $1.56B | 106 | — | — | — | — |