Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.36%
trims when stocks drop
when a holding falls −10%+
Middle response
+1.39%
steady accumulation
Rally response
-4.23%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BSBRBanco Santander (Brasil) | $3.08B | 24.9% | +33.9% | 9.5 yr |
| MSFTMicrosoft Corporation | $680M | 5.5% | -0.6% | 9.5 yr |
| — | $584M | 4.7% | — | 1.5 yr |
| NVDANVIDIA Corporation | $460M | 3.7% | +60.9% | 8.5 yr |
| TOTB.DETotalEnergies SE | $379M | 3.1% | +41.2% | 0.5 yr |
| AAPLApple Inc. | $356M | 2.9% | +14.7% | 9.5 yr |
| AMZNAmazon.com, Inc. | $292M | 2.4% | +9.5% | 9.5 yr |
| GLDSPDR Gold Shares | $219M | 1.8% | — | 9.5 yr |
| GOOGLAlphabet Inc. | $207M | 1.7% | — | 9.5 yr |
| RACEFerrari N.V. | $188M | 1.5% | -20.3% | 7.0 yr |
| METAMeta Platforms, Inc. | $176M | 1.4% | -0.4% | 9.5 yr |
| GOOGAlphabet Inc. | $159M | 1.3% | +84.3% | 9.5 yr |
| JPMJPMorgan Chase & Co. | $154M | 1.2% | +21.8% | 9.5 yr |
| SPYState Street SPDR S&P 50 | $153M | 1.2% | +17.6% | 9.5 yr |
| AVGOBroadcom Inc. | $149M | 1.2% | +86.0% | 8.0 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional25.1%-2.3pp$3.11B
Asset Management11.3%+1.3pp$1.41B
Semiconductors7.3%+2.0pp$907M
Software - Infrastructure6.5%+2.6pp$806M
Unknown4.8%+1.4pp$591M
Internet Content & Information4.4%+0.5pp$545M
Oil & Gas Integrated4.3%+3.4pp$538M
Consumer Electronics2.9%+0.2pp$356M
Auto - Manufacturers2.7%-2.0pp$339M
Banks - Diversified2.5%+0.3pp$309M
Country
US64.2%+0.2pp
BR25.0%-2.2pp
Unknown4.8%+1.4pp
FR3.1%+3.0pp
IT1.5%-1.1pp
NL0.6%-0.6pp
AU0.2%
DE0.1%-0.1pp
Top 5: 41.8% · Top 10: 52.0% · Top 25: 65.8%
Top buys this quarter · 15
| MSFT Microsoft Corporation | +$297M |
| MDLZ Mondelez International, Inc. | +$33M |
| SPY State Street SPDR S&P 500 ETF | +$30M |
| LHX L3Harris Technologies, Inc. | +$29M |
| ANET Arista Networks, Inc. | +$25M |
| KO The Coca-Cola Company | +$25M |
| NEM Newmont Corporation | +$24M |
| SNPS Synopsys, Inc. | +$23M |
| DDOG Datadog, Inc. | +$20M |
| IREN IREN Limited | +$19M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $12.40B | 470 | +22.52% | +17.59% | +4.93% | -0.35B |
| 2025-12-31 | $13.35B | 459 | +31.40% | +17.72% | +13.69% | +1.57B |
| 2025-09-30 | $11.26B | 471 | +15.20% | +17.52% | -2.31% | +0.12B |
| 2025-06-30 | $10.53B | 480 | +15.65% | +14.94% | +0.71% | +0.04B |
| 2025-03-31 | $9.06B | 476 | -5.13% | +8.30% | -13.43% | +0.55B |
| 2024-12-31 | $8.31B | 447 | -7.37% | +24.89% | -32.26% | +0.53B |
| 2024-09-30 | $8.48B | 443 | +20.96% | +36.04% | -15.08% | -0.09B |
| 2024-06-30 | $8.07B | 402 | +1.15% | +24.49% | -23.35% | +0.19B |
| 2024-03-31 | $8.30B | 417 | +21.88% | +29.62% | -7.75% | -0.17B |
| 2023-12-31 | $8.46B | 412 | +28.74% | +26.18% | +2.56% | +0.02B |
| 2023-09-30 | $7.05B | 422 | +1.94% | +21.57% | -19.63% | +0.28B |
| 2023-06-30 | $7.62B | 405 | +15.03% | +19.42% | -4.39% | -0.15B |
| 2023-03-31 | $6.79B | 355 | -20.22% | -7.82% | -12.40% | -0.35B |
| 2022-12-31 | $6.75B | 357 | -27.96% | -18.17% | -9.78% | -0.36B |
| 2022-09-30 | $7.49B | 345 | -15.67% | -15.51% | -0.16% | -0.02B |
| 2022-06-30 | $7.50B | 363 | -15.38% | -10.62% | -4.76% | +0.11B |