Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.34%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.07%
baseline attrition
Rally response
-1.80%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AVGOBroadcom Inc. | $677M | 5.2% | +86.0% | 8.3 yr |
| MSFTMicrosoft Corporation | $513M | 4.0% | -0.6% | 10.5 yr |
| AZNAstraZeneca PLC | $393M | 3.0% | +36.2% | 0.3 yr |
| TOTB.DETotalEnergies SE | $344M | 2.6% | +41.2% | 0.5 yr |
| NVDANVIDIA Corporation | $335M | 2.6% | +60.9% | 4.8 yr |
| PMPhilip Morris Internatio | $316M | 2.4% | +7.9% | 10.5 yr |
| METAMeta Platforms, Inc. | $309M | 2.4% | -0.4% | 8.3 yr |
| AAPLApple Inc. | $276M | 2.1% | +14.7% | 10.5 yr |
| GOOGAlphabet Inc. | $236M | 1.8% | +84.3% | 10.5 yr |
| GOOGLAlphabet Inc. | $210M | 1.6% | — | 10.5 yr |
| AMZNAmazon.com, Inc. | $181M | 1.4% | +9.5% | 10.5 yr |
| LLYEli Lilly and Company | $178M | 1.4% | +12.2% | 10.5 yr |
| JPMJPMorgan Chase & Co. | $175M | 1.4% | +21.8% | 10.5 yr |
| ASMLASML Holding N.V. | $173M | 1.3% | +100.9% | 9.5 yr |
| KLACKLA Corporation | $167M | 1.3% | +118.2% | 6.8 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors12.2%+2.9pp$1.58B
Drug Manufacturers - General7.0%+2.7pp$910M
Internet Content & Information6.0%+1.1pp$778M
Oil & Gas Integrated5.1%+4.4pp$659M
Aerospace & Defense4.6%+1.0pp$603M
Software - Infrastructure4.2%-1.0pp$548M
Tobacco3.3%+0.5pp$431M
Banks - Diversified3.2%+0.5pp$415M
Financial - Credit Services2.8%-0.5pp$358M
Specialty Retail2.7%-0.9pp$354M
Country
US77.2%+0.0pp
CA5.3%+2.0pp
GB4.4%+3.3pp
FR2.6%+2.6pp
Unknown2.0%-1.5pp
IE1.8%+0.0pp
NL1.3%+0.3pp
BR0.7%+0.6pp
Top 5: 17.4% · Top 10: 27.8% · Top 25: 46.1%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$396M |
| TOTB.DE TotalEnergies SE | +$88M |
| PBR Petróleo Brasileiro S.A. - Pe | +$42M |
| RTX RTX Corporation | +$34M |
| META Meta Platforms, Inc. | +$309M |
| NVDA NVIDIA Corporation | +$29M |
| MSFT Microsoft Corporation | +$513M |
| WPM Wheaton Precious Metals Corp. | +$28M |
| ABBV AbbVie Inc. | +$28M |
| PM Philip Morris International In | +$27M |
Top sells this quarter · 15
| DB Deutsche Bank AG | −$43M |
| YMM Full Truck Alliance Co. Ltd.exit | −$32M |
| FDX FedEx Corporation | −$32M |
| BZ Kanzhun Limited | −$31M |
| MU Micron Technology, Inc. | −$30M |
| SRE Sempra | −$28M |
| CNI Canadian National Railway Comp | −$26M |
| BNTX BioNTech SEexit | −$24M |
| NOW ServiceNow, Inc. | −$23M |
| SNPS Synopsys, Inc.exit | −$23M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $12.97B | 303 | +19.88% | +17.59% | +2.29% | +0.73B |
| 2025-12-31 | $12.71B | 309 | +21.95% | +17.72% | +4.23% | -0.11B |
| 2025-09-30 | $12.51B | 305 | +20.51% | +17.52% | +2.99% | +1.51B |
| 2025-06-30 | $10.29B | 301 | +21.84% | +14.94% | +6.90% | +0.92B |
| 2025-03-31 | $8.25B | 307 | +8.17% | +8.30% | -0.13% | -0.06B |
| 2024-12-31 | $8.48B | 303 | +21.29% | +24.89% | -3.59% | +0.44B |
| 2024-09-30 | $7.93B | 304 | +33.65% | +36.04% | -2.39% | -0.19B |
| 2024-06-30 | $7.52B | 307 | +21.13% | +24.49% | -3.36% | +0.04B |
| 2024-03-31 | $7.41B | 316 | +23.97% | +29.62% | -5.65% | +0.36B |
| 2023-12-31 | $6.41B | 320 | +22.69% | +26.18% | -3.49% | +0.59B |
| 2023-09-30 | $5.22B | 330 | +21.49% | +21.57% | -0.08% | -0.17B |
| 2023-06-30 | $5.51B | 345 | +18.48% | +19.42% | -0.94% | +0.36B |
| 2023-03-31 | $4.98B | 297 | -4.56% | -7.82% | +3.26% | -0.06B |
| 2022-12-31 | $4.63B | 293 | +10.54% | +7.56% | +2.98% | -0.32B |
| 2022-09-30 | $4.48B | 280 | -4.52% | -4.93% | +0.41% | -2.41B |
| 2022-06-30 | $7.21B | 284 | -16.79% | -16.11% | -0.68% | -0.22B |