Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-8.18%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.28%
baseline attrition
Rally response
-8.69%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AAPLApple Inc. | $2.81B | 4.5% | +14.7% | 10.5 yr |
| NVDANVIDIA Corporation | $2.75B | 4.4% | +60.9% | 10.0 yr |
| CNICanadian National Railwa | $1.93B | 3.1% | +8.2% | 10.5 yr |
| GOOGLAlphabet Inc. | $1.91B | 3.1% | — | 10.5 yr |
| MSFTMicrosoft Corporation | $1.84B | 2.9% | -0.6% | 10.5 yr |
| AMZNAmazon.com, Inc. | $1.20B | 1.9% | +9.5% | 10.5 yr |
| GIBCGI Inc. | $1.19B | 1.9% | -26.4% | 7.3 yr |
| METAMeta Platforms, Inc. | $1.16B | 1.9% | -0.4% | 10.5 yr |
| BCEBCE Inc. | $858M | 1.4% | +16.0% | 5.0 yr |
| CAECAE Inc. | $802M | 1.3% | +5.9% | 10.5 yr |
| BRK-BBerkshire Hathaway Inc. | $786M | 1.3% | — | 10.5 yr |
| TFIITFI International Inc. | $776M | 1.2% | +42.3% | 2.8 yr |
| BMOBank of Montreal | $732M | 1.2% | +47.5% | 5.5 yr |
| JNJJohnson & Johnson | $730M | 1.2% | +51.5% | 10.5 yr |
| MAMastercard Incorporated | $723M | 1.2% | -8.5% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors8.6%+2.8pp$5.38B
Internet Content & Information5.7%+0.9pp$3.58B
Banks - Diversified5.1%+0.3pp$3.17B
Consumer Electronics4.5%+0.7pp$2.81B
Drug Manufacturers - General4.4%-0.5pp$2.74B
Asset Management4.0%-1.3pp$2.50B
Software - Infrastructure3.6%-1.0pp$2.25B
Railroads3.5%+0.8pp$2.19B
Specialty Retail2.7%-0.5pp$1.69B
Software - Application2.6%-1.5pp$1.60B
Country
US81.0%-0.0pp
CA15.8%+1.4pp
Unknown0.9%+0.3pp
IE0.6%-0.7pp
CH0.5%-0.3pp
GB0.3%-0.3pp
DE0.2%
IT0.2%
Top 5: 18.0% · Top 10: 26.4% · Top 25: 40.9%
Top buys this quarter · 15
| CNI Canadian National Railway Comp | +$502M |
| NVDA NVIDIA Corporation | +$408M |
| AAPL Apple Inc. | +$352M |
| GIL Gildan Activewear Inc. | +$234M |
| META Meta Platforms, Inc. | +$217M |
| HD The Home Depot, Inc. | +$178M |
| ABT Abbott Laboratories | +$158M |
| CSCO Cisco Systems, Inc. | +$156M |
| TJX The TJX Companies, Inc. | +$150M |
| AMAT Applied Materials, Inc. | +$142M |
Top sells this quarter · 15
| LRCX Lam Research Corporation | −$366M |
| KLAC KLA Corporation | −$259M |
| SLB SLB N.V. | −$130M |
| KR The Kroger Co. | −$129M |
| VZ Verizon Communications Inc. | −$128M |
| TSN Tyson Foods, Inc. | −$112M |
| NOC Northrop Grumman Corporation | −$111M |
| BDX Becton, Dickinson and Company | −$93M |
| TDY Teledyne Technologies Incorpor | −$92M |
| ALB Albemarle Corporation | −$90M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $62.43B | 683 | +15.67% | +17.59% | -1.92% | +5.91B |
| 2025-12-31 | $58.95B | 539 | +15.88% | +17.72% | -1.84% | +1.81B |
| 2025-09-30 | $55.47B | 538 | +13.89% | +17.52% | -3.63% | +5.50B |
| 2025-06-30 | $46.84B | 478 | +14.29% | +14.94% | -0.65% | -5.49B |
| 2025-03-31 | $47.67B | 591 | +3.33% | +8.30% | -4.97% | +1.47B |
| 2024-12-31 | $48.09B | 516 | +14.61% | +24.89% | -10.28% | -2.81B |
| 2024-09-30 | $50.28B | 495 | +26.17% | +36.04% | -9.86% | +6.19B |
| 2024-06-30 | $41.18B | 460 | +12.09% | +24.49% | -12.40% | -0.07B |
| 2024-03-31 | $41.56B | 481 | +19.99% | +29.62% | -9.64% | -0.35B |
| 2023-12-31 | $39.33B | 479 | +18.19% | +26.18% | -7.99% | +0.65B |
| 2023-09-30 | $34.71B | 491 | +13.79% | +21.57% | -7.77% | -1.02B |
| 2023-06-30 | $37.57B | 476 | +10.85% | +19.42% | -8.58% | +0.27B |
| 2023-03-31 | $35.10B | 539 | -8.67% | -7.82% | -0.85% | +0.95B |
| 2022-12-31 | $32.54B | 569 | +7.31% | +7.56% | -0.25% | -4.29B |
| 2022-09-30 | $34.32B | 545 | -7.36% | -4.93% | -2.43% | +0.70B |
| 2022-06-30 | $36.29B | 577 | -12.46% | -16.11% | +3.65% | -1.07B |