Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.95%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.08%
baseline attrition
Rally response
-2.02%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MSFTMicrosoft Corporation | $199M | 4.3% | -0.6% | 10.5 yr |
| CVXChevron Corporation | $188M | 4.1% | +29.2% | 10.5 yr |
| XOMExxon Mobil Corporation | $111M | 2.4% | +47.6% | 10.5 yr |
| AAPLApple Inc. | $105M | 2.3% | +14.7% | 10.5 yr |
| LLYEli Lilly and Company | $100M | 2.1% | +12.2% | 10.5 yr |
| COSTCostco Wholesale Corpora | $96M | 2.1% | +5.9% | 10.5 yr |
| GOOGLAlphabet Inc. | $89M | 1.9% | — | 10.5 yr |
| KMIKinder Morgan, Inc. | $86M | 1.8% | +22.6% | 10.5 yr |
| JNJJohnson & Johnson | $80M | 1.7% | +51.5% | 10.5 yr |
| APAAPA Corporation | $76M | 1.6% | +112.3% | 5.3 yr |
| WMWaste Management, Inc. | $70M | 1.5% | +0.8% | 10.5 yr |
| COPConocoPhillips | $68M | 1.5% | +30.0% | 10.5 yr |
| CSCOCisco Systems, Inc. | $68M | 1.5% | +28.1% | 10.5 yr |
| MRKMerck & Co., Inc. | $65M | 1.4% | +38.9% | 10.5 yr |
| PEPPepsiCo, Inc. | $63M | 1.4% | +7.7% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Drug Manufacturers - General9.0%+2.0pp$417M
Oil & Gas Integrated8.0%+3.6pp$372M
Semiconductors5.4%+2.1pp$251M
Software - Infrastructure4.8%-1.8pp$224M
Oil & Gas Exploration & Production4.0%-0.3pp$185M
Discount Stores3.5%+0.4pp$161M
Internet Content & Information3.4%+0.6pp$157M
Unknown3.2%+0.2pp$146M
Beverages - Non-Alcoholic2.6%+0.3pp$119M
Household & Personal Products2.4%-1.4pp$112M
Country
US87.0%-0.2pp
GB3.7%+0.7pp
Unknown3.2%+0.2pp
IE1.1%-0.3pp
CA1.0%-0.0pp
TW0.8%+0.4pp
CH0.8%-0.2pp
NL0.6%+0.2pp
Top 5: 15.1% · Top 10: 24.3% · Top 25: 43.2%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$29M |
| NVDA NVIDIA Corporation | +$7M |
| IQV IQVIA Holdings Inc. | +$6M |
| ONTO Onto Innovation Inc. | +$6M |
| TSCO Tractor Supply Company | +$5M |
| TYL Tyler Technologies, Inc. | +$5M |
| SIMO Silicon Motion Technology Corpnew | +$5M |
| ABNB Airbnb, Inc. | +$4M |
| MCO Moody's Corporation | +$4M |
| HNGE Hinge Health, Inc.new | +$4M |
Top sells this quarter · 15
| STE STERIS plc | −$23M |
| SMTC Semtech Corporation | −$14M |
| CVX Chevron Corporation | −$149M |
| WDC Western Digital Corporation | −$12M |
| TDY Teledyne Technologies Incorpor | −$11M |
| CWAN Clearwater Analytics Holdings,exit | −$10M |
| SLB SLB N.V. | −$53M |
| PYPL PayPal Holdings, Inc. | −$8M |
| RCL Royal Caribbean Cruises Ltd. | −$8M |
| IT Gartner, Inc.exit | −$7M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.64B | 504 | +11.41% | +17.59% | -6.19% | -0.26B |
| 2025-12-31 | $4.81B | 507 | +7.99% | +17.72% | -9.73% | -0.20B |
| 2025-09-30 | $4.98B | 500 | +5.50% | +17.52% | -12.02% | -0.16B |
| 2025-06-30 | $4.97B | 494 | +7.60% | +14.94% | -7.34% | -0.12B |
| 2025-03-31 | $4.85B | 465 | +1.16% | +8.30% | -7.15% | -0.20B |
| 2024-12-31 | $5.12B | 470 | +10.87% | +24.89% | -14.02% | -0.21B |
| 2024-09-30 | $5.42B | 472 | +23.05% | +36.04% | -12.99% | -0.15B |
| 2024-06-30 | $5.27B | 473 | +12.03% | +24.49% | -12.46% | -0.11B |
| 2024-03-31 | $5.46B | 472 | +18.84% | +29.62% | -10.78% | -0.11B |
| 2023-12-31 | $5.14B | 464 | +15.14% | +26.18% | -11.04% | -0.15B |
| 2023-09-30 | $4.84B | 481 | +14.29% | +21.57% | -7.28% | -0.04B |
| 2023-06-30 | $5.08B | 483 | +15.00% | +19.42% | -4.42% | -0.16B |
| 2023-03-31 | $5.01B | 481 | -6.06% | -7.82% | +1.76% | -0.17B |
| 2022-12-31 | $4.94B | 498 | +70.74% | -18.17% | +88.92% | -0.12B |
| 2022-09-30 | $4.66B | 503 | -3.39% | -4.93% | +1.54% | -0.16B |
| 2022-06-30 | $5.00B | 498 | -14.49% | -16.11% | +1.62% | -0.19B |