Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.98%
adds when stocks drop
when a holding falls −10%+
Middle response
-5.39%
baseline attrition
Rally response
+3.98%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| USHYiShares Broad USD High Y | $2.26B | 17.3% | — | 4.3 yr |
| VCITVanguard Intermediate-Te | $1.45B | 11.0% | — | 5.5 yr |
| VCSHVanguard Short-Term Corp | $1.03B | 7.9% | — | 7.5 yr |
| NVDANVIDIA Corporation | $436M | 3.3% | +60.9% | 10.5 yr |
| AAPLApple Inc. | $375M | 2.9% | +14.7% | 10.5 yr |
| MSFTMicrosoft Corporation | $267M | 2.0% | -0.6% | 10.5 yr |
| GOOGAlphabet Inc. | $235M | 1.8% | +84.3% | 10.5 yr |
| IVViShares Core S&P 500 ETF | $234M | 1.8% | — | 9.8 yr |
| SESea Limited | $188M | 1.4% | -36.5% | 5.3 yr |
| AMZNAmazon.com, Inc. | $187M | 1.4% | +9.5% | 10.5 yr |
| ACWIiShares MSCI ACWI ETF | $187M | 1.4% | — | 10.5 yr |
| AVGOBroadcom Inc. | $166M | 1.3% | +86.0% | 7.8 yr |
| PDDPDD Holdings Inc. | $166M | 1.3% | -13.7% | 5.5 yr |
| IGLBiShares 10+ Year Investm | $158M | 1.2% | — | 6.8 yr |
| GLDSPDR Gold Shares | $151M | 1.2% | — | 10.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management - Bonds38.2%-25.5pp$5.00B
Asset Management11.5%+3.1pp$1.51B
Semiconductors6.6%+4.2pp$870M
Specialty Retail4.5%+0.9pp$595M
Internet Content & Information3.5%+2.0pp$454M
Software - Infrastructure3.2%+1.4pp$413M
Consumer Electronics2.9%+1.4pp$378M
Drug Manufacturers - General2.3%+1.0pp$302M
Banks - Diversified1.5%+0.9pp$193M
Software - Application1.4%-0.1pp$183M
Country
US93.0%-1.3pp
SG2.0%-0.1pp
IE1.7%+0.6pp
CN0.6%-0.3pp
GB0.4%+0.2pp
CH0.4%+0.3pp
FR0.4%
IN0.3%+0.1pp
Top 5: 42.4% · Top 10: 50.8% · Top 25: 63.0%
Top buys this quarter · 15
| HD The Home Depot, Inc. | +$19M |
| LIN Linde plc | +$17M |
| TRGP Targa Resources Corp. | +$16M |
| LITE Lumentum Holdings Inc. | +$15M |
| FUTU Futu Holdings Limited | +$14M |
| TDG TransDigm Group Incorporated | +$13M |
| SE Sea Limited | +$188M |
| WMT Walmart Inc. | +$13M |
| DE Deere & Company | +$13M |
| DIS The Walt Disney Company | +$12M |
Top sells this quarter · 15
| SQM Sociedad QuÃmica y Minera de exit | −$36M |
| COHR Coherent, Inc. | −$19M |
| TSM Taiwan Semiconductor Manufactu | −$16M |
| MPC Marathon Petroleum Corporation | −$15M |
| CLS Celestica Inc. | −$15M |
| MTSI MACOM Technology Solutions Hol | −$15M |
| PDD PDD Holdings Inc. | −$13M |
| FTI TechnipFMC plc | −$13M |
| BAC Bank of America Corporation | −$12M |
| STT State Street Corporation | −$11M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $13.11B | 676 | +13.60% | +17.59% | -3.99% | +1.39B |
| 2025-12-31 | $12.49B | 685 | +17.95% | +17.72% | +0.23% | -1.07B |
| 2025-09-30 | $13.61B | 706 | +20.55% | +17.52% | +3.03% | -4.29B |
| 2025-06-30 | $16.37B | 757 | +19.04% | +14.94% | +4.10% | -5.63B |
| 2025-03-31 | $19.80B | 736 | +10.25% | +8.30% | +1.95% | +0.57B |
| 2024-12-31 | $19.75B | 776 | +21.73% | +24.89% | -3.15% | -0.38B |
| 2024-09-30 | $19.76B | 787 | +31.63% | +36.04% | -4.41% | +4.23B |
| 2024-06-30 | $14.39B | 744 | +14.79% | +24.49% | -9.70% | +1.91B |
| 2024-03-31 | $12.13B | 743 | +13.59% | +29.62% | -16.03% | +2.03B |
| 2023-12-31 | $9.39B | 855 | +15.69% | +26.18% | -10.49% | -0.08B |
| 2023-09-30 | $8.60B | 859 | +12.27% | +21.57% | -9.29% | +0.63B |
| 2023-06-30 | $8.47B | 874 | +10.70% | +19.42% | -8.72% | -0.20B |
| 2023-03-31 | $8.51B | 864 | -8.09% | -7.82% | -0.27% | -0.21B |
| 2022-12-31 | $7.96B | 875 | -19.96% | -18.17% | -1.78% | +1.21B |
| 2022-09-30 | $6.32B | 826 | -16.86% | -15.51% | -1.35% | +1.19B |
| 2022-06-30 | $5.52B | 806 | -9.92% | -10.62% | +0.70% | -0.32B |