Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-16.01%
trims when stocks drop
when a holding falls −10%+
Middle response
-8.07%
baseline attrition
Rally response
-16.55%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BABAAlibaba Group Holding Li | $59M | 23.0% | -3.5% | 10.5 yr |
| SPYState Street SPDR S&P 50 | $44M | 17.2% | +17.6% | 10.5 yr |
| TOTB.DETotalEnergies SE | $16M | 6.1% | +41.2% | 0.5 yr |
| IEMGiShares Core MSCI Emergi | $11M | 4.2% | — | 9.8 yr |
| NVDANVIDIA Corporation | $9M | 3.7% | +60.9% | 10.0 yr |
| BRK-BBerkshire Hathaway Inc. | $9M | 3.6% | — | 10.5 yr |
| MSFTMicrosoft Corporation | $8M | 3.1% | -0.6% | 10.5 yr |
| AAPLApple Inc. | $7M | 2.9% | +14.7% | 10.5 yr |
| AMZNAmazon.com, Inc. | $7M | 2.5% | +9.5% | 10.5 yr |
| TSMTaiwan Semiconductor Man | $6M | 2.3% | +105.6% | 10.5 yr |
| GOOGAlphabet Inc. | $5M | 1.9% | +84.3% | 10.3 yr |
| GOOGLAlphabet Inc. | $5M | 1.8% | — | 10.5 yr |
| LFTLument Finance Trust, In | $4M | 1.6% | -47.9% | 5.5 yr |
| RACEFerrari N.V. | $4M | 1.5% | -20.3% | 10.3 yr |
| KOThe Coca-Cola Company | $4M | 1.4% | +9.3% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Specialty Retail26.1%+20.9pp$67M
Asset Management21.4%+20.2pp$55M
Semiconductors8.5%-1.7pp$22M
Oil & Gas Integrated6.1%+5.9pp$16M
Internet Content & Information5.1%+0.3pp$13M
Insurance - Diversified3.6%+3.2pp$9M
Software - Infrastructure3.2%-4.0pp$8M
Auto - Manufacturers3.1%+1.4pp$8M
Consumer Electronics2.9%-1.9pp$7M
Beverages - Non-Alcoholic2.0%+1.0pp$5M
Country
US65.2%-24.6pp
CN23.0%+22.5pp
FR6.1%
TW2.3%+1.8pp
IT1.5%+0.7pp
NL1.2%+0.5pp
IE0.6%-1.6pp
GB0.1%-1.1pp
Top 5: 54.2% · Top 10: 68.5% · Top 25: 85.1%
Top buys this quarter · 15
| BABA Alibaba Group Holding Limited | +$58M |
| TSM Taiwan Semiconductor Manufactu | +$3M |
| CRUS Cirrus Logic, Inc. | +$0M |
| CVLT Commvault Systems, Inc. | +$0M |
| ENSG The Ensign Group, Inc. | +$0M |
| IR Ingersoll Rand Inc. | +$0M |
| RACE Ferrari N.V. | +$4M |
| ETN Eaton Corporation plc | +$0M |
| META Meta Platforms, Inc. | +$3M |
| CSGP CoStar Group, Inc. | +$1M |
Top sells this quarter · 15
| LITE Lumentum Holdings Inc. | −$445M |
| MA Mastercard Incorporated | −$176M |
| ZTS Zoetis Inc. | −$97M |
| PFE Pfizer Inc. | −$71M |
| ORLY O'Reilly Automotive, Inc. | −$61M |
| FTNT Fortinet, Inc. | −$51M |
| REGN Regeneron Pharmaceuticals, Inc | −$48M |
| NBIX Neurocrine Biosciences, Inc. | −$44M |
| MSCI MSCI Inc. | −$4M |
| CIEN Ciena Corporation | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $256M | 74 | +120.69% | +17.59% | +103.10% | -0.05B |
| 2025-12-31 | $211M | 73 | +44.21% | +17.72% | +26.49% | -0.05B |
| 2025-09-30 | $199M | 61 | +12.73% | +17.52% | -4.79% | -36.23B |
| 2025-06-30 | $34.62B | 1075 | +12.23% | +14.94% | -2.71% | +0.90B |
| 2025-03-31 | $30.27B | 1012 | +2.24% | +8.30% | -6.06% | -0.54B |
| 2024-12-31 | $32.75B | 1025 | +16.51% | +24.89% | -8.38% | -0.77B |
| 2024-09-30 | $32.80B | 1047 | +28.25% | +36.04% | -7.79% | -2.20B |
| 2024-06-30 | $33.40B | 1017 | +16.56% | +24.49% | -7.93% | -0.19B |
| 2024-03-31 | $33.10B | 1015 | +22.66% | +29.62% | -6.96% | +0.17B |
| 2023-12-31 | $30.72B | 1019 | +24.04% | +26.18% | -2.14% | -0.98B |
| 2023-09-30 | $28.17B | 1016 | +18.11% | +21.57% | -3.46% | -0.20B |
| 2023-06-30 | $29.79B | 1034 | +18.47% | +19.42% | -0.96% | -0.89B |
| 2023-03-31 | $28.72B | 1053 | -7.04% | -7.82% | +0.78% | -0.92B |
| 2022-12-31 | $27.35B | 1078 | -18.20% | -18.17% | -0.03% | +0.47B |
| 2022-09-30 | $25.09B | 1081 | -15.20% | -15.51% | +0.31% | -0.38B |
| 2022-06-30 | $26.66B | 1057 | -10.70% | -10.62% | -0.08% | -2.48B |