Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.99%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.72%
baseline attrition
Rally response
-2.97%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VEAVanguard FTSE Developed | $263M | 6.3% | — | 10.3 yr |
| CMCSAComcast Corporation | $229M | 5.4% | — | 10.3 yr |
| AAPLApple Inc. | $193M | 4.6% | +14.7% | 10.3 yr |
| MSFTMicrosoft Corporation | $101M | 2.4% | -0.6% | 10.3 yr |
| IVViShares Core S&P 500 ETF | $101M | 2.4% | — | 10.3 yr |
| IWYiShares Russell Top 200 | $93M | 2.2% | — | 8.0 yr |
| JNJJohnson & Johnson | $86M | 2.1% | +51.5% | 10.3 yr |
| VTIVanguard Total Stock Mar | $74M | 1.8% | — | 9.3 yr |
| GOOGAlphabet Inc. | $74M | 1.8% | +84.3% | 10.3 yr |
| JPMJPMorgan Chase & Co. | $73M | 1.7% | +21.8% | 10.3 yr |
| SCZiShares MSCI EAFE Small- | $68M | 1.6% | — | 8.5 yr |
| IWFiShares Russell 1000 Gro | $59M | 1.4% | — | 10.3 yr |
| QUALiShares MSCI USA Quality | $58M | 1.4% | — | 5.8 yr |
| EFAiShares MSCI EAFE ETF | $58M | 1.4% | — | 10.3 yr |
| BRK-ABerkshire Hathaway Inc. | $55M | 1.3% | — | 10.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management39.3%+7.5pp$1.65B
Telecommunications Services6.0%-0.7pp$250M
Consumer Electronics4.6%+0.2pp$193M
Drug Manufacturers - General4.6%+0.7pp$191M
Internet Content & Information3.0%+0.8pp$125M
Software - Infrastructure2.9%-0.8pp$123M
Semiconductors2.5%-0.0pp$105M
Insurance - Diversified2.2%+0.1pp$91M
Banks - Diversified2.0%-0.0pp$83M
Oil & Gas Integrated1.9%+0.4pp$78M
Country
US97.2%+0.8pp
IE1.1%-0.0pp
CA0.4%+0.1pp
GB0.4%-0.0pp
Unknown0.3%-0.3pp
BM0.2%+0.0pp
CH0.2%-0.2pp
NL0.0%-0.0pp
Top 5: 21.1% · Top 10: 30.7% · Top 25: 48.1%
Top buys this quarter · 15
| FIGR Figure Technology Solutions, I | +$31M |
| NTSK Netskope, Inc. Class A Common new | +$9M |
| AZN AstraZeneca PLCnew | +$6M |
| SOLS Solstice Advanced Materials In | +$4M |
| WAT Waters Corporation | +$3M |
| S SentinelOne, Inc. | +$2M |
| NVDA NVIDIA Corporation | +$2M |
| SPGI S&P Global Inc. | +$2M |
| KO The Coca-Cola Company | +$2M |
| MUSA Murphy USA Inc. | +$2M |
Top sells this quarter · 15
| TJX The TJX Companies, Inc. | −$6M |
| SIRI Sirius XM Holdings Inc. | −$5M |
| ADI Analog Devices, Inc. | −$5M |
| MSFT Microsoft Corporation | −$4M |
| AAPL Apple Inc. | −$4M |
| Q Qnity Electronics, Inc. | −$3M |
| GOOG Alphabet Inc. | −$3M |
| JPM JPMorgan Chase & Co. | −$2M |
| JNJ Johnson & Johnson | −$75M |
| BC Brunswick Corporation | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.20B | 1418 | +13.14% | +17.59% | -4.45% | +0.00B |
| 2025-12-31 | $4.26B | 1369 | +12.41% | +17.72% | -5.31% | -0.20B |
| 2025-09-30 | $4.35B | 2181 | +10.29% | +17.52% | -7.22% | -1.57B |
| 2025-06-30 | $5.62B | 2037 | +12.07% | +14.94% | -2.87% | -0.08B |
| 2025-03-31 | $5.35B | 2057 | +7.25% | +8.30% | -1.06% | -0.08B |
| 2024-12-31 | $5.55B | 2079 | +27.99% | +24.89% | +3.10% | -0.05B |
| 2024-09-30 | $5.57B | 2057 | +20.86% | +17.93% | +2.93% | +2.78B |
| 2024-06-30 | $2.61B | 361 | +20.04% | +21.19% | -1.15% | -0.05B |
| 2024-03-31 | $2.61B | 361 | +24.47% | +24.77% | -0.29% | -0.04B |
| 2023-09-30 | $2.27B | 355 | +17.95% | +21.57% | -3.62% | -0.01B |
| 2023-06-30 | $2.40B | 364 | +18.22% | +19.42% | -1.21% | -0.01B |
| 2023-03-31 | $2.26B | 349 | -2.55% | -7.82% | +5.27% | -0.06B |
| 2022-12-31 | $2.20B | 352 | -12.03% | -18.17% | +6.15% | -0.06B |
| 2022-09-30 | $2.05B | 354 | -11.62% | -15.51% | +3.89% | -0.02B |
| 2022-06-30 | $2.17B | 362 | -6.65% | -10.62% | +3.97% | -0.07B |
| 2022-03-31 | $2.56B | 376 | +15.45% | +15.45% | -0.00% | -0.09B |