Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.68%
trims when stocks drop
when a holding falls −10%+
Middle response
+7.20%
steady accumulation
Rally response
-5.77%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IVViShares Core S&P 500 ETF | $1.06B | 17.7% | — | 9.3 yr |
| LQDiShares iBoxx $ Investme | $939M | 15.6% | — | 7.5 yr |
| JAAAJanus Henderson AAA CLO | $650M | 10.8% | — | 0.8 yr |
| QQQInvesco QQQ Trust, Serie | $503M | 8.4% | — | 5.5 yr |
| IWOiShares Russell 2000 Gro | $484M | 8.1% | — | 8.5 yr |
| VCSHVanguard Short-Term Corp | $405M | 6.8% | — | 6.5 yr |
| IGSBiShares 1-5 Year Investm | $360M | 6.0% | — | 7.5 yr |
| VTVanguard Total World Sto | $120M | 2.0% | — | 4.3 yr |
| BBDCBarings BDC, Inc. | $112M | 1.9% | -2.3% | 7.5 yr |
| PDDPDD Holdings Inc. | $66M | 1.1% | -13.7% | 6.8 yr |
| TOTB.DETotalEnergies SE | $57M | 0.9% | +41.2% | 0.5 yr |
| SPYState Street SPDR S&P 50 | $51M | 0.8% | +17.6% | 7.8 yr |
| URTHiShares MSCI World ETF | $48M | 0.8% | — | 3.8 yr |
| ARXAccelerant Holdings | $46M | 0.8% | — | 0.8 yr |
| USHYiShares Broad USD High Y | $46M | 0.8% | — | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management53.3%-2.4pp$3.20B
Asset Management - Bonds30.7%+6.2pp$1.84B
Oil & Gas Integrated2.0%+0.8pp$121M
Financial - Credit Services1.9%-1.4pp$115M
Specialty Retail1.6%-1.2pp$94M
Gold1.2%-0.1pp$71M
Unknown1.1%-0.3pp$69M
Insurance - Brokers1.0%+1.0pp$61M
Oil & Gas Exploration & Production0.8%+0.2pp$48M
Agricultural Inputs0.5%-0.1pp$32M
Country
US90.5%+2.0pp
CA1.7%-0.5pp
IE1.7%-0.6pp
Unknown1.1%-0.3pp
FR0.9%
KY0.9%+0.8pp
BR0.9%-0.3pp
GB0.6%-0.0pp
Top 5: 60.6% · Top 10: 78.4% · Top 25: 87.7%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$28M |
| TOTB.DE TotalEnergies SE | +$16M |
| SU Suncor Energy Inc. | +$13M |
| FUTU Futu Holdings Limited | +$8M |
| NTR Nutrien Ltd. | +$7M |
| WMB The Williams Companies, Inc. | +$7M |
| RACE Ferrari N.V. | +$7M |
| B Barrick Mining Corporationnew | +$6M |
| FANG Diamondback Energy, Inc. | +$5M |
| CTRA Coterra Energy Inc. | +$5M |
Top sells this quarter · 15
| NBR Nabors Industries Ltd.exit | −$15M |
| WPM Wheaton Precious Metals Corp. | −$14M |
| SPY State Street SPDR S&P 500 ETF | −$13M |
| HTHT H World Group Limited | −$10M |
| AON Aon plc | −$8M |
| NU Nu Holdings Ltd. | −$8M |
| PAAS Pan American Silver Corp.exit | −$8M |
| FCX Freeport-McMoRan Inc. | −$5M |
| SCCO Southern Copper Corporation | −$5M |
| VALE Vale S.A. | −$5M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $6.00B | 172 | +19.37% | +17.59% | +1.78% | +0.70B |
| 2025-12-31 | $5.24B | 162 | +27.88% | +17.72% | +10.16% | +0.04B |
| 2025-09-30 | $5.11B | 164 | +16.49% | +17.52% | -1.03% | +0.48B |
| 2025-06-30 | $4.18B | 164 | +12.84% | +14.94% | -2.10% | +0.06B |
| 2025-03-31 | $3.93B | 157 | +12.06% | +8.30% | +3.75% | -0.59B |
| 2024-12-31 | $4.17B | 159 | +7.75% | +24.89% | -17.14% | +0.25B |
| 2024-09-30 | $4.23B | 154 | +20.95% | +36.04% | -15.09% | -0.15B |
| 2024-06-30 | $4.08B | 149 | +17.75% | +24.49% | -6.74% | -0.03B |
| 2024-03-31 | $3.95B | 153 | +10.05% | +29.62% | -19.57% | +0.71B |
| 2023-12-31 | $3.11B | 140 | +9.53% | +26.18% | -16.64% | +0.09B |
| 2023-09-30 | $2.90B | 144 | +15.02% | +21.57% | -6.55% | -0.14B |
| 2023-06-30 | $2.92B | 161 | +6.33% | +19.42% | -13.09% | +0.17B |
| 2023-03-31 | $2.83B | 156 | -4.07% | -7.82% | +3.75% | +0.01B |
| 2022-12-31 | $2.72B | 181 | -11.80% | -18.17% | +6.37% | +0.10B |
| 2022-09-30 | $2.40B | 178 | -10.31% | -15.51% | +5.19% | -0.13B |
| 2022-06-30 | $2.62B | 310 | -6.57% | -10.62% | +4.05% | -0.15B |