Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.52%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.83%
baseline attrition
Rally response
-4.54%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $23.34B | 4.4% | +60.9% | 10.5 yr |
| MSFTMicrosoft Corporation | $19.52B | 3.7% | -0.6% | 10.5 yr |
| AAPLApple Inc. | $16.50B | 3.1% | +14.7% | 10.5 yr |
| AVGOBroadcom Inc. | $15.38B | 2.9% | +86.0% | 8.0 yr |
| GOOGLAlphabet Inc. | $13.69B | 2.6% | — | 10.5 yr |
| AMZNAmazon.com, Inc. | $13.00B | 2.4% | +9.5% | 10.5 yr |
| LLYEli Lilly and Company | $12.35B | 2.3% | +12.2% | 10.5 yr |
| MRKMerck & Co., Inc. | $10.14B | 1.9% | +38.9% | 10.5 yr |
| METAMeta Platforms, Inc. | $6.69B | 1.3% | -0.4% | 10.5 yr |
| MAMastercard Incorporated | $6.50B | 1.2% | -8.5% | 10.5 yr |
| WFCWells Fargo & Company | $5.24B | 1.0% | +13.3% | 10.5 yr |
| JNJJohnson & Johnson | $4.91B | 0.9% | +51.5% | 10.5 yr |
| AZNAstraZeneca PLC | $4.63B | 0.9% | +36.2% | 0.3 yr |
| SRESempra | $4.48B | 0.8% | +40.3% | 10.5 yr |
| GOOGAlphabet Inc. | $3.95B | 0.7% | +84.3% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors10.7%+3.8pp$57.28B
Drug Manufacturers - General7.4%+1.4pp$39.62B
Internet Content & Information5.1%+1.3pp$27.24B
Software - Infrastructure4.8%+0.3pp$25.39B
Specialty Retail3.3%-0.4pp$17.46B
Consumer Electronics3.2%-0.4pp$16.96B
Biotechnology2.8%+0.7pp$14.93B
Banks - Regional2.7%+1.0pp$14.30B
Financial - Credit Services2.5%-0.8pp$13.60B
Medical - Devices2.4%-0.5pp$12.63B
Country
US88.7%-1.5pp
GB2.1%+0.5pp
Unknown1.7%-0.2pp
IE1.6%-0.3pp
CA1.6%+0.5pp
NL0.9%+0.3pp
CH0.8%+0.2pp
TW0.5%+0.3pp
Top 5: 16.6% · Top 10: 25.7% · Top 25: 36.6%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$4.68B |
| BLK BlackRock, Inc. | +$2.11B |
| FANG Diamondback Energy, Inc. | +$1.83B |
| META Meta Platforms, Inc. | +$1.67B |
| NOC Northrop Grumman Corporation | +$1.48B |
| KLAC KLA Corporation | +$1.48B |
| MSFT Microsoft Corporation | +$19.52B |
| ETN Eaton Corporation plc | +$1.38B |
| NFLX Netflix, Inc. | +$1.38B |
| SPOT Spotify Technology S.A. | +$1.17B |
Top sells this quarter · 15
| AAPL Apple Inc. | −$3.11B |
| CAT Caterpillar Inc. | −$1.94B |
| JPM JPMorgan Chase & Co. | −$1.92B |
| MS Morgan Stanley | −$1.84B |
| ABBV AbbVie Inc. | −$1.75B |
| UNH UnitedHealth Group Incorporate | −$1.51B |
| COP ConocoPhillips | −$1.40B |
| ACN Accenture plc | −$1.33B |
| NVDA NVIDIA Corporation | −$1.19B |
| JCI Johnson Controls International | −$1.19B |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $533.98B | 1766 | +14.36% | +17.59% | -3.23% | -18.92B |
| 2025-12-31 | $569.00B | 1767 | +13.75% | +17.72% | -3.97% | -20.85B |
| 2025-09-30 | $569.57B | 1811 | +9.84% | +17.52% | -7.68% | -9.83B |
| 2025-06-30 | $549.67B | 1786 | +11.39% | +14.94% | -3.55% | -9.64B |
| 2025-03-31 | $518.77B | 1808 | +3.50% | +8.30% | -4.80% | -8.20B |
| 2024-12-31 | $545.22B | 1799 | +15.43% | +24.89% | -9.45% | -24.77B |
| 2024-09-30 | $570.01B | 1783 | +28.28% | +36.04% | -7.76% | -27.64B |
| 2024-06-30 | $559.08B | 1755 | +14.78% | +24.49% | -9.71% | -5.47B |
| 2024-03-31 | $563.55B | 1762 | +21.24% | +29.62% | -8.38% | -13.81B |
| 2023-12-31 | $535.61B | 1708 | +15.87% | +26.18% | -10.31% | -18.78B |
| 2023-09-30 | $498.89B | 1701 | +14.25% | +21.57% | -7.32% | -4.97B |
| 2023-06-30 | $526.79B | 1694 | +15.73% | +19.42% | -3.70% | -6.52B |
| 2023-03-31 | $503.98B | 1878 | -4.36% | -7.82% | +3.46% | -9.18B |
| 2022-12-31 | $498.11B | 1875 | -11.45% | -18.17% | +6.73% | -15.61B |
| 2022-09-30 | $468.86B | 1911 | -10.24% | -15.51% | +5.27% | -11.56B |
| 2022-06-30 | $495.86B | 1955 | -6.82% | -10.62% | +3.80% | -14.20B |