Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.35%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.44%
baseline attrition
Rally response
-3.49%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $11.56B | 3.9% | +60.9% | 10.0 yr |
| MSFTMicrosoft Corporation | $10.67B | 3.6% | -0.6% | 10.5 yr |
| AAPLApple Inc. | $7.85B | 2.6% | +14.7% | 10.5 yr |
| GOOGLAlphabet Inc. | $6.95B | 2.3% | — | 10.5 yr |
| AMZNAmazon.com, Inc. | $6.57B | 2.2% | +9.5% | 10.5 yr |
| JPMJPMorgan Chase & Co. | $4.33B | 1.5% | +21.8% | 10.5 yr |
| AVGOBroadcom Inc. | $3.42B | 1.1% | +86.0% | 8.0 yr |
| TSMTaiwan Semiconductor Man | $3.40B | 1.1% | +105.6% | 10.5 yr |
| JNJJohnson & Johnson | $3.32B | 1.1% | +51.5% | 10.5 yr |
| CICigna Corporation | $3.11B | 1.0% | -17.2% | 7.5 yr |
| XOMExxon Mobil Corporation | $3.05B | 1.0% | +47.6% | 10.5 yr |
| LINLinde plc | $3.02B | 1.0% | +7.9% | 3.3 yr |
| MAMastercard Incorporated | $2.82B | 0.9% | -8.5% | 10.5 yr |
| FNVFranco-Nevada Corporatio | $2.82B | 0.9% | +58.0% | 10.3 yr |
| RTXRTX Corporation | $2.75B | 0.9% | +48.1% | 6.0 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors9.5%+3.6pp$28.25B
Banks - Diversified4.8%+0.8pp$14.36B
Regulated Electric4.6%+0.0pp$13.55B
Software - Infrastructure4.4%-0.4pp$13.12B
Aerospace & Defense4.2%+0.8pp$12.47B
Internet Content & Information3.6%-0.5pp$10.81B
Medical - Diagnostics & Research2.7%+1.0pp$8.11B
Specialty Retail2.7%+0.2pp$7.93B
Consumer Electronics2.6%+0.7pp$7.87B
Drug Manufacturers - General2.5%-0.3pp$7.46B
Country
US79.9%-1.3pp
IE5.2%-0.6pp
CA4.8%+1.5pp
GB2.6%+0.4pp
Unknown1.7%-0.3pp
CH1.6%+0.1pp
TW1.1%+0.3pp
NL0.5%-0.1pp
Top 5: 14.7% · Top 10: 20.6% · Top 25: 34.1%
Top buys this quarter · 15
| AAPL Apple Inc. | +$868M |
| NEE NextEra Energy, Inc. | +$622M |
| WAT Waters Corporation | +$597M |
| HON Honeywell International Inc. | +$420M |
| CRM Salesforce, Inc. | +$380M |
| AMAT Applied Materials, Inc. | +$314M |
| GILD Gilead Sciences, Inc. | +$287M |
| AVGO Broadcom Inc. | +$282M |
| TECK Teck Resources Limited | +$243M |
| FERG Ferguson plc | +$227M |
Top sells this quarter · 15
| TOTB.DE TotalEnergies SE | −$3.23B |
| PH Parker-Hannifin Corporation | −$1.16B |
| JNJ Johnson & Johnson | −$722M |
| CNI Canadian National Railway Comp | −$1.05B |
| EXC Exelon Corporation | −$643M |
| MSFT Microsoft Corporation | −$591M |
| NFLX Netflix, Inc. | −$552M |
| ADI Analog Devices, Inc. | −$534M |
| AMZN Amazon.com, Inc. | −$6.55B |
| CDNS Cadence Design Systems, Inc. | −$506M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $297.48B | 941 | +13.90% | +17.59% | -3.69% | -6.54B |
| 2025-12-31 | $309.90B | 913 | +14.33% | +17.72% | -3.39% | -15.99B |
| 2025-09-30 | $322.76B | 854 | +12.81% | +17.52% | -4.71% | -9.00B |
| 2025-06-30 | $315.08B | 883 | +14.41% | +14.94% | -0.53% | -13.43B |
| 2025-03-31 | $300.80B | 879 | +4.49% | +8.30% | -3.81% | -11.01B |
| 2024-12-31 | $316.66B | 872 | +16.68% | +24.89% | -8.20% | -16.71B |
| 2024-09-30 | $334.62B | 844 | +31.53% | +36.04% | -4.51% | -12.61B |
| 2024-06-30 | $325.16B | 858 | +18.19% | +24.49% | -6.30% | -8.24B |
| 2024-03-31 | $334.26B | 835 | +25.75% | +29.62% | -3.87% | -5.82B |
| 2023-12-31 | $309.28B | 829 | +18.30% | +26.18% | -7.87% | -11.15B |
| 2023-09-30 | $285.33B | 831 | +16.52% | +21.57% | -5.05% | -6.74B |
| 2023-06-30 | $304.35B | 817 | +15.33% | +19.42% | -4.09% | -5.39B |
| 2023-03-31 | $291.88B | 834 | -5.41% | -7.82% | +2.41% | -4.35B |
| 2022-12-31 | $286.37B | 842 | +10.61% | +7.56% | +3.05% | -9.40B |
| 2022-09-30 | $267.41B | 845 | -5.01% | -4.93% | -0.08% | -8.07B |
| 2022-06-30 | $290.01B | 844 | -12.97% | -16.11% | +3.15% | -3.61B |