Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.54%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.60%
baseline attrition
Rally response
-0.11%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $24.90B | 3.8% | +60.9% | 10.5 yr |
| AAPLApple Inc. | $18.50B | 2.8% | +14.7% | 10.5 yr |
| MSFTMicrosoft Corporation | $15.66B | 2.4% | -0.6% | 10.5 yr |
| GOOGLAlphabet Inc. | $13.18B | 2.0% | — | 10.5 yr |
| AMZNAmazon.com, Inc. | $11.90B | 1.8% | +9.5% | 10.5 yr |
| AVGOBroadcom Inc. | $10.31B | 1.6% | +86.0% | 8.0 yr |
| METAMeta Platforms, Inc. | $8.93B | 1.4% | -0.4% | 10.5 yr |
| GOOGAlphabet Inc. | $6.60B | 1.0% | +84.3% | 10.5 yr |
| TSLATesla, Inc. | $6.30B | 1.0% | +43.4% | 10.5 yr |
| WMTWalmart Inc. | $5.41B | 0.8% | +42.8% | 10.5 yr |
| LRCXLam Research Corporation | $5.18B | 0.8% | +196.1% | 1.5 yr |
| CSCOCisco Systems, Inc. | $4.41B | 0.7% | +28.1% | 10.5 yr |
| COSTCostco Wholesale Corpora | $4.30B | 0.7% | +5.9% | 10.5 yr |
| NFLXNetflix, Inc. | $4.12B | 0.6% | +3.1% | 10.5 yr |
| MUMicron Technology, Inc. | $4.07B | 0.6% | +289.6% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors12.0%+4.4pp$78.21B
Internet Content & Information4.7%+0.3pp$30.45B
Software - Infrastructure4.2%-0.6pp$27.07B
Asset Management3.2%-0.6pp$21.03B
Drug Manufacturers - General3.0%+0.3pp$19.76B
Specialty Retail3.0%-0.7pp$19.27B
Consumer Electronics2.9%+0.1pp$19.10B
Aerospace & Defense2.9%+0.3pp$18.71B
Industrial - Machinery2.5%+0.1pp$15.98B
Banks - Diversified2.4%-0.1pp$15.71B
Country
US90.7%-0.7pp
CA1.6%+0.3pp
IE1.6%-0.0pp
GB1.5%+0.4pp
Unknown1.4%+0.2pp
NL0.5%+0.2pp
CN0.4%-0.3pp
SG0.3%+0.1pp
Top 5: 12.9% · Top 10: 18.7% · Top 25: 27.1%
Top buys this quarter · 15
| WMT Walmart Inc. | +$2.30B |
| AZN AstraZeneca PLCnew | +$1.99B |
| BDX Becton, Dickinson and Company | +$1.00B |
| MDLN Medline Inc. | +$820M |
| MU Micron Technology, Inc. | +$771M |
| SUNB Sunbelt Rentals Holdings Incnew | +$658M |
| AMAT Applied Materials, Inc. | +$589M |
| CAT Caterpillar Inc. | +$579M |
| JNJ Johnson & Johnson | +$567M |
| DVN Devon Energy Corporation | +$564M |
Top sells this quarter · 15
| META Meta Platforms, Inc. | −$1.49B |
| MSFT Microsoft Corporation | −$1.09B |
| LITE Lumentum Holdings Inc. | −$790M |
| JPM JPMorgan Chase & Co. | −$615M |
| AMZN Amazon.com, Inc. | −$513M |
| V Visa Inc. | −$481M |
| AVGO Broadcom Inc. | −$415M |
| SHOP Shopify Inc. | −$401M |
| ABT Abbott Laboratories | −$358M |
| SYY Sysco Corporation | −$323M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $652.04B | 3678 | +18.26% | +17.59% | +0.67% | +13.23B |
| 2025-12-31 | $650.54B | 3674 | +15.85% | +17.72% | -1.87% | +5.20B |
| 2025-09-30 | $633.14B | 3706 | +14.89% | +17.52% | -2.63% | +6.30B |
| 2025-06-30 | $586.50B | 3685 | +15.20% | +14.94% | +0.25% | +4.33B |
| 2025-03-31 | $526.59B | 3673 | +3.85% | +8.30% | -4.46% | +7.80B |
| 2024-12-31 | $539.33B | 3641 | +16.56% | +24.89% | -8.33% | +17.42B |
| 2024-09-30 | $516.33B | 3626 | +28.31% | +36.04% | -7.72% | +11.32B |
| 2024-06-30 | $471.25B | 3747 | +14.28% | +24.49% | -10.21% | +8.92B |
| 2024-03-31 | $463.89B | 3727 | +21.15% | +29.62% | -8.48% | +12.13B |
| 2023-12-31 | $418.44B | 3689 | +18.33% | +26.18% | -7.85% | +7.31B |
| 2023-09-30 | $369.46B | 3701 | +14.66% | +21.57% | -6.91% | +7.13B |
| 2023-06-30 | $379.62B | 3681 | +16.01% | +19.42% | -3.41% | +2.75B |
| 2023-03-31 | $356.73B | 3694 | -6.34% | -7.82% | +1.47% | -1.38B |
| 2022-12-31 | $339.59B | 3842 | -15.29% | -18.17% | +2.89% | +6.78B |
| 2022-09-30 | $308.65B | 3807 | -12.74% | -15.51% | +2.77% | -7.93B |
| 2022-06-30 | $327.80B | 3854 | -9.13% | -10.62% | +1.49% | -4.55B |