Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-16.28%
trims when stocks drop
when a holding falls −10%+
Middle response
-8.58%
baseline attrition
Rally response
-2.09%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AAPLApple Inc. | $3.89B | 5.5% | +14.7% | 9.8 yr |
| NVDANVIDIA Corporation | $3.25B | 4.6% | +60.9% | 10.5 yr |
| GOOGLAlphabet Inc. | $2.35B | 3.3% | — | 10.5 yr |
| MSFTMicrosoft Corporation | $1.86B | 2.6% | -0.6% | 10.5 yr |
| AMZNAmazon.com, Inc. | $1.28B | 1.8% | +9.5% | 9.8 yr |
| BNSThe Bank of Nova Scotia | $1.04B | 1.5% | +52.4% | 9.8 yr |
| GOOGAlphabet Inc. | $941M | 1.3% | +84.3% | 10.5 yr |
| JPMJPMorgan Chase & Co. | $920M | 1.3% | +21.8% | 10.5 yr |
| PEPPepsiCo, Inc. | $870M | 1.2% | +7.7% | 10.5 yr |
| AVGOBroadcom Inc. | $846M | 1.2% | +86.0% | 8.0 yr |
| BPBP p.l.c. | $838M | 1.2% | +47.2% | 9.8 yr |
| COSTCostco Wholesale Corpora | $812M | 1.2% | +5.9% | 10.5 yr |
| ASMLASML Holding N.V. | $797M | 1.1% | +100.9% | 3.5 yr |
| SUSuncor Energy Inc. | $770M | 1.1% | +77.6% | 7.3 yr |
| METAMeta Platforms, Inc. | $769M | 1.1% | -0.4% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors13.2%+7.9pp$9.28B
Banks - Diversified7.3%+3.4pp$5.11B
Internet Content & Information6.7%-2.8pp$4.71B
Drug Manufacturers - General5.9%+3.6pp$4.12B
Consumer Electronics5.5%+2.5pp$3.91B
Software - Infrastructure4.6%-4.1pp$3.25B
Oil & Gas Integrated4.1%+2.4pp$2.90B
Software - Application3.1%-2.1pp$2.17B
Specialty Retail2.9%-3.2pp$2.03B
Travel Services2.4%-0.4pp$1.69B
Country
US76.8%+4.9pp
CA6.3%+3.7pp
GB4.0%+1.5pp
CN1.5%-1.6pp
IE1.2%+0.4pp
NL1.2%+0.5pp
SE1.0%-0.9pp
IL1.0%-2.8pp
Top 5: 17.9% · Top 10: 24.5% · Top 25: 40.0%
Top buys this quarter · 15
| AAPL Apple Inc. | +$1.11B |
| PEP PepsiCo, Inc. | +$690M |
| AMAT Applied Materials, Inc. | +$647M |
| CVX Chevron Corporation | +$516M |
| KLAC KLA Corporation | +$507M |
| AZN AstraZeneca PLCnew | +$460M |
| CM Canadian Imperial Bank of Comm | +$422M |
| CL Colgate-Palmolive Company | +$407M |
| GOOG Alphabet Inc. | +$405M |
| MSFT Microsoft Corporation | +$1.86B |
Top sells this quarter · 15
| UBS UBS Group AG | −$516M |
| DB Deutsche Bank AG | −$434M |
| META Meta Platforms, Inc. | −$391M |
| TD The Toronto-Dominion Bank | −$297M |
| SPOT Spotify Technology S.A. | −$264M |
| REGN Regeneron Pharmaceuticals, Inc | −$228M |
| C Citigroup Inc. | −$209M |
| EA Electronic Arts Inc. | −$197M |
| BBD Banco Bradesco S.A. | −$161M |
| ABT Abbott Laboratories | −$150M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $70.48B | 1989 | +14.73% | +17.59% | -2.86% | +12.54B |
| 2025-12-31 | $60.89B | 1935 | +17.82% | +17.72% | +0.10% | +2.66B |
| 2025-09-30 | $57.29B | 1795 | +18.48% | +17.52% | +0.97% | +5.70B |
| 2025-06-30 | $48.44B | 1635 | +17.37% | +14.94% | +2.43% | +9.03B |
| 2025-03-31 | $35.38B | 1574 | +5.49% | +8.30% | -2.81% | +1.70B |
| 2024-12-31 | $34.47B | 1577 | +18.29% | +24.89% | -6.60% | +1.57B |
| 2024-09-30 | $32.18B | 2044 | +28.43% | +36.04% | -7.60% | -2.07B |
| 2024-06-30 | $32.46B | 1725 | +19.04% | +24.49% | -5.45% | +3.73B |
| 2024-03-31 | $28.70B | 1540 | +24.37% | +29.62% | -5.25% | +0.46B |
| 2023-12-31 | $25.78B | 1651 | +18.53% | +26.18% | -7.64% | -0.69B |
| 2023-09-30 | $23.85B | 1614 | +16.08% | +21.57% | -5.48% | +0.07B |
| 2023-06-30 | $24.32B | 1691 | +12.90% | +19.42% | -6.53% | +0.47B |
| 2023-03-31 | $22.80B | 1708 | -6.50% | -7.82% | +1.32% | +1.62B |
| 2022-12-31 | $20.29B | 1751 | +8.70% | +7.56% | +1.14% | +0.43B |
| 2022-09-30 | $18.27B | 1648 | -4.90% | -4.93% | +0.03% | -0.32B |
| 2022-06-30 | $19.55B | 1656 | -13.36% | -16.11% | +2.75% | -1.46B |