Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.72%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.72%
baseline attrition
Rally response
-1.23%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VOOVanguard S&P 500 ETF | $20.10B | 12.4% | — | 1.8 yr |
| NVDANVIDIA Corporation | $11.92B | 7.3% | +60.9% | 10.5 yr |
| AAPLApple Inc. | $9.57B | 5.9% | +14.7% | 10.5 yr |
| MSFTMicrosoft Corporation | $8.11B | 5.0% | -0.6% | 10.5 yr |
| AMZNAmazon.com, Inc. | $4.54B | 2.8% | +9.5% | 10.5 yr |
| GOOGLAlphabet Inc. | $4.21B | 2.6% | — | 10.5 yr |
| AVGOBroadcom Inc. | $4.11B | 2.5% | +86.0% | 8.0 yr |
| METAMeta Platforms, Inc. | $3.21B | 2.0% | -0.4% | 10.5 yr |
| GOOGAlphabet Inc. | $2.96B | 1.8% | +84.3% | 10.5 yr |
| JPHYJPMorgan Active High Yie | $2.00B | 1.2% | — | 1.0 yr |
| TSLATesla, Inc. | $1.93B | 1.2% | +43.4% | 10.5 yr |
| JPMJPMorgan Chase & Co. | $1.86B | 1.1% | +21.8% | 10.5 yr |
| LLYEli Lilly and Company | $1.67B | 1.0% | +12.2% | 10.5 yr |
| JNJJohnson & Johnson | $1.47B | 0.9% | +51.5% | 10.5 yr |
| BRK-BBerkshire Hathaway Inc. | $1.33B | 0.8% | — | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management14.8%+6.2pp$23.97B
Semiconductors14.4%+5.9pp$23.36B
Internet Content & Information6.6%+1.3pp$10.66B
Software - Infrastructure6.3%-0.2pp$10.31B
Consumer Electronics5.9%+0.5pp$9.60B
Drug Manufacturers - General4.2%-0.8pp$6.82B
Specialty Retail3.4%+0.3pp$5.54B
Banks - Diversified2.5%+0.4pp$4.14B
Aerospace & Defense1.8%+0.1pp$2.94B
Software - Application1.7%-1.2pp$2.82B
Country
US97.0%+0.5pp
IE1.2%-0.2pp
GB0.5%-0.1pp
Unknown0.2%+0.0pp
CH0.2%-0.1pp
NL0.2%+0.1pp
BM0.1%-0.1pp
SG0.1%+0.0pp
Top 5: 33.4% · Top 10: 43.5% · Top 25: 54.9%
Top buys this quarter · 15
| LRCX Lam Research Corporation | +$421M |
| AMZN Amazon.com, Inc. | +$4.54B |
| MU Micron Technology, Inc. | +$341M |
| AAPL Apple Inc. | +$9.57B |
| MSFT Microsoft Corporation | +$8.11B |
| UBER Uber Technologies, Inc. | +$113M |
| TT Trane Technologies plc | +$98M |
| NXPI NXP Semiconductors N.V. | +$93M |
| AXP American Express Company | +$90M |
| MPWR Monolithic Power Systems, Inc. | +$82M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $162.42B | 1061 | +15.76% | +17.59% | -1.83% | -4.82B |
| 2025-12-31 | $174.83B | 1084 | +16.82% | +17.72% | -0.90% | +4.36B |
| 2025-09-30 | $166.98B | 1086 | +15.90% | +17.52% | -1.62% | -2.05B |
| 2025-06-30 | $156.94B | 1110 | +15.11% | +14.94% | +0.17% | -0.53B |
| 2025-03-31 | $143.08B | 1115 | +6.61% | +8.30% | -1.70% | -1.22B |
| 2024-12-31 | $149.48B | 1139 | +18.66% | +24.89% | -6.23% | +4.73B |
| 2024-09-30 | $142.91B | 1141 | +30.34% | +36.04% | -5.70% | -2.91B |
| 2024-06-30 | $136.31B | 1162 | +17.07% | +24.49% | -7.42% | -8.12B |
| 2024-03-31 | $141.71B | 1161 | +22.19% | +29.62% | -7.43% | +0.70B |
| 2023-12-31 | $131.24B | 1178 | +20.38% | +26.18% | -5.80% | +2.41B |
| 2023-09-30 | $115.79B | 1181 | +16.24% | +21.57% | -5.33% | +4.30B |
| 2023-06-30 | $116.03B | 1201 | +14.74% | +19.42% | -4.68% | -3.39B |
| 2023-03-31 | $112.26B | 1208 | -5.47% | -7.82% | +2.35% | -11.44B |
| 2022-12-31 | $116.86B | 1209 | +7.43% | +7.56% | -0.13% | +0.54B |
| 2022-09-30 | $108.27B | 1213 | -5.15% | -4.93% | -0.22% | +7.32B |
| 2022-06-30 | $106.44B | 1212 | -12.37% | -16.11% | +3.75% | -5.87B |