Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-22.22%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.76%
baseline attrition
Rally response
-10.31%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| EMBiShares J.P. Morgan USD | $86M | 6.7% | — | 1.8 yr |
| EMLCVanEck J.P. Morgan EM Lo | $58M | 4.5% | — | 0.8 yr |
| GLDSPDR Gold Shares | $56M | 4.3% | — | 0.3 yr |
| GOOGLAlphabet Inc. | $42M | 3.3% | — | 10.5 yr |
| LQDiShares iBoxx $ Investme | $38M | 2.9% | — | 3.0 yr |
| JPMJPMorgan Chase & Co. | $35M | 2.7% | +21.8% | 10.5 yr |
| AMZNAmazon.com, Inc. | $28M | 2.2% | +9.5% | 6.3 yr |
| MSMorgan Stanley | $27M | 2.1% | +44.8% | 7.5 yr |
| DUKDuke Energy Corporation | $25M | 1.9% | +11.2% | 10.5 yr |
| MRKMerck & Co., Inc. | $24M | 1.9% | +38.9% | 10.5 yr |
| MSFTMicrosoft Corporation | $23M | 1.8% | -0.6% | 10.5 yr |
| CSCOCisco Systems, Inc. | $22M | 1.7% | +28.1% | 10.5 yr |
| IBMInternational Business M | $22M | 1.7% | -0.1% | 10.5 yr |
| TJXThe TJX Companies, Inc. | $22M | 1.7% | +32.7% | 2.3 yr |
| CVXChevron Corporation | $22M | 1.7% | +29.2% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management18.3%+8.2pp$235M
Drug Manufacturers - General6.6%+1.8pp$84M
Regulated Electric4.6%-0.6pp$59M
Semiconductors4.5%+3.4pp$58M
Internet Content & Information4.3%+2.0pp$56M
Industrial - Machinery4.2%+2.2pp$54M
Banks - Diversified4.0%-2.8pp$51M
Asset Management - Bonds3.8%+1.6pp$48M
Aerospace & Defense3.0%-0.2pp$39M
Oil & Gas Midstream2.9%-3.0pp$38M
Country
US96.1%+1.5pp
IE3.2%+0.4pp
Unknown0.6%+0.6pp
BR0.0%+0.0pp
Top 5: 21.8% · Top 10: 32.5% · Top 25: 55.5%
Top buys this quarter · 15
| TMUS T-Mobile US, Inc. | +$17M |
| CTVA Corteva, Inc.new | +$16M |
| NUE Nucor Corporation | +$8M |
| ET Energy Transfer LP | +$7M |
| RTX RTX Corporation | +$7M |
| TMO Thermo Fisher Scientific Inc. | +$7M |
| CVX Chevron Corporation | +$7M |
| WAB Westinghouse Air Brake Technolnew | +$6M |
| MSFT Microsoft Corporation | +$23M |
| LLY Eli Lilly and Company | +$5M |
Top sells this quarter · 15
| NEM Newmont Corporation | −$27M |
| WFC Wells Fargo & Companyexit | −$25M |
| SSNC SS&C Technologies Holdings, Inexit | −$13M |
| BLK BlackRock, Inc. | −$11M |
| BAC Bank of America Corporation | −$10M |
| JPM JPMorgan Chase & Co. | −$9M |
| GLW Corning Incorporated | −$17M |
| KIM Kimco Realty Corporationexit | −$8M |
| CI Cigna Corporationexit | −$8M |
| J Jacobs Solutions Inc.exit | −$8M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.28B | 112 | +18.21% | +17.59% | +0.62% | -0.17B |
| 2025-12-31 | $1.44B | 113 | +16.44% | +17.72% | -1.28% | +0.21B |
| 2025-09-30 | $1.19B | 111 | +14.22% | +17.52% | -3.29% | -0.08B |
| 2025-06-30 | $1.21B | 113 | +16.33% | +14.94% | +1.39% | -0.04B |
| 2025-03-31 | $1.16B | 125 | +10.34% | +8.30% | +2.04% | +0.01B |
| 2024-12-31 | $1.16B | 124 | +21.56% | +24.89% | -3.33% | -0.15B |
| 2024-09-30 | $1.30B | 121 | +31.10% | +36.04% | -4.94% | -0.03B |
| 2024-06-30 | $1.24B | 122 | +20.59% | +24.49% | -3.90% | -0.26B |
| 2024-03-31 | $1.47B | 132 | +23.01% | +29.62% | -6.61% | -0.04B |
| 2023-12-31 | $1.38B | 134 | +11.95% | +26.18% | -14.22% | -0.02B |
| 2023-09-30 | $1.27B | 133 | +13.66% | +21.57% | -7.91% | -0.12B |
| 2023-06-30 | $1.42B | 131 | +9.96% | +19.42% | -9.47% | -0.34B |
| 2023-03-31 | $1.69B | 122 | -5.55% | -7.82% | +2.27% | -0.18B |
| 2022-12-31 | $1.88B | 136 | -9.64% | -18.17% | +8.53% | -0.02B |
| 2022-09-30 | $1.71B | 136 | -9.71% | -15.51% | +5.80% | +0.12B |
| 2022-06-30 | $1.66B | 138 | -4.72% | -10.62% | +5.91% | -0.11B |