Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.16%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.56%
baseline attrition
Rally response
-2.81%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $466M | 5.3% | +60.9% | 10.3 yr |
| AAPLApple Inc. | $408M | 4.6% | +14.7% | 10.3 yr |
| MSFTMicrosoft Corporation | $303M | 3.4% | -0.6% | 10.3 yr |
| AMZNAmazon.com, Inc. | $221M | 2.5% | +9.5% | 10.3 yr |
| GOOGLAlphabet Inc. | $188M | 2.1% | — | 10.3 yr |
| AVGOBroadcom Inc. | $163M | 1.9% | +86.0% | 7.8 yr |
| LQDiShares iBoxx $ Investme | $149M | 1.7% | — | 6.0 yr |
| GOOGAlphabet Inc. | $143M | 1.6% | +84.3% | 10.3 yr |
| METAMeta Platforms, Inc. | $134M | 1.5% | -0.4% | 10.3 yr |
| TSLATesla, Inc. | $112M | 1.3% | +43.4% | 5.5 yr |
| BRK-BBerkshire Hathaway Inc. | $93M | 1.1% | — | 10.3 yr |
| LLYEli Lilly and Company | $80M | 0.9% | +12.2% | 10.3 yr |
| XOMExxon Mobil Corporation | $75M | 0.9% | +47.6% | 10.3 yr |
| JNJJohnson & Johnson | $67M | 0.8% | +51.5% | 10.3 yr |
| WMTWalmart Inc. | $59M | 0.7% | +42.8% | 10.3 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors11.0%+3.9pp$962M
Internet Content & Information5.4%+1.3pp$477M
Software - Infrastructure5.4%-0.3pp$473M
Consumer Electronics4.7%+0.1pp$415M
Drug Manufacturers - General3.7%+0.5pp$329M
Specialty Retail3.3%-0.1pp$292M
Aerospace & Defense2.6%+0.8pp$225M
Asset Management2.6%+0.2pp$224M
Banks - Regional2.4%-0.5pp$209M
Software - Application2.1%-0.7pp$184M
Country
US95.2%-0.3pp
IE1.2%+0.1pp
GB1.0%+0.3pp
Unknown0.5%+0.0pp
BM0.4%-0.1pp
FR0.3%
KY0.2%+0.1pp
SG0.2%+0.1pp
Top 5: 18.0% · Top 10: 26.0% · Top 25: 35.0%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$25M |
| TOTB.DE TotalEnergies SEnew | +$22M |
| ARWR Arrowhead Pharmaceuticals, Inc | +$11M |
| VRT Vertiv Holdings Co | +$10M |
| WT WisdomTree, Inc. | +$7M |
| CTRE CareTrust REIT, Inc. | +$5M |
| TTMI TTM Technologies, Inc. | +$5M |
| ONTO Onto Innovation Inc. | +$5M |
| Q Qnity Electronics, Inc.new | +$5M |
| SOLS Solstice Advanced Materials Innew | +$5M |
Top sells this quarter · 15
| JPM JPMorgan Chase & Co.exit | −$91M |
| COST Costco Wholesale Corporationexit | −$48M |
| CVX Chevron Corporationexit | −$43M |
| BE Bloom Energy Corporation | −$33M |
| WFC Wells Fargo & Companyexit | −$28M |
| APH Amphenol Corporationexit | −$27M |
| DHR Danaher Corporationexit | −$19M |
| CIEN Ciena Corporation | −$17M |
| LITE Lumentum Holdings Inc. | −$15M |
| TSM Taiwan Semiconductor Manufactuexit | −$13M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $8.79B | 1359 | +18.09% | +17.59% | +0.50% | -0.52B |
| 2025-12-31 | $9.50B | 1358 | +14.41% | +17.72% | -3.31% | -0.15B |
| 2025-09-30 | $9.47B | 1348 | +14.10% | +17.52% | -3.42% | -0.51B |
| 2025-06-30 | $9.27B | 1372 | +13.06% | +14.94% | -1.88% | -0.25B |
| 2025-03-31 | $8.67B | 1409 | +3.32% | +8.30% | -4.98% | -0.15B |
| 2024-12-31 | $9.30B | 1435 | +17.06% | +24.89% | -7.83% | -0.35B |
| 2024-09-30 | $9.49B | 1443 | +28.76% | +36.04% | -7.28% | -0.26B |
| 2024-06-30 | $9.14B | 1447 | +15.86% | +24.49% | -8.63% | -0.18B |
| 2024-03-31 | $9.29B | 1459 | +23.15% | +29.62% | -6.48% | -0.04B |
| 2023-12-31 | $8.67B | 1453 | +21.31% | +26.18% | -4.87% | -0.39B |
| 2023-09-30 | $8.10B | 1434 | +17.11% | +21.57% | -4.46% | -0.34B |
| 2023-06-30 | $8.78B | 1462 | +17.35% | +19.42% | -2.07% | -0.17B |
| 2023-03-31 | $8.40B | 1455 | -6.38% | -7.82% | +1.44% | -0.09B |
| 2022-12-31 | $8.01B | 1447 | +7.99% | +7.56% | +0.43% | +0.01B |
| 2022-09-30 | $7.41B | 1630 | -3.77% | -4.93% | +1.16% | -0.11B |
| 2022-06-30 | $7.81B | 1626 | -14.94% | -16.11% | +1.17% | -0.19B |