Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.67%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.26%
baseline attrition
Rally response
-6.28%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MSFTMicrosoft Corporation | $4.13B | 3.6% | -0.6% | 10.5 yr |
| NVDANVIDIA Corporation | $3.36B | 3.0% | +60.9% | 10.5 yr |
| AMZNAmazon.com, Inc. | $3.30B | 2.9% | +9.5% | 10.5 yr |
| GOOGLAlphabet Inc. | $3.00B | 2.6% | — | 10.5 yr |
| AAPLApple Inc. | $2.89B | 2.6% | +14.7% | 10.5 yr |
| RYRoyal Bank of Canada | $1.96B | 1.7% | +48.2% | 10.5 yr |
| METAMeta Platforms, Inc. | $1.73B | 1.5% | -0.4% | 10.5 yr |
| AVGOBroadcom Inc. | $1.64B | 1.4% | +86.0% | 8.0 yr |
| TDThe Toronto-Dominion Ban | $1.58B | 1.4% | +60.9% | 10.5 yr |
| LLYEli Lilly and Company | $1.33B | 1.2% | +12.2% | 10.5 yr |
| CNQCanadian Natural Resourc | $1.30B | 1.1% | +66.0% | 10.5 yr |
| LNGCheniere Energy, Inc. | $1.05B | 0.9% | +23.8% | 10.5 yr |
| SHOPShopify Inc. | $998M | 0.9% | +24.2% | 10.3 yr |
| SUSuncor Energy Inc. | $955M | 0.8% | +77.6% | 10.5 yr |
| VOOVanguard S&P 500 ETF | $901M | 0.8% | — | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors8.7%+2.2pp$9.84B
Asset Management7.3%-0.6pp$8.26B
Banks - Diversified6.0%+1.7pp$6.84B
Internet Content & Information5.0%+0.9pp$5.67B
Software - Infrastructure4.5%-0.1pp$5.11B
Drug Manufacturers - General4.2%+0.6pp$4.75B
Software - Application3.6%-0.8pp$4.05B
Specialty Retail3.3%-0.9pp$3.77B
Unknown2.8%+0.6pp$3.15B
Consumer Electronics2.6%-1.1pp$2.91B
Country
US75.2%-6.9pp
CA16.9%+5.7pp
Unknown2.8%+0.6pp
IE1.5%+0.3pp
GB1.2%+0.5pp
TW0.7%+0.5pp
CH0.3%-0.0pp
SG0.3%+0.1pp
Top 5: 14.7% · Top 10: 22.0% · Top 25: 33.7%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$758M |
| AVGO Broadcom Inc. | +$287M |
| META Meta Platforms, Inc. | +$250M |
| ABT Abbott Laboratories | +$211M |
| ALNY Alnylam Pharmaceuticals, Inc. | +$198M |
| WCN Waste Connections, Inc. | +$198M |
| VMC Vulcan Materials Company | +$185M |
| TDG TransDigm Group Incorporated | +$177M |
| INTU Intuit Inc. | +$166M |
| CRM Salesforce, Inc. | +$634M |
Top sells this quarter · 15
| HOLX Hologic, Inc. | −$705M |
| NVDA NVIDIA Corporation | −$298M |
| ADI Analog Devices, Inc. | −$295M |
| AAPL Apple Inc. | −$290M |
| SYK Stryker Corporation | −$229M |
| MS Morgan Stanley | −$186M |
| BDX Becton, Dickinson and Company | −$159M |
| AMZN Amazon.com, Inc. | −$154M |
| SU Suncor Energy Inc. | −$742M |
| LNG Cheniere Energy, Inc. | −$811M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $113.45B | 2766 | +18.39% | +17.59% | +0.80% | -4.16B |
| 2025-12-31 | $120.82B | 2803 | +17.04% | +17.72% | -0.68% | -3.40B |
| 2025-09-30 | $120.53B | 2851 | +14.63% | +17.52% | -2.88% | +1.23B |
| 2025-06-30 | $111.04B | 2859 | +14.34% | +14.94% | -0.60% | -4.08B |
| 2025-03-31 | $104.81B | 2844 | +4.72% | +8.30% | -3.58% | -5.04B |
| 2024-12-31 | $114.16B | 2918 | +16.63% | +24.89% | -8.26% | -0.32B |
| 2024-09-30 | $113.40B | 2950 | +30.25% | +36.04% | -5.79% | -1.14B |
| 2024-06-30 | $106.88B | 2943 | +16.82% | +24.49% | -7.68% | -1.49B |
| 2024-03-31 | $107.73B | 2928 | +22.91% | +29.62% | -6.71% | -5.17B |
| 2023-12-31 | $105.35B | 2932 | +21.40% | +26.18% | -4.77% | -1.98B |
| 2023-09-30 | $95.21B | 2943 | +15.41% | +21.57% | -6.16% | +1.17B |
| 2023-06-30 | $97.84B | 2928 | +14.67% | +19.42% | -4.76% | -2.61B |
| 2023-03-31 | $94.90B | 2893 | -6.72% | -7.82% | +1.10% | -1.86B |
| 2022-12-31 | $91.41B | 2929 | -15.94% | -18.17% | +2.23% | -2.12B |
| 2022-09-30 | $87.27B | 2910 | -12.89% | -15.51% | +2.62% | -2.01B |
| 2022-06-30 | $93.49B | 2970 | -8.26% | -10.62% | +2.36% | -2.63B |