Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-8.05%
trims when stocks drop
when a holding falls −10%+
Middle response
-8.04%
baseline attrition
Rally response
-8.91%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TSMTaiwan Semiconductor Man | $1.18B | 12.2% | +105.6% | 10.5 yr |
| FMXFomento Económico Mexic | $617M | 6.4% | +22.7% | 10.5 yr |
| BAPCredicorp Ltd. | $450M | 4.6% | +92.5% | 10.0 yr |
| HDBHDFC Bank Limited | $370M | 3.8% | -24.3% | 10.0 yr |
| RYAAYRyanair Holdings plc | $358M | 3.7% | — | 2.5 yr |
| MELIMercadoLibre, Inc. | $323M | 3.3% | -11.4% | 4.5 yr |
| CNICanadian National Railwa | $292M | 3.0% | +8.2% | 10.5 yr |
| ASMLASML Holding N.V. | $286M | 2.9% | +100.9% | 9.3 yr |
| NICENICE Ltd. | $279M | 2.9% | -28.5% | 0.8 yr |
| SHELShell plc | $266M | 2.7% | +32.0% | 4.3 yr |
| GOOGLAlphabet Inc. | $261M | 2.7% | — | 10.5 yr |
| NTESNetEase, Inc. | $260M | 2.7% | +11.4% | 6.3 yr |
| AMZNAmazon.com, Inc. | $234M | 2.4% | +9.5% | 10.0 yr |
| NVDANVIDIA Corporation | $222M | 2.3% | +60.9% | 7.8 yr |
| MSFTMicrosoft Corporation | $200M | 2.1% | -0.6% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors18.6%+7.4pp$1.81B
Specialty Retail6.9%+0.7pp$670M
Beverages - Alcoholic6.4%+2.1pp$617M
Banks - Diversified6.1%+2.8pp$588M
Internet Content & Information4.4%-0.3pp$432M
Software - Application4.3%-3.9pp$417M
Banks - Regional3.9%-3.6pp$382M
Airlines, Airports & Air Services3.7%$358M
Drug Manufacturers - General3.4%+2.5pp$334M
Railroads3.0%+1.2pp$292M
Country
US35.8%-4.3pp
TW12.2%+4.9pp
GB7.9%-0.2pp
MX6.4%+2.1pp
PE4.6%+2.3pp
CA4.6%+1.0pp
IE4.5%+2.8pp
IN3.8%-3.6pp
Top 5: 30.6% · Top 10: 45.5% · Top 25: 73.4%
Top buys this quarter · 13
| RGA Reinsurance Group of America, | +$142M |
| AZN AstraZeneca PLCnew | +$81M |
| NVT nVent Electric plcnew | +$74M |
| NVDA NVIDIA Corporation | +$72M |
| CNI Canadian National Railway Comp | +$72M |
| V Visa Inc. | +$28M |
| SLB SLB N.V. | +$2M |
| HEI HEICO Corporation | +$79M |
| EPAM EPAM Systems, Inc. | +$5M |
| EFX Equifax Inc. | +$59M |
Top sells this quarter · 15
| ALC Alcon Inc. | −$361M |
| TSM Taiwan Semiconductor Manufactu | −$282M |
| HDB HDFC Bank Limited | −$257M |
| ASML ASML Holding N.V. | −$113M |
| CME CME Group Inc. | −$75M |
| FMX Fomento Económico Mexicano, S | −$600M |
| CSGP CoStar Group, Inc.exit | −$37M |
| VRTX Vertex Pharmaceuticals Incorpo | −$35M |
| BAP Credicorp Ltd. | −$408M |
| MSFT Microsoft Corporation | −$21M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $9.72B | 73 | +9.51% | +17.59% | -8.08% | -1.11B |
| 2025-12-31 | $11.37B | 76 | +15.09% | +17.72% | -2.63% | -2.48B |
| 2025-09-30 | $13.63B | 71 | +10.60% | +17.52% | -6.92% | -1.50B |
| 2025-06-30 | $14.86B | 68 | +15.35% | +14.94% | +0.41% | +0.35B |
| 2025-03-31 | $13.06B | 67 | +4.90% | +8.30% | -3.40% | -1.76B |
| 2024-12-31 | $14.80B | 67 | +13.51% | +24.89% | -11.37% | -2.12B |
| 2024-09-30 | $17.33B | 67 | +32.32% | +36.04% | -3.71% | -1.90B |
| 2024-06-30 | $18.12B | 69 | +19.43% | +24.49% | -5.06% | +1.75B |
| 2024-03-31 | $16.20B | 68 | +29.01% | +29.62% | -0.61% | -3.12B |
| 2023-12-31 | $17.83B | 71 | +31.17% | +26.18% | +4.99% | +0.59B |
| 2023-09-30 | $15.14B | 70 | +26.76% | +21.57% | +5.19% | -1.27B |
| 2023-06-30 | $17.13B | 68 | +29.52% | +19.42% | +10.09% | -2.04B |
| 2023-03-31 | $17.56B | 73 | -3.71% | -7.82% | +4.11% | -1.56B |
| 2022-12-31 | $17.35B | 81 | +9.98% | +7.56% | +2.42% | +0.58B |
| 2022-09-30 | $15.25B | 160 | -2.09% | -4.93% | +2.84% | -0.62B |
| 2022-06-30 | $16.21B | 151 | -18.85% | -16.11% | -2.74% | +1.48B |