Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.90%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.04%
baseline attrition
Rally response
-1.41%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $3.59B | 6.7% | +60.9% | 10.5 yr |
| AAPLApple Inc. | $3.22B | 6.0% | +14.7% | 10.5 yr |
| MSFTMicrosoft Corporation | $2.40B | 4.5% | -0.6% | 10.5 yr |
| AMZNAmazon.com, Inc. | $1.75B | 3.3% | +9.5% | 10.5 yr |
| GOOGLAlphabet Inc. | $1.47B | 2.8% | — | 10.3 yr |
| AVGOBroadcom Inc. | $1.25B | 2.3% | +86.0% | 8.0 yr |
| GOOGAlphabet Inc. | $1.19B | 2.2% | +84.3% | 10.5 yr |
| METAMeta Platforms, Inc. | $1.10B | 2.1% | -0.4% | 10.5 yr |
| TSLATesla, Inc. | $921M | 1.7% | +43.4% | 10.5 yr |
| BRK-BBerkshire Hathaway Inc. | $760M | 1.4% | — | 10.5 yr |
| JPMJPMorgan Chase & Co. | $701M | 1.3% | +21.8% | 10.5 yr |
| LLYEli Lilly and Company | $647M | 1.2% | +12.2% | 10.5 yr |
| XOMExxon Mobil Corporation | $633M | 1.2% | +47.6% | 10.5 yr |
| JNJJohnson & Johnson | $514M | 1.0% | +51.5% | 10.5 yr |
| WMTWalmart Inc. | $475M | 0.9% | +42.8% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors13.2%+4.3pp$7.04B
Internet Content & Information7.3%+1.3pp$3.92B
Software - Infrastructure6.6%-0.8pp$3.51B
Consumer Electronics6.0%-0.2pp$3.23B
Drug Manufacturers - General4.5%+0.0pp$2.40B
Specialty Retail3.9%-0.2pp$2.10B
Banks - Diversified2.9%+0.0pp$1.53B
Aerospace & Defense2.4%+0.4pp$1.28B
Financial - Credit Services2.2%-0.6pp$1.17B
Software - Application2.2%-1.2pp$1.15B
Country
US96.8%+0.1pp
IE1.2%-0.2pp
GB0.6%-0.0pp
Unknown0.5%+0.2pp
CH0.3%-0.0pp
BM0.2%-0.0pp
LU0.1%-0.0pp
BR0.1%+0.0pp
Top 5: 23.3% · Top 10: 33.1% · Top 25: 45.1%
Top buys this quarter · 15
| PANW Palo Alto Networks, Inc. | +$107M |
| FITB Fifth Third Bancorp | +$11M |
| WAT Waters Corporation | +$9M |
| MDLN Medline Inc.new | +$6M |
| SF Stifel Financial Corp. | +$11M |
| CRCL Circle Internet Group | +$4M |
| RKLB Rocket Lab USA, Inc. | +$4M |
| COHR Coherent, Inc. | +$3M |
| MSTR Strategy Inc | +$32M |
| LNTH Lantheus Holdings, Inc. | +$3M |
Top sells this quarter · 15
| AAPL Apple Inc. | −$64M |
| NVDA NVIDIA Corporation | −$41M |
| MSFT Microsoft Corporation | −$27M |
| AMZN Amazon.com, Inc. | −$18M |
| EXAS Exact Sciences Corporationexit | −$16M |
| XOM Exxon Mobil Corporation | −$459M |
| AVGO Broadcom Inc. | −$14M |
| META Meta Platforms, Inc. | −$13M |
| GOOG Alphabet Inc. | −$13M |
| JPM JPMorgan Chase & Co. | −$13M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $53.36B | 2058 | +17.88% | +17.59% | +0.29% | -0.74B |
| 2025-12-31 | $56.48B | 2068 | +17.10% | +17.72% | -0.62% | -1.86B |
| 2025-09-30 | $57.13B | 2079 | +17.55% | +17.52% | +0.03% | -3.71B |
| 2025-06-30 | $56.33B | 2142 | +15.72% | +14.94% | +0.77% | +0.10B |
| 2025-03-31 | $50.39B | 2164 | +5.57% | +8.30% | -2.74% | +0.40B |
| 2024-12-31 | $52.54B | 2192 | +19.79% | +24.89% | -5.10% | -1.18B |
| 2024-09-30 | $52.40B | 2217 | +30.92% | +36.04% | -5.12% | -1.57B |
| 2024-06-30 | $50.77B | 2182 | +18.55% | +24.49% | -5.94% | +7.31B |
| 2024-03-31 | $42.69B | 2111 | +25.34% | +29.62% | -4.29% | -9.11B |
| 2023-12-31 | $47.98B | 2424 | +24.14% | +26.18% | -2.04% | +0.34B |
| 2023-09-30 | $42.52B | 2344 | +17.97% | +21.57% | -3.60% | -0.88B |
| 2023-06-30 | $45.08B | 2401 | +17.17% | +19.42% | -2.25% | -1.31B |
| 2023-03-31 | $43.10B | 2235 | -7.44% | -7.82% | +0.37% | -0.53B |
| 2022-12-31 | $40.81B | 2303 | +6.47% | +7.56% | -1.09% | -0.66B |
| 2022-09-30 | $38.95B | 2259 | -4.37% | -4.93% | +0.55% | -0.56B |
| 2022-06-30 | $41.31B | 2300 | -14.98% | -16.11% | +1.13% | -2.58B |