Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.87%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.46%
baseline attrition
Rally response
-15.10%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| COPConocoPhillips | $2.50B | 8.4% | +30.0% | 10.0 yr |
| AMZNAmazon.com, Inc. | $2.45B | 8.2% | +9.5% | 10.5 yr |
| TSMTaiwan Semiconductor Man | $1.65B | 5.5% | +105.6% | 2.5 yr |
| UNHUnitedHealth Group Incor | $1.59B | 5.3% | -46.9% | 10.5 yr |
| MSFTMicrosoft Corporation | $1.48B | 5.0% | -0.6% | 10.5 yr |
| MELIMercadoLibre, Inc. | $1.36B | 4.6% | -11.4% | 0.5 yr |
| SAPSAP SE | $1.34B | 4.5% | -35.8% | 2.8 yr |
| GOOGAlphabet Inc. | $1.32B | 4.4% | +84.3% | 10.5 yr |
| DHRDanaher Corporation | $1.25B | 4.2% | -7.1% | 1.0 yr |
| COFCapital One Financial Co | $1.20B | 4.0% | +3.1% | 5.8 yr |
| WDAYWorkday, Inc. | $1.13B | 3.8% | -44.4% | 2.0 yr |
| CMCSAComcast Corporation | $1.08B | 3.6% | — | 10.5 yr |
| INTUIntuit Inc. | $1.00B | 3.4% | -29.3% | 1.3 yr |
| AERAerCap Holdings N.V. | $1.00B | 3.4% | +35.6% | 8.5 yr |
| LENLennar Corporation | $945M | 3.2% | -23.0% | 1.3 yr |
Portfolio composition (YoY)
Industry mix
Specialty Retail12.8%+3.9pp$3.81B
Software - Application12.0%+1.9pp$3.58B
Oil & Gas Exploration & Production9.2%+1.4pp$2.73B
Medical - Healthcare Plans8.6%-2.1pp$2.55B
Internet Content & Information7.9%-2.0pp$2.35B
Semiconductors7.4%+4.3pp$2.22B
Financial - Credit Services5.1%+0.6pp$1.51B
Software - Infrastructure5.0%-0.5pp$1.49B
Telecommunications Services4.9%-3.3pp$1.46B
Medical - Diagnostics & Research4.2%+4.2pp$1.25B
Country
US78.0%-2.6pp
TW5.5%+2.4pp
UY4.6%
DE4.5%+1.3pp
IE3.9%-5.0pp
NL1.9%
GB1.7%-2.5pp
Top 5: 32.4% · Top 10: 54.1% · Top 25: 92.9%
Top buys this quarter · 15
| INTU Intuit Inc. | +$768M |
| MELI MercadoLibre, Inc. | +$647M |
| SAP SAP SE | +$634M |
| SPGI S&P Global Inc.new | +$606M |
| AJG Arthur J. Gallagher & Co.new | +$577M |
| NFLX Netflix, Inc. | +$508M |
| MA Mastercard Incorporatednew | +$312M |
| EQT EQT Corporationnew | +$233M |
| WDAY Workday, Inc. | +$1.13B |
| DHR Danaher Corporation | +$1.25B |
Top sells this quarter · 15
| WWD Woodward, Inc. | −$661M |
| AON Aon plc | −$583M |
| HLT Hilton Worldwide Holdings Inc. | −$543M |
| ASML ASML Holding N.V. | −$530M |
| AER AerCap Holdings N.V. | −$392M |
| PTC PTC Inc. | −$248M |
| SHEL Shell plc | −$230M |
| MLM Martin Marietta Materials, Inc | −$189M |
| VMC Vulcan Materials Company | −$181M |
| SPY State Street SPDR S&P 500 ETF | −$152M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $29.82B | 60 | +12.69% | +17.59% | -4.90% | +0.21B |
| 2025-12-31 | $32.11B | 56 | +19.57% | +17.72% | +1.85% | -0.73B |
| 2025-09-30 | $31.43B | 55 | +20.31% | +17.52% | +2.79% | -0.85B |
| 2025-06-30 | $30.34B | 55 | +16.15% | +14.94% | +1.20% | +0.20B |
| 2025-03-31 | $27.41B | 57 | +11.16% | +8.30% | +2.85% | +0.58B |
| 2024-12-31 | $27.43B | 50 | +30.76% | +24.89% | +5.87% | -0.88B |
| 2024-09-30 | $26.92B | 48 | +40.67% | +36.04% | +4.64% | -0.77B |
| 2024-06-30 | $26.97B | 52 | +38.63% | +24.49% | +14.14% | -0.25B |
| 2024-03-31 | $25.86B | 53 | +49.91% | +29.62% | +20.29% | -1.24B |
| 2023-12-31 | $23.55B | 49 | +47.07% | +26.18% | +20.89% | -0.87B |
| 2023-09-30 | $21.59B | 46 | +34.92% | +21.57% | +13.35% | -0.94B |
| 2023-06-30 | $22.26B | 45 | +29.63% | +19.42% | +10.21% | -2.70B |
| 2023-03-31 | $21.93B | 44 | -6.97% | -7.82% | +0.85% | -1.88B |
| 2022-12-31 | $21.09B | 46 | -19.51% | -18.17% | -1.33% | -1.68B |
| 2022-09-30 | $21.95B | 43 | -0.15% | -15.51% | +15.36% | -0.40B |
| 2022-06-30 | $22.98B | 44 | -18.33% | -16.11% | -2.22% | -1.20B |