Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.87%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.73%
baseline attrition
Rally response
-8.80%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GOOGLAlphabet Inc. | $1.85B | 5.4% | — | 10.5 yr |
| NVDANVIDIA Corporation | $1.65B | 4.8% | +60.9% | 7.5 yr |
| MSFTMicrosoft Corporation | $1.55B | 4.5% | -0.6% | 7.5 yr |
| AMZNAmazon.com, Inc. | $1.53B | 4.5% | +9.5% | 4.8 yr |
| AAPLApple Inc. | $1.19B | 3.5% | +14.7% | 10.5 yr |
| WMWaste Management, Inc. | $1.14B | 3.4% | +0.8% | 10.5 yr |
| DEDeere & Company | $1.06B | 3.1% | +21.2% | 10.0 yr |
| AMATApplied Materials, Inc. | $1.02B | 3.0% | +137.6% | 10.5 yr |
| ORealty Income Corporatio | $865M | 2.5% | +11.5% | 2.3 yr |
| LLYEli Lilly and Company | $860M | 2.5% | +12.2% | 3.5 yr |
| MAMastercard Incorporated | $847M | 2.5% | -8.5% | 10.5 yr |
| LINLinde plc | $842M | 2.5% | +7.9% | 3.3 yr |
| KLACKLA Corporation | $793M | 2.3% | +118.2% | 8.3 yr |
| ICEIntercontinental Exchang | $791M | 2.3% | -7.8% | 4.3 yr |
| DHRDanaher Corporation | $754M | 2.2% | -7.1% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors15.1%+5.4pp$5.15B
Software - Infrastructure7.2%-1.1pp$2.47B
Specialty Retail6.8%-0.6pp$2.32B
Internet Content & Information5.5%+1.9pp$1.88B
Financial - Data & Stock Exchanges5.0%-1.0pp$1.69B
Medical - Diagnostics & Research4.7%+0.4pp$1.61B
Medical - Devices4.2%+2.3pp$1.43B
Industrial - Distribution3.9%+2.4pp$1.32B
Waste Management3.6%+0.1pp$1.23B
Consumer Electronics3.5%+1.5pp$1.19B
Country
US93.9%-1.4pp
GB5.2%+1.5pp
TW0.4%+0.2pp
NL0.2%+0.2pp
IL0.2%-0.0pp
CA0.1%
UY0.1%-0.0pp
IE0.0%-0.0pp
Top 5: 22.8% · Top 10: 37.3% · Top 25: 69.1%
Top buys this quarter · 15
| VMC Vulcan Materials Company | +$416M |
| ODFL Old Dominion Freight Line, Inc | +$302M |
| AZN AstraZeneca PLCnew | +$127M |
| DKS DICK'S Sporting Goods, Inc.new | +$57M |
| AMD Advanced Micro Devices, Inc. | +$49M |
| RCL Royal Caribbean Cruises Ltd. | +$48M |
| MDLN Medline Inc.new | +$44M |
| CMS CMS Energy Corporation | +$37M |
| EW Edwards Lifesciences Corporati | +$33M |
| SYK Stryker Corporation | +$670M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $34.14B | 134 | +15.17% | +17.59% | -2.42% | -2.64B |
| 2025-12-31 | $38.55B | 137 | +18.32% | +17.72% | +0.60% | -5.53B |
| 2025-09-30 | $43.26B | 146 | +16.08% | +17.52% | -1.43% | -1.96B |
| 2025-06-30 | $43.35B | 147 | +18.92% | +14.94% | +3.98% | -3.93B |
| 2025-03-31 | $41.62B | 135 | +3.14% | +8.30% | -5.16% | -2.50B |
| 2024-12-31 | $45.02B | 126 | +13.48% | +24.89% | -11.40% | -2.10B |
| 2024-09-30 | $47.14B | 126 | +28.56% | +36.04% | -7.48% | -1.93B |
| 2024-06-30 | $45.92B | 129 | +16.09% | +24.49% | -8.40% | -0.19B |
| 2024-03-31 | $46.79B | 135 | +25.22% | +29.62% | -4.40% | -1.76B |
| 2023-12-31 | $45.03B | 130 | +22.78% | +26.18% | -3.40% | -1.26B |
| 2023-09-30 | $40.89B | 139 | +20.26% | +21.57% | -1.31% | -0.68B |
| 2023-06-30 | $43.07B | 134 | +17.67% | +19.42% | -1.75% | +0.19B |
| 2023-03-31 | $40.35B | 136 | -4.71% | -7.82% | +3.11% | -2.20B |
| 2022-12-31 | $40.25B | 136 | +10.91% | +7.56% | +3.35% | -2.36B |
| 2022-09-30 | $38.42B | 127 | -5.57% | -4.93% | -0.64% | -1.12B |
| 2022-06-30 | $41.87B | 129 | -13.93% | -16.11% | +2.18% | -0.61B |