Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-22.60%
trims when stocks drop
when a holding falls −10%+
Middle response
-13.54%
baseline attrition
Rally response
-21.24%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPYState Street SPDR S&P 50 | $410M | 5.2% | +17.6% | 5.8 yr |
| XBIState Street SPDR S&P Bi | $296M | 3.7% | — | 3.5 yr |
| QQQInvesco QQQ Trust, Serie | $250M | 3.2% | — | 3.5 yr |
| IWMiShares Russell 2000 ETF | $219M | 2.8% | — | 3.5 yr |
| NVDANVIDIA Corporation | $129M | 1.6% | +60.9% | 3.5 yr |
| AMZNAmazon.com, Inc. | $115M | 1.5% | +9.5% | 3.5 yr |
| MAMastercard Incorporated | $113M | 1.4% | -8.5% | 3.5 yr |
| ASHAshland Inc. | $106M | 1.3% | -3.4% | 1.3 yr |
| AVGOBroadcom Inc. | $106M | 1.3% | +86.0% | 3.5 yr |
| METAMeta Platforms, Inc. | $103M | 1.3% | -0.4% | 3.8 yr |
| XRTState Street SPDR S&P Re | $99M | 1.3% | — | 0.8 yr |
| PTCTPTC Therapeutics, Inc. | $92M | 1.2% | +33.7% | 2.5 yr |
| ACHCAcadia Healthcare Compan | $84M | 1.1% | -22.9% | 2.0 yr |
| ADPAutomatic Data Processin | $80M | 1.0% | -31.8% | 3.0 yr |
| WMTWalmart Inc. | $78M | 1.0% | +42.8% | 3.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management27.3%+5.6pp$2.16B
Biotechnology6.4%+0.6pp$503M
Semiconductors6.0%+4.3pp$475M
Drug Manufacturers - General2.8%+0.2pp$223M
Industrial - Machinery2.2%+1.5pp$177M
Unknown2.1%+0.6pp$164M
Financial - Credit Services2.1%-1.1pp$164M
Internet Content & Information2.0%-1.6pp$160M
Specialty Retail1.9%+0.4pp$154M
Oil & Gas Exploration & Production1.9%-3.8pp$151M
Country
US91.6%+0.6pp
IE2.3%-0.2pp
Unknown2.1%+0.6pp
FR0.7%
CA0.7%+0.2pp
DE0.6%+0.6pp
GB0.5%-0.3pp
NL0.4%-1.9pp
Top 5: 16.5% · Top 10: 23.4% · Top 25: 36.9%
Top buys this quarter · 15
| AVGO Broadcom Inc. | +$96M |
| META Meta Platforms, Inc. | +$80M |
| ADP Automatic Data Processing, Inc | +$69M |
| JCI Johnson Controls International | +$68M |
| ADI Analog Devices, Inc. | +$67M |
| MA Mastercard Incorporated | +$61M |
| PPL PPL Corporation | +$56M |
| CAT Caterpillar Inc. | +$52M |
| PLD Prologis, Inc. | +$48M |
| ALLE Allegion plc | +$47M |
Top sells this quarter · 15
| SPY State Street SPDR S&P 500 ETF | −$349M |
| NVDA NVIDIA Corporation | −$232M |
| GOOG Alphabet Inc. | −$204M |
| PG The Procter & Gamble Company | −$140M |
| MU Micron Technology, Inc. | −$126M |
| RVMD Revolution Medicines, Inc. | −$111M |
| MSFT Microsoft Corporation | −$97M |
| ROIV Roivant Sciences Ltd. | −$97M |
| C Citigroup Inc. | −$93M |
| CVX Chevron Corporation | −$88M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $7.90B | 1249 | +24.71% | +17.59% | +7.12% | -3.92B |
| 2025-12-31 | $11.74B | 1292 | +19.13% | +17.72% | +1.41% | +0.69B |
| 2025-09-30 | $10.54B | 957 | +14.31% | +17.52% | -3.21% | +4.07B |
| 2025-06-30 | $5.79B | 844 | +9.52% | +14.94% | -5.42% | -0.10B |
| 2025-03-31 | $5.56B | 1190 | +3.58% | +8.30% | -4.72% | -2.77B |
| 2024-12-31 | $8.66B | 1108 | +15.83% | +24.89% | -9.06% | +2.88B |
| 2024-09-30 | $5.75B | 963 | +25.29% | +36.04% | -10.75% | +0.69B |
| 2024-06-30 | $4.73B | 927 | +16.38% | +24.49% | -8.11% | +0.16B |
| 2024-03-31 | $4.56B | 1070 | +21.19% | +29.62% | -8.43% | -1.90B |
| 2023-12-31 | $6.00B | 1077 | +33.18% | +26.18% | +7.00% | +2.07B |
| 2023-09-30 | $3.62B | 959 | +11.74% | +21.57% | -9.83% | -0.65B |
| 2023-06-30 | $4.30B | 1011 | +1.52% | +19.42% | -17.90% | -0.24B |
| 2023-03-31 | $4.36B | 1018 | -29.73% | -7.82% | -21.92% | -2.12B |
| 2022-12-31 | $5.48B | 913 | -8.75% | +7.56% | -16.31% | +5.36B |
| 2022-09-30 | $131M | 6 | -9.72% | -4.93% | -4.79% | -0.00B |
| 2022-06-30 | $150M | 6 | -27.84% | -16.11% | -11.73% | -0.00B |