Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.93%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.59%
baseline attrition
Rally response
-4.12%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IWBiShares Russell 1000 ETF | $459M | 7.0% | — | 10.3 yr |
| VOOVanguard S&P 500 ETF | $364M | 5.6% | — | 9.5 yr |
| XOMExxon Mobil Corporation | $309M | 4.7% | +47.6% | 10.3 yr |
| AAPLApple Inc. | $196M | 3.0% | +14.7% | 10.3 yr |
| VWOVanguard FTSE Emerging M | $183M | 2.8% | — | 10.3 yr |
| NVDANVIDIA Corporation | $160M | 2.5% | +60.9% | 10.0 yr |
| MSFTMicrosoft Corporation | $130M | 2.0% | -0.6% | 10.3 yr |
| AVEMAvantis Emerging Markets | $123M | 1.9% | — | 2.8 yr |
| IJHiShares Core S&P Mid-Cap | $114M | 1.7% | — | 10.3 yr |
| EFAiShares MSCI EAFE ETF | $89M | 1.4% | — | 10.3 yr |
| AMZNAmazon.com, Inc. | $88M | 1.4% | +9.5% | 10.3 yr |
| SPYState Street SPDR S&P 50 | $86M | 1.3% | +17.6% | 10.3 yr |
| IVViShares Core S&P 500 ETF | $85M | 1.3% | — | 10.3 yr |
| QQQInvesco QQQ Trust, Serie | $77M | 1.2% | — | 7.8 yr |
| GOOGAlphabet Inc. | $73M | 1.1% | +84.3% | 10.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management42.2%+4.5pp$2.76B
Oil & Gas Integrated5.5%+1.0pp$362M
Semiconductors5.3%+1.3pp$344M
Drug Manufacturers - General3.2%-0.4pp$211M
Consumer Electronics3.0%-0.4pp$196M
Internet Content & Information2.9%+0.4pp$186M
Software - Infrastructure2.8%-0.8pp$181M
Banks - Diversified1.6%-0.1pp$105M
Oil & Gas Midstream1.5%+0.0pp$101M
Specialty Retail1.5%-0.4pp$100M
Country
US99.8%-0.1pp
BM0.2%+0.1pp
Unknown0.0%-0.0pp
CA0.0%+0.0pp
AU0.0%-0.0pp
CN0.0%+0.0pp
UY0.0%-0.0pp
KR0.0%-0.0pp
Top 5: 23.1% · Top 10: 32.5% · Top 25: 48.5%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| XOM | $224M | +0.10B | 47.6% |
| NVDA | $115M | +0.07B | 60.9% |
| AVGO | $45M | +0.04B | 86.0% |
| GOOG | $46M | +0.04B | 84.3% |
| AAPL | $190M | +0.03B | 14.7% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSFT | $155M | -0.00B | -0.6% |
Top buys this quarter · 15
| APA APA Corporation | +$17M |
| COP ConocoPhillips | +$17M |
| HAL Halliburton Company | +$11M |
| AMD Advanced Micro Devices, Inc. | +$8M |
| CVX Chevron Corporation | +$8M |
| LBRT Liberty Energy Inc. | +$7M |
| MAR Marriott International, Inc. | +$7M |
| GILD Gilead Sciences, Inc. | +$6M |
| MPC Marathon Petroleum Corporation | +$5M |
| MA Mastercard Incorporated | +$5M |
Top sells this quarter · 15
| EXE Expand Energy Corporation | −$14M |
| AVGO Broadcom Inc. | −$8M |
| EAT Brinker International, Inc. | −$8M |
| HD The Home Depot, Inc. | −$6M |
| CASY Casey's General Stores, Inc. | −$6M |
| GPOR Gulfport Energy Corporationexit | −$5M |
| DIS The Walt Disney Company | −$5M |
| NTAP NetApp, Inc. | −$5M |
| MTDR Matador Resources Company | −$5M |
| ON ON Semiconductor Corporation | −$5M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $6.54B | 1028 | +20.45% | +17.59% | +2.86% | -0.09B |
| 2025-12-31 | $6.53B | 996 | +14.51% | +17.72% | -3.21% | -0.27B |
| 2025-09-30 | $6.65B | 1080 | +13.58% | +17.52% | -3.94% | -0.00B |
| 2025-06-30 | $6.17B | 1148 | +11.65% | +14.94% | -3.29% | +0.08B |
| 2025-03-31 | $5.66B | 1280 | +4.93% | +8.30% | -3.37% | -0.05B |
| 2024-12-31 | $5.92B | 1295 | +18.30% | +24.89% | -6.59% | +0.20B |
| 2024-09-30 | $5.63B | 1360 | +26.30% | +36.04% | -9.74% | -0.20B |
| 2024-06-30 | $5.51B | 1157 | +17.11% | +24.49% | -7.39% | +0.01B |
| 2024-03-31 | $5.43B | 1179 | +21.98% | +29.62% | -7.64% | -0.06B |
| 2023-12-31 | $5.05B | 1252 | +16.37% | +26.18% | -9.81% | +0.18B |
| 2023-09-30 | $4.50B | 1177 | +18.44% | +21.57% | -3.13% | -0.28B |
| 2023-06-30 | $4.86B | 1063 | +15.49% | +19.42% | -3.94% | -0.13B |
| 2023-03-31 | $4.73B | 1157 | -4.11% | -7.82% | +3.71% | -0.85B |
| 2022-12-31 | $5.38B | 888 | -11.78% | -18.17% | +6.40% | -0.04B |
| 2022-09-30 | $4.91B | 885 | -11.20% | -15.51% | +4.31% | -0.05B |
| 2022-06-30 | $5.19B | 902 | +1.12% | -10.62% | +11.74% | -0.10B |