Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.45%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.01%
baseline attrition
Rally response
-2.98%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| RBCRBC Bearings Incorporate | $208M | 4.4% | +68.8% | 4.5 yr |
| ESEESCO Technologies Inc. | $176M | 3.7% | +77.1% | 6.3 yr |
| ROADConstruction Partners, I | $173M | 3.7% | +54.6% | 3.0 yr |
| GMEDGlobus Medical, Inc. | $152M | 3.2% | +17.7% | 6.3 yr |
| ONTOOnto Innovation Inc. | $145M | 3.1% | +69.0% | 5.3 yr |
| BCPCBalchem Corporation | $143M | 3.0% | +2.7% | 6.3 yr |
| AAONAAON, Inc. | $142M | 3.0% | +6.4% | 6.3 yr |
| TXRHTexas Roadhouse, Inc. | $132M | 2.8% | +0.7% | 6.3 yr |
| EXLSExlService Holdings, Inc | $130M | 2.8% | -35.5% | 6.3 yr |
| EXPOExponent, Inc. | $117M | 2.5% | -18.2% | 4.5 yr |
| NOVTNovanta Inc. | $110M | 2.3% | -7.6% | 4.5 yr |
| KNSLKinsale Capital Group, I | $98M | 2.1% | -29.7% | 4.5 yr |
| HQYHealthEquity, Inc. | $98M | 2.1% | -5.4% | 4.5 yr |
| DSGXThe Descartes Systems Gr | $95M | 2.0% | -29.0% | 6.3 yr |
| CWSTCasella Waste Systems, I | $92M | 2.0% | -28.8% | 3.3 yr |
Portfolio composition (YoY)
Industry mix
Software - Application10.6%-4.0pp$499M
Hardware, Equipment & Parts8.6%+1.8pp$403M
Semiconductors5.7%+2.6pp$267M
Medical - Devices4.6%+1.1pp$218M
Manufacturing - Tools & Accessories4.4%+0.9pp$208M
Construction4.4%-0.6pp$207M
Chemicals - Specialty4.3%+0.6pp$203M
Engineering & Construction4.3%+0.3pp$200M
Medical - Instruments & Supplies3.9%+1.7pp$185M
Industrial - Machinery3.6%+1.2pp$168M
Country
US95.9%+0.3pp
CA3.6%-0.4pp
IE0.5%+0.1pp
Top 5: 18.2% · Top 10: 32.3% · Top 25: 59.7%
Top buys this quarter · 15
| LMB Limbach Holdings, Inc.new | +$18M |
| LOAR Loar Holdings Inc. | +$17M |
| DORM Dorman Products, Inc. | +$17M |
| FSV FirstService Corporation | +$16M |
| RGEN Repligen Corporation | +$82M |
| ULS UL Solutions Inc. | +$12M |
| WDFC WD-40 Company | +$9M |
| TYL Tyler Technologies, Inc. | +$85M |
| TECH Bio-Techne Corporation | +$8M |
| AXON Axon Enterprise, Inc. | +$41M |
Top sells this quarter · 15
| RBC RBC Bearings Incorporated | −$72M |
| ESE ESCO Technologies Inc. | −$154M |
| ROAD Construction Partners, Inc. | −$29M |
| ONTO Onto Innovation Inc. | −$131M |
| MRTN Marten Transport, Ltd.exit | −$25M |
| MLAB Mesa Laboratories, Inc.exit | −$16M |
| SPSC SPS Commerce, Inc.exit | −$16M |
| CERT Certara, Inc. | −$15M |
| KEYS Keysight Technologies, Inc. | −$60M |
| BLKB Blackbaud, Inc. | −$14M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.71B | 120 | -2.89% | +17.59% | -20.48% | -0.35B |
| 2025-12-31 | $5.32B | 123 | -6.19% | +17.72% | -23.90% | -0.44B |
| 2025-09-30 | $5.83B | 121 | -4.62% | +17.52% | -22.13% | -0.03B |
| 2025-06-30 | $5.97B | 123 | +6.31% | +14.94% | -8.63% | +0.33B |
| 2025-03-31 | $5.35B | 125 | +10.30% | +8.30% | +1.99% | +0.07B |
| 2024-12-31 | $5.76B | 131 | +29.82% | +24.89% | +4.93% | -0.26B |
| 2024-09-30 | $5.99B | 130 | +48.08% | +36.04% | +12.04% | -0.02B |
| 2024-06-30 | $5.49B | 130 | +31.06% | +24.49% | +6.57% | -0.72B |
| 2024-03-31 | $5.69B | 126 | +28.94% | +29.62% | -0.68% | -0.03B |
| 2023-12-31 | $5.30B | 127 | +32.30% | +26.18% | +6.12% | -0.15B |
| 2023-09-30 | $4.75B | 125 | +23.14% | +21.57% | +1.57% | -0.16B |
| 2023-06-30 | $5.07B | 122 | +24.55% | +19.42% | +5.13% | -0.21B |
| 2023-03-31 | $4.91B | 123 | -1.48% | -7.82% | +6.34% | -0.02B |
| 2022-12-31 | $4.45B | 124 | +6.77% | +7.56% | -0.79% | -0.17B |
| 2022-09-30 | $4.33B | 128 | -2.07% | -4.93% | +2.86% | +0.07B |
| 2022-06-30 | $4.35B | 128 | -14.93% | -16.11% | +1.18% | -0.06B |