Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-22.47%
trims when stocks drop
when a holding falls −10%+
Middle response
+0.15%
steady accumulation
Rally response
-10.59%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| HOLXHologic, Inc. | $741M | 10.1% | +22.4% | 2.5 yr |
| EAElectronic Arts Inc. | $667M | 9.0% | +41.7% | 4.8 yr |
| PENPenumbra, Inc. | $537M | 7.3% | +22.8% | 1.3 yr |
| NSCNorfolk Southern Corpora | $498M | 6.8% | +23.6% | 3.3 yr |
| MASIMasimo Corporation | $458M | 6.2% | +6.8% | 4.0 yr |
| WBDWarner Bros. Discovery, | $449M | 6.1% | +155.9% | 1.3 yr |
| CTRACoterra Energy Inc. | $371M | 5.0% | +25.8% | 2.3 yr |
| KVUEKenvue Inc. | $362M | 4.9% | -25.0% | 0.8 yr |
| ALAir Lease Corporation | $359M | 4.9% | +36.3% | 1.3 yr |
| CWANClearwater Analytics Hol | $328M | 4.5% | -11.8% | 1.0 yr |
| SEESealed Air Corporation | $307M | 4.2% | +48.7% | 2.3 yr |
| ACLXArcellx, Inc. | $262M | 3.6% | — | 0.3 yr |
| JHGJanus Henderson Group pl | $217M | 2.9% | +46.4% | 0.3 yr |
| LBRDKLiberty Broadband Corpor | $216M | 2.9% | — | 2.5 yr |
| TXNMTXNM Energy, Inc. | $178M | 2.4% | +12.5% | 4.5 yr |
Portfolio composition (YoY)
Industry mix
Medical - Devices13.5%$996M
Medical - Instruments & Supplies10.3%+10.0pp$760M
Biotechnology9.3%+9.3pp$687M
Electronic Gaming & Multimedia9.0%$667M
Entertainment6.9%+5.6pp$508M
Railroads6.8%$498M
Oil & Gas Exploration & Production5.0%-18.3pp$371M
Rental & Leasing Services4.9%+3.2pp$364M
Household & Personal Products4.9%$362M
Software - Application4.9%+0.1pp$359M
Country
US94.0%+1.2pp
GB3.0%
Unknown1.7%+0.1pp
CA1.1%
KY0.1%
CN0.1%
CH0.0%
IE0.0%
Top 5: 39.4% · Top 10: 64.8% · Top 25: 91.7%
Top buys this quarter · 15
| PEN Penumbra, Inc. | +$535M |
| MASI Masimo Corporation | +$406M |
| CTRA Coterra Energy Inc. | +$370M |
| CWAN Clearwater Analytics Holdings, | +$319M |
| KVUE Kenvue Inc. | +$318M |
| SEE Sealed Air Corporation | +$304M |
| EA Electronic Arts Inc. | +$277M |
| JHG Janus Henderson Group plcnew | +$217M |
| WBD Warner Bros. Discovery, Inc. | +$204M |
| APLS Apellis Pharmaceuticals, Inc. | +$142M |
Top sells this quarter · 15
| EXAS Exact Sciences Corporationexit | −$795M |
| CFLT Confluent, Inc.exit | −$465M |
| GTLS Chart Industries, Inc. | −$265M |
| SNDK Sandisk Corporationexit | −$149M |
| BHF Brighthouse Financial, Inc. | −$114M |
| NSC Norfolk Southern Corporation | −$113M |
| FOLD Amicus Therapeutics, Inc. | −$94M |
| NRG NRG Energy, Inc. | −$51M |
| TFX Teleflex Incorporatedexit | −$23M |
| LGN Legence Corp. Class A Common s | −$14M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $7.37B | 194 | +46.75% | +17.59% | +29.15% | -1.34B |
| 2025-12-31 | $8.52B | 133 | +44.44% | +17.72% | +26.72% | +1.70B |
| 2025-09-30 | $6.05B | 120 | +28.45% | +17.52% | +10.93% | +3.73B |
| 2025-06-30 | $2.03B | 86 | +19.33% | +14.94% | +4.39% | -3.57B |
| 2025-03-31 | $5.03B | 79 | +26.86% | +8.30% | +18.56% | +0.66B |
| 2024-12-31 | $4.34B | 78 | +22.05% | +24.89% | -2.83% | +0.22B |
| 2024-09-30 | $4.11B | 69 | +30.33% | +36.04% | -5.71% | +0.31B |
| 2024-06-30 | $3.57B | 70 | +14.33% | +24.49% | -10.16% | -0.58B |
| 2024-03-31 | $3.51B | 61 | -6.23% | +29.62% | -35.85% | -0.08B |
| 2023-12-31 | $3.71B | 53 | -5.76% | +26.18% | -31.93% | -0.63B |
| 2023-09-30 | $4.05B | 78 | -13.93% | +21.57% | -35.49% | +1.58B |
| 2023-06-30 | $2.66B | 146 | +57.52% | +19.42% | +38.09% | +0.48B |
| 2023-03-31 | $2.25B | 109 | +30.10% | -7.82% | +37.92% | -0.41B |
| 2022-12-31 | $2.73B | 109 | +27.49% | -18.17% | +45.67% | -0.35B |
| 2022-09-30 | $3.15B | 213 | +45.71% | -15.51% | +61.22% | -1.93B |
| 2022-06-30 | $2.98B | 301 | -14.32% | -10.62% | -3.70% | -0.28B |