Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-9.37%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.09%
baseline attrition
Rally response
-6.46%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MODModine Manufacturing Com | $82M | 2.6% | +182.4% | 2.0 yr |
| GHGuardant Health, Inc. | $78M | 2.5% | +116.8% | 1.5 yr |
| BEBloom Energy Corporation | $73M | 2.3% | +589.2% | 1.8 yr |
| TTMITTM Technologies, Inc. | $73M | 2.3% | +375.0% | 1.8 yr |
| COGTCogent Biosciences, Inc. | $61M | 1.9% | +542.6% | 1.0 yr |
| KTOSKratos Defense & Securit | $59M | 1.9% | +137.5% | 9.5 yr |
| VSECVSE Corporation | $58M | 1.8% | +54.1% | 1.3 yr |
| FNFabrinet | $56M | 1.8% | +164.0% | 2.5 yr |
| AGXArgan, Inc. | $52M | 1.6% | +318.5% | 0.8 yr |
| AIRAAR Corp. | $49M | 1.5% | +95.5% | 3.0 yr |
| CRDOCredo Technology Group H | $47M | 1.5% | +133.7% | 4.0 yr |
| TVTXTravere Therapeutics, In | $46M | 1.5% | +65.8% | 3.0 yr |
| ESEESCO Technologies Inc. | $46M | 1.4% | +77.1% | 1.0 yr |
| MRCYMercury Systems, Inc. | $43M | 1.4% | +69.2% | 7.5 yr |
| LIVNLivaNova PLC | $43M | 1.3% | +61.8% | 5.5 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology13.2%+0.1pp$419M
Semiconductors12.4%+6.4pp$392M
Aerospace & Defense8.8%+3.4pp$280M
Hardware, Equipment & Parts6.6%+4.0pp$209M
Banks - Regional5.0%-0.4pp$157M
Software - Application4.3%-2.5pp$136M
Medical - Diagnostics & Research3.7%+0.9pp$118M
Medical - Devices3.3%-1.2pp$105M
Auto - Parts2.9%+2.0pp$92M
Engineering & Construction2.8%+2.7pp$88M
Country
US93.0%+3.4pp
KY1.8%+0.5pp
SG1.5%-0.3pp
GB1.4%-0.0pp
CA1.3%
BS0.6%+0.1pp
Unknown0.4%-4.6pp
IL0.0%+0.0pp
Top 5: 11.6% · Top 10: 20.3% · Top 25: 39.6%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| TTMI | $30M | +0.11B | 375.0% |
| CRDO | $49M | +0.07B | 133.7% |
| KTOS | $44M | +0.06B | 137.5% |
| BBIO | $40M | +0.05B | 114.8% |
| FN | $28M | +0.05B | 164.0% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| PLMR | $52M | -0.01B | -12.8% |
Top buys this quarter · 15
| PLXS Plexus Corp.new | +$34M |
| PIPR Piper Sandler Companiesnew | +$28M |
| PVLA Palvella Therapeutics, Inc.new | +$20M |
| BOBS Bob's Discount Furniture, Inc.new | +$16M |
| IDCC InterDigital, Inc. | +$15M |
| ATRO Astronics Corporation | +$14M |
| IPGP IPG Photonics Corporation | +$12M |
| HNGE Hinge Health, Inc. | +$11M |
| CRVS Corvus Pharmaceuticals, Inc.new | +$10M |
| SBCF Seacoast Banking Corporation o | +$9M |
Top sells this quarter · 15
| LITE Lumentum Holdings Inc. | −$102M |
| SKYT SkyWater Technology, Inc. | −$28M |
| AAOI Applied Optoelectronics, Inc. | −$23M |
| ATI ATI Inc. | −$18M |
| ACAD ACADIA Pharmaceuticals Inc. | −$17M |
| VITL Vital Farms, Inc.exit | −$16M |
| TTMI TTM Technologies, Inc. | −$63M |
| MMSI Merit Medical Systems, Inc.exit | −$16M |
| CRS Carpenter Technology Corporati | −$12M |
| RMBS Rambus Inc. | −$12M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.16B | 248 | +56.82% | +17.59% | +39.23% | -0.08B |
| 2025-12-31 | $3.25B | 246 | +36.67% | +17.72% | +18.95% | -0.09B |
| 2025-09-30 | $3.12B | 256 | +32.35% | +17.52% | +14.84% | -0.15B |
| 2025-06-30 | $2.73B | 248 | +17.32% | +14.94% | +2.38% | +0.01B |
| 2025-03-31 | $2.22B | 243 | -1.34% | +8.30% | -9.64% | -0.02B |
| 2024-12-31 | $2.58B | 254 | +17.71% | +24.89% | -7.18% | -0.10B |
| 2024-09-30 | $2.59B | 248 | +27.92% | +36.04% | -8.11% | +0.05B |
| 2024-06-30 | $2.38B | 247 | +10.99% | +24.49% | -13.50% | -0.18B |
| 2024-03-31 | $2.49B | 243 | +14.03% | +29.62% | -15.59% | +0.06B |
| 2023-12-31 | $2.34B | 242 | +15.42% | +26.18% | -10.75% | +0.01B |
| 2023-09-30 | $2.06B | 232 | +8.37% | +21.57% | -13.20% | -0.04B |
| 2023-06-30 | $2.29B | 211 | +14.36% | +19.42% | -5.06% | +0.08B |
| 2023-03-31 | $2.09B | 210 | -15.52% | -7.82% | -7.71% | -0.09B |
| 2022-12-31 | $2.07B | 245 | +5.80% | +7.56% | -1.76% | +0.02B |
| 2022-09-30 | $1.94B | 245 | -2.75% | -4.93% | +2.18% | +0.05B |
| 2022-06-30 | $1.94B | 246 | -21.81% | -16.11% | -5.70% | -0.11B |