Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.91%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.82%
baseline attrition
Rally response
-6.68%
trims into rallies
when a holding rises +10%+
Top positions · 12
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| DLODLocal Limited | $605M | 28.2% | +63.1% | 5.0 yr |
| CHYMChime Financial, Inc. Cl | $398M | 18.5% | — | 1.0 yr |
| XPXP Inc. | $392M | 18.2% | +39.9% | 6.5 yr |
| ALKTAlkami Technology, Inc. | $240M | 11.2% | -40.3% | 5.0 yr |
| PHVSPharvaris N.V. | $227M | 10.6% | +79.9% | 5.3 yr |
| EWCZEuropean Wax Center, Inc | $76M | 3.5% | +46.3% | 4.8 yr |
| RVMDRevolution Medicines, In | $69M | 3.2% | +175.0% | 0.8 yr |
| NRIXNurix Therapeutics, Inc. | $64M | 3.0% | +30.5% | 0.5 yr |
| CNTACentessa Pharmaceuticals | $54M | 2.5% | +176.2% | 5.0 yr |
| RSKDRiskified Ltd. | $21M | 1.0% | -15.2% | 4.8 yr |
| — | $3M | 0.1% | — | 3.0 yr |
| — | $0M | 0.0% | — | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Software - Infrastructure28.2%+10.3pp$605M
Biotechnology19.2%+0.2pp$413M
Banks - Regional18.5%$398M
Financial - Capital Markets18.2%+4.6pp$392M
Software - Application12.2%+2.8pp$261M
Household & Personal Products3.5%+1.8pp$76M
Unknown0.2%-0.1pp$3M
Country
US39.4%-17.9pp
UY28.2%+10.3pp
BR18.2%+4.6pp
NL10.6%+6.6pp
GB2.5%-3.4pp
IL1.0%+0.1pp
Unknown0.2%-0.1pp
Top 5: 86.7% · Top 10: 99.8% · Top 25: 100.0%
Top buys this quarter · 1
| ALKT Alkami Technology, Inc. | +$240M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.15B | 12 | +15.66% | +17.59% | -1.93% | -0.64B |
| 2025-12-31 | $2.87B | 13 | +26.03% | +17.72% | +8.31% | -0.69B |
| 2025-09-30 | $3.33B | 16 | +22.11% | +17.52% | +4.60% | -0.44B |
| 2025-06-30 | $3.63B | 15 | +33.69% | +14.94% | +18.75% | +0.44B |
| 2025-03-31 | $2.98B | 15 | +3.27% | +8.30% | -5.03% | +0.01B |
| 2024-12-31 | $2.81B | 16 | -13.94% | +24.89% | -38.82% | -0.83B |
| 2024-09-30 | $3.52B | 18 | -9.26% | +36.04% | -45.30% | -0.10B |
| 2024-06-30 | $3.18B | 19 | -5.34% | +24.49% | -29.83% | -0.39B |
| 2024-03-31 | $4.31B | 22 | +17.60% | +29.62% | -12.03% | -1.84B |
| 2023-12-31 | $6.97B | 26 | +26.36% | +26.18% | +0.18% | -0.11B |
| 2023-09-30 | $6.48B | 29 | +10.33% | +21.57% | -11.23% | -1.05B |
| 2023-06-30 | $6.34B | 30 | -20.01% | +19.42% | -39.43% | -2.51B |
| 2023-03-31 | $8.61B | 31 | -48.50% | -7.82% | -40.68% | +1.45B |
| 2022-12-31 | $7.56B | 33 | -4.63% | +7.56% | -12.19% | -0.54B |
| 2022-09-30 | $8.49B | 39 | -13.92% | -4.93% | -8.99% | +1.90B |
| 2022-06-30 | $7.66B | 38 | -33.77% | -16.11% | -17.66% | +0.42B |