Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.38%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.12%
baseline attrition
Rally response
-11.29%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AMZNAmazon.com, Inc. | $405M | 7.3% | +9.5% | 8.3 yr |
| EAElectronic Arts Inc. | $197M | 3.6% | +41.7% | 1.3 yr |
| NVDANVIDIA Corporation | $187M | 3.4% | +60.9% | 2.5 yr |
| TSMTaiwan Semiconductor Man | $177M | 3.2% | +105.6% | 3.3 yr |
| GOOGLAlphabet Inc. | $165M | 3.0% | — | 9.3 yr |
| LINLinde plc | $129M | 2.3% | +7.9% | 0.3 yr |
| AAPLApple Inc. | $127M | 2.3% | +14.7% | 2.8 yr |
| TKOTKO Group Holdings, Inc. | $122M | 2.2% | +33.8% | 1.3 yr |
| SEESealed Air Corporation | $116M | 2.1% | +48.7% | 0.5 yr |
| — | $100M | 1.8% | — | 1.8 yr |
| GTLSChart Industries, Inc. | $97M | 1.8% | +43.2% | 0.8 yr |
| FOLDAmicus Therapeutics, Inc | $83M | 1.5% | +77.2% | 0.5 yr |
| IDAIDACORP, Inc. | $83M | 1.5% | +26.5% | 1.3 yr |
| HONHoneywell International | $81M | 1.5% | +9.0% | 2.3 yr |
| CMSCMS Energy Corporation | $80M | 1.5% | +6.4% | 1.3 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors8.0%+7.1pp$444M
Specialty Retail7.8%+5.4pp$429M
Asset Management6.5%-3.1pp$358M
Software - Application6.0%+0.1pp$330M
Regulated Electric5.6%+0.2pp$312M
Unknown5.6%-13.4pp$311M
Internet Content & Information3.9%+1.2pp$214M
Biotechnology3.6%+2.0pp$200M
Electronic Gaming & Multimedia3.6%$197M
Entertainment2.8%+1.5pp$157M
Country
US85.5%+17.8pp
Unknown5.6%-13.4pp
TW3.2%
GB2.3%
IE0.7%-4.6pp
AU0.7%
MX0.6%
CA0.5%-3.8pp
Top 5: 20.5% · Top 10: 31.2% · Top 25: 51.4%
Top buys this quarter · 15
| LIN Linde plcnew | +$129M |
| EA Electronic Arts Inc. | +$110M |
| SEE Sealed Air Corporation | +$94M |
| HTO H2O Americanew | +$72M |
| NVDA NVIDIA Corporation | +$71M |
| HON Honeywell International Inc. | +$65M |
| PEN Penumbra, Inc. | +$62M |
| TSM Taiwan Semiconductor Manufactu | +$58M |
| TPH Tri Pointe Homes, Inc.new | +$49M |
| WEC WEC Energy Group, Inc. | +$48M |
Top sells this quarter · 15
| EXAS Exact Sciences Corporationexit | −$90M |
| NGD New Gold Inc.exit | −$88M |
| AMZN Amazon.com, Inc. | −$86M |
| CFLT Confluent, Inc.exit | −$83M |
| PM Philip Morris International In | −$79M |
| SPY State Street SPDR S&P 500 ETF | −$76M |
| AL Air Lease Corporationexit | −$72M |
| META Meta Platforms, Inc. | −$71M |
| DIS The Walt Disney Company | −$64M |
| WIX Wix.com Ltd. | −$19M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $5.53B | 229 | +21.55% | +17.59% | +3.96% | +0.10B |
| 2025-12-31 | $5.61B | 206 | +25.50% | +17.72% | +7.78% | +1.05B |
| 2025-09-30 | $4.39B | 147 | +21.49% | +17.52% | +3.97% | +0.39B |
| 2025-06-30 | $3.75B | 141 | +26.67% | +14.94% | +11.73% | -0.73B |
| 2025-03-31 | $3.95B | 161 | +10.54% | +8.30% | +2.24% | -0.01B |
| 2024-12-31 | $3.96B | 146 | +21.99% | +24.89% | -2.90% | +0.43B |
| 2024-09-30 | $3.51B | 137 | +40.17% | +36.04% | +4.13% | -0.07B |
| 2024-06-30 | $3.22B | 136 | +28.07% | +24.49% | +3.58% | +0.69B |
| 2024-03-31 | $2.56B | 135 | +34.56% | +29.62% | +4.94% | -0.48B |
| 2023-12-31 | $2.76B | 116 | +26.41% | +26.18% | +0.23% | -0.75B |
| 2023-09-30 | $3.03B | 122 | -3.47% | +21.57% | -25.04% | +0.67B |
| 2023-06-30 | $2.33B | 87 | +3.59% | +19.42% | -15.84% | -0.09B |
| 2023-03-31 | $2.32B | 101 | -34.02% | -7.82% | -26.20% | -0.79B |
| 2022-12-31 | $3.01B | 110 | -11.69% | +7.56% | -19.25% | -0.05B |
| 2022-09-30 | $3.47B | 210 | +8.90% | -4.93% | +13.83% | -0.10B |
| 2022-06-30 | $3.28B | 211 | -33.75% | -16.11% | -17.64% | +0.66B |