Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-10.80%
trims when stocks drop
when a holding falls −10%+
Middle response
-9.44%
baseline attrition
Rally response
-19.59%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $258M | 42.6% | — | 0.3 yr |
| TUSKMammoth Energy Services, | $54M | 8.9% | +20.1% | 8.5 yr |
| ACMRACM Research, Inc. | $24M | 3.9% | +68.6% | 1.3 yr |
| VISTVista Energy, S.A.B. de | $18M | 3.0% | +62.1% | 0.3 yr |
| HSAIHesai Group | $15M | 2.5% | +29.2% | 1.0 yr |
| — | $13M | 2.1% | — | 1.8 yr |
| SUNCSunocoCorp LLC | $13M | 2.1% | — | 0.5 yr |
| ETEnergy Transfer LP | $11M | 1.8% | +12.1% | 9.5 yr |
| NEPHNephros, Inc. | $11M | 1.8% | +73.3% | 5.3 yr |
| YPFYPF Sociedad Anónima | $9M | 1.6% | +31.9% | 0.8 yr |
| TEOTelecom Argentina S.A. | $9M | 1.5% | +17.8% | 0.5 yr |
| — | $8M | 1.4% | — | 1.0 yr |
| EPDEnterprise Products Part | $8M | 1.4% | +18.7% | 10.3 yr |
| CFCF Industries Holdings, | $8M | 1.3% | +70.0% | 2.0 yr |
| TGSTransportadora de Gas de | $6M | 1.0% | +35.4% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Unknown47.9%+42.1pp$290M
Conglomerates8.9%-2.8pp$54M
Oil & Gas Midstream5.9%-1.8pp$36M
Semiconductors5.1%+3.6pp$31M
Oil & Gas Exploration & Production3.7%+2.6pp$22M
Auto - Parts2.6%+2.5pp$16M
Oil & Gas Integrated2.5%+1.2pp$15M
Telecommunications Services2.3%+1.1pp$14M
Asset Management2.2%-6.4pp$13M
Medical - Instruments & Supplies1.8%+0.2pp$11M
Country
Unknown47.9%+42.1pp
US33.8%-46.0pp
AR5.6%+4.4pp
MX3.0%+1.6pp
CN2.8%+2.4pp
CA2.6%-3.9pp
LU1.9%+1.6pp
KZ0.8%+0.7pp
Top 5: 60.9% · Top 10: 70.3% · Top 25: 83.7%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| CENX | $22M | +0.05B | 216.2% |
| TUSK | $45M | +0.01B | 20.1% |
| NEPH | $6M | +0.00B | 73.3% |
| TIGO | $1M | +0.00B | 167.9% |
| HNRG | $5M | +0.00B | 32.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| KSPI | $0M | -0.00B | -20.2% |
Top buys this quarter · 15
| VIST Vista Energy, S.A.B. de C.V.new | +$18M |
| HSAI Hesai Group | +$12M |
| ACMR ACM Research, Inc. | +$10M |
| CF CF Industries Holdings, Inc. | +$8M |
| TEO Telecom Argentina S.A. | +$7M |
| CAAP Corporación América Airportsnew | +$4M |
| YPF YPF Sociedad Anónima | +$4M |
| MIAX Miami International Holdings, new | +$3M |
| TGS Transportadora de Gas del Sur | +$3M |
| PAM Pampa EnergÃa S.A. | +$3M |
Top sells this quarter · 15
| SUNC SunocoCorp LLC | −$24M |
| CNR Core Natural Resources, Inc. | −$17M |
| CENX Century Aluminum Company | −$11M |
| RJET Republic Airways Holdings Inc. | −$9M |
| MPLX MPLX Lpexit | −$6M |
| CVE Cenovus Energy Inc.exit | −$5M |
| MICC The Magnum Ice Cream Company Nexit | −$5M |
| TNK Teekay Tankers Ltd.exit | −$4M |
| IHS IHS Holding Limited | −$4M |
| V Visa Inc. | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $607M | 159 | +51.74% | +17.59% | +34.15% | +0.17B |
| 2025-12-31 | $389M | 365 | +27.32% | +17.72% | +9.60% | +0.07B |
| 2025-09-30 | $332M | 392 | +22.20% | +17.52% | +4.68% | -0.11B |
| 2025-06-30 | $359M | 240 | +10.73% | +14.94% | -4.21% | -0.08B |
| 2025-03-31 | $383M | 215 | -4.30% | +8.30% | -12.60% | +0.02B |
| 2024-12-31 | $391M | 202 | +1.95% | +24.89% | -22.93% | +0.00B |
| 2024-09-30 | $418M | 165 | +15.70% | +36.04% | -20.33% | -0.02B |
| 2024-06-30 | $395M | 183 | +7.17% | +24.49% | -17.32% | -0.09B |
| 2024-03-31 | $490M | 207 | +13.82% | +29.62% | -15.81% | +0.03B |
| 2023-12-31 | $465M | 212 | -1.83% | +26.18% | -28.01% | +0.00B |
| 2023-09-30 | $439M | 177 | +44.40% | +21.57% | +22.83% | -0.07B |
| 2023-06-30 | $499M | 181 | +35.92% | +19.42% | +16.50% | -0.01B |
| 2023-03-31 | $482M | 173 | +15.28% | -7.82% | +23.10% | +0.07B |
| 2022-12-31 | $486M | 129 | +28.42% | -18.17% | +46.60% | -0.00B |
| 2022-09-30 | $315M | 128 | -7.58% | -15.51% | +7.93% | -0.34B |
| 2022-06-30 | $680M | 166 | +3.57% | -3.70% | +7.27% | +0.19B |