Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+3.71%
adds when stocks drop
when a holding falls −10%+
Middle response
-6.41%
baseline attrition
Rally response
-4.01%
trims into rallies
when a holding rises +10%+
Top positions · 21
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| RJETRepublic Airways Holding | $72M | 20.1% | — | 0.5 yr |
| GGBGerdau S.A. | $69M | 19.3% | +31.3% | 10.0 yr |
| FUTUFutu Holdings Limited | $41M | 11.6% | +33.6% | 0.3 yr |
| TXTernium S.A. | $40M | 11.2% | +40.9% | 9.8 yr |
| HSBCHSBC Holdings plc | $40M | 11.1% | +51.2% | 1.5 yr |
| BABAAlibaba Group Holding Li | $38M | 10.8% | -3.5% | 0.8 yr |
| BIDUBaidu, Inc. | $11M | 3.2% | +21.1% | 0.8 yr |
| — | $9M | 2.6% | — | 0.5 yr |
| CCOClear Channel Outdoor Ho | $6M | 1.6% | +113.5% | 7.0 yr |
| CZRCaesars Entertainment, I | $4M | 1.2% | +5.7% | 2.0 yr |
| VNOMViper Energy, Inc. | $4M | 1.1% | — | 0.8 yr |
| MMacy's, Inc. | $4M | 1.0% | +50.6% | 5.5 yr |
| PCGPG&E Corporation | $4M | 1.0% | +2.9% | 1.3 yr |
| CNRCore Natural Resources, | $3M | 0.9% | +36.6% | 1.3 yr |
| NENoble Corporation Plc | $3M | 0.8% | +124.7% | 3.3 yr |
Portfolio composition (YoY)
Industry mix
Steel30.7%+2.6pp$110M
Airlines, Airports & Air Services20.1%$72M
Financial - Capital Markets11.6%$41M
Banks - Diversified11.1%-8.2pp$40M
Specialty Retail10.8%$38M
Unknown3.3%+1.4pp$12M
Internet Content & Information3.2%$11M
Advertising Agencies1.6%-0.3pp$6M
Gambling, Resorts & Casinos1.5%+0.4pp$6M
Oil & Gas Midstream1.1%$4M
Country
US29.1%+17.0pp
BR19.3%-24.8pp
CN13.9%
LU11.6%+3.3pp
HK11.6%
GB11.1%-8.3pp
Unknown3.3%+1.4pp
Top 5: 73.3% · Top 10: 92.6% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| HSBC | $73M | +0.04B | 51.2% |
| GGB | $55M | +0.02B | 31.3% |
| TX | $31M | +0.01B | 40.9% |
| CNR | $17M | +0.01B | 36.6% |
| CCO | $2M | +0.00B | 113.5% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| CNTY | $2M | -0.00B | -17.8% |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $357M | 21 | +19.21% | +17.59% | +1.62% | -0.03B |
| 2025-12-31 | $380M | 24 | +10.82% | +17.72% | -6.90% | -0.02B |
| 2025-09-30 | $382M | 35 | -7.08% | +17.52% | -24.59% | +0.02B |
| 2025-06-30 | $337M | 33 | -6.04% | +14.94% | -20.98% | -0.05B |
| 2025-03-31 | $376M | 34 | -15.35% | +8.30% | -23.65% | +0.10B |
| 2024-12-31 | $286M | 33 | -17.97% | +24.89% | -42.85% | -0.01B |
| 2024-09-30 | $329M | 30 | +5.52% | +36.04% | -30.51% | -0.01B |
| 2024-06-30 | $318M | 28 | -3.33% | +24.49% | -27.82% | -0.02B |
| 2024-03-31 | $367M | 29 | +5.21% | +29.62% | -24.42% | -0.01B |
| 2023-12-31 | $405M | 30 | +25.11% | +26.18% | -1.06% | -0.01B |
| 2023-09-30 | $367M | 31 | +23.79% | +21.57% | +2.22% | +0.01B |
| 2023-06-30 | $359M | 31 | +19.81% | +19.42% | +0.38% | -0.02B |
| 2023-03-31 | $376M | 32 | -13.27% | -7.82% | -5.45% | -0.06B |
| 2022-12-31 | $394M | 36 | +13.02% | +7.56% | +5.46% | -0.09B |
| 2022-09-30 | $431M | 35 | -4.71% | -4.93% | +0.21% | -0.08B |
| 2022-06-30 | $540M | 37 | -26.70% | -16.11% | -10.59% | -0.00B |