Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.43%
trims when stocks drop
when a holding falls −10%+
Middle response
+0.65%
steady accumulation
Rally response
-10.04%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SYFSynchrony Financial | $518M | 15.1% | +30.8% | 9.0 yr |
| UALUnited Airlines Holdings | $460M | 13.4% | +33.3% | 10.5 yr |
| EXPEExpedia Group, Inc. | $451M | 13.1% | +38.5% | 10.5 yr |
| WEXWEX Inc. | $345M | 10.0% | -2.5% | 10.5 yr |
| UBERUber Technologies, Inc. | $269M | 7.8% | -1.3% | 4.8 yr |
| DALDelta Air Lines, Inc. | $234M | 6.8% | +54.5% | 10.5 yr |
| LUVSouthwest Airlines Co. | $196M | 5.7% | +14.2% | 9.5 yr |
| BKNGBooking Holdings Inc. | $179M | 5.2% | -96.3% | 8.3 yr |
| CVNACarvana Co. | $109M | 3.2% | +50.4% | 6.8 yr |
| ABNBAirbnb, Inc. | $94M | 2.7% | +5.7% | 4.0 yr |
| ALGTAllegiant Travel Company | $69M | 2.0% | +56.9% | 7.8 yr |
| ALKAlaska Air Group, Inc. | $58M | 1.7% | -25.3% | 10.5 yr |
| HHyatt Hotels Corporation | $49M | 1.4% | +17.9% | 4.3 yr |
| TRIPTripadvisor, Inc. | $43M | 1.3% | -24.8% | 10.5 yr |
| LYFTLyft, Inc. | $42M | 1.2% | +12.0% | 2.5 yr |
Portfolio composition (YoY)
Industry mix
Airlines, Airports & Air Services34.0%+4.6pp$1.17B
Travel Services21.1%+0.6pp$725M
Financial - Credit Services15.8%+2.4pp$542M
Software - Infrastructure10.0%-0.6pp$345M
Software - Application9.8%-2.1pp$336M
Auto - Dealerships3.2%-2.2pp$110M
Travel Lodging2.3%+1.3pp$78M
Internet Content & Information1.6%+0.1pp$57M
Rental & Leasing Services1.0%-1.0pp$36M
Financial - Capital Markets0.7%-1.7pp$24M
Country
US98.3%-0.2pp
IE0.6%+0.1pp
PA0.5%
Unknown0.3%-0.2pp
CL0.2%-0.3pp
SG0.0%-0.0pp
Top 5: 59.4% · Top 10: 83.0% · Top 25: 97.5%
Top buys this quarter · 15
| UBER Uber Technologies, Inc. | +$197M |
| V Visa Inc. | +$24M |
| TRIP Tripadvisor, Inc. | +$20M |
| ALGT Allegiant Travel Company | +$18M |
| LUV Southwest Airlines Co. | +$196M |
| UAL United Airlines Holdings, Inc. | +$460M |
| SYF Synchrony Financial | +$518M |
| RJET Republic Airways Holdings Inc. | +$6M |
| GBTG Global Business Travel Group, | +$4M |
| BKNG Booking Holdings Inc. | +$3M |
Top sells this quarter · 15
| SCHW The Charles Schwab Corporation | −$62M |
| WBS Webster Financial Corporation | −$49M |
| CARS Cars.com Inc. | −$20M |
| MAR Marriott International, Inc. | −$15M |
| CARG CarGurus, Inc. | −$11M |
| SNCY Sun Country Airlines Holdings, | −$9M |
| DAL Delta Air Lines, Inc. | −$4M |
| CART Instacart (Maplebear Inc.) | −$2M |
| AMZN Amazon.com, Inc.exit | −$1M |
| BAC Bank of America Corporationexit | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.44B | 45 | +21.90% | +17.59% | +4.31% | +0.30B |
| 2025-12-31 | $3.74B | 47 | +25.06% | +17.72% | +7.34% | -0.10B |
| 2025-09-30 | $3.39B | 57 | +30.30% | +17.52% | +12.78% | -0.06B |
| 2025-06-30 | $3.06B | 53 | +26.19% | +14.94% | +11.24% | -0.33B |
| 2025-03-31 | $2.98B | 46 | +6.42% | +8.30% | -1.88% | +0.06B |
| 2024-12-31 | $3.39B | 57 | +34.28% | +24.89% | +9.39% | -0.77B |
| 2024-09-30 | $3.53B | 56 | +35.65% | +36.04% | -0.39% | +0.06B |
| 2024-06-30 | $3.18B | 50 | +16.18% | +24.49% | -8.31% | +0.09B |
| 2024-03-31 | $3.22B | 47 | +35.90% | +29.62% | +6.27% | -0.09B |
| 2023-12-31 | $3.04B | 42 | +41.35% | +26.18% | +15.18% | -0.14B |
| 2023-09-30 | $2.67B | 47 | +25.59% | +21.57% | +4.03% | -0.01B |
| 2023-06-30 | $2.87B | 45 | +27.37% | +19.42% | +7.95% | -0.18B |
| 2023-03-31 | $2.72B | 42 | -23.29% | -7.82% | -15.48% | -0.43B |
| 2022-12-31 | $2.78B | 39 | +5.94% | +7.56% | -1.62% | -0.08B |
| 2022-09-30 | $2.70B | 42 | -5.23% | -4.93% | -0.30% | -0.13B |
| 2022-06-30 | $2.98B | 40 | -32.43% | -16.11% | -16.32% | +0.15B |