Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-7.30%
trims when stocks drop
when a holding falls −10%+
Middle response
-8.73%
baseline attrition
Rally response
-14.10%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $354M | 7.6% | — | 2.8 yr |
| SHCSotera Health Company | $311M | 6.7% | +23.0% | 1.5 yr |
| GMEDGlobus Medical, Inc. | $263M | 5.7% | +17.7% | 2.5 yr |
| KVUEKenvue Inc. | $222M | 4.8% | -25.0% | 1.5 yr |
| NSCNorfolk Southern Corpora | $189M | 4.1% | +23.6% | 1.5 yr |
| LYVLive Nation Entertainmen | $175M | 3.8% | +16.8% | 2.3 yr |
| SATSEchoStar Corporation | $146M | 3.2% | +357.7% | 2.0 yr |
| NVDANVIDIA Corporation | $128M | 2.8% | +60.9% | 2.8 yr |
| BRKRPBruker Corporation 6.375 | $118M | 2.5% | — | 1.8 yr |
| TSMTaiwan Semiconductor Man | $109M | 2.4% | +105.6% | 1.5 yr |
| BACBank of America Corporat | $109M | 2.3% | +19.4% | 8.0 yr |
| — | $105M | 2.3% | — | 2.0 yr |
| AMATApplied Materials, Inc. | $102M | 2.2% | +137.6% | 0.8 yr |
| LLYVALiberty Live Group | $101M | 2.2% | — | 0.5 yr |
| — | $100M | 2.2% | — | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Unknown23.8%-1.9pp$1.10B
Semiconductors10.2%+7.6pp$475M
Medical - Devices8.6%+0.2pp$400M
Entertainment7.6%+2.5pp$354M
Medical - Diagnostics & Research6.7%+3.4pp$311M
Household & Personal Products4.8%$222M
Internet Content & Information4.7%+0.3pp$220M
Railroads4.1%+3.5pp$189M
Asset Management3.7%-3.8pp$173M
Banks - Diversified3.4%+0.1pp$157M
Country
US66.8%-4.1pp
Unknown23.7%-1.4pp
TW2.4%+2.3pp
GB1.8%-1.8pp
LU1.4%
IE1.1%+1.0pp
KY0.9%
NL0.9%
Top 5: 28.9% · Top 10: 43.5% · Top 25: 71.4%
Top buys this quarter · 15
| LRCX Lam Research Corporationnew | +$96M |
| AMAT Applied Materials, Inc. | +$93M |
| NSC Norfolk Southern Corporation | +$43M |
| SPOT Spotify Technology S.A. | +$41M |
| SATS EchoStar Corporation | +$35M |
| COF Capital One Financial Corporatnew | +$34M |
| TSM Taiwan Semiconductor Manufactu | +$30M |
| JHG Janus Henderson Group plcnew | +$29M |
| ASML ASML Holding N.V. | +$25M |
| LYV Live Nation Entertainment, Inc | +$23M |
Top sells this quarter · 15
| EA Electronic Arts Inc.exit | −$152M |
| ALB Albemarle Corporationexit | −$105M |
| TSLA Tesla, Inc. | −$89M |
| AMZN Amazon.com, Inc.exit | −$83M |
| SGI Somnigroup International Incexit | −$67M |
| BABA Alibaba Group Holding Limited | −$60M |
| HLN Haleon plc | −$51M |
| NOVT Novanta Inc.exit | −$51M |
| GEV GE Vernova Inc.exit | −$44M |
| ARES Ares Management Corporationexit | −$36M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.63B | 218 | +31.25% | +17.59% | +13.66% | -0.23B |
| 2025-12-31 | $5.04B | 217 | +27.83% | +17.72% | +10.11% | +0.11B |
| 2025-09-30 | $4.59B | 209 | +27.70% | +17.52% | +10.19% | -0.02B |
| 2025-06-30 | $4.16B | 222 | +22.30% | +14.94% | +7.36% | +0.59B |
| 2025-03-31 | $3.13B | 178 | +9.61% | +8.30% | +1.31% | -1.14B |
| 2024-12-31 | $4.55B | 189 | +29.80% | +24.89% | +4.91% | +0.84B |
| 2024-09-30 | $3.45B | 214 | +30.27% | +36.04% | -5.76% | -0.04B |
| 2024-06-30 | $3.28B | 210 | +20.05% | +24.49% | -4.44% | -0.16B |
| 2024-03-31 | $3.37B | 225 | +24.16% | +29.62% | -5.47% | -0.10B |
| 2023-12-31 | $3.12B | 244 | +22.59% | +26.18% | -3.59% | -0.85B |
| 2023-09-30 | $3.68B | 299 | +12.47% | +21.57% | -9.09% | +0.44B |
| 2023-06-30 | $3.31B | 336 | +49.80% | +19.42% | +30.38% | -0.28B |
| 2023-03-31 | $3.40B | 452 | +6.12% | -7.82% | +13.93% | -2.09B |
| 2022-12-31 | $4.99B | 717 | +11.56% | -18.17% | +29.73% | -2.18B |
| 2022-09-30 | $7.24B | 947 | +30.40% | -4.93% | +35.33% | -3.51B |
| 2022-06-30 | $8.25B | 995 | -25.12% | -16.11% | -9.01% | -0.04B |