Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.64%
trims when stocks drop
when a holding falls −10%+
Middle response
-7.61%
baseline attrition
Rally response
-15.30%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NOANorth American Construct | $13M | 8.8% | -13.1% | 8.0 yr |
| — | $12M | 7.8% | — | 2.3 yr |
| ASICAtegrity Specialty Holdi | $10M | 6.5% | — | 1.0 yr |
| NPKINPK International Inc. | $9M | 6.4% | +149.4% | 1.0 yr |
| ETONEton Pharmaceuticals, In | $8M | 5.7% | +90.1% | 1.5 yr |
| NGSNatural Gas Services Gro | $7M | 4.9% | +73.6% | 1.3 yr |
| — | $7M | 4.8% | — | 4.3 yr |
| TPBTurning Point Brands, In | $6M | 4.2% | +46.5% | 1.3 yr |
| GOLDGold.com, Inc. | $6M | 4.1% | +62.6% | 9.8 yr |
| OSUROraSure Technologies, In | $6M | 4.1% | -11.0% | 3.3 yr |
| MDXGMiMedx Group, Inc. | $6M | 4.0% | -48.0% | 3.3 yr |
| CVGWCalavo Growers, Inc. | $5M | 3.5% | +11.1% | 0.5 yr |
| — | $5M | 3.5% | — | 0.5 yr |
| LIFEEthos Technologies Inc. | $5M | 3.4% | — | 0.3 yr |
| SJTSan Juan Basin Royalty T | $4M | 3.0% | — | 2.0 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Equipment & Services20.3%+10.1pp$30M
Unknown19.4%+11.4pp$29M
Biotechnology12.2%+3.7pp$18M
Insurance - Property & Casualty7.5%+7.0pp$11M
Oil & Gas Exploration & Production4.5%-1.7pp$7M
Tobacco4.2%+3.9pp$6M
Financial - Capital Markets4.1%+2.5pp$6M
Medical - Instruments & Supplies4.1%+2.5pp$6M
Food Distribution3.5%$5M
Insurance - Life3.4%$5M
Country
US70.4%-8.2pp
Unknown19.4%+11.4pp
CA8.8%-4.6pp
KY1.4%
Top 5: 35.3% · Top 10: 57.4% · Top 25: 96.0%
Top buys this quarter · 15
| LIFE Ethos Technologies Inc.new | +$5M |
| VRCA Verrica Pharmaceuticals Inc.new | +$4M |
| ASIC Ategrity Specialty Holdings LL | +$3M |
| ETON Eton Pharmaceuticals, Inc. | +$3M |
| ARX Accelerant Holdingsnew | +$2M |
| LEE Lee Enterprises, Incorporated | +$2M |
| TPB Turning Point Brands, Inc. | +$2M |
| BBW Build-A-Bear Workshop, Inc. | +$4M |
| CVGW Calavo Growers, Inc. | +$1M |
| CHGG Chegg, Inc.new | +$0M |
Top sells this quarter · 15
| NGS Natural Gas Services Group, In | −$5M |
| OPRT Oportun Financial Corporation | −$5M |
| SVV Savers Value Village, Inc.exit | −$4M |
| NPKI NPK International Inc. | −$4M |
| COMP Compass, Inc.exit | −$4M |
| GOLD Gold.com, Inc. | −$3M |
| CVCO Cavco Industries, Inc. | −$3M |
| GPGI GPGI, Inc. | −$2M |
| GSAT Globalstar, Inc.exit | −$2M |
| NOA North American Construction Gr | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $147M | 34 | +23.22% | +17.59% | +5.62% | -0.00B |
| 2025-12-31 | $155M | 35 | +9.66% | +17.72% | -8.06% | -0.23B |
| 2025-09-30 | $381M | 55 | +15.71% | +17.52% | -1.81% | +0.01B |
| 2025-06-30 | $320M | 57 | +11.80% | +14.94% | -3.14% | +0.00B |
| 2025-03-31 | $296M | 48 | -5.66% | +8.30% | -13.96% | -0.12B |
| 2024-12-31 | $487M | 51 | +9.84% | +24.89% | -15.05% | +0.00B |
| 2024-09-30 | $452M | 47 | +12.72% | +36.04% | -23.32% | -0.01B |
| 2024-06-30 | $412M | 56 | -1.29% | +24.49% | -25.78% | +0.02B |
| 2024-03-31 | $431M | 49 | +17.03% | +29.62% | -12.59% | -0.01B |
| 2023-12-31 | $437M | 50 | +19.71% | +26.18% | -6.47% | -0.02B |
| 2023-09-30 | $421M | 49 | +14.98% | +21.57% | -6.59% | -0.07B |
| 2023-06-30 | $500M | 64 | +3.58% | +19.42% | -15.84% | -0.05B |
| 2023-03-31 | $512M | 88 | -23.98% | -7.82% | -16.16% | +0.02B |
| 2022-12-31 | $482M | 86 | +5.26% | +7.56% | -2.30% | +0.03B |
| 2022-09-30 | $427M | 87 | -11.38% | -4.93% | -6.45% | -0.00B |
| 2022-06-30 | $486M | 89 | -20.88% | -16.11% | -4.77% | -0.01B |