Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+4.64%
adds when stocks drop
when a holding falls −10%+
Middle response
-6.01%
baseline attrition
Rally response
-13.54%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VSTVistra Corp. | $930M | 7.4% | +28.7% | 2.3 yr |
| ASMLASML Holding N.V. | $865M | 6.9% | +100.9% | 3.3 yr |
| CRSCarpenter Technology Cor | $717M | 5.7% | +118.3% | 0.5 yr |
| LPLALPL Financial Holdings I | $617M | 4.9% | -7.7% | 4.0 yr |
| APPAppLovin Corporation | $583M | 4.6% | +50.2% | 2.3 yr |
| TLNTalen Energy Corporation | $580M | 4.6% | +59.9% | 1.8 yr |
| TERTeradyne, Inc. | $555M | 4.4% | +260.2% | 0.3 yr |
| CVNACarvana Co. | $552M | 4.4% | +50.4% | 3.0 yr |
| NUNu Holdings Ltd. | $546M | 4.4% | +40.3% | 0.8 yr |
| MDLNMedline Inc. | $525M | 4.2% | — | 0.5 yr |
| GLWCorning Incorporated | $506M | 4.0% | +201.5% | 0.3 yr |
| CLHClean Harbors, Inc. | $503M | 4.0% | +45.5% | 0.5 yr |
| MTZMasTec, Inc. | $493M | 3.9% | +175.7% | 0.3 yr |
| TSMTaiwan Semiconductor Man | $470M | 3.7% | +105.6% | 4.5 yr |
| BNBrookfield Corporation | $454M | 3.6% | +16.5% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors18.0%+9.0pp$2.26B
Independent Power Producers12.0%+5.4pp$1.51B
Financial - Capital Markets9.5%+4.4pp$1.19B
Manufacturing - Metal Fabrication5.7%$717M
Engineering & Construction5.6%$707M
Food Distribution5.5%$691M
Software - Application4.6%-13.4pp$583M
Auto - Dealerships4.4%+0.2pp$552M
Banks - Diversified4.4%$546M
Hardware, Equipment & Parts4.3%$534M
Country
US78.8%-7.8pp
NL6.9%+3.5pp
CA5.9%
BR4.4%
TW3.7%-1.9pp
LU0.3%
Top 5: 29.6% · Top 10: 51.6% · Top 25: 97.5%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| TSM | $642M | +0.67B | 105.6% |
| ASML | $386M | +0.39B | 100.9% |
| CVNA | $484M | +0.24B | 50.4% |
| APP | $422M | +0.21B | 50.2% |
| VST | $541M | +0.15B | 28.7% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| LPLA | $577M | -0.04B | -7.7% |
Top buys this quarter · 15
| TER Teradyne, Inc.new | +$555M |
| GLW Corning Incorporatednew | +$506M |
| MTZ MasTec, Inc.new | +$493M |
| HUT.TO Hut 8 Mining Corp. | +$351M |
| USFD US Foods Holding Corp.new | +$350M |
| PFGC Performance Food Group Companynew | +$341M |
| APP AppLovin Corporation | +$272M |
| WULF TeraWulf Inc. | +$266M |
| AGX Argan, Inc.new | +$214M |
| CRS Carpenter Technology Corporati | +$199M |
Top sells this quarter · 15
| TSM Taiwan Semiconductor Manufactu | −$562M |
| AVGO Broadcom Inc.exit | −$536M |
| AMZN Amazon.com, Inc.exit | −$503M |
| CIEN Ciena Corporation | −$292M |
| MSFT Microsoft Corporationexit | −$457M |
| KKR KKR & Co. Inc. | −$446M |
| PM Philip Morris International Inexit | −$437M |
| VMC Vulcan Materials Company | −$419M |
| DASH DoorDash, Inc.exit | −$380M |
| APH Amphenol Corporation | −$327M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $12.54B | 36 | +40.23% | +17.59% | +22.64% | -1.09B |
| 2025-12-31 | $13.61B | 32 | +34.15% | +17.72% | +16.43% | -1.28B |
| 2025-09-30 | $13.74B | 25 | +35.78% | +17.52% | +18.26% | -1.01B |
| 2025-06-30 | $13.81B | 22 | +37.80% | +14.94% | +22.86% | +0.01B |
| 2025-03-31 | $11.41B | 22 | +19.53% | +8.30% | +11.23% | -1.49B |
| 2024-12-31 | $13.47B | 30 | +46.87% | +24.89% | +21.98% | -1.24B |
| 2024-09-30 | $13.41B | 29 | +56.71% | +36.04% | +20.68% | +0.04B |
| 2024-06-30 | $12.33B | 24 | +45.76% | +24.49% | +21.26% | -0.96B |
| 2024-03-31 | $12.67B | 26 | +51.41% | +29.62% | +21.78% | -0.94B |
| 2023-12-31 | $11.56B | 25 | +39.57% | +26.18% | +13.39% | -0.58B |
| 2023-09-30 | $10.37B | 26 | +25.08% | +21.57% | +3.52% | -0.63B |
| 2023-06-30 | $10.91B | 29 | +27.26% | +19.42% | +7.84% | -0.85B |
| 2023-03-31 | $10.80B | 29 | -10.60% | -7.82% | -2.78% | -0.57B |
| 2022-12-31 | $10.48B | 30 | +4.91% | +7.56% | -2.65% | -0.66B |
| 2022-09-30 | $10.61B | 30 | +2.61% | -4.93% | +7.54% | -0.27B |
| 2022-06-30 | $10.61B | 29 | -23.49% | -16.11% | -7.38% | -2.25B |