Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+38.05%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.29%
baseline attrition
Rally response
-6.98%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ALAir Lease Corporation | $351M | 7.8% | +36.3% | 0.8 yr |
| HOLXHologic, Inc. | $269M | 6.0% | +22.4% | 0.5 yr |
| SEESealed Air Corporation | $214M | 4.7% | +48.7% | 0.5 yr |
| CWANClearwater Analytics Hol | $185M | 4.1% | -11.8% | 0.5 yr |
| FOLDAmicus Therapeutics, Inc | $184M | 4.1% | +77.2% | 0.5 yr |
| OSOneStream, Inc. Class A | $181M | 4.0% | +12.5% | 0.3 yr |
| ACLXArcellx, Inc. | $173M | 3.8% | — | 0.3 yr |
| 0YY7.LDigitalBridge Group, Inc | $143M | 3.2% | — | 0.5 yr |
| BHFBrighthouse Financial, I | $143M | 3.2% | +3.3% | 0.5 yr |
| TERNTerns Pharmaceuticals, I | $121M | 2.7% | — | 0.3 yr |
| TPHTri Pointe Homes, Inc. | $104M | 2.3% | +46.4% | 0.3 yr |
| DAWNDay One Biopharmaceutica | $100M | 2.2% | +170.4% | 0.3 yr |
| EAElectronic Arts Inc. | $86M | 1.9% | +41.7% | 0.8 yr |
| SEMRSemrush Holdings, Inc. | $75M | 1.7% | +28.0% | 0.5 yr |
| SEMSelect Medical Holdings | $66M | 1.5% | -0.7% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Unknown16.8%+2.8pp$758M
Biotechnology14.3%+12.5pp$643M
Software - Application10.0%+5.6pp$450M
Shell Companies8.5%+3.2pp$385M
Rental & Leasing Services7.8%+5.7pp$351M
Asset Management6.1%+5.6pp$277M
Medical - Instruments & Supplies6.0%$269M
Packaging & Containers4.7%+2.2pp$214M
Insurance - Life3.2%$143M
Financial - Conglomerates2.9%+2.3pp$129M
Country
US79.1%+3.8pp
Unknown16.8%+2.8pp
KY1.3%+0.7pp
GB1.2%+1.2pp
CN0.3%
HK0.2%
MX0.2%
CA0.2%
Top 5: 26.7% · Top 10: 43.6% · Top 25: 61.7%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| HOLX Hologic, Inc. | +$242M |
| AL Air Lease Corporation | +$194M |
| OS OneStream, Inc. Class A Commonnew | +$181M |
| FOLD Amicus Therapeutics, Inc. | +$161M |
| SEE Sealed Air Corporation | +$155M |
| CWAN Clearwater Analytics Holdings, | +$111M |
| TPH Tri Pointe Homes, Inc.new | +$104M |
| DAWN Day One Biopharmaceuticals, Innew | +$100M |
| SEM Select Medical Holdings Corpornew | +$66M |
| SEMR Semrush Holdings, Inc. | +$65M |
Top sells this quarter · 15
| EXAS Exact Sciences Corporationexit | −$179M |
| CFLT Confluent, Inc.exit | −$43M |
| EB Eventbrite, Inc.exit | −$20M |
| EA Electronic Arts Inc. | −$18M |
| YCY AA Mission Acquisition Corp. Iexit | −$11M |
| OTGA OTG Acquisition Corp. I Class exit | −$10M |
| KMB Kimberly-Clark Corporationexit | −$9M |
| U Unity Software Inc.exit | −$9M |
| BE Bloom Energy Corporationexit | −$8M |
| QIPT Quipt Home Medical Corp.exit | −$7M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.51B | 463 | +39.29% | +17.59% | +21.70% | +0.83B |
| 2025-12-31 | $3.42B | 345 | +28.58% | +17.72% | +10.86% | +0.31B |
| 2025-09-30 | $2.70B | 279 | +15.07% | +17.52% | -2.45% | +0.08B |
| 2025-06-30 | $2.42B | 221 | +16.40% | +14.94% | +1.46% | +0.39B |
| 2025-03-31 | $1.96B | 165 | +13.51% | +8.30% | +5.21% | +0.71B |
| 2024-12-31 | $1.25B | 128 | +15.67% | +24.89% | -9.22% | -0.24B |
| 2024-09-30 | $1.45B | 116 | +11.76% | +36.04% | -24.27% | +0.20B |
| 2024-06-30 | $1.14B | 121 | -0.27% | +24.49% | -24.76% | +0.21B |
| 2024-03-31 | $926M | 114 | -1.65% | +29.62% | -31.27% | +0.12B |
| 2023-12-31 | $794M | 129 | -0.27% | +26.18% | -26.44% | -0.69B |
| 2023-09-30 | $1.49B | 157 | +29.64% | +21.57% | +8.07% | +0.09B |
| 2023-06-30 | $1.43B | 201 | +275.78% | +19.42% | +256.36% | -0.39B |
| 2023-03-31 | $1.83B | 333 | +274.69% | -7.82% | +282.51% | -2.14B |
| 2022-12-31 | $3.86B | 503 | +29.31% | +7.56% | +21.75% | -3.19B |
| 2022-09-30 | $5.46B | 684 | +184.05% | -4.93% | +188.98% | -5.93B |
| 2022-06-30 | $4.01B | 687 | -0.58% | -16.11% | +15.53% | +0.55B |