Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.10%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.86%
baseline attrition
Rally response
-3.59%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $7.11B | 7.3% | +60.9% | 10.3 yr |
| AMZNAmazon.com, Inc. | $5.85B | 6.0% | +9.5% | 10.5 yr |
| MELIMercadoLibre, Inc. | $5.59B | 5.7% | -11.4% | 10.5 yr |
| SPOTSpotify Technology S.A. | $3.99B | 4.1% | -11.8% | 8.0 yr |
| NUNu Holdings Ltd. | $3.54B | 3.6% | +40.3% | 4.5 yr |
| SHOPShopify Inc. | $3.44B | 3.5% | +24.2% | 8.8 yr |
| NETCloudflare, Inc. | $3.29B | 3.4% | +83.1% | 6.0 yr |
| SESea Limited | $3.28B | 3.4% | -36.5% | 8.5 yr |
| PDDPDD Holdings Inc. | $2.90B | 3.0% | -13.7% | 7.8 yr |
| APPAppLovin Corporation | $2.67B | 2.7% | +50.2% | 1.8 yr |
| METAMeta Platforms, Inc. | $2.35B | 2.4% | -0.4% | 10.5 yr |
| CPNGCoupang, Inc. | $2.28B | 2.3% | -13.9% | 5.3 yr |
| NFLXNetflix, Inc. | $2.10B | 2.1% | +3.1% | 10.5 yr |
| IOTSamsara Inc. | $1.82B | 1.9% | -17.3% | 3.3 yr |
| MSFTMicrosoft Corporation | $1.44B | 1.5% | -0.6% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Specialty Retail21.0%-3.7pp$20.55B
Internet Content & Information10.3%-0.9pp$10.10B
Software - Application9.5%-3.4pp$9.31B
Semiconductors8.8%+3.1pp$8.57B
Software - Infrastructure8.1%-0.2pp$7.91B
Banks - Diversified4.6%+1.9pp$4.47B
Biotechnology3.5%+0.6pp$3.42B
Medical - Devices3.1%-0.1pp$3.02B
Aerospace & Defense2.5%+2.2pp$2.44B
Auto - Manufacturers2.5%-0.1pp$2.43B
Country
US64.4%+5.6pp
UY5.7%-0.7pp
BR4.8%+1.6pp
LU4.1%-1.1pp
CA4.0%-1.0pp
IE3.8%-1.2pp
SG3.5%-1.2pp
KR2.3%-0.6pp
Top 5: 26.6% · Top 10: 42.6% · Top 25: 64.0%
Top buys this quarter · 15
| BAP Credicorp Ltd. | +$440M |
| EOG EOG Resources, Inc. | +$372M |
| MMYT MakeMyTrip Limited | +$368M |
| AXON Axon Enterprise, Inc. | +$347M |
| IOT Samsara Inc. | +$313M |
| PBR Petróleo Brasileiro S.A. - Pe | +$309M |
| PM Philip Morris International In | +$267M |
| FCX Freeport-McMoRan Inc.new | +$235M |
| EQT EQT Corporation | +$229M |
| APP AppLovin Corporation | +$2.67B |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $97.89B | 270 | +3.94% | +17.59% | -13.65% | -4.97B |
| 2025-12-31 | $120.33B | 265 | +15.91% | +17.72% | -1.81% | -4.24B |
| 2025-09-30 | $134.99B | 264 | +30.63% | +17.52% | +13.11% | -8.68B |
| 2025-06-30 | $133.89B | 263 | +28.93% | +14.94% | +13.99% | -6.82B |
| 2025-03-31 | $114.59B | 265 | +7.77% | +8.30% | -0.53% | -9.43B |
| 2024-12-31 | $130.11B | 270 | +18.12% | +24.89% | -6.77% | -8.82B |
| 2024-09-30 | $133.58B | 276 | +32.51% | +36.04% | -3.53% | -2.19B |
| 2024-06-30 | $128.19B | 284 | +17.32% | +24.49% | -7.17% | -3.61B |
| 2024-03-31 | $128.40B | 289 | +21.24% | +29.62% | -8.38% | -3.28B |
| 2023-12-31 | $126.05B | 287 | +35.38% | +26.18% | +9.21% | -1.60B |
| 2023-09-30 | $109.40B | 288 | +14.70% | +21.57% | -6.86% | -0.66B |
| 2023-06-30 | $117.37B | 295 | +21.47% | +19.42% | +2.04% | +0.15B |
| 2023-03-31 | $110.50B | 452 | -19.01% | -7.82% | -11.20% | -2.28B |
| 2022-12-31 | $96.69B | 487 | -1.14% | +7.56% | -8.71% | +1.17B |
| 2022-09-30 | $96.63B | 482 | -0.70% | -4.93% | +4.23% | +0.18B |
| 2022-06-30 | $97.13B | 486 | -29.27% | -16.11% | -13.16% | -3.47B |