Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+4.61%
adds when stocks drop
when a holding falls −10%+
Middle response
-4.19%
baseline attrition
Rally response
-3.88%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| DALDelta Air Lines, Inc. | $66M | 9.8% | +54.5% | 9.3 yr |
| MHKMohawk Industries, Inc. | $49M | 7.3% | -13.8% | 1.0 yr |
| UPSUnited Parcel Service, I | $49M | 7.3% | -4.4% | 2.0 yr |
| FLRFluor Corporation | $43M | 6.4% | +30.2% | 4.3 yr |
| ASTSAST SpaceMobile, Inc. | $41M | 6.1% | +264.4% | 2.3 yr |
| NOVNOV Inc. | $38M | 5.6% | +28.4% | 5.0 yr |
| NCRNCR Corporation | $22M | 3.3% | — | 2.0 yr |
| BWAYBrainsWay Ltd. | $22M | 3.2% | +180.4% | 5.3 yr |
| BCSBarclays PLC | $21M | 3.1% | +40.5% | 6.8 yr |
| AXLAmerican Axle & Manufact | $21M | 3.1% | — | 0.8 yr |
| HRLHormel Foods Corporation | $19M | 2.8% | -23.5% | 0.3 yr |
| — | $19M | 2.8% | — | 1.0 yr |
| — | $18M | 2.7% | — | 2.8 yr |
| REALThe RealReal, Inc. | $18M | 2.7% | +68.5% | 1.5 yr |
| NOKNokia Oyj | $16M | 2.4% | +57.0% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Airlines, Airports & Air Services9.8%-0.3pp$66M
Unknown9.1%+6.6pp$61M
Communication Equipment8.5%+5.6pp$58M
Furnishings, Fixtures & Appliances7.3%$49M
Integrated Freight & Logistics7.3%+2.6pp$49M
Engineering & Construction6.4%-1.2pp$43M
Oil & Gas Equipment & Services5.6%+1.0pp$38M
Information Technology Services4.5%+1.1pp$31M
Medical - Devices4.4%+1.5pp$30M
Chemicals4.2%+0.5pp$29M
Country
US73.9%-3.0pp
Unknown9.1%+6.6pp
GB5.5%-1.0pp
IL3.3%-0.2pp
CA2.5%+0.6pp
FI2.4%
CH2.0%+0.6pp
CN1.3%-0.5pp
Top 5: 36.9% · Top 10: 55.1% · Top 25: 85.7%
Top buys this quarter · 15
| UPS United Parcel Service, Inc. | +$20M |
| HRL Hormel Foods Corporationnew | +$19M |
| BETA BETA Technologies, Inc.new | +$10M |
| MHK Mohawk Industries, Inc. | +$10M |
| FSLY Fastly, Inc.new | +$9M |
| BWAY BrainsWay Ltd. | +$9M |
| LYFT Lyft, Inc.new | +$7M |
| RIG Transocean Ltd. | +$7M |
| MANE Veradermics, Incorporatednew | +$6M |
| IAG IAMGOLD Corporationnew | +$6M |
Top sells this quarter · 15
| DOW Dow Inc.exit | −$29M |
| HON Honeywell International Inc.exit | −$23M |
| BMY Bristol-Myers Squibb Companyexit | −$18M |
| GPRE Green Plains Inc.exit | −$16M |
| CE Celanese Corporationexit | −$13M |
| NXE NexGen Energy Ltd. | −$12M |
| FLR Fluor Corporation | −$8M |
| DNLI Denali Therapeutics Inc. | −$8M |
| EMN Eastman Chemical Company | −$8M |
| RUN Sunrun Inc. | −$7M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $677M | 44 | +28.55% | +17.59% | +10.96% | -0.03B |
| 2025-12-31 | $709M | 42 | +14.29% | +17.72% | -3.42% | +0.06B |
| 2025-09-30 | $609M | 42 | +7.33% | +17.52% | -10.19% | +0.05B |
| 2025-06-30 | $519M | 39 | +4.12% | +14.94% | -10.82% | -0.02B |
| 2025-03-31 | $472M | 39 | -9.17% | +8.30% | -17.48% | -0.05B |
| 2024-12-31 | $586M | 38 | -23.30% | +24.89% | -48.18% | +0.07B |
| 2024-09-30 | $520M | 36 | -39.64% | +36.04% | -75.67% | -0.06B |
| 2024-06-30 | $559M | 35 | -49.77% | +24.49% | -74.26% | +0.03B |
| 2024-03-31 | $530M | 38 | -53.97% | +29.62% | -83.59% | +0.10B |
| 2023-12-31 | $569M | 36 | -43.75% | +26.18% | -69.93% | +0.17B |
| 2023-09-30 | $508M | 36 | +3.64% | +21.57% | -17.93% | +0.08B |
| 2023-06-30 | $493M | 31 | +8.13% | +19.42% | -11.29% | +0.11B |
| 2023-03-31 | $418M | 28 | -5.19% | -7.82% | +2.63% | +0.05B |
| 2022-12-31 | $405M | 29 | +44.22% | +7.56% | +36.66% | -0.08B |
| 2022-09-30 | $338M | 26 | -10.10% | -4.93% | -5.17% | -0.09B |
| 2022-06-30 | $479M | 30 | -20.60% | -16.11% | -4.49% | +0.01B |