Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.76%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.94%
baseline attrition
Rally response
-6.83%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| HBMHudbay Minerals Inc. | $457M | 20.9% | +175.7% | 9.3 yr |
| DALDelta Air Lines, Inc. | $294M | 13.4% | +54.5% | 8.8 yr |
| JAZZJazz Pharmaceuticals plc | $110M | 5.0% | +52.3% | 1.8 yr |
| EROEro Copper Corp. | $97M | 4.4% | +120.0% | 4.3 yr |
| UALUnited Airlines Holdings | $89M | 4.1% | +33.3% | 5.8 yr |
| AGIAlamos Gold Inc. | $87M | 4.0% | +66.7% | 1.8 yr |
| TNLTravel + Leisure Co. | $85M | 3.9% | +55.0% | 4.0 yr |
| GOOGAlphabet Inc. | $83M | 3.8% | +84.3% | 10.3 yr |
| BBWIBath & Body Works, Inc. | $78M | 3.6% | -36.2% | 4.0 yr |
| GOOGLAlphabet Inc. | $67M | 3.0% | — | 10.3 yr |
| VACMarriott Vacations World | $67M | 3.0% | +6.3% | 0.3 yr |
| FISFidelity National Inform | $66M | 3.0% | -35.6% | 0.3 yr |
| AMZNAmazon.com, Inc. | $56M | 2.6% | +9.5% | 3.0 yr |
| RYNRayonier Inc. | $50M | 2.3% | -17.8% | 0.3 yr |
| SSNCSS&C Technologies Holdin | $48M | 2.2% | -18.0% | 6.0 yr |
Portfolio composition (YoY)
Industry mix
Copper25.3%+20.8pp$554M
Airlines, Airports & Air Services17.5%+1.2pp$383M
Internet Content & Information6.9%-2.5pp$150M
Specialty Retail6.3%-4.6pp$139M
Information Technology Services6.2%+0.1pp$136M
Biotechnology5.6%-3.0pp$124M
Gold5.2%+0.4pp$113M
Gambling, Resorts & Casinos3.9%+2.0pp$86M
Travel Services3.9%-2.2pp$85M
Software - Application3.4%-6.1pp$74M
Country
US61.0%-9.6pp
CA30.5%+20.7pp
IE5.0%+0.6pp
LU1.4%
GB0.8%+0.6pp
BR0.7%-1.4pp
Unknown0.4%-3.3pp
TW0.1%-0.1pp
Top 5: 47.8% · Top 10: 66.0% · Top 25: 92.8%
Top buys this quarter · 15
| VAC Marriott Vacations Worldwide Cnew | +$67M |
| FIS Fidelity National Information new | +$66M |
| AMZN Amazon.com, Inc. | +$52M |
| RYN Rayonier Inc.new | +$50M |
| OMC Omnicom Group Inc.new | +$47M |
| MSFT Microsoft Corporationnew | +$42M |
| GLOB Globant S.A.new | +$31M |
| VST Vistra Corp.new | +$26M |
| BBWI Bath & Body Works, Inc. | +$17M |
| TFX Teleflex Incorporatednew | +$16M |
Top sells this quarter · 15
| COF Capital One Financial Corporat | −$102M |
| HBM Hudbay Minerals Inc. | −$57M |
| ERO Ero Copper Corp. | −$22M |
| MOS The Mosaic Company | −$20M |
| CBRL Cracker Barrel Old Country Sto | −$18M |
| RRX Regal Rexnord Corporationexit | −$12M |
| TNL Travel + Leisure Co. | −$12M |
| JAZZ Jazz Pharmaceuticals plc | −$109M |
| MGM MGM Resorts International | −$9M |
| GOOG Alphabet Inc. | −$8M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.19B | 77 | +43.52% | +17.59% | +25.93% | +0.33B |
| 2025-12-31 | $1.92B | 38 | +38.26% | +17.72% | +20.54% | -0.54B |
| 2025-09-30 | $2.21B | 68 | +24.42% | +17.52% | +6.90% | -0.53B |
| 2025-06-30 | $2.39B | 71 | +14.76% | +14.94% | -0.18% | +0.21B |
| 2025-03-31 | $1.88B | 69 | -0.92% | +8.30% | -9.23% | -0.04B |
| 2024-12-31 | $2.05B | 56 | +19.33% | +24.89% | -5.56% | -0.46B |
| 2024-09-30 | $2.50B | 71 | +35.33% | +36.04% | -0.71% | -0.35B |
| 2024-06-30 | $2.71B | 68 | +18.34% | +24.49% | -6.15% | +0.17B |
| 2024-03-31 | $2.54B | 53 | +24.17% | +29.62% | -5.45% | -0.45B |
| 2023-12-31 | $2.66B | 50 | +18.74% | +26.18% | -7.44% | -0.37B |
| 2023-09-30 | $2.66B | 108 | +11.72% | +21.57% | -9.84% | +0.22B |
| 2023-06-30 | $2.64B | 94 | +14.41% | +19.42% | -5.02% | -0.03B |
| 2023-03-31 | $2.55B | 84 | -19.20% | -7.82% | -11.39% | +0.21B |
| 2022-12-31 | $2.17B | 62 | +7.00% | +7.56% | -0.56% | +0.44B |
| 2022-09-30 | $1.61B | 95 | -5.48% | -4.93% | -0.55% | +0.12B |
| 2022-06-30 | $1.57B | 90 | -25.91% | -16.11% | -9.80% | +0.39B |