Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.27%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.16%
baseline attrition
Rally response
-8.44%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $49M | 1.0% | +60.9% | 9.8 yr |
| AAPLApple Inc. | $41M | 0.8% | +14.7% | 10.5 yr |
| AVGOBroadcom Inc. | $38M | 0.8% | +86.0% | 4.5 yr |
| JPMJPMorgan Chase & Co. | $36M | 0.7% | +21.8% | 10.5 yr |
| XOMExxon Mobil Corporation | $35M | 0.7% | +47.6% | 10.5 yr |
| MSFTMicrosoft Corporation | $34M | 0.7% | -0.6% | 10.5 yr |
| CVXChevron Corporation | $34M | 0.7% | +29.2% | 10.5 yr |
| LBRTLiberty Energy Inc. | $31M | 0.6% | +86.0% | 4.0 yr |
| VZVerizon Communications I | $31M | 0.6% | +16.5% | 10.5 yr |
| VSATViasat, Inc. | $30M | 0.6% | +339.5% | 1.5 yr |
| AMDAdvanced Micro Devices, | $30M | 0.6% | +98.0% | 6.5 yr |
| INSWInternational Seaways, I | $30M | 0.6% | +137.8% | 4.8 yr |
| SPHRSphere Entertainment Co. | $30M | 0.6% | +258.8% | 3.0 yr |
| JNJJohnson & Johnson | $29M | 0.6% | +51.5% | 10.5 yr |
| AMZNAmazon.com, Inc. | $29M | 0.6% | +9.5% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional17.4%-0.5pp$856M
Oil & Gas Equipment & Services4.1%+1.6pp$204M
Semiconductors3.2%+0.3pp$158M
Financial - Credit Services3.1%-0.8pp$154M
Auto - Parts2.8%+1.3pp$138M
Software - Infrastructure2.8%+0.3pp$137M
Unknown2.4%-0.5pp$117M
Drug Manufacturers - General2.2%-0.1pp$110M
Oil & Gas Midstream2.2%+0.6pp$107M
Banks - Diversified2.1%-0.1pp$106M
Country
US91.0%-0.9pp
BM2.6%+0.3pp
Unknown2.4%-0.5pp
MC1.0%+0.3pp
CA0.8%+0.2pp
IE0.7%+0.1pp
GB0.6%
KY0.4%+0.0pp
Top 5: 4.0% · Top 10: 7.3% · Top 25: 15.7%
Top buys this quarter · 15
| HOG Harley-Davidson, Inc. | +$12M |
| CXW CoreCivic, Inc.new | +$10M |
| CLVT Clarivate Plc | +$8M |
| CRI Carter's, Inc.new | +$8M |
| YELP Yelp Inc. | +$7M |
| ORCL Oracle Corporation | +$6M |
| TRIP Tripadvisor, Inc. | +$6M |
| PARR Par Pacific Holdings, Inc. | +$6M |
| SAH Sonic Automotive, Inc. | +$5M |
| LZB La-Z-Boy Incorporated | +$5M |
Top sells this quarter · 15
| ADV Advantage Solutions Inc.exit | −$41M |
| NEM Newmont Corporation | −$37M |
| CSTM Constellium SE | −$21M |
| PEP PepsiCo, Inc. | −$17M |
| ROST Ross Stores, Inc. | −$17M |
| AAP Advance Auto Parts, Inc.exit | −$15M |
| GCT GigaCloud Technology Inc. | −$13M |
| STEL Stellar Bancorp, Inc. | −$12M |
| ATI ATI Inc. | −$2M |
| GLDD Great Lakes Dredge & Dock Corpexit | −$9M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.93B | 1216 | +31.24% | +17.59% | +13.65% | -0.11B |
| 2025-12-31 | $4.75B | 1216 | +13.16% | +17.72% | -4.56% | -0.13B |
| 2025-09-30 | $4.68B | 1192 | +10.79% | +17.52% | -6.73% | +0.03B |
| 2025-06-30 | $4.20B | 1176 | +8.85% | +14.94% | -6.09% | -0.04B |
| 2025-03-31 | $3.96B | 1168 | -2.21% | +8.30% | -10.51% | -0.12B |
| 2024-12-31 | $4.46B | 1187 | +11.18% | +24.89% | -13.71% | -0.26B |
| 2024-09-30 | $4.62B | 1248 | +22.20% | +36.04% | -13.84% | -0.02B |
| 2024-06-30 | $4.27B | 1258 | +7.21% | +24.49% | -17.28% | -0.43B |
| 2024-03-31 | $4.89B | 1298 | +12.73% | +29.62% | -16.89% | +0.05B |
| 2023-12-31 | $4.65B | 1349 | +8.67% | +26.18% | -17.51% | +0.03B |
| 2023-09-30 | $4.12B | 1355 | +3.23% | +21.57% | -18.34% | +0.14B |
| 2023-06-30 | $4.16B | 1369 | -1.53% | +19.42% | -20.96% | +0.37B |
| 2023-03-31 | $3.75B | 1370 | -27.66% | -7.82% | -19.85% | -0.11B |
| 2022-12-31 | $3.85B | 1358 | +6.72% | +7.56% | -0.84% | -0.12B |
| 2022-09-30 | $3.72B | 1398 | -9.02% | -4.93% | -4.09% | -0.25B |
| 2022-06-30 | $4.37B | 1313 | -25.71% | -16.11% | -9.59% | +0.53B |