Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.35%
adds when stocks drop
when a holding falls −10%+
Middle response
+7.98%
steady accumulation
Rally response
-10.94%
trims into rallies
when a holding rises +10%+
Top positions · 2
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| PDDPDD Holdings Inc. | $906M | 97.0% | -13.7% | 1.0 yr |
| DAOYoudao, Inc. | $28M | 3.0% | +28.8% | 4.0 yr |
Portfolio composition (YoY)
Industry mix
Specialty Retail97.0%$906M
Education & Training Services3.0%-97.0pp$28M
Country
IE97.0%
CN3.0%-97.0pp
Top 5: 100.0% · Top 10: 100.0% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| DAO | $22M | +0.01B | 28.8% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 1
| PDD PDD Holdings Inc. | +$543M |
Top sells this quarter · 0
No sells this quarter
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $934M | 2 | -10.46% | +17.59% | -28.05% | +0.54B |
| 2025-12-31 | $432M | 2 | +1.89% | +17.72% | -15.83% | -0.00B |
| 2025-09-30 | $499M | 2 | +105.31% | +17.52% | +87.79% | -0.00B |
| 2025-06-30 | $397M | 2 | +150.93% | +14.94% | +135.99% | +0.38B |
| 2025-03-31 | $22M | 1 | +229.46% | +8.30% | +221.16% | +0.00B |
| 2024-12-31 | $21M | 1 | +437.76% | +24.89% | +412.87% | -0.11B |
| 2024-09-30 | $77M | 2 | +206.58% | +36.04% | +170.54% | -0.19B |
| 2024-06-30 | $173M | 2 | +190.92% | +24.49% | +166.42% | -0.12B |
| 2024-03-31 | $244M | 2 | +218.67% | +29.62% | +189.05% | -0.01B |
| 2023-12-31 | $151M | 2 | +187.95% | +26.18% | +161.77% | -0.00B |
| 2023-09-30 | $152M | 2 | +86.97% | +21.57% | +65.41% | +0.00B |
| 2023-06-30 | $104M | 2 | -25.16% | +19.42% | -44.59% | -0.00B |
| 2023-03-31 | $80M | 2 | +52.07% | +7.46% | +44.61% | +0.00B |
| 2022-12-31 | $53M | 2 | -35.33% | +7.56% | -42.89% | +0.00B |
| 2022-09-30 | $79M | 2 | -41.69% | -4.93% | -36.76% | +0.00B |
| 2022-06-30 | $131M | 2 | — | — | — | — |