Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.01%
trims when stocks drop
when a holding falls −10%+
Middle response
-9.11%
baseline attrition
Rally response
-5.18%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $202M | 4.9% | +60.9% | 7.8 yr |
| MSFTMicrosoft Corporation | $170M | 4.2% | -0.6% | 10.5 yr |
| FIVEFive Below, Inc. | $131M | 3.2% | +204.9% | 10.5 yr |
| — | $122M | 3.0% | — | 3.0 yr |
| LOPEGrand Canyon Education, | $122M | 3.0% | -1.7% | 10.5 yr |
| AMZNAmazon.com, Inc. | $117M | 2.9% | +9.5% | 10.5 yr |
| ENSGThe Ensign Group, Inc. | $115M | 2.8% | +55.9% | 6.0 yr |
| MEDPMedpace Holdings, Inc. | $114M | 2.8% | +57.6% | 5.3 yr |
| HEIHEICO Corporation | $111M | 2.7% | +2.7% | 10.5 yr |
| ADIAnalog Devices, Inc. | $110M | 2.7% | +60.2% | 9.0 yr |
| FASTFastenal Company | $103M | 2.5% | +22.1% | 10.5 yr |
| TYLTyler Technologies, Inc. | $88M | 2.1% | -41.1% | 9.0 yr |
| KNSLKinsale Capital Group, I | $84M | 2.1% | -29.7% | 3.5 yr |
| PRVAPrivia Health Group, Inc | $81M | 2.0% | -8.4% | 4.5 yr |
| GOOGLAlphabet Inc. | $77M | 1.9% | — | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Software - Application11.4%-9.0pp$467M
Semiconductors8.8%+3.2pp$360M
Software - Infrastructure6.5%-0.4pp$264M
Medical - Diagnostics & Research5.2%+0.6pp$214M
Unknown5.0%+0.1pp$205M
Medical - Care Facilities4.4%-0.0pp$181M
Industrial - Distribution4.3%+1.5pp$174M
Medical - Healthcare Information Services3.6%-1.4pp$146M
Internet Content & Information3.4%+1.9pp$138M
Discount Stores3.3%+1.9pp$135M
Country
US92.4%+0.9pp
Unknown5.0%+0.1pp
CA0.8%-0.4pp
LU0.8%-1.2pp
DE0.6%+0.6pp
IT0.2%-0.1pp
TW0.1%+0.0pp
NL0.1%+0.0pp
Top 5: 18.3% · Top 10: 32.2% · Top 25: 57.4%
Top buys this quarter · 15
| WSO Watsco, Inc. | +$23M |
| KAI Kadant Inc. | +$22M |
| APPF AppFolio, Inc.new | +$14M |
| CWST Casella Waste Systems, Inc.new | +$14M |
| LMAT LeMaitre Vascular, Inc.new | +$12M |
| RBC RBC Bearings Incorporatednew | +$11M |
| BROS Dutch Bros Inc. | +$10M |
| FWRG First Watch Restaurant Group, | +$10M |
| NOW ServiceNow, Inc. | +$57M |
| TYL Tyler Technologies, Inc. | +$88M |
Top sells this quarter · 15
| NVDA NVIDIA Corporation | −$65M |
| FIVE Five Below, Inc. | −$55M |
| HEI HEICO Corporation | −$50M |
| PAYC Paycom Software, Inc. | −$43M |
| CWAN Clearwater Analytics Holdings,exit | −$31M |
| WK Workiva Inc. | −$30M |
| ENSG The Ensign Group, Inc. | −$26M |
| LOPE Grand Canyon Education, Inc. | −$23M |
| ALKT Alkami Technology, Inc. | −$17M |
| MEDP Medpace Holdings, Inc. | −$17M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.09B | 192 | -6.07% | +17.59% | -23.66% | -0.62B |
| 2025-12-31 | $5.33B | 188 | -4.18% | +17.72% | -21.89% | -0.44B |
| 2025-09-30 | $5.93B | 186 | +1.47% | +17.52% | -16.05% | -0.37B |
| 2025-06-30 | $6.22B | 185 | +6.28% | +14.94% | -8.67% | -0.50B |
| 2025-03-31 | $6.23B | 180 | -8.49% | +8.30% | -16.79% | -0.37B |
| 2024-12-31 | $7.33B | 179 | +6.84% | +24.89% | -18.05% | -0.40B |
| 2024-09-30 | $7.49B | 182 | +15.28% | +36.04% | -20.76% | -0.32B |
| 2024-06-30 | $7.36B | 178 | +2.53% | +24.49% | -21.96% | -0.25B |
| 2024-03-31 | $8.20B | 174 | +17.86% | +29.62% | -11.77% | -0.22B |
| 2023-12-31 | $8.00B | 202 | +22.94% | +26.18% | -3.24% | -0.16B |
| 2023-09-30 | $7.33B | 193 | +12.98% | +21.57% | -8.59% | -0.15B |
| 2023-06-30 | $7.93B | 192 | +18.63% | +19.42% | -0.79% | +0.32B |
| 2023-03-31 | $7.13B | 189 | -8.64% | -7.82% | -0.82% | -0.17B |
| 2022-12-31 | $6.66B | 195 | +2.35% | +7.56% | -5.21% | -0.23B |
| 2022-09-30 | $6.73B | 194 | -0.95% | -4.93% | +3.98% | +0.54B |
| 2022-06-30 | $6.25B | 199 | -17.86% | -16.11% | -1.75% | -1.01B |