Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.51%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.21%
baseline attrition
Rally response
-2.91%
trims into rallies
when a holding rises +10%+
Top positions · 20
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| APPAppLovin Corporation | $1.31B | 26.7% | +50.2% | 4.0 yr |
| HWMHowmet Aerospace Inc. | $1.17B | 23.9% | +78.1% | 6.0 yr |
| GOOGLAlphabet Inc. | $434M | 8.9% | — | 6.0 yr |
| FICOFair Isaac Corporation | $411M | 8.4% | -42.1% | 4.8 yr |
| VVisa Inc. | $287M | 5.9% | -13.1% | 10.5 yr |
| AMZNAmazon.com, Inc. | $223M | 4.6% | +9.5% | 3.8 yr |
| MSFTMicrosoft Corporation | $149M | 3.0% | -0.6% | 10.5 yr |
| LNGCheniere Energy, Inc. | $121M | 2.5% | +23.8% | 10.5 yr |
| TWTradeweb Markets Inc. | $119M | 2.4% | -20.4% | 1.3 yr |
| ICEIntercontinental Exchang | $113M | 2.3% | -7.8% | 3.8 yr |
| PGRThe Progressive Corporat | $99M | 2.0% | -25.5% | 3.0 yr |
| HLTHilton Worldwide Holding | $98M | 2.0% | +33.9% | 1.0 yr |
| UBERUber Technologies, Inc. | $92M | 1.9% | -1.3% | 0.5 yr |
| BKNGBooking Holdings Inc. | $82M | 1.7% | -96.3% | 2.0 yr |
| SESea Limited | $64M | 1.3% | -36.5% | 1.8 yr |
Portfolio composition (YoY)
Industry mix
Software - Application37.0%+7.4pp$1.81B
Aerospace & Defense23.9%+8.3pp$1.17B
Internet Content & Information8.9%+2.5pp$434M
Specialty Retail5.9%-4.1pp$287M
Financial - Credit Services5.9%-0.9pp$287M
Software - Infrastructure3.8%+0.7pp$184M
Financial - Data & Stock Exchanges3.8%+0.6pp$184M
Oil & Gas Midstream2.5%-1.2pp$121M
Financial - Capital Markets2.4%+1.7pp$119M
Insurance - Property & Casualty2.0%-0.5pp$99M
Country
US98.7%+3.6pp
SG1.3%-3.6pp
Unknown0.0%-0.0pp
Top 5: 73.7% · Top 10: 88.5% · Top 25: 100.0%
Top buys this quarter · 12
| GOOGL Alphabet Inc. | +$434M |
| FICO Fair Isaac Corporation | +$411M |
| APP AppLovin Corporation | +$1.31B |
| V Visa Inc. | +$53M |
| TW Tradeweb Markets Inc. | +$33M |
| SPGI S&P Global Inc. | +$28M |
| MSFT Microsoft Corporation | +$149M |
| MORN Morningstar, Inc.new | +$23M |
| CORZ Core Scientific, Inc. | +$19M |
| AMZN Amazon.com, Inc. | +$223M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.90B | 20 | +13.98% | +17.59% | -3.61% | +0.17B |
| 2025-12-31 | $5.88B | 22 | +40.58% | +17.72% | +22.86% | -0.43B |
| 2025-09-30 | $6.49B | 23 | +71.28% | +17.52% | +53.77% | +0.09B |
| 2025-06-30 | $5.20B | 21 | +62.10% | +14.94% | +47.16% | -0.06B |
| 2025-03-31 | $4.44B | 24 | +41.12% | +8.30% | +32.81% | +0.10B |
| 2024-12-31 | $4.38B | 23 | +63.14% | +24.89% | +38.25% | -0.08B |
| 2024-09-30 | $3.76B | 26 | +71.55% | +36.04% | +35.51% | +0.04B |
| 2024-06-30 | $3.19B | 24 | +45.18% | +24.49% | +20.69% | +0.07B |
| 2024-03-31 | $3.03B | 23 | +55.75% | +29.62% | +26.12% | +0.01B |
| 2023-12-31 | $2.64B | 22 | +45.40% | +26.18% | +19.22% | -0.30B |
| 2023-09-30 | $2.36B | 24 | +28.21% | +21.57% | +6.64% | -0.08B |
| 2023-06-30 | $2.47B | 29 | +22.70% | +19.42% | +3.28% | -0.01B |
| 2023-03-31 | $2.24B | 28 | -3.63% | -7.82% | +4.19% | +0.01B |
| 2022-12-31 | $2.10B | 31 | +9.91% | +7.56% | +2.35% | -0.03B |
| 2022-09-30 | $1.93B | 32 | -5.64% | -4.93% | -0.71% | -0.17B |
| 2022-06-30 | $2.23B | 36 | -13.03% | -16.11% | +3.08% | +0.09B |