Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-24.58%
trims when stocks drop
when a holding falls −10%+
Middle response
-9.16%
baseline attrition
Rally response
-13.51%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| PBRPetróleo Brasileiro S.A | $431M | 9.4% | +54.2% | 9.8 yr |
| SPYState Street SPDR S&P 50 | $381M | 8.3% | +17.6% | 9.5 yr |
| VALEVale S.A. | $284M | 6.2% | +72.7% | 8.8 yr |
| VOOVanguard S&P 500 ETF | $282M | 6.1% | — | 8.8 yr |
| BBDBanco Bradesco S.A. | $179M | 3.9% | +70.3% | 10.0 yr |
| ITUBItaú Unibanco Holding S | $166M | 3.6% | +64.3% | 9.3 yr |
| FMXFomento Económico Mexic | $153M | 3.3% | +22.7% | 8.8 yr |
| CXCEMEX, S.A.B. de C.V. | $145M | 3.2% | +106.1% | 9.3 yr |
| VGKVanguard FTSE Europe ETF | $126M | 2.7% | — | 9.8 yr |
| PBR-APetróleo Brasileiro S.A | $115M | 2.5% | — | 10.0 yr |
| IGOViShares International Tr | $112M | 2.4% | — | 0.8 yr |
| GLDSPDR Gold Shares | $109M | 2.4% | — | 8.5 yr |
| EWJiShares MSCI Japan ETF | $96M | 2.1% | — | 9.5 yr |
| — | $85M | 1.8% | — | 2.0 yr |
| MELIMercadoLibre, Inc. | $79M | 1.7% | -11.4% | 6.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management33.0%-2.5pp$1.52B
Oil & Gas Integrated11.9%+2.2pp$549M
Banks - Regional9.2%+1.0pp$423M
Industrial Materials6.3%+5.0pp$288M
Semiconductors4.0%-1.3pp$186M
Unknown3.8%+2.4pp$177M
Specialty Retail3.7%-0.1pp$169M
Beverages - Alcoholic3.3%-0.8pp$153M
Construction Materials3.2%+3.1pp$148M
Asset Management - Bonds3.2%-1.3pp$146M
Country
US50.8%-6.8pp
BR28.4%+7.7pp
MX7.4%-0.6pp
Unknown3.8%+2.4pp
PE2.3%-1.9pp
AR1.8%+0.0pp
UY1.7%-0.1pp
CL1.2%+0.8pp
Top 5: 33.8% · Top 10: 49.1% · Top 25: 72.6%
Top buys this quarter · 15
| VALE Vale S.A. | +$123M |
| FMX Fomento Económico Mexicano, S | +$109M |
| SPY State Street SPDR S&P 500 ETF | +$71M |
| MELI MercadoLibre, Inc. | +$31M |
| CX CEMEX, S.A.B. de C.V. | +$24M |
| META Meta Platforms, Inc. | +$20M |
| PBR Petróleo Brasileiro S.A. - Pe | +$20M |
| MU Micron Technology, Inc. | +$20M |
| V Visa Inc. | +$19M |
| BBAR Banco BBVA Argentina S.A. | +$19M |
Top sells this quarter · 15
| NU Nu Holdings Ltd. | −$180M |
| KOF Coca-Cola FEMSA, S.A.B. de C.V | −$51M |
| VIST Vista Energy, S.A.B. de C.V. | −$40M |
| PAC Grupo Aeroportuario del PacÃf | −$39M |
| AAPL Apple Inc. | −$38M |
| LTM LATAM Airlines Group S.A. | −$34M |
| TSLA Tesla, Inc. | −$33M |
| ETN Eaton Corporation plc | −$21M |
| AMZN Amazon.com, Inc. | −$18M |
| BCH Banco de Chile | −$17M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.61B | 450 | +40.36% | +17.59% | +22.76% | +0.27B |
| 2025-12-31 | $4.05B | 335 | +33.18% | +17.72% | +15.46% | +0.95B |
| 2025-09-30 | $2.92B | 381 | +19.72% | +17.52% | +2.20% | +0.11B |
| 2025-06-30 | $2.63B | 368 | +17.05% | +14.94% | +2.11% | -0.35B |
| 2025-03-31 | $2.59B | 359 | -0.64% | +8.30% | -8.95% | -0.62B |
| 2024-12-31 | $3.16B | 353 | +1.08% | +24.89% | -23.81% | +0.27B |
| 2024-09-30 | $3.04B | 317 | +23.91% | +36.04% | -12.13% | +0.49B |
| 2024-06-30 | $2.43B | 325 | +12.42% | +24.49% | -12.07% | +0.15B |
| 2024-03-31 | $2.33B | 103 | +24.75% | +29.62% | -4.87% | -0.81B |
| 2023-12-31 | $3.04B | 354 | +28.00% | +26.18% | +1.82% | +0.42B |
| 2023-09-30 | $2.24B | 456 | +15.94% | +21.57% | -5.62% | +0.21B |
| 2023-06-30 | $2.14B | 490 | +19.87% | +19.42% | +0.45% | -0.02B |
| 2023-03-31 | $1.99B | 490 | -12.11% | -7.82% | -4.29% | -0.62B |
| 2022-12-31 | $2.45B | 497 | -20.99% | -18.17% | -2.81% | -0.18B |
| 2022-09-30 | $2.48B | 524 | -16.61% | -15.51% | -1.11% | -0.31B |
| 2022-06-30 | $2.85B | 454 | -14.90% | -10.62% | -4.28% | +0.21B |