Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-14.58%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.72%
baseline attrition
Rally response
-3.96%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ATROAstronics Corporation | $52M | 3.8% | +176.1% | 5.3 yr |
| LINCLincoln Educational Serv | $42M | 3.1% | +156.3% | 2.0 yr |
| ALHCAlignment Healthcare, In | $40M | 2.9% | -5.4% | 1.5 yr |
| AORTArtivion, Inc. | $37M | 2.7% | +49.0% | 7.0 yr |
| MYRGMYR Group Inc. | $37M | 2.7% | +149.6% | 2.8 yr |
| MIRMMirum Pharmaceuticals, I | $36M | 2.6% | +105.1% | 1.8 yr |
| UTIUniversal Technical Inst | $34M | 2.5% | +40.6% | 2.0 yr |
| XMTRXometry, Inc. | $32M | 2.3% | +63.9% | 3.3 yr |
| PAYPaymentus Holdings, Inc. | $29M | 2.1% | -2.7% | 2.8 yr |
| MTSIMACOM Technology Solutio | $29M | 2.1% | +121.2% | 8.5 yr |
| AXGNAxoGen, Inc. | $29M | 2.1% | +79.1% | 3.3 yr |
| AEHRAehr Test Systems | $28M | 2.0% | +408.6% | 2.0 yr |
| STRLSterling Infrastructure, | $27M | 2.0% | +259.7% | 4.3 yr |
| AAOIApplied Optoelectronics, | $27M | 2.0% | +451.1% | 0.5 yr |
| MAMAMama's Creations, Inc. | $27M | 1.9% | +135.6% | 2.0 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors14.5%+10.0pp$200M
Medical - Devices10.0%+1.3pp$138M
Aerospace & Defense8.8%+3.1pp$121M
Engineering & Construction6.6%+1.4pp$90M
Biotechnology5.6%+1.3pp$78M
Education & Training Services5.6%+2.1pp$77M
Information Technology Services4.3%-5.8pp$59M
Medical - Healthcare Plans2.9%-0.2pp$40M
Software - Application2.8%-12.0pp$38M
Trucking2.7%-0.1pp$37M
Country
US94.3%-0.7pp
CA2.1%+1.7pp
Unknown1.7%+0.2pp
IL1.7%-0.7pp
SG0.1%
Top 5: 15.1% · Top 10: 26.8% · Top 25: 53.9%
Top buys this quarter · 15
| UCTT Ultra Clean Holdings, Inc.new | +$17M |
| HTFL Heartflow, Inc. Common Stocknew | +$16M |
| GLBE Global-e Online Ltd. | +$15M |
| LGND Ligand Pharmaceuticals Incorpo | +$11M |
| MOD Modine Manufacturing Companynew | +$11M |
| LINC Lincoln Educational Services C | +$10M |
| ICHR Ichor Holdings, Ltd.new | +$9M |
| FPS Forgent Power Solutions, Inc.new | +$8M |
| AEHR Aehr Test Systems | +$7M |
| TEX Terex Corporationnew | +$6M |
Top sells this quarter · 15
| PL Planet Labs PBC | −$22M |
| ATRO Astronics Corporation | −$19M |
| VCEL Vericel Corporation | −$17M |
| PEN Penumbra, Inc.exit | −$16M |
| CCB Coastal Financial Corporationexit | −$14M |
| AAOI Applied Optoelectronics, Inc. | −$16M |
| WGS GeneDx Holdings Corp.exit | −$11M |
| APLD Applied Digital Corporation | −$9M |
| FROG JFrog Ltd. | −$8M |
| WULF TeraWulf Inc. | −$7M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.38B | 112 | +30.08% | +17.59% | +12.49% | -0.05B |
| 2025-12-31 | $1.44B | 121 | +14.29% | +17.72% | -3.43% | -0.02B |
| 2025-09-30 | $1.37B | 124 | +17.54% | +17.52% | +0.02% | -0.03B |
| 2025-06-30 | $1.29B | 123 | +13.79% | +14.94% | -1.15% | +0.01B |
| 2025-03-31 | $1.12B | 122 | +0.35% | +8.30% | -7.95% | -0.04B |
| 2024-12-31 | $1.33B | 130 | +25.76% | +24.89% | +0.87% | -0.02B |
| 2024-09-30 | $1.23B | 127 | +25.44% | +36.04% | -10.60% | -0.02B |
| 2024-06-30 | $1.20B | 122 | +5.77% | +24.49% | -18.72% | +0.05B |
| 2024-03-31 | $1.15B | 120 | +17.86% | +29.62% | -11.76% | +0.03B |
| 2023-12-31 | $1.03B | 116 | +25.15% | +26.18% | -1.03% | +0.02B |
| 2023-09-30 | $920M | 109 | +15.08% | +21.57% | -6.49% | +0.00B |
| 2023-06-30 | $1.04B | 108 | +39.72% | +19.42% | +20.29% | +0.02B |
| 2023-03-31 | $909M | 104 | -0.34% | -7.82% | +7.48% | -0.06B |
| 2022-12-31 | $833M | 100 | +0.36% | +7.56% | -7.20% | +0.01B |
| 2022-09-30 | $820M | 103 | +7.02% | -4.93% | +11.94% | +0.00B |
| 2022-06-30 | $765M | 111 | -20.11% | -16.11% | -4.00% | -0.04B |