Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.76%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.36%
baseline attrition
Rally response
-13.38%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CVSCVS Health Corporation | $589M | 15.9% | +10.0% | 4.0 yr |
| GPNGlobal Payments Inc. | $428M | 11.6% | -30.4% | 6.5 yr |
| THCTenet Healthcare Corpora | $288M | 7.8% | +40.3% | 10.5 yr |
| AMZNAmazon.com, Inc. | $221M | 6.0% | +9.5% | 4.8 yr |
| TEVATeva Pharmaceutical Indu | $201M | 5.4% | +96.0% | 3.5 yr |
| CICigna Corporation | $133M | 3.6% | -17.2% | 7.5 yr |
| AMDAdvanced Micro Devices, | $132M | 3.6% | +98.0% | 0.5 yr |
| TMOThermo Fisher Scientific | $123M | 3.3% | -0.9% | 5.5 yr |
| VTRSViatris Inc. | $123M | 3.3% | +62.4% | 2.5 yr |
| DXCDXC Technology Company | $112M | 3.0% | -26.3% | 9.0 yr |
| CNCCentene Corporation | $105M | 2.8% | -46.1% | 4.0 yr |
| UBERUber Technologies, Inc. | $105M | 2.8% | -1.3% | 5.0 yr |
| ZIZoomInfo Technologies In | $95M | 2.6% | — | 2.8 yr |
| SQBlock, Inc. | $82M | 2.2% | — | 0.8 yr |
| METAMeta Platforms, Inc. | $70M | 1.9% | -0.4% | 4.3 yr |
Portfolio composition (YoY)
Industry mix
Medical - Healthcare Plans24.0%-1.3pp$885M
Financial - Credit Services11.6%+0.5pp$428M
Drug Manufacturers - Specialty & Generic8.8%+1.3pp$323M
Specialty Retail8.7%+4.9pp$320M
Medical - Care Facilities8.4%-7.2pp$309M
Semiconductors7.5%+7.2pp$279M
Software - Application5.4%-3.3pp$200M
Medical - Diagnostics & Research4.8%+3.9pp$177M
Internet Content & Information3.8%+2.4pp$141M
Software - Infrastructure3.3%$122M
Country
US90.9%-2.7pp
IL5.4%-0.2pp
Unknown1.8%
GB1.0%+0.5pp
CA0.8%+0.6pp
Top 5: 46.7% · Top 10: 63.6% · Top 25: 90.1%
Top buys this quarter · 15
| META Meta Platforms, Inc. | +$64M |
| CI Cigna Corporation | +$59M |
| UBER Uber Technologies, Inc. | +$54M |
| AMD Advanced Micro Devices, Inc. | +$52M |
| HUM Humana Inc. | +$49M |
| CNC Centene Corporation | +$44M |
| AMZN Amazon.com, Inc. | +$31M |
| GPN Global Payments Inc. | +$428M |
| GENI Genius Sports Limited | +$29M |
| CSCO Cisco Systems, Inc.new | +$26M |
Top sells this quarter · 15
| TEVA Teva Pharmaceutical Industries | −$303M |
| DOCN DigitalOcean Holdings, Inc. | −$150M |
| THC Tenet Healthcare Corporation | −$87M |
| KNX Knight-Swift Transportation Hoexit | −$84M |
| EXPE Expedia Group, Inc.exit | −$74M |
| USFD US Foods Holding Corp. | −$70M |
| Q Qnity Electronics, Inc.exit | −$60M |
| BIIB Biogen Inc. | −$43M |
| ESI Element Solutions Inc | −$41M |
| ACN Accenture plcexit | −$38M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.69B | 41 | +16.92% | +17.59% | -0.67% | -0.81B |
| 2025-12-31 | $4.69B | 54 | +23.35% | +17.72% | +5.64% | +0.26B |
| 2025-09-30 | $4.11B | 53 | +4.77% | +17.52% | -12.75% | +0.38B |
| 2025-06-30 | $3.52B | 42 | +9.20% | +14.94% | -5.74% | -0.80B |
| 2025-03-31 | $4.05B | 44 | -1.00% | +8.30% | -9.30% | +0.04B |
| 2024-12-31 | $3.96B | 36 | +12.11% | +24.89% | -12.78% | -0.38B |
| 2024-09-30 | $4.74B | 43 | +41.25% | +36.04% | +5.21% | -0.47B |
| 2024-06-30 | $4.72B | 46 | +19.21% | +24.49% | -5.28% | -0.25B |
| 2024-03-31 | $5.13B | 43 | +39.15% | +29.62% | +9.53% | +0.23B |
| 2023-12-31 | $4.27B | 40 | +24.08% | +26.18% | -2.10% | +0.05B |
| 2023-09-30 | $3.66B | 46 | +10.68% | +21.57% | -10.89% | +0.21B |
| 2023-06-30 | $3.70B | 45 | +16.28% | +19.42% | -3.15% | -0.87B |
| 2023-03-31 | $4.05B | 52 | -15.49% | -7.82% | -7.67% | -0.22B |
| 2022-12-31 | $4.17B | 51 | +2.81% | +7.56% | -4.75% | +0.12B |
| 2022-09-30 | $3.94B | 53 | -2.16% | -4.93% | +2.76% | +0.10B |
| 2022-06-30 | $3.93B | 53 | -17.87% | -16.11% | -1.76% | -0.09B |