Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.59%
trims when stocks drop
when a holding falls −10%+
Middle response
-11.76%
baseline attrition
Rally response
-18.50%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| EAElectronic Arts Inc. | $37M | 19.9% | +41.7% | 0.8 yr |
| NSCNorfolk Southern Corpora | $21M | 11.1% | +23.6% | 0.8 yr |
| JHGJanus Henderson Group pl | $16M | 8.5% | +46.4% | 0.3 yr |
| TERNTerns Pharmaceuticals, I | $14M | 7.2% | — | 0.3 yr |
| WBDWarner Bros. Discovery, | $13M | 6.7% | +155.9% | 0.8 yr |
| HOLXHologic, Inc. | $12M | 6.6% | +22.4% | 1.0 yr |
| SEESealed Air Corporation | $11M | 6.0% | +48.7% | 0.5 yr |
| CWANClearwater Analytics Hol | $11M | 5.7% | -11.8% | 0.3 yr |
| PENPenumbra, Inc. | $6M | 3.1% | +22.8% | 0.3 yr |
| ACLXArcellx, Inc. | $6M | 3.1% | — | 0.3 yr |
| TPHTri Pointe Homes, Inc. | $6M | 3.0% | +46.4% | 0.3 yr |
| FOLDAmicus Therapeutics, Inc | $4M | 1.9% | +77.2% | 0.5 yr |
| STELStellar Bancorp, Inc. | $3M | 1.7% | +34.8% | 0.3 yr |
| CNTACentessa Pharmaceuticals | $3M | 1.7% | +176.2% | 0.3 yr |
| WBSWebster Financial Corpor | $3M | 1.6% | +38.5% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Electronic Gaming & Multimedia19.9%$37M
Biotechnology17.1%+10.8pp$32M
Railroads11.1%$21M
Asset Management8.5%+6.6pp$16M
Entertainment7.0%$13M
Software - Application6.6%-3.7pp$12M
Medical - Instruments & Supplies6.6%$12M
Packaging & Containers6.0%+2.7pp$11M
Medical - Devices4.2%+2.9pp$8M
Banks - Regional3.3%$6M
Country
US89.1%-9.2pp
GB10.2%
Unknown0.3%-1.2pp
CO0.3%
HK0.2%
Top 5: 53.4% · Top 10: 77.9% · Top 25: 96.0%
Top buys this quarter · 15
| JHG Janus Henderson Group plcnew | +$16M |
| CWAN Clearwater Analytics Holdings,new | +$11M |
| SEE Sealed Air Corporation | +$7M |
| PEN Penumbra, Inc.new | +$6M |
| TPH Tri Pointe Homes, Inc.new | +$6M |
| STEL Stellar Bancorp, Inc.new | +$3M |
| CNTA Centessa Pharmaceuticals plcnew | +$3M |
| WBS Webster Financial Corporationnew | +$3M |
| APLS Apellis Pharmaceuticals, Inc. | +$2M |
| MASI Masimo Corporationnew | +$2M |
Top sells this quarter · 15
| EXAS Exact Sciences Corporationexit | −$10M |
| CFLT Confluent, Inc.exit | −$4M |
| WBD Warner Bros. Discovery, Inc. | −$4M |
| BA The Boeing Company | −$2M |
| HOLX Hologic, Inc. | −$2M |
| GPRK GeoPark Limited | −$2M |
| NSC Norfolk Southern Corporation | −$2M |
| TGNA TEGNA Inc.exit | −$2M |
| EA Electronic Arts Inc. | −$1M |
| SEMR Semrush Holdings, Inc. | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $188M | 43 | +21.76% | +17.59% | +4.17% | -0.09B |
| 2025-12-31 | $269M | 48 | +17.06% | +17.72% | -0.66% | +0.06B |
| 2025-09-30 | $203M | 48 | +1.97% | +17.52% | -15.55% | -0.02B |
| 2025-06-30 | $206M | 46 | -9.61% | +14.94% | -24.55% | -0.01B |
| 2025-03-31 | $215M | 47 | -11.81% | +8.30% | -20.12% | +0.03B |
| 2024-12-31 | $191M | 42 | -15.95% | +24.89% | -40.84% | +0.03B |
| 2024-09-30 | $179M | 40 | -2.12% | +36.04% | -38.16% | +0.06B |
| 2024-06-30 | $122M | 38 | -11.16% | +24.49% | -35.65% | +0.01B |
| 2024-03-31 | $117M | 36 | -12.46% | +29.62% | -42.08% | +0.03B |
| 2023-12-31 | $89M | 34 | -8.43% | +26.18% | -34.61% | -0.10B |
| 2023-09-30 | $175M | 39 | -11.75% | +21.57% | -33.32% | +0.09B |
| 2023-06-30 | $98M | 36 | -8.93% | +19.42% | -28.36% | -0.01B |
| 2023-03-31 | $110M | 35 | -13.57% | -7.82% | -5.75% | +0.03B |
| 2022-12-31 | $87M | 33 | +2.97% | +7.56% | -4.59% | -0.03B |
| 2022-09-30 | $110M | 48 | -8.16% | -4.93% | -3.23% | +0.05B |
| 2022-06-30 | $68M | 38 | -6.38% | -16.11% | +9.73% | -0.01B |