Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-36.18%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.49%
baseline attrition
Rally response
-5.94%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TSMTaiwan Semiconductor Man | $153M | 6.5% | +105.6% | 7.5 yr |
| GLWCorning Incorporated | $128M | 5.4% | +201.5% | 3.5 yr |
| GOOGLAlphabet Inc. | $122M | 5.2% | — | 4.3 yr |
| APHAmphenol Corporation | $117M | 5.0% | +93.6% | 5.5 yr |
| FLEXFlex Ltd. | $78M | 3.3% | +97.9% | 3.3 yr |
| LLYEli Lilly and Company | $57M | 2.4% | +12.2% | 6.0 yr |
| FTITechnipFMC plc | $50M | 2.1% | +119.3% | 2.5 yr |
| HSBCHSBC Holdings plc | $49M | 2.1% | +51.2% | 4.3 yr |
| CAHCardinal Health, Inc. | $48M | 2.0% | +54.9% | 1.8 yr |
| RLRalph Lauren Corporation | $48M | 2.0% | +57.2% | 2.0 yr |
| HWMHowmet Aerospace Inc. | $45M | 1.9% | +78.1% | 4.8 yr |
| NVSNovartis AG | $43M | 1.8% | +39.7% | 4.5 yr |
| EMEEMCOR Group, Inc. | $43M | 1.8% | +100.2% | 3.0 yr |
| USFDUS Foods Holding Corp. | $40M | 1.7% | +40.9% | 2.5 yr |
| AAAlcoa Corporation | $37M | 1.6% | +119.9% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Hardware, Equipment & Parts15.0%+6.6pp$354M
Semiconductors12.1%+7.2pp$286M
Internet Content & Information5.2%+0.7pp$124M
Aerospace & Defense5.2%-0.2pp$122M
Drug Manufacturers - General4.4%+2.6pp$104M
Banks - Diversified4.2%+0.6pp$98M
Engineering & Construction4.1%+4.0pp$98M
Asset Management3.7%-4.5pp$87M
Oil & Gas Equipment & Services3.2%+3.0pp$75M
Medical - Distribution2.9%+0.4pp$68M
Country
US79.1%-4.0pp
TW6.5%+2.4pp
GB5.3%+2.5pp
SG3.3%-0.6pp
CA3.1%+1.9pp
CH1.8%-0.0pp
BM0.4%-0.2pp
Unknown0.3%+0.0pp
Top 5: 25.3% · Top 10: 35.9% · Top 25: 57.7%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| GLW | $46M | +0.09B | 201.5% |
| TSM | $80M | +0.08B | 105.6% |
| APH | $67M | +0.06B | 93.6% |
| FLEX | $43M | +0.04B | 97.9% |
| HWM | $32M | +0.02B | 78.1% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| AA Alcoa Corporation | +$37M |
| LLY Eli Lilly and Company | +$36M |
| STT State Street Corporationnew | +$32M |
| LUV Southwest Airlines Co. | +$31M |
| WWD Woodward, Inc. | +$28M |
| CVE Cenovus Energy Inc.new | +$26M |
| B Barrick Mining Corporationnew | +$24M |
| ALSN Allison Transmission Holdings, | +$20M |
| SU Suncor Energy Inc.new | +$18M |
| FLS Flowserve Corporation | +$14M |
Top sells this quarter · 15
| AMZN Amazon.com, Inc. | −$81M |
| KEYS Keysight Technologies, Inc. | −$57M |
| AXP American Express Company | −$49M |
| ROK Rockwell Automation, Inc. | −$46M |
| TDG TransDigm Group Incorporated | −$37M |
| CRWD CrowdStrike Holdings, Inc. | −$34M |
| EXPE Expedia Group, Inc. | −$34M |
| DVN Devon Energy Corporation | −$29M |
| HOOD Robinhood Markets, Inc.exit | −$27M |
| APP AppLovin Corporationexit | −$24M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.36B | 302 | +35.25% | +17.59% | +17.66% | -0.13B |
| 2025-12-31 | $2.41B | 314 | +23.77% | +17.72% | +6.05% | -0.08B |
| 2025-09-30 | $2.44B | 304 | +27.38% | +17.52% | +9.86% | -0.05B |
| 2025-06-30 | $2.27B | 272 | +23.50% | +14.94% | +8.55% | -0.05B |
| 2025-03-31 | $1.99B | 267 | +7.52% | +8.30% | -0.79% | -0.10B |
| 2024-12-31 | $2.21B | 265 | +32.03% | +24.89% | +7.15% | -0.04B |
| 2024-09-30 | $2.13B | 242 | +40.51% | +36.04% | +4.48% | -0.07B |
| 2024-06-30 | $2.08B | 226 | +26.02% | +24.49% | +1.52% | +0.17B |
| 2024-03-31 | $1.87B | 219 | +32.94% | +29.62% | +3.32% | -0.05B |
| 2023-12-31 | $1.65B | 209 | +18.23% | +26.18% | -7.95% | -0.05B |
| 2023-09-30 | $1.53B | 203 | +15.39% | +21.57% | -6.18% | -0.04B |
| 2023-06-30 | $1.64B | 213 | +20.17% | +19.42% | +0.75% | -0.04B |
| 2023-03-31 | $1.56B | 205 | -2.70% | -7.82% | +5.12% | -0.03B |
| 2022-12-31 | $1.54B | 202 | +9.23% | +7.56% | +1.67% | -0.01B |
| 2022-09-30 | $1.42B | 185 | -0.79% | -4.93% | +4.14% | -0.02B |
| 2022-06-30 | $1.45B | 180 | -13.00% | -16.11% | +3.11% | -0.04B |