Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.54%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.06%
baseline attrition
Rally response
-11.42%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MIRMMirum Pharmaceuticals, I | $24M | 1.8% | +105.1% | 3.0 yr |
| CZRCaesars Entertainment, I | $24M | 1.8% | +5.7% | 3.3 yr |
| GPORGulfport Energy Corporat | $24M | 1.8% | +14.9% | 1.5 yr |
| WFRDWeatherford Internationa | $23M | 1.7% | +79.5% | 5.0 yr |
| WTTRSelect Water Solutions, | $22M | 1.7% | +50.0% | 3.0 yr |
| CCThe Chemours Company | $22M | 1.7% | +67.0% | 0.8 yr |
| BANCBanc of California, Inc. | $21M | 1.7% | +27.0% | 3.5 yr |
| RIGTransocean Ltd. | $21M | 1.6% | +109.1% | 7.0 yr |
| CSTMConstellium SE | $21M | 1.6% | +143.6% | 1.3 yr |
| DCOMDime Community Bancshare | $21M | 1.6% | +25.7% | 1.5 yr |
| ABCBAmeris Bancorp | $21M | 1.6% | +36.6% | 6.5 yr |
| LGNLegence Corp. Class A Co | $20M | 1.6% | — | 0.3 yr |
| RXORXO, Inc. | $20M | 1.5% | -23.5% | 2.3 yr |
| LGNDLigand Pharmaceuticals I | $19M | 1.5% | +89.9% | 1.8 yr |
| LUMNLumen Technologies, Inc. | $19M | 1.5% | +77.3% | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional9.8%+0.0pp$126M
Gambling, Resorts & Casinos5.5%+0.6pp$71M
Biotechnology5.5%+1.1pp$71M
Aerospace & Defense4.6%+2.5pp$59M
Oil & Gas Exploration & Production4.5%+0.2pp$58M
Oil & Gas Equipment & Services4.4%+0.5pp$57M
Software - Application3.8%-2.3pp$49M
Unknown3.4%+0.1pp$44M
Semiconductors3.4%+1.2pp$44M
Drug Manufacturers - Specialty & Generic3.3%+1.9pp$43M
Country
US88.3%-3.0pp
Unknown3.4%+0.1pp
IL2.0%+1.0pp
CH1.7%-0.5pp
FR1.6%
GB1.2%+1.2pp
BM0.9%-0.5pp
NO0.6%
Top 5: 9.0% · Top 10: 17.2% · Top 25: 38.6%
Top buys this quarter · 15
| LGN Legence Corp. Class A Common snew | +$20M |
| CE Celanese Corporationnew | +$18M |
| SSRM SSR Mining Inc. | +$17M |
| CSTM Constellium SE | +$12M |
| WERN Werner Enterprises, Inc. | +$12M |
| BLLN BillionToOne, Inc.new | +$10M |
| HLF Herbalife Nutrition Ltd. | +$10M |
| CPRI Capri Holdings Limited | +$8M |
| ARQT Arcutis Biotherapeutics, Inc.new | +$8M |
| TEX Terex Corporationnew | +$7M |
Top sells this quarter · 15
| AAOI Applied Optoelectronics, Inc. | −$23M |
| EGO Eldorado Gold Corporationexit | −$17M |
| KNF Knife River Corporationexit | −$17M |
| EXTR Extreme Networks, Inc.exit | −$15M |
| NATL NCR Atleos Corporationexit | −$14M |
| ASTE Astec Industries, Inc. | −$11M |
| REAL The RealReal, Inc. | −$10M |
| TBBK The Bancorp, Inc.exit | −$10M |
| CC The Chemours Company | −$16M |
| MGNI Magnite, Inc.exit | −$8M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.29B | 172 | +33.72% | +17.59% | +16.13% | -0.02B |
| 2025-12-31 | $1.25B | 164 | +18.65% | +17.72% | +0.93% | -0.06B |
| 2025-09-30 | $1.30B | 169 | +21.66% | +17.52% | +4.14% | -0.01B |
| 2025-06-30 | $1.16B | 156 | +13.33% | +14.94% | -1.61% | +0.00B |
| 2025-03-31 | $1.03B | 160 | -3.26% | +8.30% | -11.56% | +0.08B |
| 2024-12-31 | $1.02B | 142 | +9.05% | +24.89% | -15.84% | -0.11B |
| 2024-09-30 | $1.09B | 145 | +17.67% | +36.04% | -18.37% | -0.02B |
| 2024-06-30 | $1.05B | 143 | +6.04% | +24.49% | -18.45% | -0.03B |
| 2024-03-31 | $1.13B | 144 | +15.81% | +29.62% | -13.81% | -0.01B |
| 2023-12-31 | $1.09B | 144 | +15.58% | +26.18% | -10.59% | +0.01B |
| 2023-09-30 | $966M | 149 | +13.73% | +21.57% | -7.84% | +0.00B |
| 2023-06-30 | $1.02B | 142 | +14.61% | +19.42% | -4.81% | -0.93B |
| 2023-03-31 | $1.86B | 219 | -15.94% | -7.82% | -8.12% | +0.85B |
| 2022-12-31 | $968M | 165 | +9.75% | +7.56% | +2.19% | +0.00B |
| 2022-09-30 | $879M | 170 | -4.26% | -4.93% | +0.67% | +0.01B |
| 2022-06-30 | $909M | 175 | -23.13% | -16.11% | -7.02% | +0.17B |