Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-13.82%
trims when stocks drop
when a holding falls −10%+
Middle response
-7.43%
baseline attrition
Rally response
-9.37%
trims into rallies
when a holding rises +10%+
Top positions · 24
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MSMorgan Stanley | $18M | 14.4% | +44.8% | 9.3 yr |
| AMZNAmazon.com, Inc. | $13M | 10.2% | +9.5% | 2.5 yr |
| TEVATeva Pharmaceutical Indu | $11M | 8.7% | +96.0% | 10.3 yr |
| — | $9M | 7.4% | — | 1.3 yr |
| DXCMDexCom, Inc. | $6M | 5.0% | -8.0% | 7.0 yr |
| ALCAlcon Inc. | $6M | 5.0% | -20.3% | 5.3 yr |
| NKENIKE, Inc. | $6M | 5.0% | -14.7% | 1.0 yr |
| GOOGLAlphabet Inc. | $5M | 4.2% | — | 2.8 yr |
| VVisa Inc. | $5M | 4.1% | -13.1% | 0.5 yr |
| CHDNChurchill Downs Incorpor | $5M | 4.0% | -18.8% | 0.5 yr |
| AORTArtivion, Inc. | $5M | 3.8% | +49.0% | 1.3 yr |
| MSFTMicrosoft Corporation | $5M | 3.6% | -0.6% | 2.8 yr |
| MLMMartin Marietta Material | $4M | 3.5% | +23.8% | 0.3 yr |
| LLYEli Lilly and Company | $4M | 3.4% | +12.2% | 1.8 yr |
| UBERUber Technologies, Inc. | $4M | 3.3% | -1.3% | 6.0 yr |
Portfolio composition (YoY)
Industry mix
Financial - Capital Markets14.4%+3.6pp$18M
Specialty Retail10.2%-1.0pp$13M
Medical - Devices10.0%+2.4pp$13M
Drug Manufacturers - Specialty & Generic8.7%+3.3pp$11M
Unknown7.4%+4.2pp$9M
Internet Content & Information7.0%+1.0pp$9M
Gambling, Resorts & Casinos6.3%-2.7pp$8M
Medical - Instruments & Supplies5.0%$6M
Apparel - Footwear & Accessories5.0%$6M
Software - Infrastructure4.4%+2.7pp$6M
Country
US76.7%-0.8pp
IL8.7%+3.3pp
Unknown7.4%+4.2pp
CH5.0%
HK2.3%-0.2pp
Top 5: 45.7% · Top 10: 67.8% · Top 25: 100.0%
Top buys this quarter · 6
| MLM Martin Marietta Materials, Incnew | +$4M |
| DASH DoorDash, Inc.new | +$4M |
| BBNX Beta Bionics, Inc.new | +$2M |
| RXST RxSight, Inc. | +$2M |
| GOOGL Alphabet Inc. | +$0M |
| — | +$0M |
Top sells this quarter · 11
| CX CEMEX, S.A.B. de C.V.exit | −$7M |
| BMY Bristol-Myers Squibb Companyexit | −$7M |
| BIIB Biogen Inc.exit | −$7M |
| HQY HealthEquity, Inc.exit | −$5M |
| MS Morgan Stanley | −$4M |
| NKE NIKE, Inc. | −$3M |
| LLY Eli Lilly and Company | −$2M |
| ALC Alcon Inc. | −$2M |
| UBER Uber Technologies, Inc. | −$2M |
| CMPS COMPASS Pathways plcexit | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $128M | 24 | +3.98% | +17.59% | -13.61% | -0.01B |
| 2025-12-31 | $156M | 24 | +10.89% | +17.72% | -6.83% | -0.04B |
| 2025-09-30 | $186M | 28 | +3.34% | +17.52% | -14.18% | +0.01B |
| 2025-06-30 | $170M | 25 | +5.46% | +14.94% | -9.48% | -0.05B |
| 2025-03-31 | $201M | 29 | +2.96% | +8.30% | -5.35% | +0.02B |
| 2024-12-31 | $186M | 28 | +15.53% | +24.89% | -9.36% | -0.01B |
| 2024-09-30 | $200M | 29 | +33.75% | +36.04% | -2.29% | -0.00B |
| 2024-06-30 | $194M | 28 | +25.96% | +24.49% | +1.47% | -0.04B |
| 2024-03-31 | $222M | 31 | +26.84% | +29.62% | -2.78% | -0.06B |
| 2023-12-31 | $261M | 30 | +25.68% | +26.18% | -0.49% | -0.04B |
| 2023-09-30 | $273M | 32 | +13.53% | +21.57% | -8.03% | -0.02B |
| 2023-06-30 | $301M | 30 | +8.17% | +19.42% | -11.26% | +0.02B |
| 2023-03-31 | $269M | 29 | -15.18% | -7.82% | -7.36% | +0.00B |
| 2022-12-31 | $248M | 24 | +0.56% | +7.56% | -7.00% | -0.08B |
| 2022-09-30 | $327M | 43 | -6.03% | -4.93% | -1.10% | -0.09B |
| 2022-06-30 | $444M | 43 | -16.84% | -16.11% | -0.73% | -0.06B |