Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.80%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.41%
baseline attrition
Rally response
+1.85%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| EAElectronic Arts Inc. | $147M | 2.9% | +41.7% | 1.0 yr |
| PENPenumbra, Inc. | $139M | 2.7% | +22.8% | 0.3 yr |
| QRVOQorvo, Inc. | $134M | 2.6% | +6.9% | 0.8 yr |
| GTLSChart Industries, Inc. | $133M | 2.6% | +43.2% | 1.0 yr |
| NSCNorfolk Southern Corpora | $127M | 2.5% | +23.6% | 1.3 yr |
| TECKTeck Resources Limited | $127M | 2.5% | +43.3% | 0.8 yr |
| WTRGEssential Utilities, Inc | $126M | 2.5% | +5.5% | 0.8 yr |
| WBSWebster Financial Corpor | $124M | 2.4% | +38.5% | 0.5 yr |
| AESThe AES Corporation | $116M | 2.3% | +19.9% | 0.3 yr |
| ALAir Lease Corporation | $109M | 2.1% | +36.3% | 1.0 yr |
| WBDWarner Bros. Discovery, | $104M | 2.0% | +155.9% | 0.5 yr |
| TXNMTXNM Energy, Inc. | $103M | 2.0% | +12.5% | 4.3 yr |
| KVUEKenvue Inc. | $95M | 1.9% | -25.0% | 0.5 yr |
| FOLDAmicus Therapeutics, Inc | $85M | 1.7% | +77.2% | 0.5 yr |
| OSOneStream, Inc. Class A | $81M | 1.6% | +12.5% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Unknown18.6%-9.1pp$952M
Shell Companies10.9%+0.5pp$559M
Asset Management4.6%+1.4pp$236M
Semiconductors4.5%$232M
Financial - Conglomerates4.4%+4.0pp$227M
Software - Application4.3%+0.8pp$218M
Medical - Devices4.2%+3.7pp$213M
Biotechnology3.6%+2.6pp$185M
Banks - Regional3.2%+1.2pp$165M
Industrial - Machinery3.0%+2.9pp$154M
Country
US72.1%+7.6pp
Unknown18.5%-9.0pp
CA2.6%+2.6pp
KY2.5%+1.0pp
GB1.9%+0.8pp
BM1.2%-1.3pp
IL0.3%
HK0.3%
Top 5: 13.3% · Top 10: 25.1% · Top 25: 48.4%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| PEN Penumbra, Inc.new | +$139M |
| WBS Webster Financial Corporation | +$123M |
| AES The AES Corporationnew | +$116M |
| WTRG Essential Utilities, Inc. | +$88M |
| OS OneStream, Inc. Class A Commonnew | +$81M |
| EA Electronic Arts Inc. | +$80M |
| MASI Masimo Corporationnew | +$74M |
| TPH Tri Pointe Homes, Inc. | +$68M |
| SLAB Silicon Laboratories Inc.new | +$64M |
| JHG Janus Henderson Group plc | +$60M |
Top sells this quarter · 15
| NGD New Gold Inc.exit | −$96M |
| RIO Rio Tinto Groupexit | −$50M |
| CFLT Confluent, Inc.exit | −$44M |
| EXAS Exact Sciences Corporationexit | −$20M |
| TGNA TEGNA Inc.exit | −$13M |
| AVAV AeroVironment, Inc.exit | −$11M |
| FLR Fluor Corporationexit | −$11M |
| YCY AA Mission Acquisition Corp. Iexit | −$10M |
| MKSI MKS Inc.exit | −$9M |
| IBAC IB Acquisition Corp. Common Stexit | −$7M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $5.11B | 523 | +22.96% | +17.59% | +5.37% | +1.21B |
| 2025-12-31 | $3.73B | 438 | +13.44% | +17.72% | -4.28% | +0.69B |
| 2025-09-30 | $2.91B | 391 | +3.58% | +17.52% | -13.93% | +0.05B |
| 2025-06-30 | $2.77B | 334 | +6.43% | +14.94% | -8.51% | +0.20B |
| 2025-03-31 | $2.36B | 329 | -10.79% | +8.30% | -19.09% | -0.01B |
| 2024-12-31 | $2.45B | 375 | -10.44% | +24.89% | -35.33% | +0.14B |
| 2024-09-30 | $2.43B | 429 | -5.02% | +36.04% | -41.06% | +0.10B |
| 2024-06-30 | $2.19B | 470 | -13.01% | +24.49% | -37.50% | +0.02B |
| 2024-03-31 | $2.38B | 516 | -6.79% | +29.62% | -36.41% | -0.83B |
| 2023-12-31 | $3.31B | 601 | -8.55% | +26.18% | -34.73% | -4.43B |
| 2023-09-30 | $7.66B | 708 | -8.32% | +21.57% | -29.88% | +4.16B |
| 2023-06-30 | $3.59B | 833 | +55.79% | +19.42% | +36.37% | -0.55B |
| 2023-03-31 | $4.23B | 956 | +52.68% | -7.82% | +60.49% | +1.28B |
| 2022-12-31 | $3.11B | 1123 | +1.32% | +7.56% | -6.24% | -0.64B |
| 2022-09-30 | $3.70B | 1386 | +65.42% | -4.93% | +70.35% | -2.09B |
| 2022-06-30 | $3.50B | 1411 | -4.16% | -16.11% | +11.95% | +0.69B |