Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-7.73%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.29%
baseline attrition
Rally response
-9.25%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GOOGLAlphabet Inc. | $3.06B | 13.4% | — | 6.0 yr |
| NVDANVIDIA Corporation | $2.09B | 9.2% | +60.9% | 3.3 yr |
| AMZNAmazon.com, Inc. | $2.08B | 9.1% | +9.5% | 10.5 yr |
| TSMTaiwan Semiconductor Man | $1.88B | 8.2% | +105.6% | 3.5 yr |
| METAMeta Platforms, Inc. | $1.77B | 7.7% | -0.4% | 9.5 yr |
| SESea Limited | $1.28B | 5.6% | -36.5% | 8.3 yr |
| AVGOBroadcom Inc. | $1.11B | 4.9% | +86.0% | 2.5 yr |
| MSFTMicrosoft Corporation | $925M | 4.1% | -0.6% | 9.8 yr |
| GEVGE Vernova Inc. | $849M | 3.7% | +186.8% | 1.3 yr |
| LRCXLam Research Corporation | $833M | 3.6% | +196.1% | 1.5 yr |
| SPOTSpotify Technology S.A. | $767M | 3.4% | -11.8% | 8.0 yr |
| CPNGCoupang, Inc. | $653M | 2.9% | -13.9% | 2.8 yr |
| AMATApplied Materials, Inc. | $566M | 2.5% | +137.6% | 2.3 yr |
| — | $510M | 2.2% | — | 2.3 yr |
| APPAppLovin Corporation | $398M | 1.7% | +50.2% | 2.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors28.7%+18.5pp$6.56B
Internet Content & Information27.5%-1.7pp$6.28B
Specialty Retail18.8%+2.9pp$4.30B
Software - Infrastructure6.1%-5.5pp$1.40B
Renewable Utilities3.7%+2.5pp$849M
Software - Application3.7%-4.6pp$841M
Unknown3.4%-1.9pp$787M
Electronic Gaming & Multimedia1.7%-2.8pp$395M
Asset Management1.6%-1.6pp$367M
Entertainment1.0%$235M
Country
US74.4%-1.4pp
TW8.2%+5.6pp
SG5.6%-3.9pp
Unknown3.4%-1.9pp
LU3.4%+0.7pp
KR2.9%+1.8pp
UY1.0%
BR0.7%+0.3pp
Top 5: 47.6% · Top 10: 69.5% · Top 25: 94.3%
Top buys this quarter · 14
| TSM Taiwan Semiconductor Manufactu | +$622M |
| AMAT Applied Materials, Inc. | +$260M |
| AVGO Broadcom Inc. | +$220M |
| META Meta Platforms, Inc. | +$1.77B |
| NVDA NVIDIA Corporation | +$174M |
| CPNG Coupang, Inc. | +$157M |
| SPOT Spotify Technology S.A. | +$155M |
| LITE Lumentum Holdings Inc.new | +$96M |
| EQPT EquipmentShare.com Inc.new | +$93M |
| INTC Intel Corporationnew | +$72M |
Top sells this quarter · 15
| MSFT Microsoft Corporation | −$1.10B |
| TTWO Take-Two Interactive Software, | −$758M |
| MELI MercadoLibre, Inc. | −$215M |
| VEEV Veeva Systems Inc.exit | −$425M |
| GRAB Grab Holdings Limitedexit | −$340M |
| APO Apollo Global Management, Inc. | −$325M |
| RDDT Reddit, Inc. | −$181M |
| WDAY Workday, Inc.exit | −$130M |
| APP AppLovin Corporation | −$117M |
| ESTC Elastic N.V.exit | −$85M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $22.85B | 54 | +7.57% | +17.59% | -10.02% | -2.16B |
| 2025-12-31 | $29.71B | 54 | +30.03% | +17.72% | +12.31% | -0.87B |
| 2025-09-30 | $32.36B | 56 | +46.92% | +17.52% | +29.40% | -4.80B |
| 2025-06-30 | $34.08B | 50 | +41.07% | +14.94% | +26.12% | +1.08B |
| 2025-03-31 | $26.59B | 45 | +21.10% | +8.30% | +12.80% | -0.32B |
| 2024-12-31 | $26.46B | 49 | +42.28% | +24.89% | +17.39% | +1.43B |
| 2024-09-30 | $23.44B | 45 | +53.63% | +36.04% | +17.59% | +0.80B |
| 2024-06-30 | $21.63B | 44 | +49.66% | +24.49% | +25.17% | +2.14B |
| 2024-03-31 | $18.30B | 41 | +63.83% | +29.62% | +34.20% | +1.50B |
| 2023-12-31 | $14.05B | 39 | +57.77% | +26.18% | +31.59% | -1.58B |
| 2023-09-30 | $13.56B | 48 | +27.72% | +21.57% | +6.16% | +1.36B |
| 2023-06-30 | $11.97B | 41 | +4.46% | +19.42% | -14.96% | -0.85B |
| 2023-03-31 | $10.99B | 56 | -41.48% | -7.82% | -33.67% | +1.60B |
| 2022-12-31 | $8.16B | 55 | -6.66% | +7.56% | -14.22% | -2.00B |
| 2022-09-30 | $10.89B | 64 | -16.59% | -4.93% | -11.66% | +0.94B |
| 2022-06-30 | $11.93B | 73 | -34.69% | -16.11% | -18.58% | -5.47B |