Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.48%
trims when stocks drop
when a holding falls −10%+
Middle response
-7.94%
baseline attrition
Rally response
-10.13%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $89M | 5.6% | — | 1.0 yr |
| ELYCallaway Golf Company | $72M | 4.5% | — | 3.0 yr |
| FDSFactSet Research Systems | $72M | 4.5% | -51.6% | 0.5 yr |
| ELANElanco Animal Health Inc | $71M | 4.4% | +127.9% | 3.0 yr |
| TENBTenable Holdings, Inc. | $70M | 4.4% | -51.6% | 1.8 yr |
| NCRNCR Corporation | $65M | 4.1% | — | 2.0 yr |
| PINSPinterest, Inc. | $62M | 3.9% | -40.8% | 1.8 yr |
| DISThe Walt Disney Company | $59M | 3.7% | -1.3% | 10.5 yr |
| ZBHZimmer Biomet Holdings, | $59M | 3.7% | -19.5% | 2.5 yr |
| TFCTruist Financial Corpora | $58M | 3.7% | +17.1% | 1.0 yr |
| — | $54M | 3.4% | — | 0.5 yr |
| DECKDeckers Outdoor Corporat | $53M | 3.3% | -10.5% | 0.8 yr |
| BRK-BBerkshire Hathaway Inc. | $53M | 3.3% | — | 9.3 yr |
| BACBank of America Corporat | $53M | 3.3% | +19.4% | 10.5 yr |
| CARTInstacart (Maplebear Inc | $48M | 3.0% | -6.1% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Unknown11.8%+10.0pp$189M
Internet Content & Information9.2%+3.0pp$147M
Financial - Data & Stock Exchanges5.6%-0.0pp$90M
Information Technology Services5.2%+0.3pp$84M
Entertainment5.2%-5.2pp$83M
Leisure4.5%+1.7pp$72M
Drug Manufacturers - Specialty & Generic4.4%-0.9pp$71M
Software - Infrastructure4.4%-1.0pp$70M
Banks - Regional4.3%$69M
Oil & Gas Exploration & Production4.2%+1.6pp$67M
Country
US85.2%-13.0pp
Unknown11.8%+10.0pp
GB2.9%
Top 5: 23.4% · Top 10: 42.4% · Top 25: 81.4%
Top buys this quarter · 15
| CART Instacart (Maplebear Inc.)new | +$48M |
| ACI Albertsons Companies, Inc.new | +$39M |
| GENI Genius Sports Limited | +$36M |
| PINS Pinterest, Inc. | +$26M |
| IT Gartner, Inc.new | +$23M |
| TENB Tenable Holdings, Inc. | +$21M |
| FDS FactSet Research Systems Inc. | +$20M |
| DLB Dolby Laboratories, Inc.new | +$18M |
| ZBH Zimmer Biomet Holdings, Inc. | +$8M |
| BLKB Blackbaud, Inc. | +$20M |
Top sells this quarter · 15
| UCTT Ultra Clean Holdings, Inc.exit | −$79M |
| SPY State Street SPDR S&P 500 ETF | −$55M |
| AXTA Axalta Coating Systems Ltd. | −$50M |
| NDAQ Nasdaq, Inc. | −$27M |
| LHX L3Harris Technologies, Inc. | −$20M |
| SSNC SS&C Technologies Holdings, Inexit | −$20M |
| ECVT Ecovyst Inc. | −$19M |
| DECK Deckers Outdoor Corporation | −$18M |
| NEOG Neogen Corporationexit | −$17M |
| PENN PENN Entertainment, Inc. | −$16M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.60B | 50 | +9.69% | +17.59% | -7.90% | -0.15B |
| 2025-12-31 | $1.89B | 48 | +11.06% | +17.72% | -6.65% | -0.45B |
| 2025-09-30 | $2.31B | 48 | +3.32% | +17.52% | -14.20% | -0.15B |
| 2025-06-30 | $2.28B | 48 | +0.96% | +14.94% | -13.98% | -0.35B |
| 2025-03-31 | $2.43B | 46 | -10.23% | +8.30% | -18.54% | -0.33B |
| 2024-12-31 | $2.94B | 50 | +7.96% | +24.89% | -16.93% | -0.08B |
| 2024-09-30 | $3.20B | 50 | +28.01% | +36.04% | -8.03% | -0.28B |
| 2024-06-30 | $3.30B | 68 | +13.56% | +24.49% | -10.93% | -0.27B |
| 2024-03-31 | $3.71B | 70 | +21.28% | +29.62% | -8.34% | -0.36B |
| 2023-12-31 | $3.62B | 66 | +13.42% | +26.18% | -12.76% | -0.23B |
| 2023-09-30 | $3.43B | 71 | +13.50% | +21.57% | -8.07% | -0.12B |
| 2023-06-30 | $3.80B | 66 | +12.73% | +19.42% | -6.70% | -0.22B |
| 2023-03-31 | $3.91B | 67 | -4.75% | -7.82% | +3.07% | -0.03B |
| 2022-12-31 | $3.74B | 72 | -13.69% | -18.17% | +4.48% | -0.03B |
| 2022-09-30 | $3.36B | 77 | -14.53% | -15.51% | +0.98% | -0.36B |
| 2022-06-30 | $4.00B | 72 | -7.56% | -10.62% | +3.06% | -0.14B |