Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-29.13%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.59%
baseline attrition
Rally response
-16.63%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| EAElectronic Arts Inc. | $51M | 7.2% | +41.7% | 0.8 yr |
| JHGJanus Henderson Group pl | $47M | 6.7% | +46.4% | 0.5 yr |
| WBDWarner Bros. Discovery, | $44M | 6.2% | +155.9% | 0.5 yr |
| HOLXHologic, Inc. | $42M | 6.0% | +22.4% | 0.5 yr |
| TXNMTXNM Energy, Inc. | $39M | 5.6% | +12.5% | 4.0 yr |
| PENPenumbra, Inc. | $39M | 5.5% | +22.8% | 0.3 yr |
| GTLSChart Industries, Inc. | $39M | 5.5% | +43.2% | 0.8 yr |
| NSCNorfolk Southern Corpora | $38M | 5.4% | +23.6% | 3.3 yr |
| MASIMasimo Corporation | $35M | 4.9% | +6.8% | 0.3 yr |
| WBSWebster Financial Corpor | $29M | 4.1% | +38.5% | 0.3 yr |
| TPHTri Pointe Homes, Inc. | $25M | 3.5% | +46.4% | 0.3 yr |
| NSANational Storage Affilia | $22M | 3.1% | +3.1% | 0.3 yr |
| GLDDGreat Lakes Dredge & Doc | $21M | 3.0% | +95.4% | 0.3 yr |
| ACLXArcellx, Inc. | $21M | 3.0% | — | 0.3 yr |
| DAWNDay One Biopharmaceutica | $20M | 2.8% | +170.4% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Medical - Devices10.5%+9.3pp$74M
Asset Management9.6%+8.7pp$68M
Biotechnology8.4%+6.6pp$60M
Electronic Gaming & Multimedia7.2%$51M
Banks - Regional6.5%+6.3pp$46M
Entertainment6.2%+3.9pp$44M
Medical - Instruments & Supplies6.0%$42M
Industrial - Machinery5.8%$41M
Regulated Electric5.6%$39M
Railroads5.4%$38M
Country
US91.4%-0.0pp
GB7.1%
IL1.2%
Unknown0.3%-0.6pp
Top 5: 31.6% · Top 10: 57.0% · Top 25: 89.8%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| PEN Penumbra, Inc.new | +$39M |
| MASI Masimo Corporationnew | +$35M |
| WBS Webster Financial Corporationnew | +$29M |
| TPH Tri Pointe Homes, Inc.new | +$25M |
| NSA National Storage Affiliates Trnew | +$22M |
| GLDD Great Lakes Dredge & Dock Corpnew | +$21M |
| DAWN Day One Biopharmaceuticals, Innew | +$20M |
| STEL Stellar Bancorp, Inc.new | +$16M |
| JHG Janus Henderson Group plc | +$14M |
| EA Electronic Arts Inc. | +$14M |
Top sells this quarter · 15
| EXAS Exact Sciences Corporationexit | −$36M |
| TGNA TEGNA Inc.exit | −$24M |
| SEE Sealed Air Corporation | −$21M |
| CFLT Confluent, Inc.exit | −$20M |
| CWAN Clearwater Analytics Holdings, | −$18M |
| AL Air Lease Corporation | −$15M |
| CSGS CSG Systems International, Inc | −$10M |
| FOLD Amicus Therapeutics, Inc. | −$9M |
| QRVO Qorvo, Inc.exit | −$8M |
| SEMR Semrush Holdings, Inc. | −$6M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $711M | 77 | +68.51% | +17.59% | +50.92% | -0.10B |
| 2025-12-31 | $766M | 61 | +64.95% | +17.72% | +47.23% | +0.06B |
| 2025-09-30 | $647M | 58 | +65.28% | +17.52% | +47.76% | +0.00B |
| 2025-06-30 | $523M | 45 | +31.00% | +14.94% | +16.06% | -0.11B |
| 2025-03-31 | $531M | 50 | -2.59% | +8.30% | -10.90% | -0.27B |
| 2024-12-31 | $768M | 49 | -7.41% | +24.89% | -32.30% | -0.23B |
| 2024-09-30 | $914M | 56 | -13.23% | +36.04% | -49.27% | +0.04B |
| 2024-06-30 | $899M | 57 | -15.88% | +24.49% | -40.38% | +0.14B |
| 2024-03-31 | $859M | 41 | -12.91% | +29.62% | -42.53% | -0.08B |
| 2023-12-31 | $947M | 37 | -19.49% | +26.18% | -45.67% | -0.15B |
| 2023-09-30 | $1.08B | 64 | -24.75% | +21.57% | -46.32% | +0.08B |
| 2023-06-30 | $1.05B | 57 | -20.05% | +19.42% | -39.48% | -0.05B |
| 2023-03-31 | $1.22B | 55 | -15.95% | -7.82% | -8.13% | +0.15B |
| 2022-12-31 | $1.16B | 66 | -4.85% | +7.56% | -12.41% | -0.50B |
| 2022-09-30 | $1.74B | 73 | +0.56% | -4.93% | +5.49% | +0.16B |
| 2022-06-30 | $1.58B | 70 | -4.13% | -16.11% | +11.98% | -0.28B |