Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.56%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.92%
baseline attrition
Rally response
-6.60%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| LGNDLigand Pharmaceuticals I | $57M | 3.2% | +89.9% | 10.5 yr |
| FNFabrinet | $55M | 3.1% | +164.0% | 8.5 yr |
| ARLOArlo Technologies, Inc. | $52M | 2.9% | +44.2% | 4.5 yr |
| XPOXPO Logistics, Inc. | $44M | 2.4% | +80.8% | 9.3 yr |
| ACIWACI Worldwide, Inc. | $41M | 2.3% | -25.0% | 10.5 yr |
| LRNStride, Inc. | $39M | 2.2% | -30.3% | 5.5 yr |
| FOURShift4 Payments, Inc. | $37M | 2.1% | -46.5% | 2.5 yr |
| DFINDonnelley Financial Solu | $37M | 2.0% | +7.8% | 6.0 yr |
| — | $34M | 1.9% | — | 5.8 yr |
| JCOMZiff Davis, Inc. | $34M | 1.9% | — | 10.5 yr |
| ESTAEstablishment Labs Holdi | $31M | 1.7% | +39.1% | 6.0 yr |
| PBHPrestige Consumer Health | $31M | 1.7% | -31.1% | 7.8 yr |
| — | $29M | 1.6% | — | 2.0 yr |
| AWIArmstrong World Industri | $29M | 1.6% | +17.8% | 7.0 yr |
| YOUClear Secure, Inc. | $28M | 1.6% | +90.4% | 2.3 yr |
Portfolio composition (YoY)
Industry mix
Software - Infrastructure14.2%+0.5pp$255M
Biotechnology12.5%-0.1pp$224M
Unknown6.5%-0.4pp$117M
Software - Application5.1%-0.0pp$91M
Hardware, Equipment & Parts3.9%+2.0pp$69M
Medical - Devices3.8%-0.2pp$68M
Security & Protection Services3.2%+0.6pp$58M
Drug Manufacturers - Specialty & Generic3.0%+0.0pp$54M
Semiconductors3.0%+1.1pp$54M
Medical - Instruments & Supplies2.7%+1.0pp$48M
Country
US79.7%-1.4pp
Unknown6.5%-0.4pp
IL4.1%+0.7pp
KY3.1%+1.6pp
CR1.7%-0.3pp
CH1.6%+1.3pp
BM1.5%
IE1.0%+0.1pp
Top 5: 13.8% · Top 10: 23.9% · Top 25: 46.4%
Top buys this quarter · 15
| GDDY GoDaddy Inc. | +$24M |
| G Genpact Limited | +$17M |
| UPWK Upwork Inc. | +$13M |
| FOUR Shift4 Payments, Inc. | +$37M |
| SRAD Sportradar Group AG | +$26M |
| WIX Wix.com Ltd. | +$4M |
| QDEL QuidelOrtho Corporation | +$17M |
| BCRX BioCryst Pharmaceuticals, Inc. | +$3M |
| TSHA Taysha Gene Therapies, Inc. | +$3M |
| PRGS Progress Software Corporation | +$12M |
Top sells this quarter · 15
| FOLD Amicus Therapeutics, Inc. | −$40M |
| YOU Clear Secure, Inc. | −$16M |
| GTLS Chart Industries, Inc. | −$12M |
| AEHR Aehr Test Systems | −$9M |
| AAOI Applied Optoelectronics, Inc. | −$6M |
| ESTA Establishment Labs Holdings In | −$6M |
| MEDP Medpace Holdings, Inc. | −$4M |
| ICHR Ichor Holdings, Ltd. | −$4M |
| TRS TriMas Corporation | −$2M |
| PCRX Pacira BioSciences, Inc. | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.80B | 243 | +14.72% | +17.59% | -2.87% | +0.04B |
| 2025-12-31 | $1.82B | 242 | +8.81% | +17.72% | -8.91% | +0.01B |
| 2025-09-30 | $1.82B | 247 | +11.50% | +17.52% | -6.01% | -0.20B |
| 2025-06-30 | $1.85B | 246 | +11.21% | +14.94% | -3.73% | +0.00B |
| 2025-03-31 | $1.69B | 247 | +1.25% | +8.30% | -7.06% | +0.03B |
| 2024-12-31 | $1.81B | 247 | +17.27% | +24.89% | -7.62% | -0.06B |
| 2024-09-30 | $1.84B | 248 | +30.56% | +36.04% | -5.47% | +0.03B |
| 2024-06-30 | $1.66B | 254 | +10.73% | +24.49% | -13.77% | -0.07B |
| 2024-03-31 | $1.74B | 255 | +17.28% | +29.62% | -12.34% | -0.08B |
| 2023-12-31 | $1.72B | 258 | +15.35% | +26.18% | -10.83% | -0.06B |
| 2023-09-30 | $1.57B | 258 | +7.10% | +21.57% | -14.46% | -0.06B |
| 2023-06-30 | $1.75B | 260 | +8.88% | +19.42% | -10.54% | -0.09B |
| 2023-03-31 | $1.75B | 260 | -11.07% | -7.82% | -3.25% | -0.06B |
| 2022-12-31 | $1.74B | 258 | +5.17% | +7.56% | -2.39% | -0.07B |
| 2022-09-30 | $1.71B | 263 | -5.81% | -4.93% | -0.88% | -0.22B |
| 2022-06-30 | $2.06B | 263 | -14.18% | -16.11% | +1.93% | -0.09B |