Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-9.37%
trims when stocks drop
when a holding falls −10%+
Middle response
-13.52%
baseline attrition
Rally response
-18.01%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ZTOZTO Express (Cayman) Inc | $50M | 12.7% | +29.3% | 8.5 yr |
| TCOMTrip.com Group Limited | $19M | 4.8% | -21.7% | 6.5 yr |
| DDLDingdong (Cayman) Limite | $17M | 4.2% | -4.8% | 4.3 yr |
| LRCXLam Research Corporation | $10M | 2.5% | +196.1% | 1.5 yr |
| — | $10M | 2.5% | — | 1.8 yr |
| NOAHNoah Holdings Limited | $10M | 2.5% | +15.3% | 7.0 yr |
| AZNAstraZeneca PLC | $9M | 2.3% | +36.2% | 0.3 yr |
| AVGOBroadcom Inc. | $8M | 2.0% | +86.0% | 2.5 yr |
| PDDPDD Holdings Inc. | $8M | 2.0% | -13.7% | 3.5 yr |
| MUMicron Technology, Inc. | $8M | 2.0% | +289.6% | 10.5 yr |
| MRKMerck & Co., Inc. | $8M | 1.9% | +38.9% | 6.0 yr |
| GOOGAlphabet Inc. | $7M | 1.8% | +84.3% | 10.5 yr |
| JNJJohnson & Johnson | $7M | 1.7% | +51.5% | 8.3 yr |
| ABBVAbbVie Inc. | $7M | 1.7% | +7.3% | 1.3 yr |
| YUMYum! Brands, Inc. | $6M | 1.6% | +0.7% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology15.9%+12.9pp$63M
Integrated Freight & Logistics12.7%+0.9pp$50M
Drug Manufacturers - General8.9%-2.3pp$35M
Semiconductors8.7%-6.2pp$35M
Unknown6.6%+4.9pp$26M
Grocery Stores5.3%+4.0pp$21M
Travel Services5.3%+2.7pp$21M
Restaurants3.6%$14M
Internet Content & Information3.4%-7.1pp$13M
Asset Management2.5%+1.5pp$10M
Country
US54.1%-6.1pp
CN21.2%+5.3pp
Unknown6.6%+4.9pp
SG5.3%+2.6pp
GB4.6%+3.9pp
CA2.6%-2.1pp
CH2.1%-5.8pp
IE2.0%+1.2pp
Top 5: 26.6% · Top 10: 37.5% · Top 25: 59.6%
Top buys this quarter · 15
| AZN AstraZeneca PLCnew | +$9M |
| NFLX Netflix, Inc. | +$5M |
| CAT Caterpillar Inc. | +$2M |
| ELF e.l.f. Beauty, Inc. | +$2M |
| SATS EchoStar Corporationnew | +$1M |
| DFTX Definium Therapeutics, Inc.new | +$1M |
| ADBE Adobe Inc. | +$5M |
| CCCC C4 Therapeutics, Inc.new | +$1M |
| GSAT Globalstar, Inc.new | +$1M |
| MSI Motorola Solutions, Inc. | +$1M |
Top sells this quarter · 15
| AMZN Amazon.com, Inc.exit | −$6M |
| UBER Uber Technologies, Inc.exit | −$5M |
| GOOG Alphabet Inc. | −$4M |
| WWW Wolverine World Wide, Inc.exit | −$3M |
| TCOM Trip.com Group Limited | −$3M |
| MOD Modine Manufacturing Company | −$3M |
| ROIV Roivant Sciences Ltd. | −$3M |
| LRCX Lam Research Corporation | −$10M |
| MSFT Microsoft Corporation | −$2M |
| ARWR Arrowhead Pharmaceuticals, Inc | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $397M | 89 | +39.81% | +17.59% | +22.21% | -0.02B |
| 2025-12-31 | $433M | 124 | +37.41% | +17.72% | +19.69% | -1.30B |
| 2025-09-30 | $1.55B | 120 | +11.49% | +17.52% | -6.03% | -0.19B |
| 2025-06-30 | $1.50B | 115 | +3.09% | +14.94% | -11.85% | -0.42B |
| 2025-03-31 | $1.73B | 115 | -5.87% | +8.30% | -14.18% | +0.10B |
| 2024-12-31 | $1.70B | 115 | +3.26% | +24.89% | -21.63% | -0.31B |
| 2024-09-30 | $2.21B | 122 | +23.43% | +36.04% | -12.61% | -0.43B |
| 2024-06-30 | $2.47B | 134 | +16.17% | +24.49% | -8.32% | -0.05B |
| 2024-03-31 | $2.48B | 139 | +16.74% | +29.62% | -12.88% | -0.10B |
| 2023-12-31 | $2.46B | 142 | +21.35% | +26.18% | -4.83% | -0.33B |
| 2023-09-30 | $2.56B | 144 | +26.04% | +21.57% | +4.48% | -0.33B |
| 2023-06-30 | $2.88B | 143 | +15.51% | +19.42% | -3.91% | -0.06B |
| 2023-03-31 | $2.88B | 146 | +0.04% | -7.82% | +7.85% | +0.02B |
| 2022-12-31 | $2.62B | 132 | +13.03% | +7.56% | +5.47% | -0.08B |
| 2022-09-30 | $2.40B | 131 | -8.07% | -4.93% | -3.15% | -0.04B |
| 2022-06-30 | $2.64B | 130 | -11.64% | -16.11% | +4.47% | -0.23B |