Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.44%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.14%
baseline attrition
Rally response
-14.98%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GTLSChart Industries, Inc. | $157M | 8.8% | +43.2% | 0.8 yr |
| PENPenumbra, Inc. | $146M | 8.2% | +22.8% | 0.3 yr |
| WBSWebster Financial Corpor | $134M | 7.5% | +38.5% | 0.3 yr |
| LBRDKLiberty Broadband Corpor | $74M | 4.2% | — | 4.8 yr |
| VALValaris Limited | $57M | 3.2% | +149.7% | 4.8 yr |
| TERNTerns Pharmaceuticals, I | $53M | 3.0% | — | 0.3 yr |
| TFPM.TOTriple Flag Precious Met | $53M | 3.0% | +76.9% | 3.8 yr |
| MASIMasimo Corporation | $48M | 2.7% | +6.8% | 0.3 yr |
| GPORGulfport Energy Corporat | $46M | 2.6% | +14.9% | 5.0 yr |
| WBDWarner Bros. Discovery, | $44M | 2.5% | +155.9% | 3.5 yr |
| — | $41M | 2.3% | — | 0.3 yr |
| CUKCarnival Corporation & p | $34M | 1.9% | +47.7% | 3.3 yr |
| HEI-AHEICO Corporation | $26M | 1.5% | — | 4.8 yr |
| CHRDChord Energy Corporation | $23M | 1.3% | +32.8% | 5.5 yr |
| LITELumentum Holdings Inc. | $22M | 1.2% | +1027.3% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Unknown20.8%+9.7pp$368M
Medical - Devices10.9%+10.6pp$194M
Shell Companies9.6%+5.5pp$170M
Industrial - Machinery8.8%+8.8pp$157M
Banks - Regional7.5%$134M
Telecommunications Services5.2%-6.1pp$92M
Oil & Gas Exploration & Production5.0%-0.8pp$88M
Financial - Conglomerates3.5%$62M
Entertainment3.3%+2.7pp$59M
Oil & Gas Equipment & Services3.2%-4.7pp$57M
Country
US66.0%-9.5pp
Unknown20.8%+9.7pp
CA4.8%-3.0pp
BM3.6%+1.7pp
KY1.8%+0.7pp
ES0.9%-0.9pp
FR0.6%-0.1pp
KR0.4%
Top 5: 32.0% · Top 10: 45.8% · Top 25: 61.5%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| TFPM.TO | $49M | +0.05B | 76.9% |
| VAL | $18M | +0.03B | 149.7% |
| CSTM | $8M | +0.01B | 143.6% |
| CHRD | $20M | +0.01B | 32.8% |
| CUK | $9M | +0.00B | 47.7% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| PEN Penumbra, Inc.new | +$146M |
| WBS Webster Financial Corporationnew | +$134M |
| MASI Masimo Corporationnew | +$48M |
| GTLS Chart Industries, Inc. | +$41M |
| WBD Warner Bros. Discovery, Inc. | +$33M |
| VAL Valaris Limited | +$32M |
| CUK Carnival Corporation & plc | +$27M |
| LITE Lumentum Holdings Inc.new | +$22M |
| SM SM Energy Companynew | +$19M |
| HAVA Harvard Ave Acquisition Corpornew | +$8M |
Top sells this quarter · 15
| CFLT Confluent, Inc.exit | −$33M |
| EXAS Exact Sciences Corporationexit | −$32M |
| BN Brookfield Corporation | −$31M |
| FOX Fox Corporation | −$18M |
| BAX Baxter International Inc. | −$13M |
| ZTS Zoetis Inc.exit | −$9M |
| TGNA TEGNA Inc.exit | −$6M |
| CHKP Check Point Software Technologexit | −$5M |
| YCY AA Mission Acquisition Corp. Iexit | −$5M |
| NWSA News Corporation | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.77B | 492 | +37.39% | +17.59% | +19.80% | +0.23B |
| 2025-12-31 | $1.47B | 403 | +35.35% | +17.72% | +17.63% | +0.02B |
| 2025-09-30 | $1.35B | 331 | +10.58% | +17.52% | -6.94% | -0.00B |
| 2025-06-30 | $1.21B | 286 | +2.49% | +14.94% | -12.46% | +0.10B |
| 2025-03-31 | $1.01B | 221 | -12.28% | +8.30% | -20.58% | +0.39B |
| 2024-12-31 | $603M | 186 | -11.09% | +24.89% | -35.98% | -0.03B |
| 2024-09-30 | $722M | 226 | +11.97% | +36.04% | -24.07% | -0.11B |
| 2024-06-30 | $800M | 257 | -3.72% | +24.49% | -28.21% | +0.01B |
| 2024-03-31 | $847M | 249 | +13.94% | +29.62% | -15.69% | -0.79B |
| 2023-12-31 | $1.57B | 246 | +12.61% | +26.18% | -13.56% | +0.71B |
| 2023-09-30 | $781M | 307 | +7.76% | +21.57% | -13.81% | +0.08B |
| 2023-06-30 | $786M | 353 | +59.23% | +19.42% | +39.80% | -0.16B |
| 2023-03-31 | $858M | 481 | +22.38% | -7.82% | +30.19% | -0.12B |
| 2022-12-31 | $951M | 676 | +5.34% | +7.56% | -2.22% | -0.69B |
| 2022-09-30 | $1.55B | 880 | +32.30% | -4.93% | +37.23% | +0.31B |
| 2022-06-30 | $942M | 832 | -14.98% | -16.11% | +1.13% | +0.02B |