Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.70%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.80%
baseline attrition
Rally response
-6.17%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ROIVRoivant Sciences Ltd. | $697M | 55.4% | +174.5% | 4.5 yr |
| — | $65M | 5.2% | — | 2.3 yr |
| GSThe Goldman Sachs Group, | $48M | 3.8% | +58.1% | 9.8 yr |
| ALLTAllot Ltd. | $37M | 3.0% | +16.6% | 5.0 yr |
| QQQInvesco QQQ Trust, Serie | $37M | 2.9% | — | 0.5 yr |
| NNINelnet, Inc. | $30M | 2.4% | +17.4% | 4.8 yr |
| NXSTNexstar Media Group, Inc | $28M | 2.2% | +4.7% | 8.5 yr |
| NYTThe New York Times Compa | $27M | 2.1% | +70.5% | 10.5 yr |
| NVDANVIDIA Corporation | $24M | 1.9% | +60.9% | 1.0 yr |
| AAPLApple Inc. | $23M | 1.8% | +14.7% | 0.5 yr |
| BRK-BBerkshire Hathaway Inc. | $23M | 1.8% | — | 6.8 yr |
| ATEXAnterix Inc. | $19M | 1.5% | +4.3% | 6.8 yr |
| MSFTMicrosoft Corporation | $17M | 1.3% | -0.6% | 0.5 yr |
| WHWKWhitehawk Therapeutics I | $16M | 1.3% | +93.8% | 1.5 yr |
| LILAKLiberty Latin America Lt | $15M | 1.2% | — | 5.0 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology58.5%-14.6pp$736M
Unknown7.3%+4.0pp$92M
Software - Infrastructure4.8%+2.3pp$61M
Asset Management4.3%$55M
Financial - Capital Markets3.8%-0.4pp$48M
Semiconductors2.8%$35M
Telecommunications Services2.8%-0.3pp$35M
Financial - Credit Services2.4%-0.2pp$30M
Entertainment2.3%-0.5pp$29M
Publishing2.1%+0.5pp$27M
Country
GB55.4%-12.8pp
US31.8%+7.4pp
Unknown7.3%+4.0pp
IL3.0%+0.8pp
BM1.2%+0.1pp
KY0.6%
NL0.3%-0.5pp
CA0.3%
Top 5: 70.2% · Top 10: 80.6% · Top 25: 95.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| ROIV | $664M | +1.16B | 174.5% |
| GS | $41M | +0.02B | 58.1% |
| NYT | $16M | +0.01B | 70.5% |
| WHWK | $8M | +0.01B | 93.8% |
| NE | $5M | +0.01B | 124.7% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| SMMT | $7M | -0.00B | -1.7% |
Top buys this quarter · 15
| MSFT Microsoft Corporation | +$16M |
| INFQ Infleqtion, Inc.new | +$12M |
| FOLD Amicus Therapeutics, Inc.new | +$10M |
| MGNI Magnite, Inc. | +$5M |
| GS The Goldman Sachs Group, Inc. | +$4M |
| AAPL Apple Inc. | +$4M |
| ALLT Allot Ltd. | +$37M |
| MINE Mayfair Gold Corp.new | +$3M |
| KMX CarMax, Inc. | +$1M |
| TSM Taiwan Semiconductor Manufactunew | +$1M |
Top sells this quarter · 15
| ROIV Roivant Sciences Ltd. | −$573M |
| CVNA Carvana Co. | −$8M |
| PDD PDD Holdings Inc.exit | −$1M |
| DDOG Datadog, Inc.exit | −$1M |
| COHR Coherent, Inc.exit | −$1M |
| APP AppLovin Corporationexit | −$0M |
| SE Sea Limitedexit | −$0M |
| NTNX Nutanix, Inc.exit | −$0M |
| NOW ServiceNow, Inc.exit | −$0M |
| TCOM Trip.com Group Limitedexit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.26B | 66 | +113.28% | +17.59% | +95.68% | +0.05B |
| 2025-12-31 | $1.04B | 50 | +65.26% | +17.72% | +47.54% | -0.09B |
| 2025-09-30 | $874M | 43 | +29.89% | +17.52% | +12.37% | +0.01B |
| 2025-06-30 | $688M | 34 | +14.87% | +14.94% | -0.07% | -0.41B |
| 2025-03-31 | $974M | 30 | +2.75% | +8.30% | -5.55% | +0.01B |
| 2024-12-31 | $1.07B | 29 | +8.12% | +24.89% | -16.76% | -0.07B |
| 2024-09-30 | $1.11B | 28 | +3.83% | +36.04% | -32.20% | -0.02B |
| 2024-06-30 | $1.02B | 28 | +3.49% | +24.49% | -21.01% | -0.03B |
| 2024-03-31 | $1.04B | 28 | +21.25% | +29.62% | -8.37% | -0.48B |
| 2023-12-31 | $1.60B | 26 | +25.76% | +26.18% | -0.42% | +0.02B |
| 2023-09-30 | $1.62B | 30 | +105.77% | +21.57% | +84.20% | -0.20B |
| 2023-06-30 | $1.64B | 31 | +57.07% | +19.42% | +37.64% | -0.18B |
| 2023-03-31 | $1.54B | 33 | -9.17% | -7.82% | -1.35% | +0.03B |
| 2022-12-31 | $1.54B | 32 | -11.95% | -18.17% | +6.23% | -0.10B |
| 2022-09-30 | $1.02B | 36 | -38.88% | -15.51% | -23.37% | -0.08B |
| 2022-06-30 | $1.30B | 44 | -27.26% | -10.62% | -16.64% | -0.02B |