Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-9.18%
trims when stocks drop
when a holding falls −10%+
Middle response
-14.19%
baseline attrition
Rally response
-7.55%
trims into rallies
when a holding rises +10%+
Top positions · 28
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TSEMTower Semiconductor Ltd. | $88M | 16.9% | +392.1% | 2.5 yr |
| MRVLMarvell Technology, Inc. | $56M | 10.7% | +61.3% | 2.3 yr |
| LYVLive Nation Entertainmen | $45M | 8.6% | +16.8% | 0.5 yr |
| ABNBAirbnb, Inc. | $31M | 6.0% | +5.7% | 0.3 yr |
| RMBSRambus Inc. | $29M | 5.5% | +66.1% | 1.8 yr |
| COHRCoherent, Inc. | $21M | 4.0% | +266.8% | 1.0 yr |
| FLEXFlex Ltd. | $20M | 3.9% | +97.9% | 6.8 yr |
| AXONAxon Enterprise, Inc. | $20M | 3.8% | -19.3% | 0.5 yr |
| EXTRExtreme Networks, Inc. | $20M | 3.8% | +14.0% | 0.5 yr |
| TOSTToast, Inc. | $19M | 3.7% | -20.1% | 0.3 yr |
| LGNLegence Corp. Class A Co | $19M | 3.6% | — | 0.5 yr |
| IDCCInterDigital, Inc. | $16M | 3.1% | +47.2% | 7.5 yr |
| HNGEHinge Health, Inc. | $16M | 3.1% | — | 0.5 yr |
| — | $15M | 2.9% | — | 0.3 yr |
| CLSCelestica Inc. | $15M | 2.9% | +257.4% | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors35.1%+10.3pp$184M
Hardware, Equipment & Parts11.7%+3.0pp$61M
Entertainment10.2%$54M
Software - Infrastructure7.3%-2.0pp$38M
Software - Application6.8%-46.0pp$35M
Travel Services6.0%$31M
Unknown4.8%$25M
Aerospace & Defense3.8%$20M
Communication Equipment3.8%$20M
Engineering & Construction3.6%$19M
Country
US71.5%-3.6pp
IL16.9%+0.7pp
Unknown4.8%
SG3.9%-4.9pp
CA2.9%
Top 5: 47.5% · Top 10: 66.7% · Top 25: 97.5%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| TSEM | $43M | +0.17B | 392.1% |
| FLEX | $34M | +0.03B | 97.9% |
| IDCC | $47M | +0.02B | 47.2% |
| MRVL | $20M | +0.01B | 61.3% |
| PLTR | $16M | +0.01B | 73.3% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| GWRE | $27M | -0.01B | -20.2% |
Top buys this quarter · 15
| ABNB Airbnb, Inc.new | +$31M |
| TOST Toast, Inc.new | +$19M |
| MRVL Marvell Technology, Inc. | +$18M |
| FFIV F5, Inc.new | +$15M |
| AXON Axon Enterprise, Inc. | +$11M |
| UUUU Energy Fuels Inc.new | +$9M |
| SPHR Sphere Entertainment Co.new | +$9M |
| HNGE Hinge Health, Inc. | +$7M |
| LYV Live Nation Entertainment, Inc | +$6M |
| APP AppLovin Corporationnew | +$6M |
Top sells this quarter · 15
| PEGA Pegasystems Inc.exit | −$44M |
| RMBS Rambus Inc. | −$19M |
| CWAN Clearwater Analytics Holdings,exit | −$29M |
| OSIS OSI Systems, Inc. | −$26M |
| U Unity Software Inc.exit | −$23M |
| EQIX Equinix, Inc. | −$21M |
| COHR Coherent, Inc. | −$19M |
| TSEM Tower Semiconductor Ltd. | −$71M |
| NCNO nCino, Inc.exit | −$17M |
| CLS Celestica Inc. | −$15M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $524M | 28 | +82.00% | +17.59% | +64.41% | -0.14B |
| 2025-12-31 | $638M | 26 | +52.07% | +17.72% | +34.35% | -0.13B |
| 2025-09-30 | $621M | 20 | +44.34% | +17.52% | +26.82% | -0.14B |
| 2025-06-30 | $649M | 22 | +35.12% | +14.94% | +20.18% | +0.19B |
| 2025-03-31 | $383M | 14 | +17.17% | +8.30% | +8.87% | -0.05B |
| 2024-12-31 | $501M | 16 | +41.75% | +24.89% | +16.86% | -0.28B |
| 2024-09-30 | $662M | 18 | +45.99% | +36.04% | +9.96% | +0.02B |
| 2024-06-30 | $580M | 20 | +22.99% | +24.49% | -1.50% | +0.12B |
| 2024-03-31 | $449M | 18 | +35.05% | +29.62% | +5.43% | +0.07B |
| 2023-12-31 | $361M | 17 | +48.71% | +26.18% | +22.53% | -0.05B |
| 2023-09-30 | $340M | 15 | +31.26% | +21.57% | +9.69% | -0.03B |
| 2023-06-30 | $401M | 15 | +37.58% | +19.42% | +18.16% | -0.10B |
| 2023-03-31 | $443M | 27 | -3.51% | -7.82% | +4.31% | +0.08B |
| 2022-12-31 | $315M | 29 | +6.67% | +7.56% | -0.89% | +0.07B |
| 2022-09-30 | $233M | 29 | -2.51% | -4.93% | +2.42% | -0.11B |
| 2022-06-30 | $350M | 32 | -20.25% | -16.11% | -4.14% | -0.28B |