Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.35%
trims when stocks drop
when a holding falls −10%+
Middle response
-7.03%
baseline attrition
Rally response
-15.32%
trims into rallies
when a holding rises +10%+
Top positions · 21
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ATEXAnterix Inc. | $207M | 39.9% | +4.3% | 6.8 yr |
| RJETRepublic Airways Holding | $76M | 14.6% | — | 0.5 yr |
| — | $50M | 9.7% | — | 1.3 yr |
| PCGPG&E Corporation | $49M | 9.5% | +2.9% | 7.3 yr |
| SKYWSkyWest, Inc. | $30M | 5.8% | +5.1% | 1.3 yr |
| TLNTalen Energy Corporation | $20M | 4.0% | +59.9% | 1.0 yr |
| — | $12M | 2.4% | — | 0.3 yr |
| VSTVistra Corp. | $10M | 1.9% | +28.7% | 3.5 yr |
| BWXTBWX Technologies, Inc. | $8M | 1.6% | +108.6% | 0.8 yr |
| ISRGIntuitive Surgical, Inc. | $8M | 1.5% | -6.9% | 0.3 yr |
| CYHCommunity Health Systems | $7M | 1.4% | +8.9% | 6.5 yr |
| DHRDanaher Corporation | $7M | 1.3% | -7.1% | 0.5 yr |
| SPOTSpotify Technology S.A. | $6M | 1.2% | -11.8% | 0.8 yr |
| INTUIntuit Inc. | $6M | 1.1% | -29.3% | 0.3 yr |
| ALKAlaska Air Group, Inc. | $6M | 1.1% | -25.3% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Telecommunications Services39.9%+7.7pp$207M
Airlines, Airports & Air Services21.5%+19.7pp$111M
Unknown12.1%+4.2pp$63M
Regulated Electric9.5%-6.6pp$49M
Independent Power Producers5.8%$30M
Aerospace & Defense2.5%$13M
Software - Application1.8%-2.8pp$9M
Medical - Devices1.5%$8M
Medical - Care Facilities1.4%+0.8pp$7M
Medical - Diagnostics & Research1.3%$7M
Country
US86.7%-5.4pp
Unknown12.1%+4.2pp
LU1.2%
Top 5: 79.5% · Top 10: 90.8% · Top 25: 100.0%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 10
| ISRG Intuitive Surgical, Inc.new | +$8M |
| INTU Intuit Inc.new | +$6M |
| ALK Alaska Air Group, Inc.new | +$6M |
| GE GE Aerospacenew | +$3M |
| CYH Community Health Systems, Inc. | +$3M |
| RJET Republic Airways Holdings Inc. | +$2M |
| HWM Howmet Aerospace Inc.new | +$2M |
| BTM Bitcoin Depot Inc.new | +$1M |
| SKYW SkyWest, Inc. | +$30M |
| — new | +$0M |
Top sells this quarter · 15
| PCG PG&E Corporation | −$45M |
| AMZN Amazon.com, Inc. | −$30M |
| UAL United Airlines Holdings, Inc.exit | −$26M |
| MSFT Microsoft Corporationexit | −$25M |
| GEV GE Vernova Inc.exit | −$25M |
| HUM Humana Inc.exit | −$19M |
| CW Curtiss-Wright Corporationexit | −$19M |
| DASH DoorDash, Inc.exit | −$18M |
| NVDA NVIDIA Corporation | −$17M |
| DKNG DraftKings Inc.exit | −$17M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $518M | 21 | +25.88% | +17.59% | +8.29% | -0.37B |
| 2025-12-31 | $831M | 30 | +22.95% | +17.72% | +5.23% | -0.03B |
| 2025-09-30 | $881M | 33 | +17.32% | +17.52% | -0.20% | +0.05B |
| 2025-06-30 | $758M | 27 | +11.53% | +14.94% | -3.41% | +0.08B |
| 2025-03-31 | $614M | 23 | +7.76% | +8.30% | -0.55% | +0.17B |
| 2024-12-31 | $425M | 22 | +11.22% | +24.89% | -13.66% | -0.21B |
| 2024-09-30 | $685M | 42 | +30.02% | +36.04% | -6.01% | +0.11B |
| 2024-06-30 | $558M | 37 | +27.30% | +24.49% | +2.81% | -0.20B |
| 2024-03-31 | $705M | 54 | +29.99% | +29.62% | +0.37% | -0.42B |
| 2023-12-31 | $1.04B | 61 | +26.12% | +26.18% | -0.05% | -2.59B |
| 2023-09-30 | $3.32B | 81 | +22.82% | +21.57% | +1.25% | +2.07B |
| 2023-06-30 | $1.23B | 145 | +23.51% | +19.42% | +4.08% | -0.13B |
| 2023-03-31 | $1.25B | 187 | -13.28% | -7.82% | -5.46% | -0.22B |
| 2022-12-31 | $1.41B | 226 | +6.38% | +7.56% | -1.18% | -0.16B |
| 2022-09-30 | $1.48B | 355 | +1.92% | -4.93% | +6.85% | +0.12B |
| 2022-06-30 | $1.34B | 399 | -23.35% | -16.11% | -7.24% | +0.11B |