Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.67%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.04%
baseline attrition
Rally response
-3.79%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| FCFSFirstCash Holdings, Inc | $156M | 2.2% | +58.0% | 4.3 yr |
| RBCRBC Bearings Incorporate | $144M | 2.0% | +68.8% | 10.5 yr |
| FIVEFive Below, Inc. | $132M | 1.8% | +204.9% | 6.0 yr |
| VRTVertiv Holdings Co | $123M | 1.7% | +247.5% | 3.0 yr |
| MTSIMACOM Technology Solutio | $115M | 1.6% | +121.2% | 4.3 yr |
| BWXTBWX Technologies, Inc. | $114M | 1.6% | +108.6% | 1.5 yr |
| EXELExelixis, Inc. | $108M | 1.5% | +16.2% | 8.5 yr |
| FTITechnipFMC plc | $107M | 1.5% | +119.3% | 3.5 yr |
| OLLIOllie's Bargain Outlet H | $104M | 1.4% | -20.9% | 7.3 yr |
| BURLBurlington Stores, Inc. | $101M | 1.4% | +36.5% | 9.3 yr |
| LGNDLigand Pharmaceuticals I | $99M | 1.4% | +89.9% | 10.5 yr |
| DRSLeonardo DRS, Inc. | $94M | 1.3% | +36.6% | 3.5 yr |
| ECPGEncore Capital Group, In | $91M | 1.3% | +104.6% | 8.5 yr |
| AVAVAeroVironment, Inc. | $90M | 1.2% | +53.6% | 10.5 yr |
| RGENRepligen Corporation | $89M | 1.2% | -7.4% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Aerospace & Defense9.0%+1.2pp$649M
Semiconductors8.1%+3.1pp$584M
Software - Application7.3%-2.8pp$530M
Biotechnology5.5%+0.9pp$397M
Software - Infrastructure5.1%-2.8pp$371M
Electrical Equipment & Parts4.5%+3.0pp$323M
Medical - Devices4.2%-0.2pp$302M
Industrial - Machinery3.7%+1.5pp$269M
Financial - Capital Markets3.6%+0.2pp$260M
Medical - Diagnostics & Research3.4%+0.4pp$250M
Country
US92.3%+1.4pp
GB1.9%+0.4pp
KY1.5%+1.1pp
Unknown1.5%-0.4pp
IE0.9%-0.2pp
CH0.7%
IL0.6%-2.1pp
LU0.2%-0.8pp
Top 5: 9.2% · Top 10: 16.6% · Top 25: 34.3%
Top buys this quarter · 15
| PIPR Piper Sandler Companiesnew | +$86M |
| DRS Leonardo DRS, Inc. | +$49M |
| FROG JFrog Ltd.new | +$42M |
| OLLI Ollie's Bargain Outlet Holding | +$26M |
| SITM SiTime Corporationnew | +$24M |
| FPS Forgent Power Solutions, Inc.new | +$24M |
| MDB MongoDB, Inc. | +$23M |
| MEDP Medpace Holdings, Inc. | +$21M |
| RMBS Rambus Inc. | +$18M |
| VSEC VSE Corporation | +$18M |
Top sells this quarter · 15
| CWAN Clearwater Analytics Holdings,exit | −$84M |
| CIEN Ciena Corporation | −$54M |
| PEN Penumbra, Inc.exit | −$40M |
| KRMN Karman Holdings Inc. | −$37M |
| U Unity Software Inc.exit | −$34M |
| EXAS Exact Sciences Corporationexit | −$33M |
| KNSL Kinsale Capital Group, Inc. | −$29M |
| VRT Vertiv Holdings Co | −$97M |
| SDGR Schrödinger, Inc.exit | −$26M |
| BURL Burlington Stores, Inc. | −$22M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $7.24B | 172 | +17.68% | +17.59% | +0.09% | +0.02B |
| 2025-12-31 | $7.63B | 175 | +15.82% | +17.72% | -1.90% | -0.03B |
| 2025-09-30 | $7.66B | 174 | +18.05% | +17.52% | +0.53% | -0.45B |
| 2025-06-30 | $7.53B | 177 | +15.64% | +14.94% | +0.70% | -0.42B |
| 2025-03-31 | $6.88B | 166 | -3.40% | +8.30% | -11.71% | -0.01B |
| 2024-12-31 | $7.40B | 170 | +13.71% | +24.89% | -11.18% | -0.01B |
| 2024-09-30 | $7.27B | 160 | +26.51% | +36.04% | -9.52% | -0.23B |
| 2024-06-30 | $7.10B | 161 | +14.31% | +24.49% | -10.18% | -0.14B |
| 2024-03-31 | $7.51B | 170 | +24.46% | +29.62% | -5.16% | +0.01B |
| 2023-12-31 | $6.84B | 169 | +24.41% | +26.18% | -1.77% | -0.07B |
| 2023-09-30 | $6.09B | 174 | +15.54% | +21.57% | -6.03% | -0.02B |
| 2023-06-30 | $6.41B | 176 | +18.05% | +19.42% | -1.37% | +0.14B |
| 2023-03-31 | $5.98B | 168 | -9.42% | -7.82% | -1.60% | -0.08B |
| 2022-12-31 | $5.52B | 166 | +5.30% | +7.56% | -2.27% | -0.03B |
| 2022-09-30 | $5.27B | 172 | -2.58% | -4.93% | +2.35% | +0.00B |
| 2022-06-30 | $5.40B | 174 | -19.47% | -16.11% | -3.36% | -0.10B |