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
-5.48%
baseline attrition
Rally response
-13.27%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TWTradeweb Markets Inc. | $173M | 2.2% | -20.4% | 6.5 yr |
| PENPenumbra, Inc. | $161M | 2.1% | +22.8% | 9.5 yr |
| EOGEOG Resources, Inc. | $153M | 2.0% | +16.9% | 0.3 yr |
| SNPSSynopsys, Inc. | $153M | 2.0% | -7.5% | 10.5 yr |
| NTNXNutanix, Inc. | $152M | 2.0% | -45.6% | 6.8 yr |
| FASTFastenal Company | $135M | 1.7% | +22.1% | 3.3 yr |
| VEEVVeeva Systems Inc. | $130M | 1.7% | -24.2% | 8.5 yr |
| AKAMAkamai Technologies, Inc | $129M | 1.7% | +42.7% | 7.8 yr |
| ESABESAB Corporation | $126M | 1.6% | -16.8% | 2.3 yr |
| PEverpure, Inc. | $123M | 1.6% | +33.4% | 8.8 yr |
| IEXIDEX Corporation | $121M | 1.6% | +6.4% | 10.5 yr |
| ACGLArch Capital Group Ltd. | $121M | 1.6% | -0.2% | 1.3 yr |
| TPLTexas Pacific Land Corpo | $120M | 1.5% | +8.1% | 0.3 yr |
| CFRCullen/Frost Bankers, In | $117M | 1.5% | +12.9% | 10.5 yr |
| FNDFloor & Decor Holdings, | $116M | 1.5% | -36.9% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Software - Infrastructure11.5%-0.6pp$890M
Industrial - Machinery9.1%-3.8pp$702M
Medical - Devices6.0%-1.5pp$466M
Software - Application5.4%-0.6pp$417M
Financial - Capital Markets5.3%+3.5pp$414M
Banks - Regional5.0%-0.1pp$387M
Restaurants4.5%+1.7pp$346M
Oil & Gas Exploration & Production4.1%$320M
Medical - Instruments & Supplies3.8%-0.4pp$296M
Industrial - Distribution3.3%+1.3pp$257M
Country
US95.3%-1.0pp
BM1.6%+0.2pp
CA1.2%
IE0.8%+0.1pp
Unknown0.5%-0.2pp
GB0.4%-0.2pp
BS0.2%+0.1pp
Top 5: 10.2% · Top 10: 18.5% · Top 25: 40.2%
Top buys this quarter · 15
| EOG EOG Resources, Inc.new | +$153M |
| TPL Texas Pacific Land Corporationnew | +$120M |
| TSCO Tractor Supply Company | +$77M |
| CELH Celsius Holdings, Inc. | +$65M |
| VEEV Veeva Systems Inc. | +$58M |
| CBSH Commerce Bancshares, Inc. | +$56M |
| AVAV AeroVironment, Inc.new | +$54M |
| MTDR Matador Resources Companynew | +$47M |
| CRDO Credo Technology Group Holdingnew | +$43M |
| SNPS Synopsys, Inc. | +$43M |
Top sells this quarter · 15
| CFLT Confluent, Inc.exit | −$170M |
| MASI Masimo Corporation | −$141M |
| EXAS Exact Sciences Corporationexit | −$141M |
| SFBS ServisFirst Bancshares, Inc.exit | −$114M |
| FRPT Freshpet, Inc.exit | −$105M |
| FTV Fortive Corporationexit | −$97M |
| MKC McCormick & Company, Incorporaexit | −$88M |
| FDS FactSet Research Systems Inc.exit | −$74M |
| MSA MSA Safety Incorporated | −$69M |
| WST West Pharmaceutical Services, | −$68M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $7.75B | 129 | -1.74% | +17.59% | -19.34% | -1.22B |
| 2025-12-31 | $9.75B | 127 | -0.38% | +17.72% | -18.10% | -3.22B |
| 2025-09-30 | $13.04B | 134 | +3.51% | +17.52% | -14.00% | -1.01B |
| 2025-06-30 | $14.24B | 134 | +10.68% | +14.94% | -4.27% | -0.78B |
| 2025-03-31 | $13.81B | 139 | -5.04% | +8.30% | -13.35% | -0.93B |
| 2024-12-31 | $15.80B | 133 | +9.54% | +24.89% | -15.35% | -1.29B |
| 2024-09-30 | $16.55B | 124 | +19.39% | +36.04% | -16.65% | -0.67B |
| 2024-06-30 | $16.31B | 122 | +5.37% | +24.49% | -19.12% | +0.01B |
| 2024-03-31 | $17.46B | 126 | +19.28% | +29.62% | -10.34% | -0.68B |
| 2023-12-31 | $16.87B | 125 | +17.30% | +26.18% | -8.88% | -0.49B |
| 2023-09-30 | $15.41B | 126 | +12.54% | +21.57% | -9.03% | +0.27B |
| 2023-06-30 | $16.24B | 121 | +17.65% | +19.42% | -1.77% | -0.54B |
| 2023-03-31 | $15.88B | 129 | -8.56% | -7.82% | -0.74% | -0.61B |
| 2022-12-31 | $15.59B | 132 | +8.06% | +7.56% | +0.50% | -0.24B |
| 2022-09-30 | $14.65B | 130 | -2.59% | -4.93% | +2.34% | -0.42B |
| 2022-06-30 | $15.47B | 135 | -17.88% | -16.11% | -1.77% | -0.38B |