Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.45%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.43%
baseline attrition
Rally response
-9.13%
trims into rallies
when a holding rises +10%+
Top positions · 22
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| EEMiShares MSCI Emerging Ma | $513M | 60.5% | — | 4.8 yr |
| GOOGLAlphabet Inc. | $113M | 13.4% | — | 2.5 yr |
| EWJiShares MSCI Japan ETF | $82M | 9.7% | — | 4.8 yr |
| EFAiShares MSCI EAFE ETF | $49M | 5.8% | — | 6.8 yr |
| SPYState Street SPDR S&P 50 | $48M | 5.6% | +17.6% | 6.5 yr |
| KODKodiak Sciences Inc. | $26M | 3.1% | +1256.6% | 7.5 yr |
| MPLTMapLight Therapeutics, I | $4M | 0.5% | — | 0.5 yr |
| ANNXAnnexon, Inc. | $3M | 0.3% | +187.0% | 5.8 yr |
| BSMBlack Stone Minerals, L. | $2M | 0.3% | +8.9% | 9.8 yr |
| WLTHWealthfront Corporation | $2M | 0.2% | — | 0.3 yr |
| KRPKimbell Royalty Partners | $2M | 0.2% | +15.8% | 7.5 yr |
| NAVNNavan, Inc. | $1M | 0.2% | — | 0.5 yr |
| VNOMViper Energy, Inc. | $1M | 0.1% | — | 0.8 yr |
| CHYMChime Financial, Inc. Cl | $1M | 0.1% | — | 1.0 yr |
| MATXMatson, Inc. | $0M | 0.1% | +29.5% | 3.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management81.5%+10.7pp$692M
Internet Content & Information13.4%-10.5pp$113M
Biotechnology3.9%+3.7pp$33M
Oil & Gas Exploration & Production0.5%+0.1pp$4M
Software - Application0.4%$3M
Oil & Gas Midstream0.1%$1M
Banks - Regional0.1%$1M
Marine Shipping0.1%+0.0pp$0M
Insurance - Life0.0%$0M
Shell Companies0.0%$0M
Country
US100.0%+0.2pp
Unknown0.0%-0.2pp
Top 5: 94.8% · Top 10: 99.2% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| SPY | $529M | +0.09B | 17.6% |
| KOD | $2M | +0.02B | 1256.6% |
| ANNX | $1M | +0.00B | 187.0% |
| KRP | $2M | +0.00B | 15.8% |
| BSM | $2M | +0.00B | 8.9% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 4
| EEM iShares MSCI Emerging Markets | +$0M |
| BACQ Inflection Point Acquisition Cnew | +$0M |
| WLTH Wealthfront Corporationnew | +$2M |
| LIFE Ethos Technologies Inc.new | +$0M |
Top sells this quarter · 11
| GOOGL Alphabet Inc. | −$0M |
| CARL Carlsmed, Inc. | −$0M |
| EFA iShares MSCI EAFE ETF | −$0M |
| — exit | −$0M |
| GOOG Alphabet Inc.exit | −$113M |
| SPY State Street SPDR S&P 500 ETF | −$15M |
| HTFL Heartflow, Inc. Common Stockexit | −$8M |
| NTRA Natera, Inc.exit | −$6M |
| PFSI PennyMac Financial Services, Iexit | −$0M |
| NXGL NEXGEL, Inc.exit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $849M | 22 | +53.07% | +17.59% | +35.47% | +0.34B |
| 2025-12-31 | $496M | 22 | +41.09% | +17.72% | +23.37% | -0.43B |
| 2025-09-30 | $851M | 20 | +33.14% | +17.52% | +15.62% | -0.29B |
| 2025-06-30 | $924M | 21 | +14.78% | +14.94% | -0.16% | -0.39B |
| 2025-03-31 | $1.18B | 20 | +5.58% | +8.30% | -2.72% | +0.08B |
| 2024-12-31 | $1.17B | 23 | +23.55% | +24.89% | -1.33% | -0.04B |
| 2024-09-30 | $1.17B | 25 | +36.04% | +36.04% | +0.01% | -0.39B |
| 2024-06-30 | $1.47B | 28 | +19.30% | +24.49% | -5.19% | +0.30B |
| 2024-03-31 | $1.14B | 26 | +20.78% | +29.62% | -8.85% | -0.55B |
| 2023-12-31 | $1.54B | 38 | +30.65% | +26.18% | +4.47% | +0.07B |
| 2023-09-30 | $1.29B | 31 | +10.48% | +21.57% | -11.09% | +0.37B |
| 2023-06-30 | $994M | 36 | +10.72% | +19.42% | -8.71% | -0.13B |
| 2023-03-31 | $1.08B | 36 | -15.49% | -7.82% | -7.68% | -0.10B |
| 2022-12-31 | $985M | 34 | -30.65% | -18.17% | -12.47% | -0.52B |
| 2022-09-30 | $1.57B | 52 | +13.79% | -15.51% | +29.30% | +0.19B |
| 2022-06-30 | $1.48B | 38 | -20.62% | -16.11% | -4.51% | +0.08B |