Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-9.36%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.34%
baseline attrition
Rally response
-25.79%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NRGNRG Energy, Inc. | $87M | 13.9% | +55.0% | 5.3 yr |
| GLNGGolar LNG Limited | $62M | 9.9% | +45.8% | 7.0 yr |
| TSMTaiwan Semiconductor Man | $52M | 8.4% | +105.6% | 0.5 yr |
| DASHDoorDash, Inc. | $43M | 6.9% | -17.8% | 2.8 yr |
| BKDBrookdale Senior Living | $40M | 6.4% | +118.5% | 0.5 yr |
| HROWHarrow Health, Inc. | $39M | 6.3% | +32.6% | 0.8 yr |
| BDXBecton, Dickinson and Co | $39M | 6.2% | +14.0% | 0.3 yr |
| SPHRSphere Entertainment Co. | $36M | 5.7% | +258.8% | 5.0 yr |
| PFGCPerformance Food Group C | $32M | 5.2% | +8.9% | 0.3 yr |
| — | $20M | 3.1% | — | 2.8 yr |
| — | $19M | 3.1% | — | 0.3 yr |
| AERAerCap Holdings N.V. | $19M | 3.0% | +35.6% | 3.8 yr |
| CTRICenturi Holdings, Inc. | $17M | 2.8% | +78.2% | 0.5 yr |
| NVDANVIDIA Corporation | $17M | 2.6% | +60.9% | 0.3 yr |
| TFINTriumph Financial, Inc. | $14M | 2.2% | +3.2% | 5.5 yr |
Portfolio composition (YoY)
Industry mix
Independent Power Producers13.9%+8.5pp$87M
Semiconductors11.0%$69M
Oil & Gas Midstream9.9%+8.2pp$62M
Unknown8.0%-11.0pp$50M
Entertainment7.6%+6.6pp$48M
Internet Content & Information7.4%-10.0pp$47M
Medical - Care Facilities6.4%$40M
Drug Manufacturers - Specialty & Generic6.3%$39M
Medical - Instruments & Supplies6.2%$39M
Food Distribution5.2%$32M
Country
US68.4%+9.4pp
BM9.9%+8.2pp
TW8.4%
Unknown8.0%-11.0pp
IE3.0%-5.1pp
DE1.2%+0.4pp
KR1.0%-4.5pp
TR0.1%-1.3pp
Top 5: 45.5% · Top 10: 72.0% · Top 25: 96.9%
Top buys this quarter · 15
| TSM Taiwan Semiconductor Manufactu | +$49M |
| NRG NRG Energy, Inc. | +$43M |
| BDX Becton, Dickinson and Companynew | +$39M |
| PFGC Performance Food Group Companynew | +$32M |
| BKD Brookdale Senior Living Inc. | +$24M |
| NVDA NVIDIA Corporationnew | +$17M |
| AMZN Amazon.com, Inc. | +$12M |
| HROW Harrow Health, Inc. | +$39M |
| SATS EchoStar Corporationnew | +$3M |
| THRY Thryv Holdings, Inc. | +$3M |
Top sells this quarter · 15
| AER AerCap Holdings N.V. | −$48M |
| TFIN Triumph Financial, Inc. | −$30M |
| ATRO Astronics Corporation | −$30M |
| DASH DoorDash, Inc. | −$29M |
| INTA Intapp, Inc.exit | −$29M |
| GLNG Golar LNG Limited | −$62M |
| COMP Compass, Inc.exit | −$14M |
| NAKA Nakamoto Inc.exit | −$11M |
| CPNG Coupang, Inc. | −$9M |
| FIP FTAI Infrastructure Inc.exit | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $625M | 37 | +22.23% | +17.59% | +4.64% | +0.01B |
| 2025-12-31 | $658M | 35 | +18.65% | +17.72% | +0.94% | -0.04B |
| 2025-09-30 | $718M | 39 | +23.97% | +17.52% | +6.45% | -0.05B |
| 2025-06-30 | $759M | 41 | +34.79% | +14.94% | +19.85% | -0.26B |
| 2025-03-31 | $778M | 42 | +0.93% | +8.30% | -7.38% | +0.08B |
| 2024-12-31 | $765M | 40 | +36.01% | +24.89% | +11.12% | +0.00B |
| 2024-09-30 | $747M | 35 | +43.51% | +36.04% | +7.48% | +0.07B |
| 2024-06-30 | $616M | 31 | +35.27% | +24.49% | +10.78% | -0.03B |
| 2024-03-31 | $653M | 30 | +21.79% | +29.62% | -7.83% | -0.08B |
| 2023-12-31 | $593M | 23 | +15.54% | +26.18% | -10.64% | -0.37B |
| 2023-09-30 | $898M | 31 | -2.27% | +21.57% | -23.84% | -0.03B |
| 2023-06-30 | $892M | 32 | -35.87% | +19.42% | -55.30% | -0.12B |
| 2023-03-31 | $1.14B | 32 | -55.64% | -7.82% | -47.82% | -0.07B |
| 2022-12-31 | $1.04B | 44 | -8.88% | +7.56% | -16.44% | +0.04B |
| 2022-09-30 | $1.09B | 68 | -31.74% | -4.93% | -26.81% | +0.17B |
| 2022-06-30 | $1.36B | 83 | -38.81% | -16.11% | -22.70% | +0.32B |