Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-20.41%
trims when stocks drop
when a holding falls −10%+
Middle response
-11.47%
baseline attrition
Rally response
-10.81%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $153M | 4.8% | — | 7.3 yr |
| ESIElement Solutions Inc | $106M | 3.3% | +52.8% | 7.3 yr |
| CRH.LCRH plc | $105M | 3.3% | — | 1.0 yr |
| AMZNAmazon.com, Inc. | $96M | 3.0% | +9.5% | 6.8 yr |
| SPOTSpotify Technology S.A. | $76M | 2.4% | -11.8% | 2.3 yr |
| NVDANVIDIA Corporation | $75M | 2.4% | +60.9% | 0.5 yr |
| PEPPepsiCo, Inc. | $71M | 2.2% | +7.7% | 2.5 yr |
| PGThe Procter & Gamble Com | $63M | 2.0% | -12.9% | 3.0 yr |
| METAMeta Platforms, Inc. | $61M | 1.9% | -0.4% | 5.5 yr |
| MDLZMondelez International, | $60M | 1.9% | -13.0% | 2.8 yr |
| PFGCPerformance Food Group C | $59M | 1.9% | +8.9% | 2.3 yr |
| — | $59M | 1.8% | — | 1.0 yr |
| VVisa Inc. | $59M | 1.8% | -13.1% | 3.3 yr |
| CVNACarvana Co. | $58M | 1.8% | +50.4% | 3.0 yr |
| ULSUL Solutions Inc. | $56M | 1.8% | +53.1% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Unknown16.2%+8.5pp$517M
Industrial - Machinery7.8%+4.3pp$247M
Internet Content & Information5.9%-0.4pp$188M
Specialty Retail4.3%-6.0pp$138M
Household & Personal Products4.1%-1.9pp$130M
Semiconductors4.0%$129M
Chemicals - Specialty4.0%+1.8pp$129M
Aerospace & Defense3.6%+0.6pp$116M
Construction Materials3.6%+0.9pp$116M
Beverages - Non-Alcoholic3.5%-5.7pp$113M
Country
US70.6%-15.6pp
Unknown16.2%+8.5pp
IE5.2%+2.7pp
CA3.2%+2.9pp
LU2.4%-0.4pp
TW1.5%
GB0.8%+0.4pp
Top 5: 16.8% · Top 10: 27.2% · Top 25: 51.3%
Top buys this quarter · 15
| TSM Taiwan Semiconductor Manufactunew | +$49M |
| MDLZ Mondelez International, Inc. | +$33M |
| VST Vistra Corp.new | +$32M |
| NFLX Netflix, Inc. | +$35M |
| NVDA NVIDIA Corporation | +$28M |
| V Visa Inc. | +$28M |
| RL Ralph Lauren Corporation | +$22M |
| PEP PepsiCo, Inc. | +$20M |
| CNR Core Natural Resources, Inc. | +$19M |
| TPR Tapestry, Inc. | +$19M |
Top sells this quarter · 15
| USFD US Foods Holding Corp.exit | −$86M |
| SPGI S&P Global Inc.exit | −$72M |
| FIVE Five Below, Inc.exit | −$66M |
| SGI Somnigroup International Inc | −$64M |
| DKS DICK'S Sporting Goods, Inc.exit | −$62M |
| SYY Sysco Corporation | −$60M |
| MMM 3M Company | −$58M |
| MCO Moody's Corporationexit | −$58M |
| URBN Urban Outfitters, Inc. | −$48M |
| ORLY O'Reilly Automotive, Inc.exit | −$45M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.19B | 140 | +22.79% | +17.59% | +5.20% | -0.36B |
| 2025-12-31 | $3.59B | 130 | +23.17% | +17.72% | +5.45% | -0.63B |
| 2025-09-30 | $4.20B | 141 | +26.46% | +17.52% | +8.95% | +0.09B |
| 2025-06-30 | $3.74B | 143 | +22.69% | +14.94% | +7.75% | +0.63B |
| 2025-03-31 | $2.76B | 120 | +11.88% | +8.30% | +3.58% | +0.07B |
| 2024-12-31 | $2.71B | 116 | +27.09% | +24.89% | +2.21% | -0.78B |
| 2024-09-30 | $3.38B | 141 | +38.70% | +36.04% | +2.66% | -0.02B |
| 2024-06-30 | $3.19B | 124 | +25.55% | +24.49% | +1.06% | +0.06B |
| 2024-03-31 | $3.05B | 135 | +30.87% | +29.62% | +1.25% | +0.39B |
| 2023-12-31 | $2.36B | 121 | +24.01% | +26.18% | -2.17% | -0.61B |
| 2023-09-30 | $2.64B | 128 | +23.70% | +21.57% | +2.13% | -0.11B |
| 2023-06-30 | $2.86B | 130 | +23.27% | +19.42% | +3.85% | -0.01B |
| 2023-03-31 | $2.68B | 127 | +1.26% | -7.82% | +9.08% | +0.05B |
| 2022-12-31 | $2.47B | 114 | +12.36% | +7.56% | +4.80% | +0.54B |
| 2022-09-30 | $1.72B | 106 | -3.93% | -4.93% | +1.00% | +0.52B |
| 2022-06-30 | $1.25B | 106 | -12.11% | -16.11% | +4.00% | -1.08B |