Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.46%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.64%
baseline attrition
Rally response
-5.19%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| LGNDLigand Pharmaceuticals I | $53M | 3.9% | +89.9% | 2.3 yr |
| PEGAPegasystems Inc. | $45M | 3.2% | +22.6% | 10.0 yr |
| PDFSPDF Solutions, Inc. | $42M | 3.0% | +71.2% | 6.3 yr |
| ULSUL Solutions Inc. | $38M | 2.8% | +53.1% | 1.5 yr |
| SEISolaris Energy Infrastru | $34M | 2.5% | +163.1% | 0.8 yr |
| MTSIMACOM Technology Solutio | $33M | 2.4% | +121.2% | 0.8 yr |
| TFINTriumph Financial, Inc. | $31M | 2.3% | +3.2% | 7.0 yr |
| EEExcelerate Energy, Inc. | $30M | 2.2% | +17.8% | 3.8 yr |
| AGXArgan, Inc. | $29M | 2.1% | +318.5% | 1.0 yr |
| OIIOceaneering Internationa | $28M | 2.0% | +62.6% | 2.0 yr |
| SAIASaia, Inc. | $28M | 2.0% | +0.5% | 5.0 yr |
| TXRHTexas Roadhouse, Inc. | $28M | 2.0% | +0.7% | 7.5 yr |
| ANIPANI Pharmaceuticals, Inc | $28M | 2.0% | +14.9% | 9.3 yr |
| CWSTCasella Waste Systems, I | $27M | 2.0% | -28.8% | 3.8 yr |
| SSDSimpson Manufacturing Co | $27M | 1.9% | +9.8% | 1.8 yr |
Portfolio composition (YoY)
Industry mix
Software - Application12.7%-1.9pp$175M
Medical - Instruments & Supplies6.6%-1.4pp$92M
Banks - Regional6.5%+1.2pp$89M
Engineering & Construction5.6%+4.5pp$77M
Biotechnology5.4%+1.7pp$74M
Oil & Gas Equipment & Services4.8%+3.5pp$67M
Semiconductors4.3%+3.9pp$60M
Aerospace & Defense3.7%$51M
Construction3.5%-1.7pp$48M
Restaurants3.4%-1.1pp$47M
Country
US97.0%+6.8pp
BM1.8%+0.7pp
IT1.3%+0.4pp
Top 5: 15.4% · Top 10: 26.4% · Top 25: 53.3%
Top buys this quarter · 15
| STRL Sterling Infrastructure, Inc.new | +$22M |
| MOD Modine Manufacturing Companynew | +$16M |
| CRL Charles River Laboratories Int | +$12M |
| ORA Ormat Technologies, Inc.new | +$12M |
| BWXT BWX Technologies, Inc.new | +$12M |
| RMBS Rambus Inc. | +$11M |
| TFIN Triumph Financial, Inc. | +$10M |
| WBI WaterBridge Infrastructure LLC | +$9M |
| PEGA Pegasystems Inc. | +$45M |
| CHYM Chime Financial, Inc. Class A | +$6M |
Top sells this quarter · 15
| AGX Argan, Inc. | −$34M |
| OSW OneSpaWorld Holdings Limitedexit | −$23M |
| LMAT LeMaitre Vascular, Inc. | −$15M |
| CHE Chemed Corporationexit | −$15M |
| AAON AAON, Inc. | −$13M |
| PR Permian Resources Corporation | −$12M |
| EE Excelerate Energy, Inc. | −$11M |
| WRBY Warby Parker Inc. | −$6M |
| MMSI Merit Medical Systems, Inc. | −$4M |
| LMB Limbach Holdings, Inc.exit | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.38B | 79 | +6.59% | +17.59% | -11.01% | -0.04B |
| 2025-12-31 | $1.46B | 79 | -2.19% | +17.72% | -19.91% | +0.02B |
| 2025-09-30 | $1.43B | 76 | -0.30% | +17.52% | -17.82% | -0.05B |
| 2025-06-30 | $1.43B | 72 | -1.69% | +14.94% | -16.64% | -0.04B |
| 2025-03-31 | $1.40B | 75 | -9.76% | +8.30% | -18.07% | -0.02B |
| 2024-12-31 | $1.58B | 89 | +8.33% | +24.89% | -16.56% | -0.01B |
| 2024-09-30 | $1.56B | 88 | +17.75% | +36.04% | -18.29% | +0.06B |
| 2024-06-30 | $1.47B | 94 | +8.41% | +24.49% | -16.08% | -0.03B |
| 2024-03-31 | $1.56B | 93 | +21.13% | +29.62% | -8.49% | -0.22B |
| 2023-12-31 | $1.65B | 111 | +27.63% | +26.18% | +1.45% | -0.02B |
| 2023-09-30 | $1.51B | 106 | +19.82% | +21.57% | -1.75% | -0.06B |
| 2023-06-30 | $1.66B | 105 | +21.57% | +19.42% | +2.15% | +0.05B |
| 2023-03-31 | $1.49B | 103 | -5.18% | -7.82% | +2.64% | -0.03B |
| 2022-12-31 | $1.35B | 105 | +4.36% | +7.56% | -3.20% | +0.02B |
| 2022-09-30 | $1.27B | 107 | -4.61% | -4.93% | +0.32% | +0.01B |
| 2022-06-30 | $1.32B | 105 | -15.87% | -16.11% | +0.24% | -0.01B |