Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.33%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.77%
baseline attrition
Rally response
-13.76%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CRCLCircle Internet Group | $315M | 6.5% | — | 0.5 yr |
| ZTSZoetis Inc. | $260M | 5.4% | -27.2% | 0.5 yr |
| ILMNIllumina, Inc. | $259M | 5.3% | +55.4% | 1.8 yr |
| ALCAlcon Inc. | $256M | 5.3% | -20.3% | 0.5 yr |
| EQIXEquinix, Inc. | $245M | 5.0% | +23.0% | 0.3 yr |
| HSICHenry Schein, Inc. | $236M | 4.9% | +7.6% | 2.5 yr |
| UBERUber Technologies, Inc. | $223M | 4.6% | -1.3% | 5.8 yr |
| MSFTMicrosoft Corporation | $222M | 4.6% | -0.6% | 3.0 yr |
| TMOThermo Fisher Scientific | $197M | 4.0% | -0.9% | 0.8 yr |
| SPOTSpotify Technology S.A. | $194M | 4.0% | -11.8% | 0.3 yr |
| NFLXNetflix, Inc. | $192M | 4.0% | +3.1% | 1.5 yr |
| AMDAdvanced Micro Devices, | $183M | 3.8% | +98.0% | 1.5 yr |
| AONAon plc | $161M | 3.3% | -18.4% | 1.8 yr |
| BDXBecton, Dickinson and Co | $157M | 3.2% | +14.0% | 1.3 yr |
| FERGFerguson plc | $140M | 2.9% | +47.8% | 1.8 yr |
Portfolio composition (YoY)
Industry mix
Medical - Diagnostics & Research11.7%+8.2pp$569M
Medical - Instruments & Supplies8.5%+5.2pp$413M
Software - Infrastructure8.2%-1.4pp$400M
Financial - Capital Markets6.5%+0.8pp$315M
Software - Application5.8%+0.5pp$280M
Drug Manufacturers - General5.4%+4.2pp$260M
REIT - Specialty5.0%$245M
Entertainment5.0%$242M
Industrial - Distribution5.0%+2.6pp$241M
Medical - Distribution4.9%+0.6pp$236M
Country
US81.2%-2.2pp
CH5.3%
LU4.0%
IE3.3%+2.1pp
GB2.9%-3.9pp
Unknown1.8%-1.6pp
KZ1.5%-1.3pp
Top 5: 27.5% · Top 10: 49.5% · Top 25: 88.8%
Top buys this quarter · 15
| EQIX Equinix, Inc.new | +$245M |
| ZTS Zoetis Inc. | +$201M |
| CRCL Circle Internet Group | +$200M |
| SPOT Spotify Technology S.A.new | +$194M |
| NFLX Netflix, Inc. | +$183M |
| TMO Thermo Fisher Scientific Inc. | +$147M |
| ALC Alcon Inc. | +$105M |
| COIN Coinbase Global, Inc.new | +$105M |
| AKAM Akamai Technologies, Inc.new | +$92M |
| UBER Uber Technologies, Inc. | +$79M |
Top sells this quarter · 15
| Q Qnity Electronics, Inc.exit | −$277M |
| OSK Oshkosh Corporationexit | −$206M |
| EXPD Expeditors International of Waexit | −$193M |
| CHRW C.H. Robinson Worldwide, Inc.exit | −$166M |
| MKSI MKS Inc.exit | −$138M |
| DHR Danaher Corporation | −$123M |
| AMZN Amazon.com, Inc. | −$104M |
| COF Capital One Financial Corporatexit | −$91M |
| AMAT Applied Materials, Inc.exit | −$85M |
| BDX Becton, Dickinson and Company | −$63M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.86B | 41 | +32.83% | +17.59% | +15.24% | +0.70B |
| 2025-12-31 | $4.30B | 38 | +32.32% | +17.72% | +14.60% | +0.14B |
| 2025-09-30 | $3.81B | 41 | +23.81% | +17.52% | +6.29% | -0.59B |
| 2025-06-30 | $3.97B | 38 | +23.78% | +14.94% | +8.84% | -0.74B |
| 2025-03-31 | $4.15B | 40 | +2.95% | +8.30% | -5.35% | +0.04B |
| 2024-12-31 | $4.26B | 38 | +19.52% | +24.89% | -5.37% | -0.05B |
| 2024-09-30 | $4.22B | 42 | +35.26% | +36.04% | -0.78% | -0.23B |
| 2024-06-30 | $4.02B | 45 | +16.78% | +24.49% | -7.71% | -0.75B |
| 2024-03-31 | $5.05B | 51 | +39.04% | +29.62% | +9.42% | -0.15B |
| 2023-12-31 | $4.66B | 45 | +26.11% | +26.18% | -0.06% | -0.52B |
| 2023-09-30 | $4.48B | 48 | +18.82% | +21.57% | -2.75% | +0.07B |
| 2023-06-30 | $4.61B | 42 | +29.51% | +19.42% | +10.08% | -0.35B |
| 2023-03-31 | $4.41B | 51 | -10.25% | -7.82% | -2.43% | +0.48B |
| 2022-12-31 | $3.87B | 51 | +8.94% | +7.56% | +1.38% | -0.17B |
| 2022-09-30 | $3.71B | 40 | +4.27% | -4.93% | +9.19% | +0.04B |
| 2022-06-30 | $3.53B | 44 | -22.13% | -16.11% | -6.02% | -0.49B |