Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.93%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.62%
baseline attrition
Rally response
-7.85%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MEDPMedpace Holdings, Inc. | $105M | 5.6% | +57.6% | 2.0 yr |
| PANWPalo Alto Networks, Inc. | $100M | 5.4% | -6.0% | 0.3 yr |
| RBCRBC Bearings Incorporate | $95M | 5.1% | +68.8% | 6.0 yr |
| IDXXIDEXX Laboratories, Inc. | $93M | 5.0% | +33.8% | 10.5 yr |
| AVAVAeroVironment, Inc. | $80M | 4.3% | +53.6% | 10.0 yr |
| KTOSKratos Defense & Securit | $76M | 4.1% | +137.5% | 6.3 yr |
| FTNTFortinet, Inc. | $68M | 3.6% | -15.1% | 10.3 yr |
| SEICSEI Investments Company | $60M | 3.2% | +2.3% | 10.3 yr |
| RMDResMed Inc. | $60M | 3.2% | +1.2% | 10.3 yr |
| GMEDGlobus Medical, Inc. | $57M | 3.1% | +17.7% | 1.5 yr |
| TECHBio-Techne Corporation | $53M | 2.9% | -10.4% | 10.5 yr |
| CGNTCognyte Software Ltd. | $53M | 2.8% | +3.8% | 5.3 yr |
| VRNSVaronis Systems, Inc. | $50M | 2.7% | -46.9% | 3.5 yr |
| RAMPLiveRamp Holdings, Inc. | $49M | 2.7% | +1.5% | 7.5 yr |
| GWREGuidewire Software, Inc. | $48M | 2.6% | -20.2% | 7.0 yr |
Portfolio composition (YoY)
Industry mix
Software - Infrastructure18.3%-4.5pp$340M
Software - Application15.3%-4.6pp$285M
Medical - Diagnostics & Research11.6%+1.5pp$217M
Aerospace & Defense9.2%+1.5pp$171M
Medical - Devices7.3%+1.7pp$137M
Hardware, Equipment & Parts5.3%+3.8pp$98M
Manufacturing - Tools & Accessories5.1%+2.1pp$95M
Medical - Instruments & Supplies3.8%+0.5pp$72M
Asset Management3.5%+1.8pp$65M
Semiconductors3.2%+1.9pp$59M
Country
US95.9%+9.7pp
IL4.0%-9.1pp
CA0.1%+0.0pp
Unknown0.0%-0.2pp
IE0.0%-0.5pp
Top 5: 25.4% · Top 10: 42.6% · Top 25: 77.5%
Top buys this quarter · 15
| PANW Palo Alto Networks, Inc.new | +$100M |
| DT Dynatrace, Inc.new | +$39M |
| BMI Badger Meter, Inc.new | +$28M |
| TYL Tyler Technologies, Inc. | +$26M |
| VRNS Varonis Systems, Inc. | +$18M |
| GMED Globus Medical, Inc. | +$15M |
| SEIC SEI Investments Company | +$15M |
| VSEC VSE Corporation | +$14M |
| ESE ESCO Technologies Inc.new | +$11M |
| NCNO nCino, Inc. | +$36M |
Top sells this quarter · 15
| KTOS Kratos Defense & Security Solu | −$40M |
| AVAV AeroVironment, Inc. | −$39M |
| QLYS Qualys, Inc. | −$28M |
| RBC RBC Bearings Incorporated | −$21M |
| FDS FactSet Research Systems Inc. | −$20M |
| NICE NICE Ltd. | −$15M |
| BCPC Balchem Corporation | −$14M |
| SPSC SPS Commerce, Inc. | −$12M |
| NEOG Neogen Corporation | −$12M |
| RMD ResMed Inc. | −$9M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.86B | 75 | -1.38% | +17.59% | -18.97% | -0.08B |
| 2025-12-31 | $2.27B | 68 | +5.70% | +17.72% | -12.02% | -0.06B |
| 2025-09-30 | $2.51B | 68 | +12.15% | +17.52% | -5.36% | -0.04B |
| 2025-06-30 | $2.41B | 63 | +12.90% | +14.94% | -2.04% | -0.46B |
| 2025-03-31 | $2.46B | 63 | -9.05% | +8.30% | -17.35% | -0.01B |
| 2024-12-31 | $2.69B | 63 | +6.74% | +24.89% | -18.15% | -0.33B |
| 2024-09-30 | $3.06B | 61 | +22.00% | +36.04% | -14.03% | -0.12B |
| 2024-06-30 | $2.99B | 62 | +5.87% | +24.49% | -18.63% | +0.05B |
| 2024-03-31 | $3.12B | 64 | +22.00% | +29.62% | -7.62% | -0.04B |
| 2023-12-31 | $2.92B | 64 | +25.18% | +26.18% | -1.00% | +0.00B |
| 2023-09-30 | $2.59B | 63 | +14.44% | +21.57% | -7.13% | -0.07B |
| 2023-06-30 | $2.88B | 64 | +18.57% | +19.42% | -0.85% | -0.21B |
| 2023-03-31 | $2.84B | 62 | -15.28% | -7.82% | -7.46% | +0.01B |
| 2022-12-31 | $2.55B | 61 | -27.04% | -18.17% | -8.87% | -0.05B |
| 2022-09-30 | $2.53B | 63 | -21.27% | -15.51% | -5.76% | -0.02B |
| 2022-06-30 | $2.67B | 63 | -17.33% | -10.62% | -6.71% | +0.04B |