Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.03%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.12%
baseline attrition
Rally response
-9.06%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TSEMTower Semiconductor Ltd. | $399M | 13.4% | +392.1% | 10.5 yr |
| WIXWix.com Ltd. | $338M | 11.3% | -44.9% | 3.3 yr |
| ILMNIllumina, Inc. | $190M | 6.4% | +55.4% | 3.3 yr |
| BILLBill.com Holdings, Inc. | $147M | 4.9% | -16.5% | 1.8 yr |
| ALGNAlign Technology, Inc. | $129M | 4.3% | +7.9% | 2.3 yr |
| MDAMDA Space Ltd | $121M | 4.0% | — | 0.3 yr |
| RDWRRadware Ltd. | $107M | 3.6% | +21.7% | 10.5 yr |
| RHRh | $89M | 3.0% | -40.4% | 4.3 yr |
| PATHUiPath Inc. | $86M | 2.9% | +7.8% | 3.8 yr |
| DKSDICK'S Sporting Goods, I | $84M | 2.8% | +0.1% | 1.0 yr |
| VOYGVoyager Technologies, In | $84M | 2.8% | — | 1.0 yr |
| CRTOCriteo S.A. | $82M | 2.8% | -49.4% | 5.0 yr |
| NCNOnCino, Inc. | $80M | 2.7% | -45.5% | 1.0 yr |
| VACMarriott Vacations World | $75M | 2.5% | +6.3% | 8.0 yr |
| CIENCiena Corporation | $67M | 2.3% | +542.4% | 5.5 yr |
Portfolio composition (YoY)
Industry mix
Software - Infrastructure21.1%-1.7pp$629M
Semiconductors17.0%+2.0pp$508M
Software - Application9.9%+6.9pp$296M
Medical - Diagnostics & Research6.4%+2.6pp$190M
Specialty Retail6.2%+1.5pp$184M
Internet Content & Information5.9%-0.6pp$175M
Medical - Devices4.6%-0.6pp$137M
Hardware, Equipment & Parts4.0%$121M
Aerospace & Defense3.1%$93M
Advertising Agencies2.9%-3.1pp$85M
Country
US59.5%-0.4pp
IL30.4%-0.3pp
CA4.5%+4.5pp
FR2.8%-3.2pp
GB2.0%-1.2pp
CN0.8%
NL0.0%
Top 5: 40.4% · Top 10: 56.7% · Top 25: 90.2%
Top buys this quarter · 15
| MDA MDA Space Ltdnew | +$121M |
| WIX Wix.com Ltd. | +$67M |
| COMP Compass, Inc. | +$49M |
| RDDT Reddit, Inc.new | +$48M |
| BILL Bill.com Holdings, Inc. | +$48M |
| MCHP Microchip Technology Incorporanew | +$33M |
| DKS DICK'S Sporting Goods, Inc. | +$28M |
| VRNS Varonis Systems, Inc. | +$25M |
| OKTA Okta, Inc. | +$23M |
| GENI Genius Sports Limited | +$60M |
Top sells this quarter · 15
| TSEM Tower Semiconductor Ltd. | −$298M |
| MU Micron Technology, Inc. | −$147M |
| EPAM EPAM Systems, Inc.exit | −$111M |
| CIEN Ciena Corporation | −$67M |
| LASR nLIGHT, Inc. | −$43M |
| UNFI United Natural Foods, Inc. | −$38M |
| RH Rh | −$29M |
| CHKP Check Point Software Technologexit | −$23M |
| GDS GDS Holdings Limitedexit | −$20M |
| AR Antero Resources Corporationexit | −$19M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.98B | 48 | +30.75% | +17.59% | +13.16% | -0.25B |
| 2025-12-31 | $3.21B | 51 | +5.61% | +17.72% | -12.11% | -0.11B |
| 2025-09-30 | $3.11B | 50 | +5.22% | +17.52% | -12.30% | -0.26B |
| 2025-06-30 | $2.98B | 52 | +4.30% | +14.94% | -10.65% | +0.41B |
| 2025-03-31 | $2.39B | 42 | -7.34% | +8.30% | -15.65% | -0.25B |
| 2024-12-31 | $3.25B | 58 | +18.16% | +24.89% | -6.73% | +0.20B |
| 2024-09-30 | $2.87B | 49 | +21.92% | +36.04% | -14.12% | -0.05B |
| 2024-06-30 | $2.60B | 48 | -1.86% | +24.49% | -26.35% | +0.13B |
| 2024-03-31 | $2.59B | 53 | +1.81% | +29.62% | -27.81% | -0.10B |
| 2023-12-31 | $2.60B | 47 | +2.20% | +26.18% | -23.97% | -0.22B |
| 2023-09-30 | $2.56B | 49 | +4.89% | +21.57% | -16.68% | -0.17B |
| 2023-06-30 | $3.03B | 56 | -13.53% | +19.42% | -32.95% | +0.30B |
| 2023-03-31 | $2.75B | 45 | -41.01% | -7.82% | -33.19% | -0.30B |
| 2022-12-31 | $2.94B | 46 | +12.89% | +7.56% | +5.32% | +0.24B |
| 2022-09-30 | $2.39B | 52 | -25.70% | -4.93% | -20.78% | +0.22B |
| 2022-06-30 | $2.93B | 77 | -32.29% | -16.11% | -16.18% | +0.57B |