Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-10.44%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.74%
baseline attrition
Rally response
-9.46%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TPLTexas Pacific Land Corpo | $50M | 4.1% | +8.1% | 5.0 yr |
| MTDRMatador Resources Compan | $38M | 3.2% | +27.6% | 10.5 yr |
| NVDANVIDIA Corporation | $37M | 3.1% | +60.9% | 7.0 yr |
| WULFTeraWulf Inc. | $36M | 3.0% | +428.6% | 1.8 yr |
| SNSharkNinja, Inc. | $30M | 2.5% | +27.0% | 2.0 yr |
| EXPEagle Materials Inc. | $28M | 2.3% | -14.2% | 7.0 yr |
| FCXFreeport-McMoRan Inc. | $27M | 2.3% | +57.4% | 6.0 yr |
| UBERUber Technologies, Inc. | $26M | 2.2% | -1.3% | 6.3 yr |
| BANCBanc of California, Inc. | $26M | 2.1% | +27.0% | 2.5 yr |
| POWLPowell Industries, Inc. | $22M | 1.8% | +6.3% | 1.0 yr |
| MUMicron Technology, Inc. | $21M | 1.7% | +289.6% | 10.5 yr |
| GEOThe GEO Group, Inc. | $19M | 1.6% | -42.5% | 7.0 yr |
| DKNGDraftKings Inc. | $19M | 1.5% | -34.9% | 3.0 yr |
| ASOAcademy Sports and Outdo | $18M | 1.5% | +25.1% | 5.0 yr |
| CLFCleveland-Cliffs Inc. | $18M | 1.5% | +2.8% | 8.8 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors10.9%+4.7pp$132M
Oil & Gas Exploration & Production9.4%-2.8pp$114M
Banks - Regional5.0%-0.9pp$61M
Financial - Capital Markets4.8%+2.6pp$58M
Software - Application4.0%-0.4pp$49M
Furnishings, Fixtures & Appliances3.8%+0.5pp$46M
Specialty Retail3.5%+0.3pp$42M
Software - Infrastructure3.1%-1.4pp$38M
Steel2.8%-0.4pp$34M
Construction Materials2.3%-0.8pp$28M
Country
US92.1%-0.1pp
Unknown1.7%-0.1pp
CH1.5%-0.1pp
CA1.4%
GB1.2%+0.5pp
TW1.1%+0.0pp
IL1.0%-0.6pp
IE0.0%-0.5pp
Top 5: 15.8% · Top 10: 26.6% · Top 25: 46.5%
Top buys this quarter · 15
| AMAT Applied Materials, Inc. | +$14M |
| DOCN DigitalOcean Holdings, Inc.new | +$10M |
| GEO The GEO Group, Inc. | +$10M |
| CRCL Circle Internet Groupnew | +$9M |
| FWRG First Watch Restaurant Group, | +$8M |
| GATX GATX Corporationnew | +$7M |
| FDX FedEx Corporation | +$7M |
| MTN Vail Resorts, Inc. | +$5M |
| IPGP IPG Photonics Corporation | +$5M |
| YOU Clear Secure, Inc. | +$4M |
Top sells this quarter · 15
| TWLO Twilio Inc. | −$23M |
| MU Micron Technology, Inc. | −$10M |
| MSFT Microsoft Corporation | −$9M |
| PR Permian Resources Corporation | −$7M |
| GENI Genius Sports Limited | −$7M |
| HPE Hewlett Packard Enterprise Com | −$6M |
| WULF TeraWulf Inc. | −$33M |
| UNH UnitedHealth Group Incorporateexit | −$5M |
| KEX Kirby Corporation | −$4M |
| GPI Group 1 Automotive, Inc.exit | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.21B | 200 | +26.86% | +17.59% | +9.27% | +0.04B |
| 2025-12-31 | $1.16B | 196 | +16.13% | +17.72% | -1.59% | -0.04B |
| 2025-09-30 | $1.17B | 203 | +13.89% | +17.52% | -3.62% | +0.00B |
| 2025-06-30 | $1.04B | 205 | +8.30% | +14.94% | -6.64% | -0.05B |
| 2025-03-31 | $994M | 205 | -5.97% | +8.30% | -14.27% | -0.54B |
| 2024-12-31 | $1.66B | 209 | +14.69% | +24.89% | -10.19% | +0.09B |
| 2024-09-30 | $1.56B | 220 | +26.36% | +36.04% | -9.67% | -0.03B |
| 2024-06-30 | $1.49B | 218 | +14.74% | +24.49% | -9.75% | +0.00B |
| 2024-03-31 | $1.56B | 217 | +30.42% | +29.62% | +0.80% | -0.53B |
| 2023-12-31 | $1.87B | 208 | +25.39% | +26.18% | -0.79% | +0.94B |
| 2023-09-30 | $837M | 214 | +24.88% | +21.57% | +3.31% | -0.75B |
| 2023-06-30 | $1.64B | 136 | +27.99% | +19.42% | +8.56% | +0.32B |
| 2023-03-31 | $1.22B | 216 | -6.62% | -7.82% | +1.20% | -0.02B |
| 2022-12-31 | $1.15B | 214 | +10.64% | +7.56% | +3.08% | +0.47B |
| 2022-09-30 | $608M | 201 | -1.11% | -4.93% | +3.81% | -0.37B |
| 2022-06-30 | $991M | 211 | -20.75% | -16.11% | -4.64% | -0.01B |