Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+4.08%
adds when stocks drop
when a holding falls −10%+
Middle response
-3.63%
baseline attrition
Rally response
-4.29%
trims into rallies
when a holding rises +10%+
Top positions · 25
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NWSANews Corporation | $35M | 12.4% | -7.7% | 4.5 yr |
| — | $25M | 9.0% | — | 2.8 yr |
| HHHHoward Hughes Holdings I | $24M | 8.6% | -14.6% | 1.8 yr |
| TKOTKO Group Holdings, Inc. | $24M | 8.5% | +33.8% | 1.5 yr |
| SATSEchoStar Corporation | $20M | 7.0% | +357.7% | 0.8 yr |
| NDAQNasdaq, Inc. | $19M | 6.9% | +13.3% | 0.8 yr |
| SRTAStrata Critical Medical, | $17M | 6.1% | +53.1% | 1.8 yr |
| CTRICenturi Holdings, Inc. | $16M | 5.8% | +78.2% | 0.8 yr |
| NFLXNetflix, Inc. | $14M | 4.9% | +3.1% | 0.3 yr |
| RITM-PDRithm Capital Corp. | $13M | 4.7% | — | 3.0 yr |
| ARESAres Management Corporat | $11M | 3.8% | -23.1% | 7.5 yr |
| HUT.TOHut 8 Mining Corp. | $8M | 3.0% | +290.2% | 2.0 yr |
| GEGGLGreat Elm Group, Inc. 7. | $8M | 2.8% | — | 5.5 yr |
| SMRTSmartRent, Inc. | $7M | 2.7% | +24.0% | 0.8 yr |
| DUOTDuos Technologies Group, | $7M | 2.6% | +21.6% | 1.8 yr |
Portfolio composition (YoY)
Industry mix
Entertainment27.2%+8.6pp$76M
Unknown10.4%-3.4pp$29M
Real Estate - Diversified8.6%$24M
Communication Equipment7.0%$20M
Financial - Data & Stock Exchanges6.9%$19M
Asset Management6.2%-8.6pp$18M
Airlines, Airports & Air Services6.1%$17M
Regulated Gas5.8%$16M
Software - Application5.3%+3.6pp$15M
REIT - Mortgage4.9%-5.0pp$14M
Country
US84.0%+1.3pp
Unknown10.4%-3.4pp
CA3.0%-0.1pp
BM1.9%+1.5pp
RU0.7%
Top 5: 45.5% · Top 10: 73.8% · Top 25: 100.0%
Top buys this quarter · 11
| NFLX Netflix, Inc.new | +$14M |
| NDAQ Nasdaq, Inc. | +$8M |
| SRTA Strata Critical Medical, Inc. | +$5M |
| NWSA News Corporation | +$5M |
| HHH Howard Hughes Holdings Inc. | +$24M |
| CDRE Cadre Holdings, Inc.new | +$3M |
| EBAY eBay Inc.new | +$2M |
| SMRT SmartRent, Inc. | +$2M |
| DUOT Duos Technologies Group, Inc. | +$7M |
| CTRI Centuri Holdings, Inc. | +$0M |
Top sells this quarter · 15
| HUT.TO Hut 8 Mining Corp. | −$28M |
| FOX Fox Corporationexit | −$20M |
| SATS EchoStar Corporation | −$11M |
| APO Apollo Global Management, Inc. | −$8M |
| MITT TPG Mortgage Investment Trust | −$3M |
| ARES Ares Management Corporation | −$3M |
| TKO TKO Group Holdings, Inc. | −$2M |
| MPLX MPLX Lpexit | −$2M |
| CART Instacart (Maplebear Inc.)exit | −$1M |
| SSTI SoundThinking, Inc.exit | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $281M | 25 | +26.71% | +17.59% | +9.12% | -0.08B |
| 2025-12-31 | $381M | 27 | +24.11% | +17.72% | +6.40% | +0.04B |
| 2025-09-30 | $323M | 24 | +25.17% | +17.52% | +7.65% | -0.00B |
| 2025-06-30 | $292M | 24 | +20.81% | +14.94% | +5.87% | +0.01B |
| 2025-03-31 | $245M | 23 | +5.90% | +8.30% | -2.40% | -0.00B |
| 2024-12-31 | $269M | 23 | +25.49% | +24.89% | +0.60% | -0.02B |
| 2024-09-30 | $265M | 26 | +30.50% | +36.04% | -5.54% | -0.02B |
| 2024-06-30 | $271M | 28 | +16.91% | +24.49% | -7.58% | -0.00B |
| 2024-03-31 | $277M | 29 | +37.52% | +29.62% | +7.90% | +0.00B |
| 2023-12-31 | $249M | 27 | +44.93% | +26.18% | +18.75% | -0.03B |
| 2023-09-30 | $252M | 26 | +34.61% | +21.57% | +13.04% | +0.02B |
| 2023-06-30 | $245M | 25 | +36.94% | +19.42% | +17.51% | +0.01B |
| 2023-03-31 | $197M | 21 | -9.19% | -7.82% | -1.37% | -0.01B |
| 2022-12-31 | $179M | 20 | +4.18% | +7.56% | -3.38% | -0.02B |
| 2022-09-30 | $187M | 23 | -2.62% | -4.93% | +2.30% | +0.03B |
| 2022-06-30 | $165M | 19 | -22.54% | -16.11% | -6.43% | -0.00B |