Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-12.30%
trims when stocks drop
when a holding falls −10%+
Middle response
-8.66%
baseline attrition
Rally response
-25.45%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CRWVCoreWeave, Inc. Class A | $4.74B | 49.7% | +108.9% | 1.3 yr |
| ALAir Lease Corporation | $87M | 0.9% | +36.3% | 0.8 yr |
| GTLSChart Industries, Inc. | $87M | 0.9% | +43.2% | 1.8 yr |
| TXNMTXNM Energy, Inc. | $86M | 0.9% | +12.5% | 4.3 yr |
| PENPenumbra, Inc. | $83M | 0.9% | +22.8% | 2.3 yr |
| WBDWarner Bros. Discovery, | $82M | 0.9% | +155.9% | 1.3 yr |
| PRAProAssurance Corporation | $80M | 0.8% | +5.9% | 1.8 yr |
| KVUEKenvue Inc. | $79M | 0.8% | -25.0% | 1.3 yr |
| WBSWebster Financial Corpor | $79M | 0.8% | +38.5% | 1.5 yr |
| — | $78M | 0.8% | — | 0.3 yr |
| NSCNorfolk Southern Corpora | $78M | 0.8% | +23.6% | 5.0 yr |
| TECKTeck Resources Limited | $78M | 0.8% | +43.3% | 1.8 yr |
| MASIMasimo Corporation | $76M | 0.8% | +6.8% | 2.0 yr |
| 0YY7.LDigitalBridge Group, Inc | $65M | 0.7% | — | 1.0 yr |
| CSGSCSG Systems Internationa | $65M | 0.7% | +34.6% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Software - Infrastructure50.9%+1.2pp$4.86B
Unknown15.3%+5.1pp$1.46B
Shell Companies6.0%+4.2pp$570M
Asset Management2.0%+1.5pp$191M
Semiconductors2.0%+1.1pp$187M
Biotechnology1.9%+1.1pp$181M
Financial - Conglomerates1.8%+1.6pp$170M
Medical - Devices1.8%+1.4pp$169M
Industrial - Machinery1.5%+0.6pp$141M
Banks - Regional1.3%+0.4pp$123M
Country
US80.4%-6.5pp
Unknown15.3%+5.1pp
KY1.3%+1.1pp
CA1.3%+0.8pp
BM0.6%+0.5pp
IL0.2%+0.1pp
GB0.2%-0.0pp
HK0.2%
Top 5: 53.3% · Top 10: 57.5% · Top 25: 66.6%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| CRWV | $3.55B | +3.87B | 108.9% |
| PRA | $54M | +0.00B | 5.9% |
| FOLD | $0M | +0.00B | 77.2% |
| TPH | $0M | +0.00B | 46.4% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| PEN Penumbra, Inc. | +$81M |
| WBS Webster Financial Corporation | +$78M |
| MASI Masimo Corporation | +$75M |
| TPH Tri Pointe Homes, Inc. | +$52M |
| SLAB Silicon Laboratories Inc. | +$50M |
| VAL Valaris Limited | +$47M |
| NSA National Storage Affiliates Tr | +$46M |
| UNF UniFirst Corporation | +$42M |
| THR Thermon Group Holdings, Inc. | +$38M |
| APLS Apellis Pharmaceuticals, Inc. | +$35M |
Top sells this quarter · 15
| TGNA TEGNA Inc.exit | −$87M |
| CFLT Confluent, Inc.exit | −$82M |
| EXAS Exact Sciences Corporationexit | −$74M |
| NGD New Gold Inc.exit | −$46M |
| CVS CVS Health Corporation | −$24M |
| TECK Teck Resources Limited | −$20M |
| NSC Norfolk Southern Corporation | −$20M |
| CCIX Churchill Capital Corp IX Ordiexit | −$20M |
| GTLS Chart Industries, Inc. | −$17M |
| AL Air Lease Corporation | −$16M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $9.54B | 1120 | +5.43% | -4.37% | +9.80% | -0.46B |
| 2025-12-31 | $9.49B | 850 | -38.22% | +2.66% | -40.89% | -0.24B |
| 2025-09-30 | $15.76B | 831 | -13.48% | +8.12% | -21.60% | -1.57B |
| 2025-06-30 | $20.03B | 845 | — | +10.78% | — | +12.82B |
| 2025-03-31 | $7.21B | 696 | -4.65% | +8.30% | -12.95% | +3.52B |
| 2024-12-31 | $3.82B | 565 | +7.76% | +24.89% | -17.12% | +0.18B |
| 2024-09-30 | $3.88B | 471 | +21.83% | +36.04% | -14.20% | -0.79B |
| 2024-06-30 | $4.37B | 466 | +11.15% | +24.49% | -13.34% | +0.57B |
| 2024-03-31 | $3.87B | 318 | +23.58% | +29.62% | -6.04% | +0.08B |
| 2023-12-31 | $3.46B | 317 | +9.10% | +26.18% | -17.07% | -0.35B |
| 2023-09-30 | $3.59B | 405 | +11.74% | +21.57% | -9.83% | -0.45B |
| 2023-06-30 | $4.15B | 433 | +57.71% | +19.42% | +38.29% | -1.11B |
| 2023-03-31 | $4.81B | 559 | +33.39% | -7.82% | +41.21% | -0.58B |
| 2022-12-31 | $5.57B | 728 | +8.70% | +7.56% | +1.14% | -1.90B |
| 2022-09-30 | $6.88B | 1314 | +37.36% | -4.93% | +42.29% | -4.48B |
| 2022-06-30 | $8.27B | 1608 | -7.51% | -16.11% | +8.60% | -0.02B |