Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-8.94%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.72%
baseline attrition
Rally response
-7.12%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| LFSCF/M Emerald Life Science | $70M | 3.4% | — | 1.5 yr |
| MODModine Manufacturing Com | $51M | 2.5% | +182.4% | 2.0 yr |
| GHGuardant Health, Inc. | $48M | 2.3% | +116.8% | 1.3 yr |
| BEBloom Energy Corporation | $48M | 2.3% | +589.2% | 1.8 yr |
| TTMITTM Technologies, Inc. | $46M | 2.2% | +375.0% | 1.8 yr |
| COGTCogent Biosciences, Inc. | $40M | 1.9% | +542.6% | 1.0 yr |
| VSECVSE Corporation | $36M | 1.8% | +54.1% | 1.3 yr |
| KTOSKratos Defense & Securit | $36M | 1.7% | +137.5% | 9.5 yr |
| FNFabrinet | $34M | 1.6% | +164.0% | 3.3 yr |
| AGXArgan, Inc. | $32M | 1.6% | +318.5% | 0.8 yr |
| AIRAAR Corp. | $31M | 1.5% | +95.5% | 3.5 yr |
| LIVNLivaNova PLC | $29M | 1.4% | +61.8% | 5.3 yr |
| AXAxos Financial, Inc. | $29M | 1.4% | +31.9% | 5.5 yr |
| CRDOCredo Technology Group H | $28M | 1.4% | +133.7% | 4.0 yr |
| TVTXTravere Therapeutics, In | $28M | 1.4% | +65.8% | 3.0 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology13.4%+0.3pp$276M
Semiconductors11.3%+6.1pp$232M
Aerospace & Defense8.4%+3.7pp$173M
Banks - Regional6.4%-1.3pp$132M
Hardware, Equipment & Parts6.2%+3.7pp$128M
Software - Application4.1%-2.1pp$84M
Asset Management3.8%-0.0pp$78M
Medical - Devices3.6%-0.9pp$74M
Medical - Diagnostics & Research3.6%+0.6pp$74M
Auto - Parts2.8%+1.8pp$57M
Country
US93.0%+3.0pp
KY1.7%+0.4pp
GB1.4%+0.1pp
SG1.4%-0.2pp
CA1.2%
BS0.7%+0.0pp
Unknown0.6%-4.2pp
BM0.0%
Top 5: 12.7% · Top 10: 21.4% · Top 25: 40.3%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| TTMI | $18M | +0.07B | 375.0% |
| CRDO | $30M | +0.04B | 133.7% |
| KTOS | $27M | +0.04B | 137.5% |
| BBIO | $25M | +0.03B | 114.8% |
| FN | $17M | +0.03B | 164.0% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| PLXS Plexus Corp.new | +$21M |
| PIPR Piper Sandler Companiesnew | +$17M |
| PVLA Palvella Therapeutics, Inc.new | +$13M |
| IDCC InterDigital, Inc. | +$9M |
| BOBS Bob's Discount Furniture, Inc.new | +$9M |
| ATRO Astronics Corporation | +$8M |
| IPGP IPG Photonics Corporation | +$8M |
| HNGE Hinge Health, Inc.new | +$7M |
| MANE Veradermics, Incorporatednew | +$7M |
| CRVS Corvus Pharmaceuticals, Inc.new | +$7M |
Top sells this quarter · 15
| LITE Lumentum Holdings Inc. | −$60M |
| SKYT SkyWater Technology, Inc. | −$15M |
| ATI ATI Inc. | −$13M |
| AAOI Applied Optoelectronics, Inc. | −$14M |
| ACAD ACADIA Pharmaceuticals Inc. | −$10M |
| VITL Vital Farms, Inc.exit | −$10M |
| TTMI TTM Technologies, Inc. | −$38M |
| MMSI Merit Medical Systems, Inc.exit | −$7M |
| FOUR Shift4 Payments, Inc.exit | −$7M |
| RMBS Rambus Inc. | −$7M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.06B | 199 | +54.11% | +17.59% | +36.51% | +0.02B |
| 2025-12-31 | $2.05B | 189 | +34.03% | +17.72% | +16.31% | -0.02B |
| 2025-09-30 | $1.94B | 219 | +29.94% | +17.52% | +12.42% | -0.02B |
| 2025-06-30 | $1.64B | 212 | +16.23% | +14.94% | +1.28% | -0.07B |
| 2025-03-31 | $1.41B | 210 | -0.99% | +8.30% | -9.29% | -0.02B |
| 2024-12-31 | $1.64B | 212 | +18.04% | +24.89% | -6.84% | -0.35B |
| 2024-09-30 | $1.92B | 224 | +28.52% | +36.04% | -7.51% | -0.10B |
| 2024-06-30 | $1.91B | 223 | +10.65% | +24.49% | -13.84% | -0.08B |
| 2024-03-31 | $1.92B | 229 | +12.01% | +29.62% | -17.62% | -0.03B |
| 2023-12-31 | $1.89B | 240 | +12.52% | +26.18% | -13.66% | +0.02B |
| 2023-09-30 | $1.66B | 236 | +4.63% | +21.57% | -16.94% | -0.03B |
| 2023-06-30 | $1.84B | 237 | +11.61% | +19.42% | -7.81% | +0.07B |
| 2023-03-31 | $1.69B | 217 | -17.70% | -7.82% | -9.88% | +0.02B |
| 2022-12-31 | $1.61B | 219 | +5.03% | +7.56% | -2.53% | -0.05B |
| 2022-09-30 | $1.58B | 214 | -2.35% | -4.93% | +2.58% | -0.10B |
| 2022-06-30 | $1.73B | 211 | -22.71% | -16.11% | -6.60% | -0.02B |