Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.55%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.65%
baseline attrition
Rally response
-14.08%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPOTSpotify Technology S.A. | $136M | 4.4% | -11.8% | 8.0 yr |
| TKOTKO Group Holdings, Inc. | $121M | 3.9% | +33.8% | 2.8 yr |
| LYVLive Nation Entertainmen | $115M | 3.7% | +16.8% | 1.0 yr |
| LITELumentum Holdings Inc. | $107M | 3.5% | +1027.3% | 0.5 yr |
| DASHDoorDash, Inc. | $102M | 3.3% | -17.8% | 5.3 yr |
| UBERUber Technologies, Inc. | $94M | 3.1% | -1.3% | 5.3 yr |
| CPNGCoupang, Inc. | $93M | 3.0% | -13.9% | 3.5 yr |
| ROKURoku, Inc. | $91M | 3.0% | +34.3% | 1.5 yr |
| GRABGrab Holdings Limited | $89M | 2.9% | -19.2% | 4.3 yr |
| WHWyndham Hotels & Resorts | $82M | 2.7% | -8.4% | 8.0 yr |
| HWMHowmet Aerospace Inc. | $82M | 2.6% | +78.1% | 0.5 yr |
| PANWPalo Alto Networks, Inc. | $81M | 2.6% | -6.0% | 10.0 yr |
| QTWOQ2 Holdings, Inc. | $81M | 2.6% | -40.9% | 7.5 yr |
| RDDTReddit, Inc. | $77M | 2.5% | +28.4% | 0.5 yr |
| VRNSVaronis Systems, Inc. | $77M | 2.5% | -46.9% | 7.3 yr |
Portfolio composition (YoY)
Industry mix
Entertainment11.9%-5.9pp$366M
Software - Infrastructure11.3%+1.6pp$348M
Internet Content & Information10.4%-1.3pp$321M
Software - Application10.4%-8.5pp$319M
Aerospace & Defense7.1%$218M
Restaurants6.5%+2.2pp$199M
Specialty Retail4.5%-8.4pp$140M
Travel Services3.7%+1.6pp$115M
Communication Equipment3.5%$107M
Travel Lodging2.7%+1.3pp$82M
Country
US85.9%+11.4pp
LU4.4%-1.3pp
KR3.0%-0.2pp
SG2.9%-4.7pp
Unknown2.1%
UY0.8%-3.5pp
CA0.5%
IL0.4%-2.4pp
Top 5: 18.9% · Top 10: 33.5% · Top 25: 68.8%
Top buys this quarter · 15
| PANW Palo Alto Networks, Inc. | +$77M |
| MKSI MKS Inc.new | +$76M |
| NCLH Norwegian Cruise Line Holdings | +$43M |
| MDB MongoDB, Inc. | +$42M |
| VLO Valero Energy Corporationnew | +$35M |
| RDDT Reddit, Inc. | +$77M |
| FCFS FirstCash Holdings, Incnew | +$26M |
| NET Cloudflare, Inc. | +$22M |
| SPOT Spotify Technology S.A. | +$136M |
| UBER Uber Technologies, Inc. | +$18M |
Top sells this quarter · 15
| LITE Lumentum Holdings Inc. | −$102M |
| LPLA LPL Financial Holdings Inc.exit | −$67M |
| WBD Warner Bros. Discovery, Inc. | −$66M |
| GLBE Global-e Online Ltd.exit | −$52M |
| EVR Evercore Inc. | −$39M |
| MNDY monday.com Ltd. | −$34M |
| VEEV Veeva Systems Inc.exit | −$34M |
| LNG Cheniere Energy, Inc.exit | −$29M |
| NCNO nCino, Inc. | −$25M |
| OKTA Okta, Inc.exit | −$24M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.08B | 56 | +4.61% | +17.59% | -12.98% | -0.33B |
| 2025-12-31 | $3.89B | 67 | +16.65% | +17.72% | -1.06% | +2.93B |
| 2025-09-30 | $969M | 39 | +25.82% | +17.52% | +8.31% | -0.08B |
| 2025-06-30 | $1.03B | 43 | +36.62% | +14.94% | +21.68% | +0.06B |
| 2025-03-31 | $816M | 44 | +14.12% | +8.30% | +5.81% | -0.12B |
| 2024-12-31 | $953M | 44 | +26.84% | +24.89% | +1.95% | +0.01B |
| 2024-09-30 | $885M | 39 | +31.10% | +36.04% | -4.93% | -0.08B |
| 2024-06-30 | $878M | 39 | +18.98% | +24.49% | -5.52% | -0.01B |
| 2024-03-31 | $890M | 38 | +34.59% | +29.62% | +4.96% | -0.06B |
| 2023-12-31 | $875M | 37 | +41.27% | +26.18% | +15.09% | -0.04B |
| 2023-09-30 | $833M | 38 | +30.13% | +21.57% | +8.56% | -0.07B |
| 2023-06-30 | $900M | 36 | +26.83% | +19.42% | +7.41% | -0.10B |
| 2023-03-31 | $889M | 36 | -16.71% | -7.82% | -8.89% | -0.42B |
| 2022-12-31 | $1.15B | 35 | +1.60% | +7.56% | -5.96% | -0.46B |
| 2022-09-30 | $1.58B | 31 | -2.68% | -4.93% | +2.25% | -0.03B |
| 2022-06-30 | $1.65B | 29 | -26.17% | -16.11% | -10.06% | -0.29B |