Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.78%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.96%
baseline attrition
Rally response
-27.05%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CCLCarnival Corporation & p | $117M | 14.7% | +33.1% | 1.3 yr |
| NCLHNorwegian Cruise Line Ho | $107M | 13.5% | -1.4% | 1.5 yr |
| NVDANVIDIA Corporation | $86M | 10.9% | +60.9% | 1.8 yr |
| PLTRPalantir Technologies In | $79M | 10.0% | +73.3% | 0.5 yr |
| HOODRobinhood Markets, Inc. | $73M | 9.2% | +66.5% | 0.5 yr |
| BRK-BBerkshire Hathaway Inc. | $50M | 6.3% | — | 0.3 yr |
| SESea Limited | $41M | 5.2% | -36.5% | 1.0 yr |
| NFLXNetflix, Inc. | $27M | 3.5% | +3.1% | 0.3 yr |
| BIOBio-Rad Laboratories, In | $27M | 3.4% | +14.4% | 5.5 yr |
| MSMorgan Stanley | $23M | 2.9% | +44.8% | 0.3 yr |
| GLNGGolar LNG Limited | $18M | 2.3% | +45.8% | 3.3 yr |
| MSFTMicrosoft Corporation | $17M | 2.2% | -0.6% | 8.0 yr |
| AMZNAmazon.com, Inc. | $17M | 2.2% | +9.5% | 2.0 yr |
| FOXFox Corporation | $17M | 2.1% | +1.8% | 0.5 yr |
| CALMCal-Maine Foods, Inc. | $16M | 2.0% | -5.4% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Leisure14.7%+0.1pp$117M
Travel Services13.5%-15.5pp$107M
Software - Infrastructure12.2%+8.0pp$97M
Financial - Capital Markets12.2%$96M
Semiconductors10.9%-8.6pp$86M
Specialty Retail7.6%+5.4pp$60M
Entertainment6.9%+5.3pp$54M
Insurance - Diversified6.3%$50M
Medical - Devices3.4%-6.3pp$27M
Oil & Gas Midstream2.3%-1.5pp$18M
Country
US92.3%-3.9pp
SG5.2%
BM2.3%-1.5pp
Unknown0.2%
Top 5: 58.4% · Top 10: 79.7% · Top 25: 98.7%
Top buys this quarter · 15
| HOOD Robinhood Markets, Inc. | +$61M |
| NCLH Norwegian Cruise Line Holdings | +$36M |
| NFLX Netflix, Inc.new | +$27M |
| CCL Carnival Corporation & plc | +$26M |
| MS Morgan Stanleynew | +$23M |
| BIO Bio-Rad Laboratories, Inc. | +$15M |
| CALM Cal-Maine Foods, Inc. | +$10M |
| AMZN Amazon.com, Inc. | +$8M |
| MSFT Microsoft Corporation | +$5M |
| MHK Mohawk Industries, Inc. | +$4M |
Top sells this quarter · 15
| META Meta Platforms, Inc.exit | −$44M |
| GLNG Golar LNG Limited | −$20M |
| ENTG Entegris, Inc.exit | −$19M |
| KEX Kirby Corporationexit | −$13M |
| ARW Arrow Electronics, Inc. | −$12M |
| ONON On Holding AGexit | −$9M |
| ICLR ICON Public Limited Companyexit | −$8M |
| DG Dollar General Corporationexit | −$6M |
| WDAY Workday, Inc.exit | −$4M |
| WBI WaterBridge Infrastructure LLCexit | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $792M | 34 | +29.44% | +17.59% | +11.85% | +0.15B |
| 2025-12-31 | $721M | 36 | +29.47% | +17.72% | +11.75% | -0.14B |
| 2025-09-30 | $779M | 30 | +20.87% | +17.52% | +3.35% | -0.04B |
| 2025-06-30 | $740M | 28 | +25.82% | +14.94% | +10.87% | +0.15B |
| 2025-03-31 | $504M | 17 | +3.51% | +8.30% | -4.79% | +0.32B |
| 2024-12-31 | $208M | 18 | +28.84% | +24.89% | +3.96% | -0.21B |
| 2024-09-30 | $400M | 17 | +31.74% | +36.04% | -4.30% | -0.17B |
| 2024-06-30 | $499M | 16 | +11.08% | +24.49% | -13.41% | +0.17B |
| 2024-03-31 | $335M | 15 | +19.55% | +29.62% | -10.07% | -0.02B |
| 2023-12-31 | $321M | 12 | +12.51% | +26.18% | -13.66% | -0.16B |
| 2023-09-30 | $451M | 18 | +20.49% | +21.57% | -1.07% | +0.02B |
| 2023-06-30 | $441M | 16 | +19.31% | +19.42% | -0.11% | +0.03B |
| 2023-03-31 | $397M | 14 | -8.99% | -7.82% | -1.18% | +0.04B |
| 2022-12-31 | $338M | 13 | +13.63% | +7.56% | +6.07% | -0.26B |
| 2022-09-30 | $527M | 16 | -3.95% | -4.93% | +0.98% | -0.66B |
| 2022-06-30 | $1.23B | 24 | -20.65% | -16.11% | -4.54% | +0.01B |