Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.66%
trims when stocks drop
when a holding falls −10%+
Middle response
+0.65%
steady accumulation
Rally response
-0.50%
trims into rallies
when a holding rises +10%+
Top positions · 12
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BAPCredicorp Ltd. | $533M | 19.9% | +92.5% | 5.3 yr |
| ITUBItaú Unibanco Holding S | $509M | 19.0% | +64.3% | 10.5 yr |
| BVNCompañÃa de Minas Buen | $400M | 14.9% | +136.6% | 5.8 yr |
| TSTenaris S.A. | $388M | 14.5% | +56.1% | 10.5 yr |
| — | $315M | 11.7% | — | 3.3 yr |
| GGALGrupo Financiero Galicia | $252M | 9.4% | -11.7% | 0.5 yr |
| YUMCYum China Holdings, Inc. | $232M | 8.7% | -4.3% | 0.3 yr |
| HDBHDFC Bank Limited | $28M | 1.1% | -24.3% | 6.3 yr |
| BBARBanco BBVA Argentina S.A | $10M | 0.4% | -9.6% | 0.5 yr |
| GLOBGlobant S.A. | $8M | 0.3% | -60.8% | 0.3 yr |
| TXTernium S.A. | $7M | 0.3% | +40.9% | 6.8 yr |
| GHGGreenTree Hospitality Gr | $0M | 0.0% | -46.4% | 7.5 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional29.8%+6.8pp$800M
Banks - Diversified19.9%+0.4pp$533M
Other Precious Metals14.9%+3.4pp$400M
Oil & Gas Equipment & Services14.5%-4.1pp$388M
Unknown11.7%+0.1pp$315M
Restaurants8.7%$232M
Information Technology Services0.3%$8M
Steel0.3%$7M
Travel Lodging0.0%-0.1pp$0M
Country
PE34.8%+3.8pp
BR19.0%-17.1pp
LU15.0%-4.1pp
Unknown11.7%+0.1pp
AR9.8%
CN8.7%+8.5pp
IN1.1%-0.6pp
Top 5: 79.9% · Top 10: 99.7% · Top 25: 100.0%
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.68B | 12 | +67.27% | +17.59% | +49.68% | +0.32B |
| 2025-12-31 | $1.97B | 10 | +58.19% | +17.72% | +40.47% | -2.46B |
| 2025-09-30 | $4.01B | 11 | +32.77% | +17.52% | +15.25% | +1.94B |
| 2025-06-30 | $1.85B | 11 | +26.78% | +14.94% | +11.83% | +0.02B |
| 2025-03-31 | $1.62B | 10 | +4.07% | +8.30% | -4.23% | -2.85B |
| 2024-12-31 | $3.93B | 15 | -5.19% | +24.89% | -30.08% | +1.89B |
| 2024-09-30 | $2.20B | 14 | +23.98% | +36.04% | -12.06% | +0.07B |
| 2024-06-30 | $2.01B | 14 | +11.31% | +24.49% | -13.18% | -0.03B |
| 2024-03-31 | $2.20B | 14 | +31.62% | +29.62% | +1.99% | -0.14B |
| 2023-12-31 | $2.26B | 13 | +26.88% | +26.18% | +0.71% | -0.04B |
| 2023-09-30 | $1.90B | 13 | +15.65% | +21.57% | -5.92% | -0.04B |
| 2023-06-30 | $2.03B | 14 | +21.61% | +19.42% | +2.18% | +0.06B |
| 2023-03-31 | $1.80B | 14 | -9.00% | -7.82% | -1.19% | +0.03B |
| 2022-12-31 | $1.77B | 14 | +10.44% | +7.56% | +2.88% | -0.01B |
| 2022-09-30 | $1.61B | 14 | +0.50% | -4.93% | +5.43% | +0.04B |
| 2022-06-30 | $1.57B | 14 | -17.76% | -16.11% | -1.64% | -0.05B |