Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-14.19%
trims when stocks drop
when a holding falls −10%+
Middle response
-10.91%
baseline attrition
Rally response
-23.64%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $973M | 22.9% | +60.9% | 2.8 yr |
| PSLVSprott Physical Silver T | $200M | 4.7% | — | 1.3 yr |
| — | $128M | 3.0% | — | 0.3 yr |
| TBPHTheravance Biopharma, In | $121M | 2.9% | +81.7% | 4.5 yr |
| HOLXHologic, Inc. | $93M | 2.2% | +22.4% | 1.3 yr |
| IBITiShares Bitcoin Trust ET | $88M | 2.1% | — | 1.8 yr |
| BMNRBitmine Immersion Techno | $86M | 2.0% | — | 0.5 yr |
| MSTRStrategy Inc | $83M | 2.0% | -56.7% | 1.5 yr |
| CEFSprott Physical Gold and | $83M | 2.0% | — | 1.8 yr |
| — | $59M | 1.4% | — | 1.0 yr |
| FOLDAmicus Therapeutics, Inc | $56M | 1.3% | +77.2% | 0.5 yr |
| TSLATesla, Inc. | $48M | 1.1% | +43.4% | 2.8 yr |
| PPLCPPL Corporation Corporat | $47M | 1.1% | — | 0.3 yr |
| EPR-PCEPR Properties | $47M | 1.1% | — | 2.3 yr |
| LMTLockheed Martin Corporat | $37M | 0.9% | +39.0% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors25.1%+9.8pp$1.07B
Asset Management11.0%+5.2pp$467M
Unknown7.8%+6.5pp$330M
Biotechnology7.3%+4.0pp$311M
Financial - Capital Markets4.2%+3.9pp$178M
Software - Application4.1%-9.8pp$175M
Medical - Instruments & Supplies2.6%+2.4pp$112M
Computer Hardware2.5%-0.2pp$104M
Regulated Electric2.0%+0.3pp$85M
REIT - Specialty1.9%+1.5pp$81M
Country
US76.0%-18.8pp
CA8.5%+8.2pp
Unknown7.8%+6.5pp
KY2.9%+0.4pp
IL0.9%
CH0.9%
AU0.6%+0.6pp
GB0.5%+0.5pp
Top 5: 35.7% · Top 10: 45.1% · Top 25: 57.9%
Top buys this quarter · 15
| HOLX Hologic, Inc. | +$79M |
| BMNR Bitmine Immersion Technologies | +$67M |
| PPLC PPL Corporation Corporate Unitnew | +$47M |
| KMB Kimberly-Clark Corporation | +$32M |
| FOLD Amicus Therapeutics, Inc. | +$29M |
| APLS Apellis Pharmaceuticals, Inc. | +$28M |
| KKR KKR & Co. Inc. | +$27M |
| MLTX MoonLake Immunotherapeutics | +$26M |
| CLBT Cellebrite DI Ltd. | +$25M |
| LMT Lockheed Martin Corporation | +$25M |
Top sells this quarter · 15
| NVDA NVIDIA Corporation | −$185M |
| EXAS Exact Sciences Corporationexit | −$88M |
| KVUE Kenvue Inc.exit | −$84M |
| LIN Linde plcexit | −$74M |
| EQIX Equinix, Inc.exit | −$71M |
| ADP Automatic Data Processing, Incexit | −$65M |
| PFG Principal Financial Group, Incexit | −$55M |
| COP ConocoPhillips | −$49M |
| GILD Gilead Sciences, Inc.exit | −$48M |
| DVN Devon Energy Corporationexit | −$43M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.24B | 444 | +17.02% | +17.59% | -0.57% | -1.25B |
| 2025-12-31 | $5.62B | 521 | +17.90% | +17.72% | +0.18% | +0.09B |
| 2025-09-30 | $5.68B | 561 | +23.78% | +17.52% | +6.26% | -0.02B |
| 2025-06-30 | $5.40B | 378 | +23.91% | +14.94% | +8.97% | +2.27B |
| 2025-03-31 | $2.68B | 268 | +5.80% | +8.30% | -2.51% | -0.67B |
| 2024-12-31 | $3.41B | 573 | +14.94% | +24.89% | -9.94% | +0.45B |
| 2024-09-30 | $2.89B | 545 | +28.13% | +36.04% | -7.90% | +1.36B |
| 2024-06-30 | $1.46B | 230 | +10.42% | +24.49% | -14.07% | -0.33B |
| 2024-03-31 | $1.80B | 261 | +15.46% | +29.62% | -14.16% | +0.94B |
| 2023-12-31 | $802M | 319 | +15.65% | +26.18% | -10.53% | -0.44B |
| 2023-09-30 | $1.09B | 147 | +0.95% | +21.57% | -20.62% | +0.50B |
| 2023-06-30 | $655M | 187 | +131.66% | +19.42% | +112.23% | -0.29B |
| 2023-03-31 | $908M | 296 | +97.03% | -7.82% | +104.85% | -0.95B |
| 2022-12-31 | $1.74B | 497 | +75.32% | -18.17% | +93.49% | -1.97B |
| 2022-09-30 | $3.73B | 635 | +95.89% | -15.51% | +111.39% | -3.04B |
| 2022-06-30 | $3.24B | 608 | -5.73% | -10.62% | +4.89% | -0.18B |