Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-34.83%
trims when stocks drop
when a holding falls −10%+
Middle response
-11.26%
baseline attrition
Rally response
+5.21%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPLGSPDR Portfolio S&P 500 E | $456M | 21.8% | — | 1.0 yr |
| CWANClearwater Analytics Hol | $119M | 5.7% | -11.8% | 0.5 yr |
| HOLXHologic, Inc. | $101M | 4.8% | +22.4% | 0.8 yr |
| WBDWarner Bros. Discovery, | $98M | 4.7% | +155.9% | 0.8 yr |
| JHGJanus Henderson Group pl | $98M | 4.7% | +46.4% | 0.3 yr |
| NSCNorfolk Southern Corpora | $96M | 4.6% | +23.6% | 0.8 yr |
| EAElectronic Arts Inc. | $83M | 4.0% | +41.7% | 0.8 yr |
| SEESealed Air Corporation | $69M | 3.3% | +48.7% | 0.5 yr |
| ACLXArcellx, Inc. | $62M | 3.0% | — | 0.3 yr |
| FOLDAmicus Therapeutics, Inc | $55M | 2.6% | +77.2% | 0.5 yr |
| SUNCSunocoCorp LLC | $52M | 2.5% | — | 0.5 yr |
| APLSApellis Pharmaceuticals, | $50M | 2.4% | +84.0% | 0.5 yr |
| 0YY7.LDigitalBridge Group, Inc | $46M | 2.2% | — | 0.5 yr |
| WBSWebster Financial Corpor | $43M | 2.0% | +38.5% | 0.3 yr |
| OSOneStream, Inc. Class A | $42M | 2.0% | +12.5% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management31.2%+31.1pp$653M
Biotechnology11.6%+9.4pp$242M
Software - Application7.7%+3.9pp$162M
Entertainment5.1%+5.1pp$107M
Medical - Instruments & Supplies4.8%$101M
Railroads4.6%$96M
Electronic Gaming & Multimedia4.1%$85M
Packaging & Containers3.3%-0.0pp$69M
Semiconductors3.2%+2.9pp$67M
Oil & Gas Midstream2.5%$52M
Country
US90.6%-4.9pp
GB5.9%
CA1.4%
Unknown0.8%+0.7pp
CH0.8%
KY0.5%
IL0.1%
Top 5: 41.6% · Top 10: 59.1% · Top 25: 84.7%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| JHG Janus Henderson Group plcnew | +$98M |
| CWAN Clearwater Analytics Holdings, | +$57M |
| APLS Apellis Pharmaceuticals, Inc. | +$50M |
| WBS Webster Financial Corporationnew | +$43M |
| OS OneStream, Inc. Class A Commonnew | +$42M |
| NSC Norfolk Southern Corporation | +$33M |
| GTLS Chart Industries, Inc. | +$32M |
| SLAB Silicon Laboratories Inc.new | +$30M |
| UNF UniFirst Corporationnew | +$30M |
| CNTA Centessa Pharmaceuticals plcnew | +$26M |
Top sells this quarter · 15
| EXAS Exact Sciences Corporationexit | −$92M |
| CFLT Confluent, Inc.exit | −$42M |
| BHF Brighthouse Financial, Inc. | −$31M |
| WBD Warner Bros. Discovery, Inc. | −$30M |
| SEE Sealed Air Corporation | −$26M |
| BA The Boeing Companyexit | −$21M |
| KMB Kimberly-Clark Corporationexit | −$18M |
| SUNC SunocoCorp LLC | −$16M |
| COMP Compass, Inc.exit | −$13M |
| AL Air Lease Corporation | −$12M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.09B | 96 | +29.85% | +17.59% | +12.25% | -0.06B |
| 2025-12-31 | $2.07B | 63 | +28.63% | +17.72% | +10.91% | +0.36B |
| 2025-09-30 | $1.62B | 60 | +21.25% | +17.52% | +3.73% | -0.45B |
| 2025-06-30 | $1.83B | 45 | +0.01% | +14.94% | -14.93% | +0.23B |
| 2025-03-31 | $1.53B | 50 | -9.31% | +8.30% | -17.61% | +0.20B |
| 2024-12-31 | $1.29B | 45 | -14.95% | +24.89% | -39.84% | -0.18B |
| 2024-09-30 | $1.48B | 39 | -12.90% | +36.04% | -48.94% | +0.35B |
| 2024-06-30 | $1.21B | 42 | -11.76% | +24.49% | -36.25% | +0.40B |
| 2024-03-31 | $857M | 34 | -8.82% | +29.62% | -38.44% | +0.22B |
| 2023-12-31 | $667M | 28 | -13.91% | +26.18% | -40.08% | -1.41B |
| 2023-09-30 | $2.03B | 37 | -13.44% | +21.57% | -35.01% | +0.46B |
| 2023-06-30 | $1.66B | 36 | -7.94% | +19.42% | -27.36% | +0.40B |
| 2023-03-31 | $1.28B | 37 | -13.04% | -7.82% | -5.22% | -0.05B |
| 2022-12-31 | $1.46B | 36 | +2.91% | +7.56% | -4.65% | -1.25B |
| 2022-09-30 | $2.64B | 160 | +0.39% | -4.93% | +5.32% | +0.24B |
| 2022-06-30 | $2.38B | 197 | -7.45% | -16.11% | +8.66% | +0.11B |