Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.22%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.12%
baseline attrition
Rally response
-4.08%
trims into rallies
when a holding rises +10%+
Top positions · 29
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CVNACarvana Co. | $228M | 24.9% | +50.4% | 9.0 yr |
| GDDYGoDaddy Inc. | $62M | 6.7% | -54.1% | 6.8 yr |
| CARTInstacart (Maplebear Inc | $52M | 5.7% | -6.1% | 1.0 yr |
| EXPEExpedia Group, Inc. | $50M | 5.5% | +38.5% | 2.3 yr |
| CACCCredit Acceptance Corpor | $49M | 5.4% | -18.0% | 10.5 yr |
| WWayfair Inc. | $48M | 5.3% | +134.8% | 9.3 yr |
| SUNBSunbelt Rentals Holdings | $48M | 5.2% | — | 0.3 yr |
| — | $47M | 5.2% | — | 1.5 yr |
| SGISomnigroup International | $45M | 4.9% | +24.4% | 2.8 yr |
| FOURShift4 Payments, Inc. | $37M | 4.1% | -46.5% | 2.3 yr |
| CNMCore & Main, Inc. | $37M | 4.1% | +2.3% | 1.5 yr |
| APOApollo Global Management | $29M | 3.1% | -17.4% | 3.3 yr |
| DKSDICK'S Sporting Goods, I | $25M | 2.8% | +0.1% | 0.3 yr |
| IRIngersoll Rand Inc. | $25M | 2.7% | +0.2% | 6.0 yr |
| TDGTransDigm Group Incorpor | $21M | 2.3% | -10.5% | 7.3 yr |
Portfolio composition (YoY)
Industry mix
Auto - Dealerships25.6%+5.6pp$234M
Specialty Retail13.7%+11.4pp$125M
Financial - Credit Services12.1%-0.7pp$110M
Software - Infrastructure11.5%-9.3pp$105M
Travel Services5.5%-1.3pp$50M
Unknown5.4%-0.0pp$49M
Household & Personal Products4.9%-0.4pp$45M
Industrial - Distribution4.2%+1.3pp$39M
Asset Management3.1%-0.2pp$29M
Industrial - Machinery2.7%-0.9pp$25M
Country
US92.8%-0.5pp
Unknown5.4%-0.0pp
CA1.8%+0.5pp
Top 5: 48.3% · Top 10: 73.0% · Top 25: 99.0%
Top buys this quarter · 15
| SUNB Sunbelt Rentals Holdings Incnew | +$48M |
| DKS DICK'S Sporting Goods, Inc.new | +$25M |
| V Visa Inc.new | +$13M |
| SPGI S&P Global Inc.new | +$10M |
| 0I3I.L The Cooper Companies, Inc.new | +$8M |
| VEEV Veeva Systems Inc.new | +$6M |
| CVNA Carvana Co. | +$228M |
| U Unity Software Inc.new | +$3M |
| ZBRA Zebra Technologies Corporation | +$3M |
| TDG TransDigm Group Incorporated | +$3M |
Top sells this quarter · 12
| PYPL PayPal Holdings, Inc.exit | −$30M |
| YELP Yelp Inc.exit | −$16M |
| EXPE Expedia Group, Inc. | −$10M |
| DKNG DraftKings Inc. | −$5M |
| IR Ingersoll Rand Inc. | −$3M |
| GIL Gildan Activewear Inc. | −$2M |
| SGI Somnigroup International Inc | −$2M |
| KVYO Klaviyo, Inc. | −$2M |
| CNM Core & Main, Inc. | −$0M |
| CACC Credit Acceptance Corporation | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $913M | 29 | +2.10% | +17.59% | -15.49% | +0.06B |
| 2025-12-31 | $1.07B | 22 | +19.19% | +17.72% | +1.47% | -0.02B |
| 2025-09-30 | $1.04B | 23 | +26.60% | +17.52% | +9.09% | -0.06B |
| 2025-06-30 | $1.07B | 24 | +40.85% | +14.94% | +25.91% | -0.04B |
| 2025-03-31 | $928M | 23 | +23.04% | +8.30% | +14.74% | -0.01B |
| 2024-12-31 | $1.02B | 27 | +53.07% | +24.89% | +28.18% | -0.03B |
| 2024-09-30 | $943M | 24 | +62.01% | +36.04% | +25.98% | -0.04B |
| 2024-06-30 | $864M | 23 | +41.20% | +24.49% | +16.70% | -0.01B |
| 2024-03-31 | $833M | 26 | +40.50% | +29.62% | +10.88% | +0.01B |
| 2023-12-31 | $711M | 25 | +31.77% | +26.18% | +5.59% | +0.02B |
| 2023-09-30 | $594M | 22 | +18.73% | +21.57% | -2.84% | -0.10B |
| 2023-06-30 | $695M | 20 | +17.00% | +19.42% | -2.42% | +0.05B |
| 2023-03-31 | $612M | 18 | -24.52% | -7.82% | -16.70% | -0.06B |
| 2022-12-31 | $624M | 17 | +5.60% | +7.56% | -1.96% | -0.00B |
| 2022-09-30 | $595M | 17 | -1.93% | -4.93% | +2.99% | -0.04B |
| 2022-06-30 | $649M | 20 | -32.48% | -16.11% | -16.37% | +0.01B |