Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.05%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.37%
baseline attrition
Rally response
+0.59%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NNNextNav Inc. | $227M | 58.0% | +31.6% | 4.5 yr |
| IBITiShares Bitcoin Trust ET | $51M | 13.0% | — | 2.3 yr |
| PLBYPlayboy, Inc. | $25M | 6.4% | +38.2% | 5.3 yr |
| FFWMFirst Foundation Inc. | $24M | 6.1% | +13.7% | 1.8 yr |
| NFENew Fortress Energy Inc. | $8M | 2.0% | -92.9% | 5.8 yr |
| MASIMasimo Corporation | $6M | 1.6% | +6.8% | 0.3 yr |
| GTLSChart Industries, Inc. | $5M | 1.3% | +43.2% | 0.5 yr |
| PENPenumbra, Inc. | $5M | 1.2% | +22.8% | 0.3 yr |
| LBRDKLiberty Broadband Corpor | $4M | 1.1% | — | 0.5 yr |
| FOLDAmicus Therapeutics, Inc | $4M | 0.9% | +77.2% | 0.5 yr |
| STELStellar Bancorp, Inc. | $3M | 0.8% | +34.8% | 0.3 yr |
| WBDWarner Bros. Discovery, | $3M | 0.7% | +155.9% | 0.5 yr |
| KVUEKenvue Inc. | $3M | 0.7% | -25.0% | 0.3 yr |
| NSANational Storage Affilia | $3M | 0.7% | +3.1% | 0.3 yr |
| EAElectronic Arts Inc. | $2M | 0.5% | +41.7% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Internet Content & Information58.0%+20.3pp$227M
Asset Management13.0%-0.5pp$51M
Banks - Regional7.4%+2.9pp$29M
Leisure6.4%+4.3pp$25M
Medical - Devices2.9%+2.6pp$11M
Biotechnology2.5%$10M
Regulated Gas2.0%$8M
Industrial - Machinery1.3%$5M
Telecommunications Services1.1%$4M
Entertainment0.7%$3M
Country
US99.8%+10.5pp
GB0.2%
Unknown0.0%-9.9pp
Top 5: 85.5% · Top 10: 91.6% · Top 25: 99.5%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NN | $173M | +0.05B | 31.6% |
| FFWM | $21M | +0.00B | 13.7% |
| PLBY | $6M | +0.00B | 38.2% |
| MARA | $0M | -0.00B | -29.0% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MARA | $0M | -0.00B | -29.0% |
Top buys this quarter · 15
| MASI Masimo Corporationnew | +$6M |
| PEN Penumbra, Inc.new | +$5M |
| STEL Stellar Bancorp, Inc.new | +$3M |
| KVUE Kenvue Inc.new | +$3M |
| NSA National Storage Affiliates Trnew | +$3M |
| GTLS Chart Industries, Inc. | +$3M |
| WBS Webster Financial Corporationnew | +$2M |
| FVAV Fortress Value Acquisition Cornew | +$2M |
| FOLD Amicus Therapeutics, Inc. | +$2M |
| TPH Tri Pointe Homes, Inc.new | +$2M |
Top sells this quarter · 15
| RJET Republic Airways Holdings Inc.exit | −$4M |
| EXAS Exact Sciences Corporationexit | −$3M |
| LGN Legence Corp. Class A Common sexit | −$2M |
| SHC Sotera Health Companyexit | −$2M |
| CFLT Confluent, Inc.exit | −$2M |
| MDU MDU Resources Group, Inc.exit | −$1M |
| ALH Alliance Laundry Holdings Inc.exit | −$1M |
| CWAN Clearwater Analytics Holdings,exit | −$0M |
| GWRE Guidewire Software, Inc.exit | −$0M |
| SARO StandardAero, Inc.exit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $392M | 32 | +134.88% | +17.59% | +117.29% | -0.01B |
| 2025-12-31 | $425M | 35 | +106.99% | +17.72% | +89.27% | -0.36B |
| 2025-09-30 | $747M | 46 | +191.62% | +17.52% | +174.10% | -1.18B |
| 2025-06-30 | $706M | 59 | -32.27% | +14.94% | -47.21% | +0.31B |
| 2025-03-31 | $459M | 35 | -38.25% | +8.30% | -46.55% | -0.06B |
| 2024-12-31 | $629M | 25 | -38.87% | +24.89% | -63.76% | -0.03B |
| 2024-09-30 | $445M | 14 | -55.60% | +36.04% | -91.63% | +0.15B |
| 2024-06-30 | $466M | 12 | -12.38% | +24.49% | -36.87% | +0.01B |
| 2024-03-31 | $569M | 14 | +4.65% | +29.62% | -24.97% | +0.08B |
| 2023-12-31 | $592M | 15 | -4.07% | +26.18% | -30.24% | +0.01B |
| 2023-09-30 | $544M | 17 | -12.49% | +21.57% | -34.06% | +0.01B |
| 2023-06-30 | $428M | 19 | -26.27% | +19.42% | -45.70% | -0.00B |
| 2023-03-31 | $450M | 40 | -37.54% | -7.82% | -29.72% | -0.26B |
| 2022-12-31 | $940M | 129 | -2.49% | +7.56% | -10.05% | +0.07B |
| 2022-09-30 | $891M | 175 | +5.48% | -4.93% | +10.41% | -0.06B |
| 2022-06-30 | $905M | 194 | -19.34% | -16.11% | -3.23% | -0.53B |