Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.72%
trims when stocks drop
when a holding falls −10%+
Middle response
-11.07%
baseline attrition
Rally response
-7.30%
trims into rallies
when a holding rises +10%+
Top positions · 11
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $226M | 43.4% | — | 2.5 yr |
| NVAXNovavax, Inc. | $121M | 23.2% | +27.0% | 3.5 yr |
| CYDChina Yuchai Internation | $62M | 12.0% | +131.9% | 10.5 yr |
| TROXTronox Holdings plc | $29M | 5.6% | +47.1% | 0.8 yr |
| VGSHVanguard Short-Term Trea | $20M | 3.9% | — | 4.0 yr |
| EDUNew Oriental Education & | $17M | 3.3% | +19.8% | 2.5 yr |
| AMAntero Midstream Corpora | $13M | 2.6% | +33.3% | 6.3 yr |
| CSIQCanadian Solar Inc. | $13M | 2.6% | +60.1% | 1.8 yr |
| WOLFWolfspeed, Inc. | $8M | 1.6% | — | 0.5 yr |
| DOLEDole plc | $7M | 1.3% | +1.3% | 3.8 yr |
| TDAYUSA TODAY Co., Inc. | $4M | 0.7% | +143.9% | 3.5 yr |
Portfolio composition (YoY)
Industry mix
Unknown43.4%-1.1pp$226M
Biotechnology23.2%+8.6pp$121M
Industrial - Machinery12.0%+0.4pp$62M
Chemicals5.6%$29M
Asset Management - Leveraged3.9%-0.6pp$20M
Education & Training Services3.3%+0.3pp$17M
Oil & Gas Midstream2.6%-0.3pp$13M
Solar2.6%-6.8pp$13M
Semiconductors1.6%+0.2pp$8M
Agricultural Farm Products1.3%+0.5pp$7M
Country
Unknown43.4%-1.1pp
US37.5%+1.9pp
SG12.0%+0.4pp
CN3.3%+0.0pp
CA2.6%-0.8pp
IE1.3%+0.5pp
Top 5: 88.0% · Top 10: 99.3% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| CYD | $56M | +0.07B | 131.9% |
| NVAX | $71M | +0.02B | 27.0% |
| CSIQ | $16M | +0.01B | 60.1% |
| TDAY | $5M | +0.01B | 143.9% |
| AM | $14M | +0.00B | 33.3% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $521M | 11 | +81.90% | +17.59% | +64.30% | -0.08B |
| 2025-12-31 | $519M | 12 | +58.89% | +17.72% | +41.18% | -0.01B |
| 2025-09-30 | $559M | 13 | +25.49% | +17.52% | +7.98% | -0.17B |
| 2025-06-30 | $514M | 14 | -4.80% | +14.94% | -19.74% | -0.06B |
| 2025-03-31 | $490M | 17 | +10.38% | +8.30% | +2.08% | -0.01B |
| 2024-12-31 | $496M | 16 | +16.72% | +24.89% | -8.17% | +0.11B |
| 2024-09-30 | $513M | 18 | +45.21% | +36.04% | +9.17% | +0.02B |
| 2024-06-30 | $462M | 16 | +41.38% | +24.49% | +16.89% | -0.02B |
| 2024-03-31 | $357M | 16 | +17.19% | +29.62% | -12.43% | -0.06B |
| 2023-12-31 | $390M | 14 | +2.38% | +26.18% | -23.80% | -0.00B |
| 2023-09-30 | $423M | 14 | +30.38% | +21.57% | +8.81% | -0.00B |
| 2023-06-30 | $404M | 17 | +24.00% | +19.42% | +4.58% | +0.02B |
| 2023-03-31 | $344M | 16 | +0.87% | -7.82% | +8.69% | -0.05B |
| 2022-12-31 | $421M | 15 | +18.48% | +7.56% | +10.92% | +0.01B |
| 2022-09-30 | $350M | 12 | -0.43% | -4.93% | +4.50% | -0.03B |
| 2022-06-30 | $386M | 13 | -8.92% | -16.11% | +7.20% | +0.03B |