Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.35%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.33%
baseline attrition
Rally response
-3.50%
trims into rallies
when a holding rises +10%+
Top positions · 20
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CPNGCoupang, Inc. | $105M | 18.2% | -13.9% | 0.5 yr |
| AMZNAmazon.com, Inc. | $67M | 11.6% | +9.5% | 6.5 yr |
| NCLHNorwegian Cruise Line Ho | $50M | 8.6% | -1.4% | 3.0 yr |
| METAMeta Platforms, Inc. | $40M | 7.0% | -0.4% | 7.3 yr |
| MARMarriott International, | $40M | 6.9% | +38.6% | 6.3 yr |
| RCLRoyal Caribbean Cruises | $39M | 6.7% | +35.9% | 3.8 yr |
| AMDAdvanced Micro Devices, | $37M | 6.3% | +98.0% | 1.0 yr |
| MSFTMicrosoft Corporation | $25M | 4.3% | -0.6% | 8.8 yr |
| GOOGLAlphabet Inc. | $25M | 4.3% | — | 7.3 yr |
| SATSEchoStar Corporation | $23M | 3.9% | +357.7% | 1.5 yr |
| TSMTaiwan Semiconductor Man | $22M | 3.8% | +105.6% | 1.0 yr |
| MAMastercard Incorporated | $19M | 3.2% | -8.5% | 9.5 yr |
| NVDANVIDIA Corporation | $18M | 3.2% | +60.9% | 1.3 yr |
| VSTVistra Corp. | $18M | 3.1% | +28.7% | 1.8 yr |
| HUMHumana Inc. | $15M | 2.7% | -33.8% | 8.8 yr |
Portfolio composition (YoY)
Industry mix
Specialty Retail29.8%+20.4pp$172M
Travel Services15.3%-1.9pp$88M
Semiconductors13.3%+2.6pp$77M
Internet Content & Information11.3%-2.5pp$65M
Travel Lodging6.9%+0.5pp$40M
Financial - Credit Services5.6%-1.5pp$32M
Software - Infrastructure4.3%-3.2pp$25M
Communication Equipment3.9%$23M
Independent Power Producers3.1%+0.1pp$18M
Medical - Healthcare Plans2.7%-7.5pp$15M
Country
US78.0%-15.5pp
KR18.2%
TW3.8%+2.8pp
Top 5: 52.4% · Top 10: 77.9% · Top 25: 100.0%
Top buys this quarter · 4
| CPNG Coupang, Inc. | +$89M |
| AMD Advanced Micro Devices, Inc. | +$11M |
| V Visa Inc. | +$4M |
| EQPT EquipmentShare.com Inc.new | +$0M |
Top sells this quarter · 15
| UBER Uber Technologies, Inc. | −$24M |
| META Meta Platforms, Inc. | −$17M |
| LTM LATAM Airlines Group S.A.exit | −$16M |
| VST Vistra Corp. | −$16M |
| NVDA NVIDIA Corporation | −$13M |
| AMZN Amazon.com, Inc. | −$11M |
| MSFT Microsoft Corporation | −$9M |
| TXN Texas Instruments Incorporatedexit | −$7M |
| SHOP Shopify Inc.exit | −$5M |
| FICO Fair Isaac Corporationexit | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $577M | 20 | +19.99% | +17.59% | +2.40% | -0.03B |
| 2025-12-31 | $670M | 24 | +20.50% | +17.72% | +2.78% | -0.05B |
| 2025-09-30 | $720M | 26 | +28.31% | +17.52% | +10.79% | -0.02B |
| 2025-06-30 | $676M | 25 | +34.62% | +14.94% | +19.68% | +0.12B |
| 2025-03-31 | $457M | 23 | +13.56% | +8.30% | +5.26% | -0.00B |
| 2024-12-31 | $503M | 22 | +44.18% | +24.89% | +19.29% | +0.02B |
| 2024-09-30 | $458M | 24 | +44.97% | +36.04% | +8.93% | -0.07B |
| 2024-06-30 | $464M | 30 | +27.95% | +24.49% | +3.46% | +0.02B |
| 2024-03-31 | $432M | 22 | +34.03% | +29.62% | +4.41% | +0.15B |
| 2023-12-31 | $248M | 14 | +22.84% | +26.18% | -3.34% | -0.02B |
| 2023-09-30 | $254M | 15 | +20.06% | +21.57% | -1.51% | -0.05B |
| 2023-06-30 | $302M | 18 | +28.26% | +19.42% | +8.83% | +0.02B |
| 2023-03-31 | $260M | 16 | -2.90% | -7.82% | +4.92% | +0.02B |
| 2022-12-31 | $227M | 15 | +4.27% | +7.56% | -3.29% | -0.07B |
| 2022-09-30 | $280M | 16 | +7.87% | -4.93% | +12.80% | +0.02B |
| 2022-06-30 | $237M | 16 | -18.52% | -16.11% | -2.41% | -0.06B |