Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.15%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.49%
baseline attrition
Rally response
-3.42%
trims into rallies
when a holding rises +10%+
Top positions · 20
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SKYChampion Homes, Inc. | $95M | 16.1% | -21.5% | 8.0 yr |
| AGYSAgilysys, Inc. | $85M | 14.3% | -1.9% | 10.5 yr |
| GGALGrupo Financiero Galicia | $67M | 11.3% | -11.7% | 0.5 yr |
| ACHCAcadia Healthcare Compan | $57M | 9.6% | -22.9% | 0.3 yr |
| AUTLAutolus Therapeutics plc | $46M | 7.8% | -11.0% | 1.0 yr |
| SUPVGrupo Supervielle S.A. | $40M | 6.8% | -26.9% | 2.3 yr |
| COURCoursera, Inc. | $33M | 5.5% | -12.6% | 0.5 yr |
| ANNXAnnexon, Inc. | $26M | 4.4% | +187.0% | 0.5 yr |
| LABStandard BioTools Inc. | $24M | 4.1% | -14.9% | 1.3 yr |
| — | $18M | 3.0% | — | 0.3 yr |
| CLPTClearPoint Neuro, Inc. | $17M | 2.9% | -23.5% | 0.3 yr |
| UDMYUdemy, Inc. | $17M | 2.9% | -40.5% | 0.5 yr |
| CVECenovus Energy Inc. | $14M | 2.4% | +97.2% | 3.5 yr |
| HNSTThe Honest Company, Inc. | $14M | 2.4% | -37.4% | 0.5 yr |
| YTRAYatra Online, Inc. | $14M | 2.3% | +42.5% | 7.8 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional18.0%+10.5pp$107M
Residential Construction16.1%-34.3pp$95M
Biotechnology14.8%$88M
Software - Application14.3%-4.1pp$85M
Medical - Care Facilities9.6%$57M
Education & Training Services8.4%$50M
Medical - Devices7.0%+6.3pp$41M
Unknown3.0%$18M
Oil & Gas Integrated2.4%$14M
Specialty Retail2.4%$14M
Country
US65.1%-19.8pp
AR18.0%+5.0pp
GB7.8%
Unknown3.0%
CA2.4%
IN2.3%+0.3pp
NL1.2%
IL0.1%
Top 5: 59.1% · Top 10: 82.8% · Top 25: 100.0%
Top buys this quarter · 14
| ACHC Acadia Healthcare Company, Incnew | +$57M |
| CLPT ClearPoint Neuro, Inc.new | +$17M |
| COUR Coursera, Inc. | +$11M |
| ANNX Annexon, Inc. | +$10M |
| PLX Protalix BioTherapeutics, Inc.new | +$8M |
| QURE uniQure N.V.new | +$7M |
| LAB Standard BioTools Inc. | +$24M |
| AUTL Autolus Therapeutics plc | +$46M |
| GGAL Grupo Financiero Galicia S.A. | +$67M |
| HNST The Honest Company, Inc. | +$4M |
Top sells this quarter · 9
| SKY Champion Homes, Inc. | −$53M |
| QCOM QUALCOMM Incorporatedexit | −$51M |
| DAWN Day One Biopharmaceuticals, Inexit | −$18M |
| TALK Talkspace, Inc.exit | −$11M |
| MITK Mitek Systems, Inc.exit | −$9M |
| SMRT SmartRent, Inc.exit | −$5M |
| VPG Vishay Precision Group, Inc.exit | −$2M |
| DAVA Endava plcexit | −$1M |
| UDMY Udemy, Inc. | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $593M | 20 | -8.20% | +17.59% | -25.79% | -0.02B |
| 2025-12-31 | $732M | 20 | -4.14% | +17.72% | -21.86% | +0.16B |
| 2025-09-30 | $494M | 11 | -11.29% | +17.52% | -28.80% | -0.09B |
| 2025-06-30 | $567M | 14 | +7.72% | +14.94% | -7.22% | +0.13B |
| 2025-03-31 | $470M | 8 | +12.34% | +8.30% | +4.03% | +0.02B |
| 2024-12-31 | $522M | 8 | +36.63% | +24.89% | +11.75% | -0.00B |
| 2024-09-30 | $489M | 10 | +49.86% | +36.04% | +13.83% | -0.03B |
| 2024-06-30 | $418M | 9 | +18.68% | +24.49% | -5.81% | -0.07B |
| 2024-03-31 | $504M | 10 | +5.23% | +29.62% | -24.39% | -0.07B |
| 2023-12-31 | $541M | 7 | +13.07% | +26.18% | -13.11% | -0.10B |
| 2023-09-30 | $540M | 11 | +17.64% | +21.57% | -3.93% | +0.02B |
| 2023-06-30 | $528M | 9 | +28.52% | +19.42% | +9.10% | -0.02B |
| 2023-03-31 | $636M | 10 | +53.35% | -7.82% | +61.16% | -0.03B |
| 2022-12-31 | $586M | 9 | +22.68% | +7.56% | +15.12% | -0.02B |
| 2022-09-30 | $494M | 11 | +7.39% | -4.93% | +12.32% | -0.03B |
| 2022-06-30 | $487M | 12 | +2.57% | -16.11% | +18.68% | +0.02B |