Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-15.14%
trims when stocks drop
when a holding falls −10%+
Middle response
-22.53%
baseline attrition
Rally response
-6.50%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GOOGLAlphabet Inc. | $768M | 9.9% | — | 9.3 yr |
| SNDKSandisk Corporation | $508M | 6.6% | +1234.5% | 0.5 yr |
| CLSCelestica Inc. | $428M | 5.5% | +257.4% | 2.0 yr |
| AMZNAmazon.com, Inc. | $379M | 4.9% | +9.5% | 10.0 yr |
| TTMITTM Technologies, Inc. | $342M | 4.4% | +375.0% | 1.3 yr |
| AEISAdvanced Energy Industri | $330M | 4.3% | +239.4% | 0.3 yr |
| FNFabrinet | $319M | 4.1% | +164.0% | 4.8 yr |
| GLWCorning Incorporated | $312M | 4.0% | +201.5% | 1.0 yr |
| MKSIMKS Inc. | $300M | 3.9% | +188.8% | 0.3 yr |
| METAMeta Platforms, Inc. | $293M | 3.8% | -0.4% | 10.0 yr |
| FROGJFrog Ltd. | $283M | 3.6% | +46.7% | 1.5 yr |
| TSMTaiwan Semiconductor Man | $277M | 3.6% | +105.6% | 4.0 yr |
| APPAppLovin Corporation | $277M | 3.6% | +50.2% | 2.3 yr |
| CVNACarvana Co. | $276M | 3.6% | +50.4% | 5.5 yr |
| MTSIMACOM Technology Solutio | $261M | 3.4% | +121.2% | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Hardware, Equipment & Parts31.5%+17.2pp$2.44B
Semiconductors21.5%+7.5pp$1.66B
Internet Content & Information13.7%+2.3pp$1.06B
Software - Application7.8%-8.7pp$606M
Electrical Equipment & Parts7.2%+4.3pp$554M
Specialty Retail4.9%-5.4pp$379M
Auto - Dealerships3.6%-0.6pp$276M
Software - Infrastructure2.7%-11.2pp$208M
Communication Equipment2.7%$205M
Electronic Gaming & Multimedia2.6%-1.7pp$200M
Country
US83.5%+7.3pp
CA5.5%-3.9pp
KY4.1%-0.3pp
TW3.6%+2.1pp
IL2.4%+0.2pp
GB0.9%
Top 5: 31.3% · Top 10: 51.4% · Top 25: 93.7%
Top buys this quarter · 14
| GOOGL Alphabet Inc. | +$0M |
| AEIS Advanced Energy Industries, Innew | +$330M |
| MKSI MKS Inc.new | +$300M |
| LRCX Lam Research Corporationnew | +$205M |
| TSEM Tower Semiconductor Ltd.new | +$187M |
| VIAV Viavi Solutions Inc.new | +$116M |
| WDC Western Digital Corporationnew | +$111M |
| MTSI MACOM Technology Solutions Hol | +$87M |
| TSM Taiwan Semiconductor Manufactu | +$77M |
| KVYO Klaviyo, Inc. | +$73M |
Top sells this quarter · 15
| SMTC Semtech Corporationexit | −$300M |
| AMD Advanced Micro Devices, Inc. | −$270M |
| CIEN Ciena Corporation | −$257M |
| MELI MercadoLibre, Inc.exit | −$170M |
| NU Nu Holdings Ltd.exit | −$155M |
| SNDK Sandisk Corporation | −$238M |
| AAPL Apple Inc. | −$123M |
| CLS Celestica Inc. | −$103M |
| MDB MongoDB, Inc. | −$92M |
| MSFT Microsoft Corporation | −$91M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $7.74B | 35 | +86.82% | +17.59% | +69.23% | -0.32B |
| 2025-12-31 | $7.82B | 32 | +58.14% | +17.72% | +40.42% | -0.90B |
| 2025-09-30 | $8.49B | 36 | +85.83% | +17.52% | +68.32% | -0.59B |
| 2025-06-30 | $7.21B | 42 | +55.33% | +14.94% | +40.38% | -0.86B |
| 2025-03-31 | $5.76B | 32 | +18.31% | +8.30% | +10.01% | -1.61B |
| 2024-12-31 | $8.44B | 38 | +51.76% | +24.89% | +26.87% | -0.16B |
| 2024-09-30 | $7.13B | 36 | +47.15% | +36.04% | +11.11% | -0.30B |
| 2024-06-30 | $7.05B | 39 | +38.14% | +24.49% | +13.64% | -0.12B |
| 2024-03-31 | $6.73B | 33 | +51.66% | +29.62% | +22.04% | +0.46B |
| 2023-12-31 | $5.59B | 38 | +51.56% | +26.18% | +25.39% | -0.20B |
| 2023-09-30 | $4.95B | 40 | +23.20% | +21.57% | +1.63% | -0.78B |
| 2023-06-30 | $5.80B | 41 | +6.71% | +19.42% | -12.72% | +0.49B |
| 2023-03-31 | $4.54B | 41 | -32.14% | -7.82% | -24.32% | +1.21B |
| 2022-12-31 | $2.98B | 39 | -4.90% | +7.56% | -12.47% | -0.41B |
| 2022-09-30 | $3.56B | 40 | -14.36% | -4.93% | -9.43% | +0.67B |
| 2022-06-30 | $3.37B | 34 | -25.55% | -16.11% | -9.44% | -2.64B |