Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-20.40%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.47%
baseline attrition
Rally response
-6.77%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BWXTBWX Technologies, Inc. | $54M | 4.4% | +108.6% | 5.3 yr |
| KTOSKratos Defense & Securit | $28M | 2.3% | +137.5% | 1.0 yr |
| GEVGE Vernova Inc. | $27M | 2.2% | +186.8% | 2.0 yr |
| RVMDRevolution Medicines, In | $25M | 2.1% | +175.0% | 2.0 yr |
| ERJEmbraer S.A. | $25M | 2.1% | — | 2.3 yr |
| MODModine Manufacturing Com | $23M | 1.9% | +182.4% | 2.0 yr |
| BBIOBridgeBio Pharma, Inc. | $22M | 1.8% | +114.8% | 4.0 yr |
| NVDANVIDIA Corporation | $21M | 1.7% | +60.9% | 6.8 yr |
| STRLSterling Infrastructure, | $20M | 1.7% | +259.7% | 0.3 yr |
| CCJCameco Corporation | $19M | 1.6% | +164.4% | 4.5 yr |
| LINCLincoln Educational Serv | $19M | 1.5% | +156.3% | 0.3 yr |
| XOMExxon Mobil Corporation | $18M | 1.5% | +47.6% | 6.0 yr |
| CENXCentury Aluminum Company | $17M | 1.4% | +216.2% | 0.5 yr |
| CRSCarpenter Technology Cor | $16M | 1.4% | +118.3% | 1.3 yr |
| NUVLNuvalent, Inc. | $16M | 1.4% | +44.5% | 2.8 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology14.6%+4.8pp$177M
Semiconductors12.3%+5.7pp$149M
Aerospace & Defense11.3%+2.4pp$137M
Unknown5.3%-0.1pp$64M
Electrical Equipment & Parts3.4%+3.1pp$42M
Engineering & Construction3.1%+2.4pp$37M
Renewable Utilities2.6%+1.7pp$31M
Oil & Gas Integrated2.2%-0.9pp$27M
Software - Application2.1%-3.6pp$25M
Banks - Regional2.0%-1.1pp$25M
Country
US83.3%+2.4pp
Unknown5.3%-0.1pp
CA4.4%+2.1pp
BR2.1%-1.9pp
TW1.1%+0.6pp
KY0.9%+0.5pp
FR0.9%
GB0.6%-1.3pp
Top 5: 13.1% · Top 10: 21.8% · Top 25: 41.5%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| BWXT | $28M | +0.03B | 108.6% |
| GEV | $8M | +0.02B | 186.8% |
| CCJ | $6M | +0.01B | 164.4% |
| AVGO | $10M | +0.01B | 86.0% |
| NVDA | $13M | +0.01B | 60.9% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| STRL Sterling Infrastructure, Inc.new | +$20M |
| LINC Lincoln Educational Services Cnew | +$19M |
| MOD Modine Manufacturing Company | +$8M |
| PIPR Piper Sandler Companiesnew | +$8M |
| NXT Nextpower Inc.new | +$7M |
| AGX Argan, Inc.new | +$6M |
| COP ConocoPhillips | +$6M |
| TFII TFI International Inc. | +$5M |
| AEIS Advanced Energy Industries, In | +$5M |
| IDCC InterDigital, Inc.new | +$5M |
Top sells this quarter · 15
| MIR Mirion Technologies, Inc. | −$11M |
| ANF Abercrombie & Fitch Co. | −$10M |
| WING Wingstop Inc.exit | −$9M |
| NCLH Norwegian Cruise Line Holdingsexit | −$9M |
| GH Guardant Health, Inc. | −$8M |
| SHOO Steven Madden, Ltd. | −$8M |
| MIRM Mirum Pharmaceuticals, Inc. | −$8M |
| WAL Western Alliance Bancorporatio | −$6M |
| LC LendingClub Corporation | −$6M |
| APPF AppFolio, Inc.exit | −$6M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.21B | 181 | +43.44% | +17.59% | +25.85% | -0.02B |
| 2025-12-31 | $1.19B | 179 | +22.97% | +17.72% | +5.25% | +0.01B |
| 2025-09-30 | $1.14B | 184 | +24.36% | +17.52% | +6.84% | -0.01B |
| 2025-06-30 | $997M | 186 | +15.37% | +14.94% | +0.43% | +0.00B |
| 2025-03-31 | $857M | 167 | +1.52% | +8.30% | -6.78% | -0.04B |
| 2024-12-31 | $1.01B | 183 | +29.57% | +24.89% | +4.68% | -0.00B |
| 2024-09-30 | $966M | 183 | +39.01% | +36.04% | +2.97% | +0.06B |
| 2024-06-30 | $850M | 155 | +27.63% | +24.49% | +3.14% | -0.06B |
| 2024-03-31 | $886M | 168 | +40.34% | +29.62% | +10.72% | +0.01B |
| 2023-12-31 | $775M | 163 | +30.38% | +26.18% | +4.20% | -0.64B |
| 2023-09-30 | $1.26B | 150 | +13.96% | +21.57% | -7.61% | -0.09B |
| 2023-06-30 | $1.38B | 159 | +11.55% | +19.42% | -7.88% | -0.01B |
| 2023-03-31 | $1.24B | 159 | -20.27% | -7.82% | -12.46% | +0.12B |
| 2022-12-31 | $1.07B | 151 | -1.43% | +7.56% | -8.99% | +0.07B |
| 2022-09-30 | $1.01B | 152 | -4.08% | -4.93% | +0.85% | +0.05B |
| 2022-06-30 | $1.00B | 152 | -19.65% | -16.11% | -3.54% | -0.07B |