Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+2.49%
adds when stocks drop
when a holding falls −10%+
Middle response
-7.53%
baseline attrition
Rally response
-14.46%
trims into rallies
when a holding rises +10%+
Top positions · 15
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| APOApollo Global Management | $75M | 13.9% | -17.4% | 4.3 yr |
| TSMTaiwan Semiconductor Man | $69M | 12.8% | +105.6% | 1.8 yr |
| HUT.TOHut 8 Mining Corp. | $51M | 9.5% | +290.2% | 0.3 yr |
| RCLRoyal Caribbean Cruises | $46M | 8.6% | +35.9% | 2.3 yr |
| RKTRocket Companies, Inc. | $40M | 7.5% | +18.1% | 0.5 yr |
| SATSEchoStar Corporation | $38M | 7.1% | +357.7% | 0.3 yr |
| MTZMasTec, Inc. | $36M | 6.8% | +175.7% | 0.5 yr |
| QQQInvesco QQQ Trust, Serie | $32M | 5.9% | — | 0.3 yr |
| IWFiShares Russell 1000 Gro | $31M | 5.8% | — | 4.5 yr |
| GEGE Aerospace | $30M | 5.6% | +42.5% | 3.0 yr |
| BNOUnited States Brent Oil | $22M | 4.1% | — | 0.3 yr |
| USOUnited States Oil Fund L | $22M | 4.1% | — | 0.3 yr |
| — | $20M | 3.8% | — | 1.8 yr |
| AXLAmerican Axle & Manufact | $12M | 2.3% | — | 0.8 yr |
| SNSharkNinja, Inc. | $12M | 2.2% | +27.0% | 2.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management33.9%+17.2pp$182M
Semiconductors12.8%+7.2pp$69M
Financial - Capital Markets9.5%$51M
Travel Services8.6%+3.8pp$46M
Financial - Mortgages7.5%$40M
Communication Equipment7.1%$38M
Engineering & Construction6.8%$36M
Aerospace & Defense5.6%+1.9pp$30M
Unknown3.8%-4.2pp$20M
Auto - Parts2.3%$12M
Country
US73.9%-12.5pp
TW12.8%+7.2pp
CA9.5%
Unknown3.8%-4.2pp
Top 5: 52.3% · Top 10: 83.5% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| TSM | $36M | +0.04B | 105.6% |
| RCL | $30M | +0.01B | 35.9% |
| GE | $23M | +0.01B | 42.5% |
| SN | $13M | +0.00B | 27.0% |
| APO | $84M | -0.01B | -17.4% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| APO | $84M | -0.01B | -17.4% |
Top buys this quarter · 10
| HUT.TO Hut 8 Mining Corp.new | +$71M |
| SATS EchoStar Corporationnew | +$38M |
| APO Apollo Global Management, Inc. | +$75M |
| TSM Taiwan Semiconductor Manufactu | +$11M |
| RKT Rocket Companies, Inc. | +$40M |
| RCL Royal Caribbean Cruises Ltd. | +$46M |
| QQQ Invesco QQQ Trust, Series 1new | +$0M |
| IWF iShares Russell 1000 Growth ET | +$0M |
| BNO United States Brent Oil Fund Lnew | +$0M |
| USO United States Oil Fund LPnew | +$0M |
Top sells this quarter · 15
| MTZ MasTec, Inc. | −$22M |
| AMZN Amazon.com, Inc.exit | −$63M |
| TLN Talen Energy Corporationexit | −$45M |
| HII Huntington Ingalls Industries,exit | −$40M |
| CPNG Coupang, Inc.exit | −$31M |
| SN SharkNinja, Inc. | −$26M |
| CHDN Churchill Downs Incorporatedexit | −$24M |
| FICO Fair Isaac Corporationexit | −$22M |
| CEG Constellation Energy Corporatiexit | −$20M |
| U Unity Software Inc.exit | −$16M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $538M | 15 | +23.25% | +17.59% | +5.66% | -0.20B |
| 2025-12-31 | $797M | 20 | +26.15% | +17.72% | +8.43% | -0.03B |
| 2025-09-30 | $818M | 20 | +35.79% | +17.52% | +18.28% | -0.06B |
| 2025-06-30 | $793M | 22 | +34.25% | +14.94% | +19.31% | +0.04B |
| 2025-03-31 | $633M | 18 | +18.25% | +8.30% | +9.94% | -0.10B |
| 2024-12-31 | $780M | 19 | +47.33% | +24.89% | +22.45% | -0.03B |
| 2024-09-30 | $742M | 17 | +56.21% | +36.04% | +20.17% | -0.00B |
| 2024-06-30 | $680M | 18 | +47.47% | +24.49% | +22.97% | -0.13B |
| 2024-03-31 | $771M | 19 | +61.12% | +29.62% | +31.50% | -0.02B |
| 2023-12-31 | $671M | 20 | +51.00% | +26.18% | +24.82% | -0.11B |
| 2023-09-30 | $671M | 21 | +42.83% | +21.57% | +21.26% | -0.07B |
| 2023-06-30 | $717M | 17 | +42.99% | +19.42% | +23.57% | -0.00B |
| 2023-03-31 | $629M | 16 | +5.13% | -7.82% | +12.95% | -0.00B |
| 2022-12-31 | $573M | 14 | +9.64% | +7.56% | +2.08% | -0.07B |
| 2022-09-30 | $585M | 15 | +3.73% | -4.93% | +8.66% | -0.09B |
| 2022-06-30 | $653M | 14 | -15.87% | -16.11% | +0.24% | -0.19B |