Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+7.74%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.90%
baseline attrition
Rally response
+7.50%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NSCNorfolk Southern Corpora | $133M | 7.9% | +23.6% | 0.8 yr |
| ALAir Lease Corporation | $90M | 5.3% | +36.3% | 0.8 yr |
| GTLSChart Industries, Inc. | $89M | 5.2% | +43.2% | 1.0 yr |
| EAElectronic Arts Inc. | $65M | 3.9% | +41.7% | 0.8 yr |
| QRVOQorvo, Inc. | $62M | 3.7% | +6.9% | 0.5 yr |
| UNFUniFirst Corporation | $55M | 3.2% | +45.6% | 0.3 yr |
| KVUEKenvue Inc. | $51M | 3.0% | -25.0% | 0.5 yr |
| VALValaris Limited | $46M | 2.7% | +149.7% | 0.3 yr |
| SLABSilicon Laboratories Inc | $46M | 2.7% | +84.9% | 0.3 yr |
| ACLXArcellx, Inc. | $43M | 2.6% | — | 0.3 yr |
| PENPenumbra, Inc. | $43M | 2.6% | +22.8% | 0.3 yr |
| WBDWarner Bros. Discovery, | $43M | 2.5% | +155.9% | 0.5 yr |
| APLSApellis Pharmaceuticals, | $35M | 2.0% | +84.0% | 0.3 yr |
| CNTACentessa Pharmaceuticals | $34M | 2.0% | +176.2% | 0.3 yr |
| SKYTSkyWater Technology, Inc | $34M | 2.0% | +286.6% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology9.6%+7.9pp$163M
Semiconductors9.1%+8.3pp$155M
Railroads7.9%$133M
Industrial - Machinery6.7%$113M
Software - Application5.9%-5.6pp$100M
Rental & Leasing Services5.3%+2.8pp$90M
Medical - Devices4.5%$77M
Electronic Gaming & Multimedia3.9%$65M
Asset Management3.5%$60M
Household & Personal Products3.3%$56M
Country
US89.3%+0.2pp
GB3.8%
BM2.7%+1.2pp
IL1.8%
Unknown1.5%-2.9pp
HK0.8%-0.1pp
Top 5: 25.9% · Top 10: 40.1% · Top 25: 69.1%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| PRA | $5M | +0.00B | 5.9% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| UNF UniFirst Corporationnew | +$55M |
| VAL Valaris Limitednew | +$46M |
| SLAB Silicon Laboratories Inc.new | +$46M |
| PEN Penumbra, Inc.new | +$43M |
| APLS Apellis Pharmaceuticals, Inc.new | +$35M |
| CNTA Centessa Pharmaceuticals plcnew | +$34M |
| SKYT SkyWater Technology, Inc.new | +$34M |
| MASI Masimo Corporationnew | +$34M |
| ZIM ZIM Integrated Shipping Servicnew | +$31M |
| QRVO Qorvo, Inc. | +$30M |
Top sells this quarter · 15
| NGD New Gold Inc.exit | −$85M |
| EXAS Exact Sciences Corporationexit | −$84M |
| BA The Boeing Companyexit | −$59M |
| CTRA Coterra Energy Inc. | −$23M |
| TGNA TEGNA Inc.exit | −$19M |
| CFLT Confluent, Inc.exit | −$19M |
| VECO Veeco Instruments Inc.exit | −$12M |
| RKT Rocket Companies, Inc.exit | −$8M |
| EB Eventbrite, Inc.exit | −$2M |
| QCOM QUALCOMM Incorporatedexit | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.70B | 70 | +39.14% | +17.59% | +21.55% | +0.13B |
| 2025-12-31 | $1.47B | 65 | +24.17% | +17.72% | +6.45% | -0.24B |
| 2025-09-30 | $1.62B | 65 | +14.38% | +17.52% | -3.14% | -0.53B |
| 2025-06-30 | $1.87B | 49 | -3.47% | +14.94% | -18.41% | -0.18B |
| 2025-03-31 | $1.91B | 45 | -22.81% | +8.30% | -31.12% | +0.35B |
| 2024-12-31 | $1.65B | 42 | -19.51% | +24.89% | -44.39% | -0.49B |
| 2024-09-30 | $2.18B | 49 | -16.07% | +36.04% | -52.11% | +0.16B |
| 2024-06-30 | $2.08B | 42 | -13.31% | +24.49% | -37.80% | -0.12B |
| 2024-03-31 | $2.57B | 40 | -3.71% | +29.62% | -33.33% | +0.64B |
| 2023-12-31 | $1.95B | 37 | -13.66% | +26.18% | -39.84% | +0.00B |
| 2023-09-30 | $1.91B | 35 | -18.34% | +21.57% | -39.91% | -0.32B |
| 2023-06-30 | $2.22B | 38 | -19.65% | +19.42% | -39.08% | +0.44B |
| 2023-03-31 | $1.87B | 38 | -19.20% | -7.82% | -11.39% | -0.07B |
| 2022-12-31 | $2.19B | 41 | -3.50% | +7.56% | -11.06% | -0.10B |
| 2022-09-30 | $2.37B | 47 | -1.37% | -4.93% | +3.55% | -0.22B |
| 2022-06-30 | $2.63B | 50 | -4.23% | -16.11% | +11.88% | +0.43B |