Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.80%
trims when stocks drop
when a holding falls −10%+
Middle response
-7.01%
baseline attrition
Rally response
-20.03%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BANDBandwidth Inc. | $10M | 6.0% | +36.0% | 1.5 yr |
| APYXApyx Medical Corporation | $10M | 5.9% | +169.3% | 7.3 yr |
| SVVSavers Value Village, In | $10M | 5.5% | +7.8% | 1.5 yr |
| BRZEBraze, Inc. | $10M | 5.4% | -34.6% | 1.0 yr |
| OMDAOmada Health | $9M | 5.2% | — | 0.8 yr |
| SATLSatellogic Inc. | $9M | 5.1% | +52.4% | 0.3 yr |
| TDCTeradata Corporation | $9M | 5.1% | +14.0% | 1.3 yr |
| TENBTenable Holdings, Inc. | $9M | 5.0% | -51.6% | 0.3 yr |
| SFIXStitch Fix, Inc. | $8M | 4.7% | +1.8% | 0.8 yr |
| OIIOceaneering Internationa | $7M | 4.2% | +62.6% | 0.3 yr |
| MRCYMercury Systems, Inc. | $7M | 4.0% | +69.2% | 1.0 yr |
| MITKMitek Systems, Inc. | $5M | 3.0% | +63.6% | 3.8 yr |
| MPTIM-tron Industries, Inc. | $5M | 3.0% | +50.1% | 1.0 yr |
| LYTSLSI Industries Inc. | $5M | 2.8% | +10.5% | 5.8 yr |
| THTarget Hospitality Corp. | $4M | 2.3% | +41.0% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Software - Infrastructure17.5%+9.7pp$31M
Software - Application15.6%+2.5pp$27M
Hardware, Equipment & Parts12.6%+0.0pp$22M
Specialty Retail9.2%+1.1pp$16M
Aerospace & Defense6.7%+2.8pp$12M
Medical - Healthcare Information Services6.5%$11M
Medical - Devices5.9%-3.5pp$10M
Apparel - Retail4.7%$8M
Medical - Instruments & Supplies4.6%+0.7pp$8M
Oil & Gas Equipment & Services4.2%$7M
Country
US95.1%-2.8pp
BE2.1%
IL1.4%
CH1.3%
Unknown0.1%-1.4pp
Top 5: 28.1% · Top 10: 52.3% · Top 25: 85.6%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| APYX | $5M | +0.01B | 169.3% |
| ORN | $4M | +0.00B | 108.4% |
| KOPN | $2M | +0.00B | 141.4% |
| KRMD | $1M | +0.00B | 70.1% |
| BAND | $3M | +0.00B | 36.0% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| SATL Satellogic Inc.new | +$9M |
| TENB Tenable Holdings, Inc.new | +$9M |
| OII Oceaneering International, Incnew | +$7M |
| BRZE Braze, Inc. | +$4M |
| TH Target Hospitality Corp.new | +$4M |
| SFIX Stitch Fix, Inc. | +$3M |
| TDUP ThredUp Inc. | +$3M |
| VPG Vishay Precision Group, Inc.new | +$3M |
| MITK Mitek Systems, Inc. | +$3M |
| BAND Bandwidth Inc. | +$2M |
Top sells this quarter · 15
| BW Babcock & Wilcox Enterprises, exit | −$19M |
| EZPW EZCORP, Inc.exit | −$9M |
| OLPX Olaplex Holdings, Inc.exit | −$9M |
| HCSG Healthcare Services Group, Incexit | −$5M |
| PRLB Proto Labs, Inc. | −$3M |
| MPTI M-tron Industries, Inc. | −$3M |
| OSS One Stop Systems, Inc.exit | −$2M |
| FSLY Fastly, Inc.exit | −$2M |
| APYX Apyx Medical Corporation | −$2M |
| REAL The RealReal, Inc. | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $175M | 44 | +65.73% | +17.59% | +48.14% | +0.01B |
| 2025-12-31 | $173M | 47 | +52.09% | +17.72% | +34.37% | -0.01B |
| 2025-09-30 | $166M | 45 | +70.93% | +17.52% | +53.41% | +0.02B |
| 2025-06-30 | $121M | 47 | +27.09% | +14.94% | +12.15% | -0.00B |
| 2025-03-31 | $95M | 45 | -13.07% | +8.30% | -21.38% | +0.02B |
| 2024-12-31 | $83M | 36 | -10.91% | +24.89% | -35.79% | +0.02B |
| 2024-09-30 | $53M | 21 | -15.34% | +36.04% | -51.38% | -0.02B |
| 2024-06-30 | $86M | 22 | -19.89% | +24.49% | -44.38% | -0.10B |
| 2024-03-31 | $212M | 30 | -1.33% | +29.62% | -30.95% | -0.01B |
| 2023-12-31 | $243M | 32 | +18.38% | +26.18% | -7.80% | -0.02B |
| 2023-09-30 | $223M | 36 | +15.63% | +21.57% | -5.94% | -0.01B |
| 2023-06-30 | $276M | 32 | +13.12% | +19.42% | -6.31% | -0.03B |
| 2023-03-31 | $282M | 31 | -33.46% | -7.82% | -25.65% | -0.00B |
| 2022-12-31 | $260M | 33 | +13.95% | +7.56% | +6.39% | -0.02B |
| 2022-09-30 | $242M | 27 | -16.40% | -4.93% | -11.47% | +0.01B |
| 2022-06-30 | $279M | 31 | -36.21% | -16.11% | -20.10% | +0.03B |