Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+7.27%
adds when stocks drop
when a holding falls −10%+
Middle response
+0.23%
steady accumulation
Rally response
-0.22%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ADEAAdeia Inc. | $66M | 5.4% | +84.3% | 3.5 yr |
| NPOEnPro Industries, Inc. | $64M | 5.2% | +55.8% | 5.8 yr |
| MKSIMKS Inc. | $56M | 4.5% | +188.8% | 3.0 yr |
| NGVTIngevity Corporation | $53M | 4.3% | +79.9% | 1.8 yr |
| BWXTBWX Technologies, Inc. | $52M | 4.2% | +108.6% | 6.3 yr |
| AZZAZZ Inc. | $44M | 3.6% | +50.8% | 5.5 yr |
| MTRNMaterion Corporation | $42M | 3.4% | +78.2% | 0.8 yr |
| WCNWaste Connections, Inc. | $42M | 3.4% | -16.2% | 3.5 yr |
| LFUSLittelfuse, Inc. | $41M | 3.3% | +74.5% | 2.3 yr |
| NOVTNovanta Inc. | $38M | 3.1% | -7.6% | 0.5 yr |
| MLMMartin Marietta Material | $38M | 3.1% | +23.8% | 4.0 yr |
| ASTEAstec Industries, Inc. | $36M | 2.9% | +58.1% | 4.3 yr |
| BVBrightView Holdings, Inc | $35M | 2.8% | -8.2% | 2.3 yr |
| — | $34M | 2.8% | — | 2.5 yr |
| THRMGentherm Incorporated | $34M | 2.8% | +3.9% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Hardware, Equipment & Parts14.7%+3.5pp$181M
Software - Application8.7%-1.6pp$108M
Industrial - Machinery7.8%+1.1pp$96M
Specialty Business Services7.7%-3.2pp$95M
Chemicals - Specialty6.6%+1.7pp$81M
Waste Management5.2%-1.4pp$64M
Aerospace & Defense4.2%+0.4pp$52M
Semiconductors3.7%+0.1pp$45M
Unknown3.6%+0.4pp$45M
Manufacturing - Metal Fabrication3.6%-2.8pp$44M
Country
US83.8%+11.7pp
GB4.2%-1.8pp
Unknown3.6%+0.4pp
CA3.4%-3.2pp
IL2.4%-3.9pp
FI1.9%-0.7pp
LU0.7%-2.5pp
Top 5: 23.6% · Top 10: 40.5% · Top 25: 78.6%
Top buys this quarter · 15
| POOL Pool Corporationnew | +$27M |
| PANW Palo Alto Networks, Inc.new | +$15M |
| SMG The Scotts Miracle-Gro Company | +$13M |
| WH Wyndham Hotels & Resorts, Inc.new | +$10M |
| SPY State Street SPDR S&P 500 ETF new | +$8M |
| NGVT Ingevity Corporation | +$8M |
| MLM Martin Marietta Materials, Inc | +$8M |
| CWST Casella Waste Systems, Inc. | +$7M |
| WCN Waste Connections, Inc. | +$6M |
| THRM Gentherm Incorporated | +$34M |
Top sells this quarter · 15
| GLDD Great Lakes Dredge & Dock Corp | −$53M |
| LASR nLIGHT, Inc. | −$45M |
| DNOW Dnow Inc. | −$14M |
| MKSI MKS Inc. | −$46M |
| OEC Orion Engineered Carbons S.A. | −$7M |
| THR Thermon Group Holdings, Inc. | −$29M |
| VRNS Varonis Systems, Inc. | −$6M |
| MTRN Materion Corporation | −$40M |
| NOK Nokia Oyj | −$22M |
| APLD Applied Digital Corporation | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.23B | 45 | +46.80% | +17.59% | +29.21% | -0.02B |
| 2025-12-31 | $1.11B | 43 | +21.15% | +17.72% | +3.43% | -0.01B |
| 2025-09-30 | $1.10B | 44 | +17.03% | +17.52% | -0.48% | +0.01B |
| 2025-06-30 | $1.00B | 41 | +10.55% | +14.94% | -4.39% | +0.02B |
| 2025-03-31 | $843M | 41 | -9.81% | +8.30% | -18.11% | +0.02B |
| 2024-12-31 | $887M | 41 | +4.31% | +24.89% | -20.57% | +0.03B |
| 2024-09-30 | $869M | 42 | +17.16% | +36.04% | -18.88% | +0.04B |
| 2024-06-30 | $809M | 39 | +12.01% | +24.49% | -12.48% | -0.07B |
| 2024-03-31 | $922M | 40 | +23.89% | +29.62% | -5.73% | +0.00B |
| 2023-12-31 | $857M | 42 | +22.79% | +26.18% | -3.39% | -0.01B |
| 2023-09-30 | $779M | 40 | +27.06% | +21.57% | +5.49% | -0.02B |
| 2023-06-30 | $809M | 40 | +24.86% | +19.42% | +5.43% | -0.03B |
| 2023-03-31 | $791M | 38 | -2.85% | -7.82% | +4.97% | -0.03B |
| 2022-12-31 | $771M | 37 | +15.13% | +7.56% | +7.57% | -0.00B |
| 2022-09-30 | $671M | 33 | -3.31% | -4.93% | +1.62% | +0.23B |
| 2022-06-30 | $453M | 32 | -17.90% | -16.11% | -1.79% | +0.12B |