Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.43%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.20%
baseline attrition
Rally response
-18.85%
trims into rallies
when a holding rises +10%+
Top positions · 10
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| METAMeta Platforms, Inc. | $60M | 21.3% | -0.4% | 4.8 yr |
| CVNACarvana Co. | $43M | 15.3% | +50.4% | 4.8 yr |
| APPAppLovin Corporation | $38M | 13.4% | +50.2% | 2.3 yr |
| GOOGLAlphabet Inc. | $32M | 11.5% | — | 2.5 yr |
| MELIMercadoLibre, Inc. | $30M | 10.7% | -11.4% | 2.0 yr |
| AMZNAmazon.com, Inc. | $26M | 9.2% | +9.5% | 5.0 yr |
| BABAAlibaba Group Holding Li | $19M | 6.7% | -3.5% | 2.0 yr |
| ADIAnalog Devices, Inc. | $13M | 4.5% | +60.2% | 2.8 yr |
| AMATApplied Materials, Inc. | $12M | 4.2% | +137.6% | 1.0 yr |
| TSMTaiwan Semiconductor Man | $8M | 3.0% | +105.6% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Internet Content & Information32.8%+18.7pp$92M
Specialty Retail26.7%-7.8pp$75M
Auto - Dealerships15.3%+6.9pp$43M
Software - Application13.4%+2.4pp$38M
Semiconductors11.8%+0.2pp$33M
Country
US79.6%+19.5pp
UY10.7%+1.8pp
CN6.7%-1.9pp
TW3.0%
Top 5: 72.3% · Top 10: 100.0% · Top 25: 100.0%
Top buys this quarter · 4
| BABA Alibaba Group Holding Limited | +$9M |
| META Meta Platforms, Inc. | +$9M |
| AMAT Applied Materials, Inc. | +$2M |
| GOOGL Alphabet Inc. | +$0M |
Top sells this quarter · 11
| MSFT Microsoft Corporationexit | −$33M |
| TSM Taiwan Semiconductor Manufactu | −$7M |
| ADI Analog Devices, Inc. | −$16M |
| CPNG Coupang, Inc.exit | −$13M |
| MELI MercadoLibre, Inc. | −$13M |
| SE Sea Limitedexit | −$12M |
| GSHD Goosehead Insurance, Incexit | −$10M |
| ATAT Atour Lifestyle Holdings Limitexit | −$6M |
| CVNA Carvana Co. | −$4M |
| AMZN Amazon.com, Inc. | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $282M | 10 | +22.91% | +17.59% | +5.32% | -0.11B |
| 2025-12-31 | $424M | 13 | +35.30% | +17.72% | +17.58% | +0.02B |
| 2025-09-30 | $422M | 16 | +59.00% | +17.52% | +41.48% | -0.05B |
| 2025-06-30 | $407M | 11 | +60.76% | +14.94% | +45.81% | -0.01B |
| 2025-03-31 | $348M | 16 | +46.76% | +8.30% | +38.46% | -0.00B |
| 2024-12-31 | $349M | 16 | +58.70% | +24.89% | +33.82% | +0.02B |
| 2024-09-30 | $296M | 13 | +51.98% | +36.04% | +15.95% | -0.01B |
| 2024-06-30 | $260M | 14 | +36.01% | +24.49% | +11.52% | -0.00B |
| 2024-03-31 | $238M | 10 | -18.36% | +29.62% | -47.99% | +0.06B |
| 2023-12-31 | $164M | 9 | -20.63% | +26.18% | -46.81% | -0.03B |
| 2023-09-30 | $180M | 12 | -34.91% | +21.57% | -56.48% | +0.08B |
| 2023-06-30 | $99M | 13 | -36.94% | +19.42% | -56.37% | +0.05B |
| 2023-03-31 | $77M | 9 | -45.10% | -7.82% | -37.28% | -0.01B |
| 2022-12-31 | $82M | 9 | -11.64% | +7.56% | -19.20% | +0.04B |
| 2022-09-30 | $47M | 8 | +1.95% | -4.93% | +6.88% | -0.01B |
| 2022-06-30 | $60M | 5 | -42.29% | -16.11% | -26.18% | -0.09B |