Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-36.02%
trims when stocks drop
when a holding falls −10%+
Middle response
-24.12%
baseline attrition
Rally response
-15.40%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| FIVEFive Below, Inc. | $10M | 2.5% | +204.9% | 6.0 yr |
| PTENPatterson-UTI Energy, In | $10M | 2.4% | +39.4% | 1.8 yr |
| CRSCarpenter Technology Cor | $8M | 2.1% | +118.3% | 3.0 yr |
| MODModine Manufacturing Com | $8M | 2.0% | +182.4% | 2.5 yr |
| BTSGBrightSpring Health Serv | $8M | 2.0% | +135.5% | 1.5 yr |
| MTDRMatador Resources Compan | $8M | 2.0% | +27.6% | 4.3 yr |
| KNXKnight-Swift Transportat | $8M | 2.0% | +34.4% | 3.3 yr |
| LGNDLigand Pharmaceuticals I | $8M | 1.9% | +89.9% | 3.5 yr |
| AEISAdvanced Energy Industri | $8M | 1.9% | +239.4% | 3.5 yr |
| STRLSterling Infrastructure, | $7M | 1.8% | +259.7% | 2.3 yr |
| GRDNGuardian Pharmacy Servic | $7M | 1.8% | +77.1% | 0.3 yr |
| RBCRBC Bearings Incorporate | $7M | 1.7% | +68.8% | 7.0 yr |
| SEISolaris Energy Infrastru | $7M | 1.7% | +163.1% | 0.5 yr |
| FNFabrinet | $6M | 1.6% | +164.0% | 4.5 yr |
| ENSGThe Ensign Group, Inc. | $6M | 1.6% | +55.9% | 1.3 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology10.8%-1.7pp$43M
Aerospace & Defense8.8%+4.3pp$35M
Semiconductors8.4%+6.4pp$33M
Engineering & Construction7.9%+5.8pp$31M
Hardware, Equipment & Parts5.3%+5.1pp$21M
Electrical Equipment & Parts4.2%$17M
Discount Stores3.6%+1.4pp$14M
Software - Application3.5%-6.8pp$14M
Medical - Healthcare Information Services3.4%-1.4pp$13M
Oil & Gas Equipment & Services3.2%+2.8pp$13M
Country
US94.7%+1.8pp
Unknown3.0%-0.1pp
KY1.6%
HK0.7%
Top 5: 11.1% · Top 10: 20.7% · Top 25: 43.7%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| BTSG | $6M | +0.01B | 135.5% |
| LGND | $6M | +0.00B | 89.9% |
| NXT | $3M | +0.00B | 186.1% |
| CRS | $4M | +0.00B | 118.3% |
| RBC | $5M | +0.00B | 68.8% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| KVYO | $3M | -0.00B | -35.7% |
Top buys this quarter · 15
| GRDN Guardian Pharmacy Services, Innew | +$7M |
| PTEN Patterson-UTI Energy, Inc. | +$7M |
| AGX Argan, Inc.new | +$6M |
| ENSG The Ensign Group, Inc. | +$5M |
| LSCC Lattice Semiconductor Corporat | +$4M |
| WAY Waystar Holding Corp. | +$4M |
| OLLI Ollie's Bargain Outlet Holding | +$4M |
| MIRM Mirum Pharmaceuticals, Inc.new | +$4M |
| STRL Sterling Infrastructure, Inc. | +$3M |
| SITE SiteOne Landscape Supply, Inc. | +$3M |
Top sells this quarter · 15
| VIAV Viavi Solutions Inc. | −$12M |
| FORM FormFactor, Inc. | −$9M |
| LITE Lumentum Holdings Inc. | −$8M |
| MTSI MACOM Technology Solutions Hol | −$7M |
| COHR Coherent, Inc. | −$7M |
| BE Bloom Energy Corporationexit | −$7M |
| HALO Halozyme Therapeutics, Inc. | −$6M |
| HURN Huron Consulting Group Inc.exit | −$6M |
| TMDX TransMedics Group, Inc.exit | −$6M |
| CIEN Ciena Corporationexit | −$5M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $397M | 103 | +40.81% | +17.59% | +23.22% | -0.05B |
| 2025-12-31 | $422M | 110 | +21.10% | +17.72% | +3.38% | -0.01B |
| 2025-09-30 | $409M | 105 | +22.82% | +17.52% | +5.30% | -0.02B |
| 2025-06-30 | $361M | 106 | +16.87% | +14.94% | +1.93% | -0.00B |
| 2025-03-31 | $336M | 108 | +12.41% | +8.30% | +4.11% | -0.04B |
| 2024-12-31 | $414M | 110 | +47.89% | +24.89% | +23.01% | -0.01B |
| 2024-09-30 | $395M | 116 | +50.03% | +36.04% | +13.99% | -0.07B |
| 2024-06-30 | $416M | 115 | +30.51% | +24.49% | +6.02% | -0.01B |
| 2024-03-31 | $410M | 117 | +36.82% | +29.62% | +7.19% | -0.09B |
| 2023-12-31 | $424M | 124 | +27.08% | +26.18% | +0.90% | -0.26B |
| 2023-09-30 | $633M | 117 | +23.33% | +21.57% | +1.77% | -0.07B |
| 2023-06-30 | $721M | 135 | +28.68% | +19.42% | +9.25% | -0.06B |
| 2023-03-31 | $717M | 108 | -3.47% | -7.82% | +4.35% | -0.09B |
| 2022-12-31 | $732M | 122 | +4.46% | +7.56% | -3.10% | -0.04B |
| 2022-09-30 | $743M | 109 | +2.04% | -4.93% | +6.97% | +0.00B |
| 2022-06-30 | $724M | 99 | -18.03% | -16.11% | -1.91% | -0.00B |