Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.03%
trims when stocks drop
when a holding falls −10%+
Middle response
-12.10%
baseline attrition
Rally response
-20.11%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| COINCoinbase Global, Inc. | $251M | 10.3% | +1.4% | 0.5 yr |
| BABAAlibaba Group Holding Li | $147M | 6.0% | -3.5% | 8.5 yr |
| AMZNAmazon.com, Inc. | $117M | 4.8% | +9.5% | 3.8 yr |
| MSFTMicrosoft Corporation | $116M | 4.8% | -0.6% | 7.5 yr |
| — | $111M | 4.6% | — | 1.5 yr |
| BPBP p.l.c. | $99M | 4.0% | +47.2% | 4.5 yr |
| SLBSLB N.V. | $79M | 3.3% | +26.7% | 1.3 yr |
| BF-BBrown-Forman Corporation | $72M | 3.0% | -19.5% | 0.3 yr |
| SUSuncor Energy Inc. | $66M | 2.7% | +77.6% | 3.3 yr |
| BACBank of America Corporat | $64M | 2.6% | +19.4% | 3.8 yr |
| EQXEquinox Gold Corp. | $60M | 2.4% | +110.2% | 4.8 yr |
| SOLVSolventum Corporation | $56M | 2.3% | -14.1% | 0.8 yr |
| FNDFloor & Decor Holdings, | $56M | 2.3% | -36.9% | 0.5 yr |
| XOMExxon Mobil Corporation | $55M | 2.2% | +47.6% | 10.5 yr |
| LAMRLamar Advertising Compan | $43M | 1.8% | +17.2% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Specialty Retail11.4%-4.5pp$278M
Financial - Data & Stock Exchanges10.3%$251M
Gold9.5%-11.5pp$233M
Oil & Gas Integrated9.4%+3.6pp$230M
Unknown7.2%-0.7pp$177M
Software - Infrastructure5.4%+5.3pp$131M
Oil & Gas Equipment & Services3.6%+3.3pp$88M
Beverages - Wineries & Distilleries3.0%$72M
Banks - Diversified2.7%-9.9pp$67M
Medical - Care Facilities2.3%$56M
Country
US64.0%-0.8pp
CA13.2%-0.4pp
Unknown7.2%-0.7pp
CN6.0%-0.1pp
GB4.4%+1.1pp
MX1.7%+1.7pp
BM1.7%
NL0.5%
Top 5: 30.4% · Top 10: 46.0% · Top 25: 70.7%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| ARIS | $26M | +0.08B | 300.2% |
| BP | $82M | +0.04B | 47.2% |
| SU | $38M | +0.03B | 77.6% |
| GAU | $23M | +0.02B | 102.4% |
| AMZN | $248M | +0.02B | 9.5% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| BABA | $160M | -0.01B | -3.5% |
Top buys this quarter · 15
| COIN Coinbase Global, Inc. | +$122M |
| MSFT Microsoft Corporation | +$116M |
| BABA Alibaba Group Holding Limited | +$87M |
| BF-B Brown-Forman Corporationnew | +$72M |
| SLB SLB N.V. | +$20M |
| FND Floor & Decor Holdings, Inc. | +$17M |
| SOLV Solventum Corporation | +$16M |
| WBD Warner Bros. Discovery, Inc.new | +$15M |
| MHK Mohawk Industries, Inc. | +$14M |
| LAMR Lamar Advertising Company | +$12M |
Top sells this quarter · 15
| EXR Extra Space Storage Inc.exit | −$51M |
| DIS The Walt Disney Company | −$49M |
| CGAU Centerra Gold Inc. | −$45M |
| FSLR First Solar, Inc. | −$28M |
| EGO Eldorado Gold Corporation | −$24M |
| EQX Equinox Gold Corp. | −$24M |
| PAAS Pan American Silver Corp. | −$24M |
| TECK Teck Resources Limitedexit | −$23M |
| AMZN Amazon.com, Inc. | −$23M |
| NOMD Nomad Foods Limitedexit | −$21M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.44B | 176 | +52.95% | +17.59% | +35.36% | +0.23B |
| 2025-12-31 | $2.20B | 154 | +67.74% | +17.72% | +50.03% | +0.22B |
| 2025-09-30 | $1.80B | 101 | +40.65% | +17.52% | +23.13% | -1.00B |
| 2025-06-30 | $2.26B | 98 | +23.95% | +14.94% | +9.01% | -0.63B |
| 2025-03-31 | $2.60B | 94 | +19.90% | +8.30% | +11.60% | -0.46B |
| 2024-12-31 | $2.77B | 101 | +15.46% | +24.89% | -9.42% | -0.16B |
| 2024-09-30 | $3.17B | 56 | +40.59% | +36.04% | +4.55% | +0.63B |
| 2024-06-30 | $2.33B | 53 | +22.22% | +24.49% | -2.27% | -0.47B |
| 2024-03-31 | $2.60B | 60 | +13.83% | +29.62% | -15.79% | -0.27B |
| 2023-12-31 | $2.69B | 67 | +15.77% | +26.18% | -10.40% | +0.66B |
| 2023-09-30 | $1.80B | 66 | +15.74% | +21.57% | -5.83% | +0.18B |
| 2023-06-30 | $1.71B | 70 | +19.38% | +19.42% | -0.04% | -1.19B |
| 2023-03-31 | $2.89B | 87 | -0.25% | -7.82% | +7.56% | +1.27B |
| 2022-12-31 | $1.49B | 91 | +12.35% | +7.56% | +4.79% | -0.31B |
| 2022-09-30 | $1.60B | 95 | -2.10% | -4.93% | +2.82% | -0.89B |
| 2022-06-30 | $2.54B | 97 | -16.23% | -16.11% | -0.11% | -1.04B |