Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.90%
trims when stocks drop
when a holding falls −10%+
Middle response
-14.06%
baseline attrition
Rally response
-21.54%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $16M | 2.5% | — | 0.8 yr |
| — | $15M | 2.4% | — | 0.3 yr |
| — | $14M | 2.3% | — | 0.8 yr |
| — | $14M | 2.3% | — | 0.5 yr |
| — | $14M | 2.2% | — | 0.3 yr |
| — | $14M | 2.2% | — | 0.3 yr |
| — | $14M | 2.1% | — | 0.3 yr |
| — | $12M | 1.9% | — | 0.3 yr |
| — | $12M | 1.9% | — | 0.3 yr |
| — | $11M | 1.8% | — | 0.3 yr |
| — | $10M | 1.6% | — | 1.0 yr |
| — | $10M | 1.5% | — | 0.3 yr |
| GOOGAlphabet Inc. | $10M | 1.5% | +84.3% | 3.0 yr |
| — | $9M | 1.5% | — | 0.3 yr |
| — | $9M | 1.5% | — | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Unknown61.7%-5.4pp$391M
Shell Companies5.9%+0.3pp$37M
Asset Management4.6%-3.8pp$29M
Internet Content & Information2.4%+2.1pp$15M
Financial - Conglomerates2.1%+2.0pp$14M
Biotechnology2.0%+0.4pp$12M
Software - Application1.3%+0.4pp$8M
Gold1.2%+0.7pp$8M
Renewable Utilities1.2%$8M
Semiconductors1.2%+0.4pp$8M
Country
Unknown61.7%-5.2pp
US30.4%+0.1pp
CA2.2%+0.6pp
KY1.7%+1.4pp
GB1.3%+1.2pp
FR0.9%
BM0.9%+0.6pp
NL0.6%+0.4pp
Top 5: 11.5% · Top 10: 21.5% · Top 25: 40.9%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| FSLR | $6M | +0.00B | 56.0% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| PFSI PennyMac Financial Services, I | +$7M |
| GOOG Alphabet Inc. | +$6M |
| SPRY ARS Pharmaceuticals, Inc. | +$4M |
| ABVX Abivax S.A. | +$3M |
| BRR ProCap Financial, Inc.new | +$3M |
| OR OR Royalties Inc.new | +$3M |
| IEAG Infinite Eagle Acquisition Cornew | +$3M |
| DBCA D. Boral Acquisition I Corp. Cnew | +$3M |
| FSLR First Solar, Inc. | +$3M |
| AQN Algonquin Power & Utilities Co | +$2M |
Top sells this quarter · 15
| AMAT Applied Materials, Inc. | −$42M |
| BTI British American Tobacco p.l.c | −$6M |
| NGD New Gold Inc.exit | −$4M |
| PKST Peakstone Realty Trustexit | −$4M |
| B Barrick Mining Corporationexit | −$4M |
| SOLS Solstice Advanced Materials In | −$3M |
| BIP Brookfield Infrastructure Part | −$3M |
| RYAM Rayonier Advanced Materials In | −$3M |
| TSM Taiwan Semiconductor Manufactu | −$3M |
| OPEN Opendoor Technologies Inc.exit | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $634M | 355 | +40.37% | +17.59% | +22.78% | +0.12B |
| 2025-12-31 | $514M | 304 | +25.34% | +17.72% | +7.62% | -0.07B |
| 2025-09-30 | $576M | 254 | +34.01% | +17.52% | +16.49% | +0.28B |
| 2025-06-30 | $245M | 210 | +26.68% | +14.94% | +11.74% | -0.22B |
| 2025-03-31 | $411M | 218 | -2.93% | +8.30% | -11.23% | +0.01B |
| 2024-12-31 | $444M | 195 | +35.97% | +24.89% | +11.09% | +0.07B |
| 2024-09-30 | $342M | 185 | +36.80% | +36.04% | +0.76% | +0.12B |
| 2024-06-30 | $192M | 163 | +15.86% | +24.49% | -8.63% | +0.02B |
| 2024-03-31 | $196M | 165 | +43.06% | +29.62% | +13.44% | -0.00B |
| 2023-12-31 | $160M | 132 | +6.61% | +26.18% | -19.57% | +0.03B |
| 2023-09-30 | $120M | 144 | +2.37% | +21.57% | -19.20% | -0.00B |
| 2023-06-30 | $126M | 137 | -0.49% | +19.42% | -19.92% | -0.08B |
| 2023-03-31 | $192M | 162 | -36.56% | -7.82% | -28.74% | -0.02B |
| 2022-12-31 | $230M | 152 | +9.45% | -18.17% | +27.62% | -0.07B |
| 2022-09-30 | $283M | 187 | -5.23% | -4.93% | -0.31% | -0.15B |
| 2022-06-30 | $453M | 244 | -31.30% | -16.11% | -15.19% | +0.15B |