Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-12.17%
trims when stocks drop
when a holding falls −10%+
Middle response
-8.99%
baseline attrition
Rally response
-8.65%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IMAXIMAX Corporation | $11M | 3.6% | +44.3% | 2.0 yr |
| APEIAmerican Public Educatio | $10M | 3.2% | +154.8% | 1.3 yr |
| NHCNational HealthCare Corp | $10M | 3.2% | +75.5% | 3.0 yr |
| FLRFluor Corporation | $9M | 3.1% | +30.2% | 1.3 yr |
| HSBCHSBC Holdings plc | $9M | 2.9% | +51.2% | 10.0 yr |
| ZETAZeta Global Holdings Cor | $9M | 2.9% | +17.4% | 4.8 yr |
| FTITechnipFMC plc | $8M | 2.7% | +119.3% | 3.5 yr |
| HLFHerbalife Nutrition Ltd. | $8M | 2.6% | +70.6% | 1.0 yr |
| LINCLincoln Educational Serv | $8M | 2.6% | +156.3% | 2.5 yr |
| UTIUniversal Technical Inst | $8M | 2.5% | +40.6% | 3.3 yr |
| NOKNokia Oyj | $8M | 2.5% | +57.0% | 2.5 yr |
| PUMPProPetro Holding Corp. | $8M | 2.5% | +96.1% | 0.8 yr |
| OPLNOPENLANE, Inc. | $7M | 2.4% | +51.2% | 1.0 yr |
| PHYSSprott Physical Gold Tru | $7M | 2.3% | — | 1.3 yr |
| BACBank of America Corporat | $6M | 1.9% | +19.4% | 10.0 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Equipment & Services10.8%+5.2pp$33M
Education & Training Services8.5%+5.1pp$26M
Asset Management7.0%-6.3pp$21M
Banks - Diversified5.2%+0.0pp$16M
Software - Application4.6%-1.6pp$14M
Communication Equipment4.6%+0.8pp$14M
Gold4.6%-0.4pp$14M
Packaged Foods4.3%+3.1pp$13M
Medical - Care Facilities4.2%+1.1pp$13M
Unknown4.0%-1.5pp$12M
Country
US71.3%+3.5pp
CA11.8%-5.8pp
GB5.6%-0.8pp
Unknown4.0%-1.5pp
FI2.5%+1.8pp
GR1.9%+0.8pp
BM1.5%
MC0.4%+0.2pp
Top 5: 15.9% · Top 10: 29.2% · Top 25: 57.7%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| FTI | $8M | +0.01B | 119.3% |
| LINC | $4M | +0.01B | 156.3% |
| NHC | $6M | +0.00B | 75.5% |
| MAMA | $3M | +0.00B | 135.6% |
| IMAX | $7M | +0.00B | 44.3% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| FLR Fluor Corporation | +$9M |
| NOK Nokia Oyj | +$6M |
| PUMP ProPetro Holding Corp. | +$5M |
| OII Oceaneering International, Inc | +$5M |
| DOCN DigitalOcean Holdings, Inc.new | +$5M |
| AKAM Akamai Technologies, Inc. | +$3M |
| LBRT Liberty Energy Inc. | +$3M |
| OPLN OPENLANE, Inc. | +$3M |
| APEI American Public Education, Inc | +$3M |
| LTRX Lantronix, Inc. | +$2M |
Top sells this quarter · 15
| TTI TETRA Technologies, Inc.exit | −$8M |
| FTI TechnipFMC plc | −$7M |
| PLUG Plug Power Inc. | −$6M |
| REAL The RealReal, Inc. | −$5M |
| LTH Life Time Group Holdings, Inc. | −$5M |
| HLF Herbalife Nutrition Ltd. | −$5M |
| FWRG First Watch Restaurant Group, exit | −$5M |
| VICR Vicor Corporationexit | −$4M |
| EVLV Evolv Technologies Holdings, Iexit | −$4M |
| CDE Coeur Mining, Inc. | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $305M | 115 | +46.32% | +17.59% | +28.73% | -0.00B |
| 2025-12-31 | $286M | 98 | +26.17% | +17.72% | +8.45% | -0.03B |
| 2025-09-30 | $294M | 101 | +33.62% | +17.52% | +16.10% | -0.01B |
| 2025-06-30 | $266M | 115 | +34.89% | +14.94% | +19.95% | +0.03B |
| 2025-03-31 | $217M | 95 | +26.94% | +8.30% | +18.64% | -0.01B |
| 2024-12-31 | $244M | 108 | +52.20% | +24.89% | +27.31% | -0.05B |
| 2024-09-30 | $264M | 118 | +41.42% | +36.04% | +5.38% | +0.00B |
| 2024-06-30 | $225M | 104 | +22.16% | +24.49% | -2.33% | -0.01B |
| 2024-03-31 | $224M | 118 | +17.52% | +29.62% | -12.10% | -0.03B |
| 2023-12-31 | $230M | 104 | +7.06% | +26.18% | -19.12% | +0.02B |
| 2023-09-30 | $201M | 96 | +6.56% | +21.57% | -15.01% | -0.01B |
| 2023-06-30 | $211M | 103 | -0.71% | +19.42% | -20.14% | +0.01B |
| 2023-03-31 | $198M | 87 | -49.36% | -7.82% | -41.54% | -0.02B |
| 2022-12-31 | $211M | 94 | +4.61% | +7.56% | -2.95% | +0.01B |
| 2022-09-30 | $196M | 90 | -6.21% | -4.93% | -1.29% | +0.01B |
| 2022-06-30 | $199M | 88 | -48.92% | -16.11% | -32.81% | +0.07B |