Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.89%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.36%
baseline attrition
Rally response
-1.63%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| REGNRegeneron Pharmaceutical | $134M | 14.2% | +22.5% | 5.5 yr |
| GOOGLAlphabet Inc. | $110M | 11.7% | — | 7.5 yr |
| IBKRInteractive Brokers Grou | $86M | 9.1% | +62.8% | 7.5 yr |
| BRK-BBerkshire Hathaway Inc. | $74M | 7.9% | — | 7.3 yr |
| — | $72M | 7.7% | — | 2.8 yr |
| AMZNAmazon.com, Inc. | $60M | 6.3% | +9.5% | 3.3 yr |
| PMPhilip Morris Internatio | $56M | 6.0% | +7.9% | 4.8 yr |
| CTVACorteva, Inc. | $42M | 4.5% | +34.3% | 6.8 yr |
| COFCapital One Financial Co | $34M | 3.6% | +3.1% | 1.0 yr |
| FCNCAFirst Citizens BancShare | $31M | 3.3% | — | 3.3 yr |
| — | $19M | 2.0% | — | 2.8 yr |
| DISThe Walt Disney Company | $18M | 1.9% | -1.3% | 0.3 yr |
| — | $17M | 1.8% | — | 0.5 yr |
| NKTRNektar Therapeutics | $14M | 1.5% | — | 0.3 yr |
| HLFHerbalife Nutrition Ltd. | $14M | 1.5% | +70.6% | 7.5 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology17.0%+7.7pp$160M
Unknown14.8%+4.2pp$139M
Internet Content & Information12.5%+0.2pp$118M
Investment - Banking & Investment Services9.1%+0.8pp$86M
Insurance - Diversified7.9%-3.1pp$74M
Specialty Retail7.7%+0.2pp$72M
Tobacco6.4%-1.5pp$60M
Agricultural Inputs4.5%+1.1pp$42M
Financial - Credit Services3.6%-1.2pp$34M
Banks - Regional3.3%-0.5pp$31M
Country
US82.4%-6.2pp
Unknown14.8%+4.2pp
IL1.1%+0.9pp
CL1.1%+0.5pp
CA0.7%
Top 5: 50.6% · Top 10: 74.3% · Top 25: 94.7%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| REGN | $115M | +0.02B | 22.5% |
| HLF | $26M | +0.02B | 70.6% |
| IBKR | $102M | +0.01B | 62.8% |
| CTVA | $42M | +0.01B | 34.3% |
| PM | $96M | +0.01B | 7.9% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| PINS | $31M | -0.01B | -40.8% |
Top buys this quarter · 15
| DIS The Walt Disney Companynew | +$18M |
| NKTR Nektar Therapeuticsnew | +$14M |
| AUR Aurora Innovation, Inc.new | +$10M |
| GLBE Global-e Online Ltd.new | +$7M |
| PCTY Paylocity Holding Corporationnew | +$4M |
| BF-A Brown-Forman Corporationnew | +$3M |
| COF Capital One Financial Corporat | +$34M |
| AMZN Amazon.com, Inc. | +$60M |
| TPB Turning Point Brands, Inc. | +$2M |
| VRSK Verisk Analytics, Inc.new | +$1M |
Top sells this quarter · 15
| IBKR Interactive Brokers Group, Inc | −$14M |
| PM Philip Morris International In | −$10M |
| SBH Sally Beauty Holdings, Inc. | −$7M |
| CTVA Corteva, Inc. | −$38M |
| SQM Sociedad QuÃmica y Minera de | −$3M |
| REGN Regeneron Pharmaceuticals, Inc | −$3M |
| HLF Herbalife Nutrition Ltd. | −$3M |
| BBWI Bath & Body Works, Inc. | −$2M |
| FICO Fair Isaac Corporationexit | −$2M |
| PINS Pinterest, Inc. | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $941M | 51 | +22.93% | +17.59% | +5.34% | -0.01B |
| 2025-12-31 | $957M | 43 | +24.80% | +17.72% | +7.08% | -0.25B |
| 2025-09-30 | $1.11B | 29 | +6.38% | +17.52% | -11.14% | -0.25B |
| 2025-06-30 | $1.27B | 27 | -0.66% | +14.94% | -15.60% | -0.04B |
| 2025-03-31 | $1.23B | 26 | -1.98% | +8.30% | -10.28% | -0.04B |
| 2024-12-31 | $1.27B | 24 | +1.22% | +24.89% | -23.66% | +0.13B |
| 2024-09-30 | $1.23B | 25 | +19.43% | +36.04% | -16.60% | -0.05B |
| 2024-06-30 | $1.28B | 28 | +21.11% | +24.49% | -3.38% | +0.01B |
| 2024-03-31 | $1.20B | 29 | +10.11% | +29.62% | -19.52% | +0.09B |
| 2023-12-31 | $1.07B | 29 | +14.93% | +26.18% | -11.24% | -0.01B |
| 2023-09-30 | $993M | 28 | +9.56% | +21.57% | -12.01% | -0.06B |
| 2023-06-30 | $1.04B | 32 | +10.34% | +19.42% | -9.08% | +0.21B |
| 2023-03-31 | $862M | 30 | -5.84% | -7.82% | +1.98% | +0.00B |
| 2022-12-31 | $793M | 27 | +4.00% | +7.56% | -3.56% | -0.04B |
| 2022-09-30 | $803M | 28 | +2.06% | -4.93% | +6.99% | -0.04B |
| 2022-06-30 | $829M | 30 | -18.14% | -16.11% | -2.03% | +0.25B |