Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+3.15%
adds when stocks drop
when a holding falls −10%+
Middle response
-2.53%
baseline attrition
Rally response
-11.80%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TBBKThe Bancorp, Inc. | $74M | 4.6% | +1.7% | 7.8 yr |
| HGVHilton Grand Vacations I | $59M | 3.7% | +4.6% | 3.5 yr |
| — | $58M | 3.7% | — | 3.8 yr |
| BVSBioventus Inc. | $56M | 3.5% | -0.2% | 3.8 yr |
| PTONPeloton Interactive, Inc | $51M | 3.2% | -32.1% | 5.0 yr |
| ESTAEstablishment Labs Holdi | $47M | 3.0% | +39.1% | 7.5 yr |
| SVRASavara Inc. | $40M | 2.5% | +97.1% | 2.8 yr |
| XTNTXtant Medical Holdings, | $38M | 2.4% | +18.7% | 2.8 yr |
| GOGOGogo Inc. | $36M | 2.2% | -53.4% | 1.5 yr |
| AMRXAmneal Pharmaceuticals, | $35M | 2.2% | +48.3% | 3.3 yr |
| AVRAnteris Technologies Glo | $31M | 1.9% | +52.5% | 1.5 yr |
| ETONEton Pharmaceuticals, In | $29M | 1.8% | +90.1% | 2.0 yr |
| EOLSEvolus, Inc. | $26M | 1.6% | -65.8% | 2.8 yr |
| TNGXTango Therapeutics, Inc. | $26M | 1.6% | +1427.0% | 2.3 yr |
| LBRXLB Pharmaceuticals Inc C | $26M | 1.6% | — | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology34.1%+7.2pp$545M
Medical - Devices14.3%+2.4pp$228M
Unknown8.6%-8.0pp$137M
Banks - Regional4.9%+1.3pp$78M
Drug Manufacturers - Specialty & Generic4.0%-3.9pp$64M
Gambling, Resorts & Casinos4.0%-2.4pp$63M
Auto - Dealerships3.4%+0.2pp$54M
Leisure3.2%+0.9pp$51M
Packaged Foods2.6%+2.6pp$42M
Telecommunications Services2.2%-0.3pp$36M
Country
US79.7%+10.0pp
Unknown8.6%-8.0pp
CR3.0%-3.0pp
AU1.9%+1.4pp
GB1.3%-0.2pp
CH1.3%
CA1.2%-1.0pp
FR1.0%+0.2pp
Top 5: 18.7% · Top 10: 31.0% · Top 25: 54.0%
Top buys this quarter · 15
| PTON Peloton Interactive, Inc. | +$26M |
| MLYS Mineralys Therapeutics, Inc. | +$21M |
| AVR Anteris Technologies Global Co | +$17M |
| TBBK The Bancorp, Inc. | +$17M |
| CWH Camping World Holdings, Inc. | +$15M |
| PCVX Vaxcyte, Inc.new | +$14M |
| HLXC Helix Acquisition Corp. III Clnew | +$13M |
| AGMB AgomAb Therapeutics N.V. Amerinew | +$13M |
| JANX Janux Therapeutics, Inc.new | +$11M |
| KROS Keros Therapeutics, Inc. | +$11M |
Top sells this quarter · 15
| TNGX Tango Therapeutics, Inc. | −$49M |
| EB Eventbrite, Inc.exit | −$31M |
| DNTH Dianthus Therapeutics, Inc. | −$26M |
| GMED Globus Medical, Inc.exit | −$19M |
| IRD Opus Genetics, Inc. | −$14M |
| CASH Pathward Financial, Inc.exit | −$12M |
| FOXF Fox Factory Holding Corp. | −$12M |
| GDEN Golden Entertainment, Inc.exit | −$10M |
| FULC Fulcrum Therapeutics, Inc. | −$10M |
| ESTA Establishment Labs Holdings In | −$9M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.60B | 129 | +49.04% | +17.59% | +31.45% | +0.02B |
| 2025-12-31 | $1.67B | 132 | +32.66% | +17.72% | +14.94% | -0.08B |
| 2025-09-30 | $1.62B | 131 | +26.59% | +17.52% | +9.07% | -0.26B |
| 2025-06-30 | $1.41B | 138 | +2.70% | +14.94% | -12.24% | +0.08B |
| 2025-03-31 | $1.21B | 127 | -7.46% | +8.30% | -15.76% | +0.01B |
| 2024-12-31 | $1.43B | 122 | +22.61% | +24.89% | -2.28% | +0.20B |
| 2024-09-30 | $1.19B | 124 | +5.38% | +36.04% | -30.66% | +0.11B |
| 2024-06-30 | $995M | 116 | -24.16% | +24.49% | -48.65% | -0.01B |
| 2024-03-31 | $1.01B | 110 | -26.89% | +29.62% | -56.52% | -0.09B |
| 2023-12-31 | $993M | 109 | -35.99% | +26.18% | -62.17% | +0.30B |
| 2023-09-30 | $784M | 112 | +17.37% | +21.57% | -4.20% | +0.15B |
| 2023-06-30 | $820M | 107 | +39.07% | +19.42% | +19.64% | -0.17B |
| 2023-03-31 | $1.04B | 109 | +2.50% | -7.82% | +10.32% | -0.03B |
| 2022-12-31 | $1.10B | 103 | +62.69% | +7.56% | +55.13% | -0.55B |
| 2022-09-30 | $1.02B | 102 | -7.98% | -4.93% | -3.05% | -0.04B |
| 2022-06-30 | $1.15B | 104 | -29.46% | -16.11% | -13.35% | +0.13B |