Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.44%
trims when stocks drop
when a holding falls −10%+
Middle response
-13.09%
baseline attrition
Rally response
+0.66%
adds into rallies
when a holding rises +10%+
Top positions · 10
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TSMTaiwan Semiconductor Man | $213M | 36.0% | +105.6% | 6.5 yr |
| GOOGLAlphabet Inc. | $127M | 21.4% | — | 3.5 yr |
| CRCLCircle Internet Group | $127M | 21.4% | — | 0.8 yr |
| PLTRPalantir Technologies In | $47M | 7.9% | +73.3% | 3.3 yr |
| STXSeagate Technology Holdi | $40M | 6.8% | +366.3% | 0.3 yr |
| NVDANVIDIA Corporation | $29M | 4.8% | +60.9% | 4.3 yr |
| BILIBilibili Inc. | $4M | 0.6% | +18.1% | 2.5 yr |
| ETHU2x Ether ETF | $3M | 0.5% | — | 0.8 yr |
| — | $2M | 0.4% | — | 0.5 yr |
| ASMLASML Holding N.V. | $2M | 0.3% | +100.9% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors41.0%+27.8pp$244M
Internet Content & Information21.4%+14.0pp$127M
Financial - Capital Markets21.4%$127M
Software - Infrastructure7.9%-31.6pp$47M
Computer Hardware6.8%$40M
Electronic Gaming & Multimedia0.6%$4M
Asset Management0.5%$3M
Unknown0.4%$2M
Country
US56.0%-4.1pp
TW36.0%+35.9pp
SG6.8%+6.8pp
CN0.6%-24.2pp
Unknown0.4%
NL0.3%
Top 5: 93.4% · Top 10: 100.0% · Top 25: 100.0%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 5
| TSM Taiwan Semiconductor Manufactu | +$211M |
| STX Seagate Technology Holdings plnew | +$40M |
| CRCL Circle Internet Group | +$7M |
| BILI Bilibili Inc. | +$1M |
| ETHU 2x Ether ETF | +$0M |
Top sells this quarter · 13
| PLTR Palantir Technologies Inc. | −$251M |
| ASML ASML Holding N.V. | −$149M |
| EL The Estée Lauder Companies Inexit | −$101M |
| NVDA NVIDIA Corporation | −$55M |
| ATAT Atour Lifestyle Holdings Limitexit | −$55M |
| MNSO MINISO Group Holding Limitedexit | −$37M |
| ORCL Oracle Corporationexit | −$36M |
| HWM Howmet Aerospace Inc.exit | −$2M |
| PDD PDD Holdings Inc.exit | −$2M |
| ADI Analog Devices, Inc.exit | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $593M | 10 | +36.54% | +17.59% | +18.95% | -0.55B |
| 2025-12-31 | $1.26B | 17 | +47.58% | +17.72% | +29.86% | +0.10B |
| 2025-09-30 | $1.25B | 19 | +110.97% | +17.52% | +93.45% | -0.11B |
| 2025-06-30 | $1.10B | 13 | +91.87% | +14.94% | +76.93% | -0.09B |
| 2025-03-31 | $908M | 11 | +57.36% | +8.30% | +49.05% | -0.28B |
| 2024-12-31 | $1.21B | 14 | +80.68% | +24.89% | +55.79% | -0.12B |
| 2024-09-30 | $1.00B | 14 | +55.12% | +36.04% | +19.08% | +0.07B |
| 2024-06-30 | $827M | 12 | +68.52% | +24.49% | +44.03% | +0.04B |
| 2024-03-31 | $738M | 12 | +67.46% | +29.62% | +37.84% | +0.05B |
| 2023-12-31 | $609M | 11 | +77.07% | +26.18% | +50.90% | -0.08B |
| 2023-09-30 | $604M | 10 | +115.69% | +21.57% | +94.12% | -0.07B |
| 2023-06-30 | $549M | 10 | +61.31% | +19.42% | +41.89% | +0.08B |
| 2023-03-31 | $440M | 11 | +14.90% | -7.82% | +22.71% | +0.10B |
| 2022-12-31 | $283M | 15 | +38.78% | +7.56% | +31.22% | -0.01B |
| 2022-09-30 | $210M | 11 | -8.77% | -4.93% | -3.84% | +0.10B |
| 2022-06-30 | $116M | 17 | -24.11% | -16.11% | -8.00% | -0.02B |