Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+2.95%
adds when stocks drop
when a holding falls −10%+
Middle response
-6.27%
baseline attrition
Rally response
-4.36%
trims into rallies
when a holding rises +10%+
Top positions · 29
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CARAvis Budget Group, Inc. | $2.54B | 26.9% | +92.2% | 10.5 yr |
| NFLXNetflix, Inc. | $1.46B | 15.4% | +3.1% | 10.5 yr |
| TPRTapestry, Inc. | $713M | 7.5% | +103.3% | 1.3 yr |
| NVDANVIDIA Corporation | $436M | 4.6% | +60.9% | 2.8 yr |
| METAMeta Platforms, Inc. | $412M | 4.4% | -0.4% | 9.5 yr |
| BURLBurlington Stores, Inc. | $376M | 4.0% | +36.5% | 2.5 yr |
| RBLXRoblox Corporation | $373M | 3.9% | -3.0% | 1.3 yr |
| PLNTPlanet Fitness, Inc. | $363M | 3.8% | -23.0% | 6.5 yr |
| AMDAdvanced Micro Devices, | $293M | 3.1% | +98.0% | 1.0 yr |
| CLSCelestica Inc. | $286M | 3.0% | +257.4% | 1.0 yr |
| UALUnited Airlines Holdings | $268M | 2.8% | +33.3% | 2.0 yr |
| TWLOTwilio Inc. | $260M | 2.7% | +28.5% | 1.5 yr |
| CRDOCredo Technology Group H | $235M | 2.5% | +133.7% | 0.5 yr |
| KMXCarMax, Inc. | $235M | 2.5% | -46.6% | 0.8 yr |
| ABNBAirbnb, Inc. | $224M | 2.4% | +5.7% | 2.0 yr |
Portfolio composition (YoY)
Industry mix
Rental & Leasing Services26.9%+9.1pp$2.54B
Entertainment15.4%-10.0pp$1.46B
Semiconductors9.5%+7.8pp$902M
Luxury Goods7.5%+3.1pp$713M
Internet Content & Information5.6%-10.1pp$530M
Software - Infrastructure4.1%+0.8pp$389M
Apparel - Retail4.0%-0.1pp$376M
Electronic Gaming & Multimedia3.9%$373M
Leisure3.8%-2.3pp$363M
Airlines, Airports & Air Services3.4%+0.7pp$320M
Country
US91.2%+4.1pp
CA4.6%
TW1.8%+0.1pp
LU1.3%+0.2pp
IL0.4%+0.3pp
SG0.4%-0.2pp
KR0.2%
CN0.1%
Top 5: 58.8% · Top 10: 76.7% · Top 25: 99.2%
Top buys this quarter · 15
| CRDO Credo Technology Group Holding | +$225M |
| RBLX Roblox Corporation | +$207M |
| FIVE Five Below, Inc. | +$131M |
| SPOT Spotify Technology S.A. | +$47M |
| TWLO Twilio Inc. | +$32M |
| SNDK Sandisk Corporationnew | +$22M |
| CPNG Coupang, Inc.new | +$21M |
| HUT.TO Hut 8 Mining Corp. | +$14M |
| GLBE Global-e Online Ltd. | +$10M |
| DAL Delta Air Lines, Inc. | +$3M |
Top sells this quarter · 10
| NVDA NVIDIA Corporation | −$140M |
| PDD PDD Holdings Inc.exit | −$104M |
| ABNB Airbnb, Inc. | −$94M |
| FN Fabrinetexit | −$74M |
| HD The Home Depot, Inc.exit | −$59M |
| CVS CVS Health Corporationexit | −$44M |
| AMD Advanced Micro Devices, Inc. | −$39M |
| LOW Lowe's Companies, Inc.exit | −$30M |
| META Meta Platforms, Inc. | −$14M |
| ANTM Elevance Health Inc. | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $9.47B | 29 | +40.63% | +17.59% | +23.03% | +0.08B |
| 2025-12-31 | $9.50B | 31 | +34.09% | +17.72% | +16.37% | +0.43B |
| 2025-09-30 | $9.18B | 28 | +39.73% | +17.52% | +22.21% | -0.99B |
| 2025-06-30 | $9.65B | 26 | +20.41% | +14.94% | +5.47% | -0.54B |
| 2025-03-31 | $7.46B | 23 | -10.73% | +8.30% | -19.03% | +0.83B |
| 2024-12-31 | $7.04B | 20 | -19.33% | +24.89% | -44.21% | +0.13B |
| 2024-09-30 | $6.72B | 20 | -4.93% | +36.04% | -40.97% | +0.04B |
| 2024-06-30 | $7.35B | 22 | -10.89% | +24.49% | -35.38% | +0.01B |
| 2024-03-31 | $7.24B | 22 | +0.50% | +29.62% | -29.12% | +0.21B |
| 2023-12-31 | $8.26B | 22 | +46.06% | +26.18% | +19.88% | -0.14B |
| 2023-09-30 | $6.93B | 19 | +34.90% | +21.57% | +13.33% | -0.48B |
| 2023-06-30 | $8.71B | 22 | +53.47% | +19.42% | +34.05% | +0.74B |
| 2023-03-31 | $6.97B | 21 | -15.71% | -7.82% | -7.90% | +0.13B |
| 2022-12-31 | $5.53B | 21 | +12.00% | +7.56% | +4.43% | -0.16B |
| 2022-09-30 | $5.09B | 21 | -3.13% | -4.93% | +1.80% | +0.15B |
| 2022-06-30 | $5.10B | 22 | -37.22% | -16.11% | -21.11% | -0.59B |