Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.21%
trims when stocks drop
when a holding falls −10%+
Middle response
-7.53%
baseline attrition
Rally response
-19.53%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| PCGPG&E Corporation | $377M | 8.8% | +2.9% | 5.3 yr |
| CXCEMEX, S.A.B. de C.V. | $289M | 6.7% | +106.1% | 1.0 yr |
| DASHDoorDash, Inc. | $275M | 6.4% | -17.8% | 1.3 yr |
| NVTnVent Electric plc | $260M | 6.0% | +127.9% | 1.5 yr |
| SQBlock, Inc. | $239M | 5.6% | — | 0.8 yr |
| EWYiShares MSCI South Korea | $212M | 4.9% | — | 0.5 yr |
| QQnity Electronics, Inc. | $201M | 4.7% | — | 0.3 yr |
| ARMKAramark | $184M | 4.3% | +18.8% | 3.8 yr |
| RBRKRubrik, Inc. | $179M | 4.1% | -19.7% | 1.5 yr |
| GRABGrab Holdings Limited | $155M | 3.6% | -19.2% | 1.8 yr |
| WABWestinghouse Air Brake T | $150M | 3.5% | +38.5% | 0.8 yr |
| NTRANatera, Inc. | $148M | 3.4% | +41.4% | 2.3 yr |
| — | $144M | 3.4% | — | 2.0 yr |
| CAICaris Life Sciences, Inc | $132M | 3.1% | — | 1.0 yr |
| ENTGEntegris, Inc. | $130M | 3.0% | +34.6% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Software - Infrastructure9.7%+3.8pp$418M
Semiconductors9.1%+6.9pp$391M
Regulated Electric8.8%+3.5pp$377M
Internet Content & Information7.3%$316M
Asset Management7.1%+3.1pp$305M
Construction Materials7.0%+2.3pp$301M
Unknown6.8%+4.1pp$293M
Electrical Equipment & Parts6.0%+2.2pp$260M
Specialty Business Services4.3%+2.0pp$184M
Medical - Diagnostics & Research3.9%-2.9pp$166M
Country
US67.4%-1.1pp
Unknown6.8%+4.1pp
MX6.7%
GB6.0%+1.6pp
AR4.6%+0.4pp
SG3.6%+0.1pp
BM2.9%+1.4pp
IL1.4%-4.0pp
Top 5: 33.4% · Top 10: 55.0% · Top 25: 91.7%
Top buys this quarter · 15
| Q Qnity Electronics, Inc.new | +$201M |
| DASH DoorDash, Inc. | +$193M |
| PCG PG&E Corporation | +$170M |
| ENTG Entegris, Inc.new | +$130M |
| CX CEMEX, S.A.B. de C.V. | +$91M |
| RBRK Rubrik, Inc. | +$76M |
| RMBS Rambus Inc.new | +$60M |
| LYB LyondellBasell Industries N.V. | +$49M |
| GRAB Grab Holdings Limited | +$155M |
| LTH Life Time Group Holdings, Inc.new | +$24M |
Top sells this quarter · 15
| AMZN Amazon.com, Inc.exit | −$262M |
| CRS Carpenter Technology Corporati | −$236M |
| CEG Constellation Energy Corporatiexit | −$231M |
| FCX Freeport-McMoRan Inc. | −$229M |
| SCHW The Charles Schwab Corporationexit | −$226M |
| CPNG Coupang, Inc. | −$135M |
| GLW Corning Incorporatedexit | −$116M |
| META Meta Platforms, Inc. | −$112M |
| WCC WESCO International, Inc. | −$87M |
| GLNG Golar LNG Limited | −$86M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.31B | 42 | +53.80% | +17.59% | +36.21% | -1.52B |
| 2025-12-31 | $5.85B | 53 | +37.56% | +17.72% | +19.84% | -0.49B |
| 2025-09-30 | $5.57B | 49 | +47.62% | +17.52% | +30.11% | +0.27B |
| 2025-06-30 | $4.62B | 46 | +41.37% | +14.94% | +26.43% | -0.73B |
| 2025-03-31 | $4.52B | 38 | +23.74% | +8.30% | +15.44% | +0.61B |
| 2024-12-31 | $4.39B | 40 | +60.91% | +24.89% | +36.03% | -0.06B |
| 2024-09-30 | $3.64B | 44 | +45.57% | +36.04% | +9.53% | -0.17B |
| 2024-06-30 | $3.47B | 52 | +40.13% | +24.49% | +15.64% | +0.04B |
| 2024-03-31 | $3.31B | 48 | +53.11% | +29.62% | +23.49% | +0.08B |
| 2023-12-31 | $2.79B | 48 | +46.52% | +26.18% | +20.35% | -0.43B |
| 2023-09-30 | $2.91B | 50 | +37.45% | +21.57% | +15.88% | +0.15B |
| 2023-06-30 | $2.62B | 48 | +32.17% | +19.42% | +12.74% | +0.60B |
| 2023-03-31 | $1.78B | 42 | +2.21% | -7.82% | +10.03% | +0.16B |
| 2022-12-31 | $1.46B | 41 | +3.75% | +7.56% | -3.81% | -0.57B |
| 2022-09-30 | $1.96B | 39 | +1.44% | -4.93% | +6.36% | -0.75B |
| 2022-06-30 | $2.67B | 55 | -12.39% | -16.11% | +3.72% | +0.26B |