Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-15.32%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.99%
baseline attrition
Rally response
-34.17%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| EAElectronic Arts Inc. | $148M | 7.2% | +41.7% | 0.8 yr |
| NSCNorfolk Southern Corpora | $144M | 7.0% | +23.6% | 0.8 yr |
| WBDWarner Bros. Discovery, | $144M | 7.0% | +155.9% | 1.3 yr |
| WBSWebster Financial Corpor | $127M | 6.2% | +38.5% | 0.3 yr |
| GTLSChart Industries, Inc. | $103M | 5.0% | +43.2% | 0.8 yr |
| UNFUniFirst Corporation | $65M | 3.1% | +45.6% | 0.3 yr |
| CWANClearwater Analytics Hol | $62M | 3.0% | -11.8% | 0.3 yr |
| CTRACoterra Energy Inc. | $56M | 2.7% | +25.8% | 0.3 yr |
| 0YY7.LDigitalBridge Group, Inc | $45M | 2.2% | — | 0.3 yr |
| SEESealed Air Corporation | $40M | 1.9% | +48.7% | 1.3 yr |
| PRAProAssurance Corporation | $36M | 1.7% | +5.9% | 1.3 yr |
| HOLXHologic, Inc. | $34M | 1.7% | +22.4% | 0.5 yr |
| PENPenumbra, Inc. | $25M | 1.2% | +22.8% | 0.3 yr |
| MASIMasimo Corporation | $25M | 1.2% | +6.8% | 0.3 yr |
| ANSCAgriculture & Natural So | $23M | 1.1% | +5.8% | 2.3 yr |
Portfolio composition (YoY)
Industry mix
Unknown22.2%+0.9pp$459M
Shell Companies15.5%+9.2pp$319M
Electronic Gaming & Multimedia7.2%$148M
Railroads7.0%$144M
Entertainment7.0%$144M
Banks - Regional6.2%+4.3pp$127M
Asset Management5.8%+5.3pp$120M
Industrial - Machinery5.0%$103M
Software - Application3.8%+3.5pp$78M
Specialty Business Services3.1%$65M
Country
US72.0%-6.2pp
Unknown21.8%+0.6pp
KY2.3%+2.1pp
CA0.9%
MX0.7%
GB0.6%+0.3pp
HK0.5%
SG0.5%
Top 5: 32.2% · Top 10: 45.2% · Top 25: 60.4%
Top buys this quarter · 15
| WBS Webster Financial Corporationnew | +$127M |
| UNF UniFirst Corporationnew | +$65M |
| CWAN Clearwater Analytics Holdings,new | +$62M |
| CTRA Coterra Energy Inc.new | +$56M |
| WBD Warner Bros. Discovery, Inc. | +$43M |
| NSC Norfolk Southern Corporation | +$33M |
| EA Electronic Arts Inc. | +$27M |
| PEN Penumbra, Inc.new | +$25M |
| MASI Masimo Corporationnew | +$25M |
| QRVO Qorvo, Inc.new | +$20M |
Top sells this quarter · 15
| TECK Teck Resources Limitedexit | −$81M |
| EXAS Exact Sciences Corporationexit | −$78M |
| YCY AA Mission Acquisition Corp. Iexit | −$27M |
| CFLT Confluent, Inc.exit | −$27M |
| NGD New Gold Inc.exit | −$26M |
| TGNA TEGNA Inc.exit | −$24M |
| CTLP Cantaloupe, Inc. | −$10M |
| PACH Pioneer Acquisition I Corp.exit | −$9M |
| CSX CSX Corporationexit | −$8M |
| TASK TaskUs, Inc.exit | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.07B | 297 | +22.01% | +17.59% | +4.41% | -0.12B |
| 2025-12-31 | $2.13B | 277 | +20.54% | +17.72% | +2.82% | +0.06B |
| 2025-09-30 | $1.93B | 246 | +8.47% | +17.52% | -9.04% | +0.10B |
| 2025-06-30 | $1.71B | 203 | +7.05% | +14.94% | -7.90% | -0.05B |
| 2025-03-31 | $1.69B | 160 | -4.83% | +8.30% | -13.14% | -0.01B |
| 2024-12-31 | $1.68B | 157 | -9.07% | +24.89% | -33.96% | -0.37B |
| 2024-09-30 | $2.12B | 178 | -4.08% | +36.04% | -40.12% | -0.31B |
| 2024-06-30 | $2.30B | 209 | -6.20% | +24.49% | -30.69% | +0.21B |
| 2024-03-31 | $2.27B | 223 | -13.71% | +29.62% | -43.34% | -0.08B |
| 2023-12-31 | $2.42B | 249 | -23.78% | +26.18% | -49.96% | -0.50B |
| 2023-09-30 | $2.87B | 283 | -28.46% | +21.57% | -50.02% | -0.03B |
| 2023-06-30 | $2.82B | 302 | -32.79% | +19.42% | -52.21% | +0.19B |
| 2023-03-31 | $3.09B | 346 | -25.51% | -7.82% | -17.69% | +0.15B |
| 2022-12-31 | $3.44B | 432 | -4.42% | +7.56% | -11.98% | -0.85B |
| 2022-09-30 | $4.48B | 528 | -3.25% | -4.93% | +1.68% | +1.38B |
| 2022-06-30 | $3.21B | 417 | -5.87% | -16.11% | +10.24% | +0.24B |