Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-16.74%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.09%
baseline attrition
Rally response
-10.76%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| UNPUnion Pacific Corporatio | $9M | 7.0% | -2.5% | 2.8 yr |
| AAPLApple Inc. | $7M | 5.6% | +48.4% | 4.5 yr |
| SHProShares - Short S&P500 | $7M | 5.4% | — | 0.3 yr |
| PWRQuanta Services, Inc. | $4M | 3.0% | +319.8% | 3.3 yr |
| MTBM&T Bank Corporation | $4M | 2.9% | +38.8% | 1.3 yr |
| XLUState Street Utilities S | $4M | 2.9% | — | 1.0 yr |
| MSFTMicrosoft Corporation | $3M | 2.4% | +24.1% | 4.5 yr |
| HONHoneywell International | $3M | 2.4% | +25.9% | 4.5 yr |
| SPYState Street SPDR S&P 50 | $3M | 2.3% | +52.2% | 3.5 yr |
| BBarrick Mining Corporati | $3M | 2.1% | — | 0.3 yr |
| NVDANVIDIA Corporation | $2M | 1.9% | +540.0% | 3.8 yr |
| GLDSPDR Gold Shares | $2M | 1.8% | — | 2.3 yr |
| MUMicron Technology, Inc. | $2M | 1.8% | +343.4% | 3.8 yr |
| OMCOmnicom Group Inc. | $2M | 1.8% | +1.9% | 0.8 yr |
| MELIMercadoLibre, Inc. | $2M | 1.7% | +45.4% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management13.9%-3.6pp$18M
Railroads7.1%+5.8pp$9M
Aerospace & Defense6.3%+1.7pp$8M
Semiconductors5.8%+0.6pp$8M
Asset Management - Leveraged5.7%$8M
Consumer Electronics5.6%+1.2pp$7M
Drug Manufacturers - General4.5%-10.0pp$6M
Engineering & Construction4.2%-0.6pp$6M
Banks - Diversified3.7%+2.4pp$5M
Oil & Gas Midstream3.3%$4M
Country
US89.3%-2.0pp
CA4.3%
UY1.7%
GB0.8%-0.3pp
Unknown0.8%-4.2pp
IL0.7%
CH0.5%
IE0.4%-0.6pp
Top 5: 24.0% · Top 10: 36.1% · Top 25: 57.2%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| PWR | $2M | +0.01B | 319.8% |
| MU | $0M | +0.00B | 343.4% |
| AAPL | $2M | +0.00B | 48.4% |
| RTX | $1M | +0.00B | 112.7% |
| NVDA | $1M | +0.00B | 540.0% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| UNP Union Pacific Corporation | +$9M |
| AAPL Apple Inc. | +$5M |
| MTB M&T Bank Corporation | +$4M |
| HON Honeywell International Inc. | +$3M |
| B Barrick Mining Corporationnew | +$3M |
| SPY State Street SPDR S&P 500 ETF | +$2M |
| MU Micron Technology, Inc. | +$2M |
| MELI MercadoLibre, Inc.new | +$2M |
| NVDA NVIDIA Corporation | +$2M |
| OMC Omnicom Group Inc. | +$2M |
Top sells this quarter · 15
| PWR Quanta Services, Inc. | −$2M |
| BAC Bank of America Corporation | −$5M |
| PTGX Protagonist Therapeutics, Inc. | −$5M |
| PNC The PNC Financial Services Gro | −$4M |
| ASML ASML Holding N.V. | −$4M |
| HQY HealthEquity, Inc. | −$3M |
| AME AMETEK, Inc. | −$3M |
| XENE Xenon Pharmaceuticals Inc. | −$2M |
| URI United Rentals, Inc. | −$2M |
| CTSH Cognizant Technology Solutions | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $131M | 384 | +46.58% | -17.96% | +64.54% | +0.07B |
| 2022-12-31 | $38M | 80 | -12.22% | -18.17% | +5.96% | -0.02B |
| 2022-09-30 | $50M | 407 | -8.92% | -15.51% | +6.59% | +0.02B |
| 2022-06-30 | $35M | 73 | -1.06% | -10.62% | +9.56% | -0.01B |
| 2022-03-31 | $46M | 85 | +18.58% | +15.45% | +3.13% | -0.05B |
| 2021-12-31 | $103M | 136 | +29.09% | +28.72% | +0.37% | -0.01B |
| 2021-09-30 | $99M | 136 | +29.58% | +29.94% | -0.37% | -0.03B |
| 2021-06-30 | $129M | 153 | +40.88% | +40.88% | +0.00% | -0.29B |
| 2021-03-31 | $385M | 531 | +25.84% | +56.23% | -30.38% | +0.34B |
| 2020-12-31 | $45M | 66 | +6.83% | +18.33% | -11.51% | -0.05B |
| 2020-09-30 | $88M | 132 | +3.84% | +15.02% | -11.18% | +0.01B |
| 2020-06-30 | $76M | 120 | -3.10% | +7.34% | -10.44% | +0.02B |
| 2020-03-31 | $57M | 116 | +4.35% | -6.89% | +11.24% | -0.01B |
| 2019-12-31 | $70M | 135 | +31.22% | +31.22% | +0.00% | -0.07B |
| 2019-09-30 | $131M | 212 | +1.75% | +1.75% | -0.00% | -0.43B |
| 2019-06-30 | $554M | 450 | +4.23% | +4.23% | -0.00% | +0.00B |