Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+6.99%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.94%
baseline attrition
Rally response
-3.10%
trims into rallies
when a holding rises +10%+
Top positions · 23
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| FFIVF5, Inc. | $765M | 11.3% | +8.7% | 0.5 yr |
| APPAppLovin Corporation | $668M | 9.9% | +50.2% | 2.5 yr |
| CIENCiena Corporation | $643M | 9.5% | +542.4% | 1.0 yr |
| LYVLive Nation Entertainmen | $599M | 8.9% | +16.8% | 3.5 yr |
| — | $446M | 6.6% | — | 2.5 yr |
| FOXAFox Corporation | $390M | 5.8% | +4.2% | 1.0 yr |
| GOOGLAlphabet Inc. | $321M | 4.8% | — | 2.5 yr |
| AMATApplied Materials, Inc. | $309M | 4.6% | +137.6% | 0.3 yr |
| SPHRSphere Entertainment Co. | $306M | 4.5% | +258.8% | 2.8 yr |
| NVDANVIDIA Corporation | $287M | 4.2% | +60.9% | 5.3 yr |
| MDBMongoDB, Inc. | $244M | 3.6% | +39.5% | 1.3 yr |
| SNOWSnowflake Inc. | $240M | 3.5% | +3.2% | 1.5 yr |
| — | $216M | 3.2% | — | 2.8 yr |
| KTOSKratos Defense & Securit | $187M | 2.8% | +137.5% | 0.3 yr |
| — | $180M | 2.7% | — | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Software - Infrastructure21.0%+1.9pp$1.42B
Entertainment19.1%-4.2pp$1.30B
Software - Application17.7%-13.8pp$1.20B
Unknown12.5%+4.2pp$842M
Communication Equipment9.5%+5.8pp$643M
Semiconductors9.1%+3.0pp$617M
Internet Content & Information4.8%+0.6pp$321M
Aerospace & Defense2.8%$187M
Computer Hardware2.3%$157M
Telecommunications Services1.2%-1.0pp$84M
Country
US87.5%-4.2pp
Unknown12.5%+4.2pp
Top 5: 46.1% · Top 10: 70.0% · Top 25: 100.0%
Top buys this quarter · 11
| AMAT Applied Materials, Inc.new | +$309M |
| FOXA Fox Corporation | +$217M |
| KTOS Kratos Defense & Security Solunew | +$187M |
| WDC Western Digital Corporationnew | +$157M |
| WK Workiva Inc.new | +$147M |
| FFIV F5, Inc. | +$108M |
| NTNX Nutanix, Inc. | +$149M |
| LSCC Lattice Semiconductor Corporatnew | +$21M |
| SNOW Snowflake Inc. | +$240M |
| — | +$446M |
Top sells this quarter · 15
| NVDA NVIDIA Corporation | −$596M |
| NFLX Netflix, Inc.exit | −$417M |
| CFLT Confluent, Inc.exit | −$344M |
| META Meta Platforms, Inc.exit | −$228M |
| APP AppLovin Corporation | −$166M |
| AFRM Affirm Holdings, Inc.exit | −$165M |
| TWLO Twilio Inc. | −$160M |
| UPST Upstart Holdings, Inc.exit | −$129M |
| DOCU DocuSign, Inc. | −$83M |
| AMBA Ambarella, Inc.exit | −$82M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $6.76B | 23 | +41.23% | +17.59% | +23.64% | -1.23B |
| 2025-12-31 | $8.78B | 25 | +39.45% | +17.72% | +21.73% | -1.17B |
| 2025-09-30 | $9.61B | 30 | +76.78% | +17.52% | +59.26% | +0.62B |
| 2025-06-30 | $7.51B | 30 | +71.38% | +14.94% | +56.44% | +0.63B |
| 2025-03-31 | $5.50B | 23 | +35.47% | +8.30% | +27.17% | -0.80B |
| 2024-12-31 | $7.00B | 29 | +75.19% | +24.89% | +50.30% | +1.56B |
| 2024-09-30 | $4.15B | 24 | +53.57% | +36.04% | +17.53% | +0.29B |
| 2024-06-30 | $3.32B | 22 | +34.95% | +24.49% | +10.46% | -0.38B |
| 2024-03-31 | $3.75B | 28 | +49.33% | +29.62% | +19.71% | -0.05B |
| 2023-12-31 | $3.27B | 27 | +47.17% | +26.18% | +20.99% | -0.11B |
| 2023-09-30 | $2.94B | 23 | +31.58% | +21.57% | +10.01% | +0.33B |
| 2023-06-30 | $2.56B | 22 | +15.64% | +19.42% | -3.78% | -0.08B |
| 2023-03-31 | $2.41B | 28 | -4.20% | -7.82% | +3.62% | +0.86B |
| 2022-12-31 | $1.35B | 23 | +2.86% | +7.56% | -4.70% | -0.27B |
| 2022-09-30 | $1.58B | 24 | -10.36% | -4.93% | -5.43% | +0.15B |
| 2022-06-30 | $1.59B | 26 | -9.31% | -16.11% | +6.80% | -0.09B |