Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.21%
trims when stocks drop
when a holding falls −10%+
Middle response
+2.15%
steady accumulation
Rally response
-7.28%
trims into rallies
when a holding rises +10%+
Top positions · 20
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MDLNMedline Inc. | $8.33B | 78.4% | — | 0.5 yr |
| SAROStandardAero, Inc. | $2.18B | 20.6% | -3.0% | 1.3 yr |
| PHATPhathom Pharmaceuticals, | $39M | 0.4% | +77.2% | 3.3 yr |
| PONYPony AI Inc. American De | $22M | 0.2% | +7.0% | 1.5 yr |
| INVHInvitation Homes Inc. | $17M | 0.2% | -26.5% | 3.3 yr |
| CUBECubeSmart | $8M | 0.1% | -10.9% | 3.8 yr |
| QTTBQ32 Bio Inc. | $7M | 0.1% | +289.1% | 2.3 yr |
| GETYGetty Images Holdings, I | $5M | 0.0% | -54.1% | 3.5 yr |
| SPRBSpruce Biosciences, Inc. | $3M | 0.0% | — | 0.8 yr |
| FWRDForward Air Corporation | $2M | 0.0% | -16.8% | 1.0 yr |
| — | $1M | 0.0% | — | 0.5 yr |
| DNUTKrispy Kreme, Inc. | $1M | 0.0% | -30.5% | 2.3 yr |
| OKUROnKure Therapeutics, Inc | $1M | 0.0% | -3.7% | 1.5 yr |
| — | $1M | 0.0% | — | 2.3 yr |
| CSLRComplete Solaria, Inc. | $1M | 0.0% | — | 2.8 yr |
Portfolio composition (YoY)
Industry mix
Medical - Instruments & Supplies78.4%$8.33B
Aerospace & Defense20.6%-73.5pp$2.18B
Biotechnology0.5%-0.3pp$50M
Rental & Leasing Services0.2%-0.3pp$22M
REIT - Residential0.2%-0.3pp$17M
REIT - Industrial0.1%-0.2pp$8M
Internet Content & Information0.0%-0.2pp$5M
Unknown0.0%-1.9pp$2M
Integrated Freight & Logistics0.0%$2M
Grocery Stores0.0%-0.0pp$1M
Country
US99.8%+3.6pp
CN0.2%-1.7pp
Unknown0.0%-1.9pp
Top 5: 99.7% · Top 10: 99.9% · Top 25: 100.0%
Top buys this quarter · 1
| HTFL Heartflow, Inc. Common Stocknew | +$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $10.62B | 20 | +13.79% | +17.59% | -3.80% | -3.02B |
| 2025-12-31 | $13.57B | 20 | +18.48% | +17.72% | +0.76% | +8.81B |
| 2025-09-30 | $4.34B | 17 | -14.09% | +17.52% | -31.61% | -0.06B |
| 2025-06-30 | $5.03B | 20 | +35.40% | +14.94% | +20.46% | +0.54B |
| 2025-03-31 | $3.80B | 23 | -15.80% | +8.30% | -24.10% | +3.51B |
| 2024-12-31 | $282M | 26 | -39.96% | +24.89% | -64.85% | -0.48B |
| 2024-09-30 | $954M | 26 | -22.53% | +36.04% | -58.57% | -0.50B |
| 2024-06-30 | $1.05B | 31 | -52.80% | +24.49% | -77.29% | -0.11B |
| 2024-03-31 | $1.59B | 32 | -36.60% | +29.62% | -66.23% | +0.03B |
| 2023-12-31 | $2.08B | 25 | -13.71% | +26.18% | -39.89% | -0.29B |
| 2023-09-30 | $2.31B | 25 | -3.30% | +21.57% | -24.86% | -0.05B |
| 2023-06-30 | $2.81B | 26 | -14.13% | +19.42% | -33.55% | -0.50B |
| 2023-03-31 | $3.35B | 30 | +1.56% | +7.46% | -5.90% | -0.14B |
| 2022-12-31 | $3.44B | 13 | +15.08% | +7.56% | +7.52% | -0.19B |
| 2022-09-30 | $3.15B | 11 | -25.44% | -4.93% | -20.52% | -1.17B |
| 2022-06-30 | $5.80B | 9 | — | — | — | -2.56B |