Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+7.82%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.10%
baseline attrition
Rally response
-7.85%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AAPLApple Inc. | $12M | 5.1% | +14.7% | 3.5 yr |
| GOOGAlphabet Inc. | $10M | 4.2% | +84.3% | 3.5 yr |
| AVGOBroadcom Inc. | $9M | 4.1% | +86.0% | 3.5 yr |
| XOMExxon Mobil Corporation | $8M | 3.5% | +47.6% | 3.5 yr |
| SRLNState Street Blackstone | $7M | 3.0% | — | 3.5 yr |
| BHPBHP Group Limited | $6M | 2.8% | +56.1% | 3.5 yr |
| MSFTMicrosoft Corporation | $6M | 2.6% | -0.6% | 3.5 yr |
| LPROOpen Lending Corporation | $6M | 2.5% | -54.7% | 3.5 yr |
| BILState Street SPDR Bloomb | $5M | 2.3% | — | 1.8 yr |
| HYGiShares iBoxx $ High Yie | $5M | 2.0% | — | 3.5 yr |
| NEANuveen AMT-Free Quality | $4M | 1.9% | — | 3.5 yr |
| ABBVAbbVie Inc. | $4M | 1.8% | +7.3% | 3.5 yr |
| SHELShell plc | $4M | 1.7% | +32.0% | 3.5 yr |
| AMZNAmazon.com, Inc. | $4M | 1.7% | +9.5% | 3.5 yr |
| HCATHealth Catalyst, Inc. | $4M | 1.6% | -72.0% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management11.5%-1.0pp$26M
Asset Management - Income7.4%+1.2pp$17M
Software - Application6.9%-1.1pp$16M
Software - Infrastructure6.8%+0.1pp$15M
Internet Content & Information5.6%+2.3pp$13M
Oil & Gas Integrated5.4%+0.7pp$12M
Consumer Electronics5.1%+0.5pp$12M
Financial - Credit Services4.7%+1.1pp$11M
Semiconductors4.6%+1.5pp$10M
Asset Management - Bonds3.7%+0.1pp$8M
Country
US93.1%-0.5pp
AU3.1%+1.2pp
GB2.0%-0.1pp
CA0.7%-0.2pp
DE0.5%-0.2pp
IL0.4%+0.1pp
LU0.1%-0.0pp
Unknown0.1%-0.1pp
Top 5: 19.8% · Top 10: 32.0% · Top 25: 53.4%
Top buys this quarter · 15
| HCAT Health Catalyst, Inc. | +$2M |
| PYPL PayPal Holdings, Inc.new | +$1M |
| PD PagerDuty, Inc.new | +$1M |
| PHR Phreesia, Inc.new | +$1M |
| EXFY Expensify, Inc. | +$1M |
| TRIP Tripadvisor, Inc. | +$1M |
| SPSC SPS Commerce, Inc.new | +$1M |
| EEFT Euronet Worldwide, Inc. | +$1M |
| VIA Via Transportation, Inc.new | +$1M |
| PAR PAR Technology Corporation | +$1M |
Top sells this quarter · 15
| EB Eventbrite, Inc.exit | −$4M |
| ONTF ON24, Inc.exit | −$2M |
| LBRT Liberty Energy Inc.exit | −$2M |
| TAP Molson Coors Beverage Company | −$2M |
| WAL Western Alliance Bancorporatio | −$2M |
| SPG Simon Property Group, Inc.exit | −$2M |
| PEB Pebblebrook Hotel Trust | −$2M |
| ARI Apollo Commercial Real Estate exit | −$1M |
| SHEL Shell plc | −$1M |
| PFSI PennyMac Financial Services, I | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $226M | 163 | +1.87% | +17.59% | -15.72% | +0.01B |
| 2025-12-31 | $231M | 149 | -0.10% | +17.72% | -17.82% | -0.00B |
| 2025-09-30 | $234M | 149 | +3.64% | +17.52% | -13.87% | -0.01B |
| 2025-06-30 | $234M | 151 | +0.46% | +14.94% | -14.48% | -0.00B |
| 2025-03-31 | $223M | 153 | -7.10% | +8.30% | -15.40% | +0.00B |
| 2024-12-31 | $246M | 159 | +6.44% | +24.89% | -18.44% | -0.01B |
| 2024-09-30 | $247M | 164 | +15.17% | +36.04% | -20.87% | +0.01B |
| 2024-06-30 | $236M | 160 | +10.50% | +24.49% | -13.99% | +0.01B |
| 2024-03-31 | $230M | 160 | +21.50% | +29.62% | -8.12% | -0.00B |
| 2023-12-31 | $226M | 159 | +26.16% | +26.18% | -0.01% | -0.00B |
| 2023-09-30 | $202M | 154 | -2.45% | -3.22% | +0.77% | -0.01B |
| 2023-06-30 | $213M | 160 | +6.95% | +8.68% | -1.73% | -0.01B |
| 2023-03-31 | $204M | 160 | +7.65% | +7.46% | +0.19% | -0.00B |
| 2022-12-31 | $192M | 151 | — | — | — | — |