Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.41%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.18%
baseline attrition
Rally response
-6.19%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AEHRAehr Test Systems | $59M | 6.5% | +408.6% | 9.8 yr |
| LASRnLIGHT, Inc. | $58M | 6.5% | +633.8% | 5.3 yr |
| VICRVicor Corporation | $46M | 5.1% | +244.2% | 6.0 yr |
| BKSYBlackSky Technology Inc. | $43M | 4.8% | +225.5% | 1.8 yr |
| GILTGilat Satellite Networks | $35M | 3.8% | +136.5% | 2.3 yr |
| MASS908 Devices Inc. | $32M | 3.5% | +36.6% | 2.8 yr |
| AMSCAmerican Superconductor | $27M | 3.0% | +86.6% | 10.5 yr |
| KOPNKopin Corporation | $27M | 2.9% | +141.4% | 10.5 yr |
| AVAVAeroVironment, Inc. | $24M | 2.6% | +53.6% | 7.3 yr |
| PIImpinj, Inc. | $21M | 2.4% | +13.2% | 9.8 yr |
| LPTHLightPath Technologies, | $20M | 2.3% | +399.0% | 3.3 yr |
| DFTXDefinium Therapeutics, I | $20M | 2.3% | — | 0.5 yr |
| TALKTalkspace, Inc. | $20M | 2.2% | +102.3% | 3.0 yr |
| — | $19M | 2.1% | — | 0.8 yr |
| MRAMEverspin Technologies, I | $18M | 2.0% | +72.4% | 8.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors19.9%+8.3pp$180M
Hardware, Equipment & Parts13.7%+6.5pp$124M
Unknown9.9%+2.1pp$89M
Biotechnology7.6%-5.0pp$68M
Medical - Devices7.5%+2.0pp$68M
Communication Equipment5.8%-0.1pp$53M
Industrial - Machinery3.0%-0.9pp$27M
Consumer Electronics2.9%+0.8pp$27M
Aerospace & Defense2.6%+0.5pp$24M
Education & Training Services2.3%+0.2pp$21M
Country
US81.2%-0.6pp
Unknown9.9%+2.1pp
IL6.0%+1.4pp
CA1.4%+0.1pp
JE1.1%-1.5pp
NL0.3%-1.6pp
AU0.1%
Top 5: 26.8% · Top 10: 41.2% · Top 25: 67.9%
Top buys this quarter · 15
| TYGO Tigo Energy, Inc. | +$7M |
| FEAM 5E Advanced Materials Inc.new | +$5M |
| BFLY Butterfly Network, Inc. | +$4M |
| GAMB Gambling.com Group Limited | +$4M |
| TLSI TriSalus Life Sciences, Inc. | +$8M |
| LYTS LSI Industries Inc.new | +$3M |
| PI Impinj, Inc. | +$21M |
| AVAV AeroVironment, Inc. | +$24M |
| AEHR Aehr Test Systems | +$2M |
| UTI Universal Technical Institute, | +$2M |
Top sells this quarter · 15
| ADMA ADMA Biologics, Inc.exit | −$20M |
| NGS Natural Gas Services Group, In | −$17M |
| RCAT Red Cat Holdings, Inc. | −$8M |
| LASR nLIGHT, Inc. | −$44M |
| UCTT Ultra Clean Holdings, Inc. | −$8M |
| VICR Vicor Corporation | −$37M |
| LMAT LeMaitre Vascular, Inc.exit | −$7M |
| DFTX Definium Therapeutics, Inc. | −$19M |
| BLZE Backblaze, Inc. | −$6M |
| BTBT Bit Digital, Inc.exit | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $903M | 98 | +49.71% | +17.59% | +32.12% | -0.16B |
| 2025-12-31 | $1.04B | 102 | +16.27% | +17.72% | -1.44% | +0.07B |
| 2025-09-30 | $1.07B | 102 | +39.61% | +17.52% | +22.09% | -0.07B |
| 2025-06-30 | $892M | 94 | +25.20% | +14.94% | +10.25% | -0.02B |
| 2025-03-31 | $726M | 95 | +5.86% | +8.30% | -2.44% | +0.07B |
| 2024-12-31 | $821M | 87 | +37.99% | +24.89% | +13.10% | -0.08B |
| 2024-09-30 | $825M | 98 | +32.73% | +36.04% | -3.31% | -0.02B |
| 2024-06-30 | $740M | 99 | +0.22% | +24.49% | -24.27% | -0.07B |
| 2024-03-31 | $764M | 115 | -4.64% | +29.62% | -34.26% | -0.03B |
| 2023-12-31 | $760M | 110 | -8.45% | +26.18% | -34.63% | +0.05B |
| 2023-09-30 | $678M | 108 | +26.20% | +21.57% | +4.63% | +0.04B |
| 2023-06-30 | $737M | 112 | +26.18% | +19.42% | +6.75% | -0.01B |
| 2023-03-31 | $739M | 119 | -9.36% | -7.82% | -1.54% | +0.05B |
| 2022-12-31 | $687M | 120 | +44.36% | +7.56% | +36.80% | -0.26B |
| 2022-09-30 | $658M | 122 | -13.34% | -4.93% | -8.41% | +0.11B |
| 2022-06-30 | $635M | 119 | -27.29% | -16.11% | -11.18% | +0.07B |