Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-12.73%
trims when stocks drop
when a holding falls −10%+
Middle response
-22.94%
baseline attrition
Rally response
-29.26%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| HEI-AHEICO Corporation | $25M | 1.6% | — | 9.0 yr |
| STZConstellation Brands, In | $22M | 1.4% | -16.1% | 5.0 yr |
| XLEState Street Energy Sele | $19M | 1.2% | — | 2.5 yr |
| MOAltria Group, Inc. | $17M | 1.1% | +15.8% | 2.3 yr |
| AAPLApple Inc. | $16M | 1.0% | +14.7% | 6.8 yr |
| FOXFox Corporation | $14M | 0.9% | +1.8% | 4.5 yr |
| CASYCasey's General Stores, | $14M | 0.9% | +68.4% | 2.0 yr |
| CELHCelsius Holdings, Inc. | $14M | 0.9% | -0.4% | 2.3 yr |
| LMNDLemonade, Inc. | $13M | 0.8% | +99.4% | 3.0 yr |
| RSIRush Street Interactive, | $13M | 0.8% | +102.9% | 0.8 yr |
| SMGThe Scotts Miracle-Gro C | $12M | 0.8% | +15.8% | 6.3 yr |
| MDLZMondelez International, | $12M | 0.7% | -13.0% | 2.5 yr |
| MUSAMurphy USA Inc. | $12M | 0.7% | +5.8% | 2.3 yr |
| BROSDutch Bros Inc. | $11M | 0.7% | -17.9% | 2.3 yr |
| MTCHMatch Group, Inc. | $11M | 0.7% | +0.1% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Specialty Retail5.3%+2.6pp$83M
Aerospace & Defense3.9%+1.1pp$62M
Software - Infrastructure3.8%+1.3pp$59M
Software - Application3.6%-2.4pp$57M
Asset Management3.4%-1.9pp$54M
Entertainment3.3%+0.6pp$53M
Restaurants3.0%-0.6pp$48M
Semiconductors3.0%+1.2pp$47M
Discount Stores2.7%+2.4pp$43M
Biotechnology2.5%+1.5pp$40M
Country
US94.0%-0.5pp
Unknown1.5%-0.7pp
IE1.0%+0.7pp
CA0.5%+0.0pp
BM0.5%
JP0.4%+0.4pp
UY0.3%
SG0.3%+0.1pp
Top 5: 6.3% · Top 10: 10.6% · Top 25: 20.2%
Top buys this quarter · 15
| AAPL Apple Inc. | +$15M |
| KMX CarMax, Inc. | +$9M |
| CASY Casey's General Stores, Inc. | +$9M |
| LMND Lemonade, Inc. | +$8M |
| MDLZ Mondelez International, Inc. | +$8M |
| ASO Academy Sports and Outdoors, I | +$7M |
| RTX RTX Corporation | +$7M |
| PG The Procter & Gamble Company | +$7M |
| NFLX Netflix, Inc. | +$7M |
| USB U.S. Bancorp | +$7M |
Top sells this quarter · 15
| MNST Monster Beverage Corporationexit | −$25M |
| SPY State Street SPDR S&P 500 ETF exit | −$24M |
| NET Cloudflare, Inc. | −$22M |
| MPC Marathon Petroleum Corporation | −$16M |
| CAG Conagra Brands, Inc.exit | −$16M |
| SPHR Sphere Entertainment Co. | −$15M |
| OXY Occidental Petroleum Corporati | −$13M |
| CZR Caesars Entertainment, Inc.exit | −$11M |
| EAT Brinker International, Inc. | −$8M |
| LITE Lumentum Holdings Inc. | −$8M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.57B | 702 | +14.72% | +17.59% | -2.88% | +0.12B |
| 2025-12-31 | $1.49B | 698 | +14.15% | +17.72% | -3.57% | -0.12B |
| 2025-09-30 | $1.57B | 605 | +18.92% | +17.52% | +1.40% | +0.20B |
| 2025-06-30 | $1.27B | 640 | +16.86% | +14.94% | +1.92% | +0.07B |
| 2025-03-31 | $1.12B | 618 | +6.92% | +8.30% | -1.38% | +0.21B |
| 2024-12-31 | $943M | 705 | +13.97% | +24.89% | -10.92% | -0.10B |
| 2024-09-30 | $984M | 643 | +18.90% | +36.04% | -17.14% | -0.27B |
| 2024-06-30 | $1.18B | 689 | +6.83% | +24.49% | -17.66% | +0.06B |
| 2024-03-31 | $1.14B | 717 | +15.78% | +29.62% | -13.84% | -0.01B |
| 2023-12-31 | $1.12B | 820 | +19.33% | +26.18% | -6.85% | +0.28B |
| 2023-09-30 | $756M | 499 | +11.85% | +21.57% | -9.72% | +0.04B |
| 2023-06-30 | $760M | 559 | +25.67% | +19.42% | +6.25% | -0.02B |
| 2023-03-31 | $735M | 643 | -3.60% | -7.82% | +4.22% | +0.01B |
| 2022-12-31 | $681M | 836 | -11.57% | -18.17% | +6.60% | -0.12B |
| 2022-09-30 | $765M | 952 | -5.64% | -15.51% | +9.87% | -0.02B |
| 2022-06-30 | $740M | 946 | +40.33% | -10.62% | +50.95% | +0.10B |