Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.65%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.43%
baseline attrition
Rally response
-2.90%
trims into rallies
when a holding rises +10%+
Top positions · 7
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| JOBYJoby Aviation, Inc. | $245M | 40.7% | +37.2% | 4.5 yr |
| PLPlanet Labs PBC | $125M | 20.8% | +726.9% | 4.5 yr |
| QSQuantumScape Corporation | $79M | 13.1% | +53.4% | 4.5 yr |
| NVTSNavitas Semiconductor Co | $71M | 11.8% | +327.8% | 4.5 yr |
| OTFBlue Owl Technology Fina | $70M | 11.6% | — | 0.5 yr |
| HTFLHeartflow, Inc. Common S | $6M | 1.1% | — | 0.5 yr |
| — | $5M | 0.9% | — | 3.3 yr |
Portfolio composition (YoY)
Industry mix
Airlines, Airports & Air Services40.7%-22.0pp$245M
Aerospace & Defense20.8%+15.5pp$125M
Auto - Parts13.1%-0.6pp$79M
Semiconductors11.8%+6.7pp$71M
Asset Management11.6%$70M
Medical - Healthcare Information Services1.1%$6M
Unknown0.9%-0.6pp$5M
Country
US87.3%-6.1pp
IE11.8%+6.7pp
Unknown0.9%-0.6pp
Top 5: 98.0% · Top 10: 100.0% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| PL | $25M | +0.18B | 726.9% |
| JOBY | $290M | +0.09B | 37.2% |
| NVTS | $24M | +0.06B | 327.8% |
| QS | $63M | +0.03B | 53.4% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 1
| OTF Blue Owl Technology Finance Co | +$70M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $602M | 7 | +108.27% | +17.59% | +90.68% | -0.09B |
| 2025-12-31 | $826M | 7 | +83.60% | +17.72% | +65.88% | +0.05B |
| 2025-09-30 | $840M | 5 | +186.06% | +17.52% | +168.54% | -0.12B |
| 2025-06-30 | $610M | 5 | +86.43% | +14.94% | +71.49% | -0.18B |
| 2025-03-31 | $463M | 7 | -1.44% | +8.30% | -9.74% | +0.07B |
| 2024-12-31 | $533M | 7 | +6.65% | +24.89% | -18.23% | -0.05B |
| 2024-09-30 | $406M | 8 | -22.41% | +36.04% | -58.45% | +0.00B |
| 2024-06-30 | $391M | 8 | -47.17% | +24.49% | -71.66% | +0.00B |
| 2024-03-31 | $430M | 8 | -5.37% | +29.62% | -35.00% | +0.01B |
| 2023-12-31 | $533M | 8 | +66.98% | +26.18% | +40.80% | -0.00B |
| 2023-09-30 | $511M | 8 | +13.46% | +21.57% | -8.10% | +0.02B |
| 2023-06-30 | $707M | 9 | +59.28% | +19.42% | +39.85% | -0.05B |
| 2023-03-31 | $465M | 9 | -44.24% | -7.82% | -36.42% | +0.01B |
| 2022-12-31 | $325M | 8 | -29.05% | +7.56% | -36.61% | +0.01B |
| 2022-09-30 | $445M | 8 | -1.67% | -4.93% | +3.26% | -0.00B |
| 2022-06-30 | $454M | 14 | -43.18% | -16.11% | -27.07% | -0.03B |