Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+5.42%
adds when stocks drop
when a holding falls −10%+
Middle response
-10.68%
baseline attrition
Rally response
-13.00%
trims into rallies
when a holding rises +10%+
Top positions · 25
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MELIMercadoLibre, Inc. | $42M | 34.2% | -11.4% | 6.3 yr |
| VALEVale S.A. | $12M | 9.5% | +72.7% | 6.3 yr |
| SQMSociedad QuÃmica y Mine | $9M | 7.3% | +104.1% | 5.3 yr |
| — | $7M | 5.4% | — | 0.3 yr |
| PBRPetróleo Brasileiro S.A | $6M | 4.8% | +54.2% | 6.3 yr |
| VISTVista Energy, S.A.B. de | $6M | 4.5% | +62.1% | 1.8 yr |
| TGSTransportadora de Gas de | $4M | 3.5% | +35.4% | 3.5 yr |
| PAMPampa EnergÃa S.A. | $4M | 3.5% | +14.6% | 1.5 yr |
| AGGiShares Core U.S. Aggreg | $4M | 3.4% | — | 6.5 yr |
| — | $4M | 3.4% | — | 0.5 yr |
| AAXJiShares MSCI All Country | $3M | 2.4% | — | 6.3 yr |
| LTMLATAM Airlines Group S.A | $3M | 2.4% | +66.5% | 0.3 yr |
| ILFiShares Latin America 40 | $3M | 2.3% | — | 6.5 yr |
| MCHIiShares MSCI China ETF | $3M | 2.2% | — | 3.3 yr |
| BNDVanguard Total Bond Mark | $2M | 1.8% | — | 3.0 yr |
Portfolio composition (YoY)
Industry mix
Specialty Retail34.2%+1.4pp$42M
Asset Management16.2%-22.2pp$20M
Industrial Materials9.5%+2.7pp$12M
Unknown8.8%$11M
Oil & Gas Integrated8.3%-1.7pp$10M
Chemicals - Specialty7.3%+3.3pp$9M
Oil & Gas Exploration & Production4.5%$6M
Independent Power Producers3.5%$4M
Airlines, Airports & Air Services2.4%+0.7pp$3M
Asset Management - Bonds1.8%-1.0pp$2M
Country
UY34.2%+1.4pp
US18.0%-25.4pp
BR14.3%-2.5pp
CL9.7%+5.7pp
Unknown8.8%
AR8.7%
MX4.5%+2.9pp
PE1.8%+0.4pp
Top 5: 61.2% · Top 10: 79.7% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| PBR | $9M | +0.00B | 54.2% |
| VALE | $6M | +0.00B | 72.7% |
| SQM | $4M | +0.00B | 104.1% |
| BVN | $1M | +0.00B | 136.6% |
| MELI | $31M | -0.00B | -11.4% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MELI | $31M | -0.00B | -11.4% |
Top buys this quarter · 11
| MELI MercadoLibre, Inc. | +$15M |
| VALE Vale S.A. | +$7M |
| SQM Sociedad QuÃmica y Minera de | +$3M |
| VIST Vista Energy, S.A.B. de C.V. | +$3M |
| LTM LATAM Airlines Group S.A.new | +$3M |
| — new | +$0M |
| EWY iShares MSCI South Korea ETF | +$0M |
| INDA iShares MSCI India ETF | +$0M |
| MCHI iShares MSCI China ETF | +$0M |
| QAT iShares MSCI Qatar ETF | +$0M |
Top sells this quarter · 15
| SPY State Street SPDR S&P 500 ETF exit | −$5M |
| PBR Petróleo Brasileiro S.A. - Pe | −$5M |
| BVN CompañÃa de Minas Buenaventu | −$1M |
| PAAS Pan American Silver Corp.exit | −$1M |
| MP MP Materials Corp.exit | −$0M |
| TGS Transportadora de Gas del Sur | −$4M |
| EZA iShares MSCI South Africa ETF | −$0M |
| AGG iShares Core U.S. Aggregate Bo | −$0M |
| EEM iShares MSCI Emerging Markets | −$0M |
| ILF iShares Latin America 40 ETF | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $123M | 25 | +31.33% | +17.59% | +13.73% | +0.01B |
| 2025-12-31 | $111M | 32 | +40.94% | +17.72% | +23.22% | +0.01B |
| 2025-09-30 | $91M | 26 | +8.85% | +17.52% | -8.67% | +0.00B |
| 2025-06-30 | $92M | 25 | +23.68% | +14.94% | +8.74% | -0.02B |
| 2025-03-31 | $93M | 26 | +3.37% | +8.30% | -4.93% | -0.01B |
| 2024-12-31 | $96M | 25 | -15.73% | +24.89% | -40.61% | -0.01B |
| 2024-09-30 | $121M | 25 | +12.54% | +36.04% | -23.50% | -0.03B |
| 2024-06-30 | $142M | 26 | -0.00% | +24.49% | -24.50% | -0.03B |
| 2024-03-31 | $178M | 25 | +11.85% | +29.62% | -17.77% | -0.02B |
| 2023-12-31 | $223M | 26 | +27.46% | +26.18% | +1.28% | +0.04B |
| 2023-09-30 | $159M | 25 | +19.02% | +21.57% | -2.55% | +0.02B |
| 2023-06-30 | $139M | 29 | +26.08% | +19.42% | +6.65% | +0.04B |
| 2023-03-31 | $88M | 38 | -11.13% | -7.82% | -3.31% | -0.04B |
| 2022-12-31 | $121M | 41 | -17.71% | -18.17% | +0.46% | -0.01B |
| 2022-09-30 | $124M | 42 | -16.13% | -15.51% | -0.63% | -0.01B |
| 2022-06-30 | $134M | 40 | -18.05% | -10.62% | -7.43% | -0.03B |