Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-8.19%
trims when stocks drop
when a holding falls −10%+
Middle response
-16.39%
baseline attrition
Rally response
-13.55%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NTRANatera, Inc. | $613M | 22.3% | +41.4% | 3.8 yr |
| TSMTaiwan Semiconductor Man | $167M | 6.1% | +105.6% | 2.8 yr |
| YPFYPF Sociedad Anónima | $150M | 5.4% | +31.9% | 2.0 yr |
| EWZiShares MSCI Brazil ETF | $132M | 4.8% | — | 1.0 yr |
| — | $110M | 4.0% | — | 1.0 yr |
| AAAlcoa Corporation | $99M | 3.6% | +119.9% | 1.5 yr |
| — | $98M | 3.6% | — | 1.8 yr |
| SESea Limited | $91M | 3.3% | -36.5% | 4.8 yr |
| STMSTMicroelectronics N.V. | $90M | 3.3% | +58.7% | 0.5 yr |
| WWDWoodward, Inc. | $76M | 2.8% | +97.0% | 2.5 yr |
| TEVATeva Pharmaceutical Indu | $72M | 2.6% | +96.0% | 1.8 yr |
| ROKURoku, Inc. | $71M | 2.6% | +34.3% | 1.3 yr |
| AVGOBroadcom Inc. | $61M | 2.2% | +86.0% | 1.0 yr |
| CPNGCoupang, Inc. | $50M | 1.8% | -13.9% | 5.3 yr |
| OPCHOption Care Health, Inc. | $50M | 1.8% | -23.0% | 4.5 yr |
Portfolio composition (YoY)
Industry mix
Medical - Diagnostics & Research22.6%+5.9pp$622M
Semiconductors14.7%+10.9pp$405M
Unknown8.6%+4.3pp$237M
Biotechnology5.9%+2.1pp$162M
Specialty Retail5.7%-6.0pp$156M
Asset Management5.6%+5.0pp$153M
Oil & Gas Integrated5.4%+2.9pp$150M
Aluminum3.6%$99M
Hardware, Equipment & Parts2.8%-3.9pp$76M
Aerospace & Defense2.8%-4.2pp$76M
Country
US62.4%-0.3pp
Unknown8.6%+4.3pp
TW6.1%+2.6pp
AR5.4%+1.1pp
SG4.1%+3.0pp
NL3.3%
IL2.6%-5.3pp
CA2.3%+1.2pp
Top 5: 42.6% · Top 10: 59.2% · Top 25: 81.7%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| TEVA | $229M | +0.22B | 96.0% |
| NTRA | $481M | +0.20B | 41.4% |
| WWD | $200M | +0.19B | 97.0% |
| TSM | $99M | +0.10B | 105.6% |
| YPF | $73M | +0.02B | 31.9% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| CPNG | $204M | -0.03B | -13.9% |
Top buys this quarter · 15
| YPF YPF Sociedad Anónima | +$122M |
| NTRA Natera, Inc. | +$110M |
| STM STMicroelectronics N.V. | +$64M |
| AVGO Broadcom Inc. | +$34M |
| CAI Caris Life Sciences, Inc.new | +$34M |
| RVMD Revolution Medicines, Inc.new | +$31M |
| HUM Humana Inc.new | +$24M |
| JBL Jabil Inc.new | +$22M |
| LIN Linde plcnew | +$20M |
| NUVB Nuvation Bio Inc.new | +$19M |
Top sells this quarter · 15
| COHR Coherent, Inc. | −$266M |
| AMZN Amazon.com, Inc. | −$144M |
| WWD Woodward, Inc. | −$136M |
| MU Micron Technology, Inc. | −$130M |
| TEVA Teva Pharmaceutical Industries | −$105M |
| ENTG Entegris, Inc.exit | −$99M |
| INTC Intel Corporation | −$91M |
| COGT Cogent Biosciences, Inc.exit | −$85M |
| LYB LyondellBasell Industries N.V. | −$83M |
| BE Bloom Energy Corporation | −$82M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.75B | 64 | +64.56% | +17.59% | +46.97% | -1.62B |
| 2025-12-31 | $3.96B | 57 | +37.57% | +17.72% | +19.85% | -0.14B |
| 2025-09-30 | $3.58B | 61 | +26.51% | +17.52% | +8.99% | -0.41B |
| 2025-06-30 | $3.69B | 64 | +35.01% | +14.94% | +20.07% | +0.22B |
| 2025-03-31 | $2.88B | 48 | +23.15% | +8.30% | +14.84% | -0.36B |
| 2024-12-31 | $3.51B | 73 | +59.22% | +24.89% | +34.34% | +0.51B |
| 2024-09-30 | $2.85B | 71 | +67.17% | +36.04% | +31.14% | -0.40B |
| 2024-06-30 | $2.82B | 62 | +44.20% | +24.49% | +19.71% | -1.27B |
| 2024-03-31 | $3.72B | 72 | +52.92% | +29.62% | +23.30% | +0.02B |
| 2023-12-31 | $3.11B | 50 | +38.53% | +26.18% | +12.35% | +0.03B |
| 2023-09-30 | $2.79B | 41 | +29.17% | +21.57% | +7.60% | -0.08B |
| 2023-06-30 | $2.87B | 53 | +34.43% | +19.42% | +15.01% | +0.19B |
| 2023-03-31 | $2.31B | 48 | -6.95% | -7.82% | +0.87% | +0.14B |
| 2022-12-31 | $2.01B | 57 | +3.09% | +7.56% | -4.47% | +0.21B |
| 2022-09-30 | $1.74B | 63 | +3.68% | -4.93% | +8.61% | +0.32B |
| 2022-06-30 | $1.37B | 42 | -19.40% | -16.11% | -3.29% | -0.39B |