Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.64%
trims when stocks drop
when a holding falls −10%+
Middle response
-8.63%
baseline attrition
Rally response
-7.39%
trims into rallies
when a holding rises +10%+
Top positions · 20
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SHAKShake Shack Inc. | $110M | 18.6% | +0.3% | 10.5 yr |
| GDSGDS Holdings Limited | $104M | 17.5% | +59.1% | 8.3 yr |
| — | $81M | 13.7% | — | 1.5 yr |
| RBLXRoblox Corporation | $54M | 9.1% | -3.0% | 5.3 yr |
| TOSTToast, Inc. | $33M | 5.6% | -20.1% | 4.5 yr |
| KRUSKura Sushi USA, Inc. | $31M | 5.3% | +36.3% | 3.3 yr |
| WRBYWarby Parker Inc. | $27M | 4.6% | +15.6% | 0.5 yr |
| HEHawaiian Electric Indust | $27M | 4.5% | +35.5% | 0.5 yr |
| AFRMAffirm Holdings, Inc. | $25M | 4.1% | +1.4% | 1.5 yr |
| RGENRepligen Corporation | $23M | 3.8% | -7.4% | 7.0 yr |
| NETCloudflare, Inc. | $22M | 3.7% | +83.1% | 6.0 yr |
| MRVIMaravai LifeSciences Hol | $21M | 3.5% | +28.1% | 3.3 yr |
| HTFLHeartflow, Inc. Common S | $16M | 2.6% | — | 0.3 yr |
| SHOPShopify Inc. | $6M | 1.0% | +24.2% | 0.3 yr |
| OFRMOnce Upon A Farm Pbc | $6M | 1.0% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Restaurants23.8%-8.9pp$141M
Information Technology Services17.5%-0.7pp$104M
Unknown13.7%+4.6pp$81M
Software - Infrastructure13.5%-0.1pp$80M
Electronic Gaming & Multimedia9.1%-1.1pp$54M
Medical - Instruments & Supplies8.4%+0.8pp$50M
Diversified Utilities4.5%$27M
Biotechnology3.5%-0.6pp$21M
Medical - Healthcare Information Services2.6%$16M
Software - Application1.0%-0.2pp$6M
Country
US67.3%-2.2pp
CN17.5%-0.7pp
Unknown13.7%+4.6pp
CA1.0%
BR0.4%-1.6pp
Top 5: 64.4% · Top 10: 86.8% · Top 25: 100.0%
Top buys this quarter · 9
| HTFL Heartflow, Inc. Common Stocknew | +$16M |
| AFRM Affirm Holdings, Inc. | +$25M |
| SHOP Shopify Inc.new | +$6M |
| OFRM Once Upon A Farm Pbcnew | +$6M |
| ELF e.l.f. Beauty, Inc.new | +$4M |
| WRBY Warby Parker Inc. | +$3M |
| AEHR Aehr Test Systemsnew | +$1M |
| CRWV CoreWeave, Inc. Class A Commonnew | +$1M |
| ACMR ACM Research, Inc.new | +$0M |
Top sells this quarter · 15
| GDS GDS Holdings Limited | −$69M |
| SHAK Shake Shack Inc. | −$64M |
| KVYO Klaviyo, Inc.exit | −$36M |
| TOST Toast, Inc. | −$16M |
| NET Cloudflare, Inc. | −$12M |
| WING Wingstop Inc.exit | −$12M |
| FWRG First Watch Restaurant Group, exit | −$11M |
| KRUS Kura Sushi USA, Inc. | −$28M |
| RGEN Repligen Corporation | −$6M |
| BBNX Beta Bionics, Inc.exit | −$6M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $592M | 20 | +16.88% | +17.59% | -0.71% | -0.21B |
| 2025-12-31 | $840M | 18 | +3.66% | +17.72% | -14.06% | -0.03B |
| 2025-09-30 | $964M | 17 | +31.26% | +17.52% | +13.74% | +0.04B |
| 2025-06-30 | $946M | 17 | +52.07% | +14.94% | +37.13% | +0.00B |
| 2025-03-31 | $678M | 17 | -3.30% | +8.30% | -11.61% | -0.13B |
| 2024-12-31 | $955M | 16 | +31.22% | +24.89% | +6.34% | -0.16B |
| 2024-09-30 | $977M | 17 | +23.74% | +36.04% | -12.29% | -0.12B |
| 2024-06-30 | $973M | 19 | -0.08% | +24.49% | -24.57% | -0.00B |
| 2024-03-31 | $1.10B | 24 | +17.12% | +29.62% | -12.50% | -0.12B |
| 2023-12-31 | $1.06B | 19 | +20.67% | +26.18% | -5.51% | -0.13B |
| 2023-09-30 | $1.10B | 24 | +7.77% | +21.57% | -13.80% | +0.04B |
| 2023-06-30 | $1.17B | 23 | +10.96% | +19.42% | -8.47% | -0.04B |
| 2023-03-31 | $1.16B | 24 | -23.06% | -7.82% | -15.24% | -0.00B |
| 2022-12-31 | $989M | 21 | -3.58% | +7.56% | -11.14% | -0.10B |
| 2022-09-30 | $1.13B | 20 | -6.09% | -4.93% | -1.17% | +0.03B |
| 2022-06-30 | $1.17B | 22 | -28.00% | -16.11% | -11.89% | -0.01B |