Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.98%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.91%
baseline attrition
Rally response
-5.07%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| FLEXFlex Ltd. | $456M | 7.0% | +97.9% | 9.0 yr |
| JCIJohnson Controls Interna | $412M | 6.3% | +65.7% | 4.5 yr |
| NRGNRG Energy, Inc. | $407M | 6.2% | +55.0% | 6.0 yr |
| AERAerCap Holdings N.V. | $357M | 5.4% | +35.6% | 10.5 yr |
| EXPEExpedia Group, Inc. | $344M | 5.2% | +38.5% | 3.0 yr |
| EBAYeBay Inc. | $318M | 4.8% | +36.3% | 5.3 yr |
| HCAHCA Healthcare, Inc. | $316M | 4.8% | +37.9% | 8.5 yr |
| AMPAmeriprise Financial, In | $297M | 4.5% | -7.0% | 10.5 yr |
| FFIVF5, Inc. | $274M | 4.2% | +8.7% | 3.0 yr |
| NTAPNetApp, Inc. | $259M | 3.9% | +18.4% | 0.8 yr |
| UBERUber Technologies, Inc. | $239M | 3.6% | -1.3% | 4.3 yr |
| CICigna Corporation | $200M | 3.1% | -17.2% | 5.0 yr |
| SNXTD SYNNEX Corporation | $199M | 3.0% | +64.5% | 6.5 yr |
| NXPINXP Semiconductors N.V. | $184M | 2.8% | +5.0% | 4.3 yr |
| ARWArrow Electronics, Inc. | $182M | 2.8% | +38.1% | 7.5 yr |
Portfolio composition (YoY)
Industry mix
Software - Infrastructure8.2%-1.5pp$541M
Hardware, Equipment & Parts7.0%+2.6pp$456M
Asset Management6.7%-0.7pp$436M
Industrial - Machinery6.3%+1.7pp$412M
Independent Power Producers6.2%+1.0pp$407M
Software - Application6.1%+2.7pp$399M
Technology Distributors5.8%+1.5pp$381M
Rental & Leasing Services5.4%-6.1pp$357M
Travel Services5.2%+0.8pp$344M
Specialty Retail4.8%+0.7pp$318M
Country
US73.9%-3.6pp
IE13.3%+3.8pp
SG7.0%+2.7pp
Unknown2.9%-1.1pp
NL2.8%+2.7pp
JP0.1%+0.0pp
Top 5: 30.1% · Top 10: 52.5% · Top 25: 90.1%
Top buys this quarter · 11
| NXPI NXP Semiconductors N.V. | +$178M |
| AN AutoNation, Inc.new | +$73M |
| SUNB Sunbelt Rentals Holdings Incnew | +$12M |
| CNC Centene Corporation | +$83M |
| CCK Crown Holdings, Inc. | +$2M |
| GRAB Grab Holdings Limited | +$1M |
| GPN Global Payments Inc. | +$123M |
| CNXC Concentrix Corporation | +$33M |
| SONY Sony Group Corporation | +$0M |
| NTDOY Nintendo Co., Ltd. | +$0M |
Top sells this quarter · 15
| FLEX Flex Ltd. | −$455M |
| NRG NRG Energy, Inc. | −$33M |
| JCI Johnson Controls International | −$402M |
| AER AerCap Holdings N.V. | −$25M |
| EXPE Expedia Group, Inc. | −$25M |
| AMP Ameriprise Financial, Inc. | −$23M |
| HCA HCA Healthcare, Inc. | −$22M |
| EBAY eBay Inc. | −$17M |
| UBER Uber Technologies, Inc. | −$15M |
| SSNC SS&C Technologies Holdings, In | −$14M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $6.56B | 39 | +16.80% | +17.59% | -0.79% | -0.66B |
| 2025-12-31 | $7.65B | 37 | +22.07% | +17.72% | +4.35% | +0.41B |
| 2025-09-30 | $7.10B | 38 | +16.80% | +17.52% | -0.72% | -0.20B |
| 2025-06-30 | $6.94B | 38 | +24.65% | +14.94% | +9.71% | -0.65B |
| 2025-03-31 | $6.58B | 38 | +1.93% | +8.30% | -6.37% | -0.09B |
| 2024-12-31 | $6.76B | 38 | +17.07% | +24.89% | -7.82% | +0.06B |
| 2024-09-30 | $6.87B | 38 | +35.45% | +36.04% | -0.59% | -0.12B |
| 2024-06-30 | $6.23B | 36 | +21.02% | +24.49% | -3.47% | -0.12B |
| 2024-03-31 | $6.73B | 36 | +40.02% | +29.62% | +10.40% | -0.22B |
| 2023-12-31 | $6.13B | 40 | +25.17% | +26.18% | -1.01% | +0.15B |
| 2023-09-30 | $5.29B | 41 | +24.59% | +21.57% | +3.02% | -0.07B |
| 2023-06-30 | $5.35B | 40 | +19.30% | +19.42% | -0.12% | -0.25B |
| 2023-03-31 | $5.13B | 38 | -8.86% | -7.82% | -1.04% | +0.33B |
| 2022-12-31 | $4.74B | 47 | +12.44% | +7.56% | +4.88% | -0.70B |
| 2022-09-30 | $4.83B | 37 | -3.96% | -4.93% | +0.97% | -0.69B |
| 2022-06-30 | $5.75B | 41 | -16.65% | -16.11% | -0.54% | -0.28B |