Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-9.02%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.70%
baseline attrition
Rally response
-7.23%
trims into rallies
when a holding rises +10%+
Top positions · 25
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TSMTaiwan Semiconductor Man | $245M | 9.7% | +105.6% | 1.5 yr |
| AMZNAmazon.com, Inc. | $198M | 7.9% | +9.5% | 7.5 yr |
| PLNTPlanet Fitness, Inc. | $188M | 7.5% | -23.0% | 3.3 yr |
| — | $172M | 6.8% | — | 2.5 yr |
| HDThe Home Depot, Inc. | $164M | 6.5% | -8.0% | 2.3 yr |
| BURLBurlington Stores, Inc. | $163M | 6.5% | +36.5% | 6.8 yr |
| CPNGCoupang, Inc. | $149M | 5.9% | -13.9% | 2.3 yr |
| METAMeta Platforms, Inc. | $120M | 4.8% | -0.4% | 6.5 yr |
| MSFTMicrosoft Corporation | $117M | 4.6% | -0.6% | 10.5 yr |
| SESea Limited | $110M | 4.4% | -36.5% | 1.8 yr |
| SNSharkNinja, Inc. | $106M | 4.2% | +27.0% | 1.5 yr |
| SPOTSpotify Technology S.A. | $102M | 4.0% | -11.8% | 0.3 yr |
| ZZillow Group, Inc. Class | $101M | 4.0% | -39.6% | 7.0 yr |
| TWLOTwilio Inc. | $88M | 3.5% | +28.5% | 3.8 yr |
| ADSKAutodesk, Inc. | $84M | 3.3% | -8.6% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Specialty Retail19.6%-2.2pp$494M
Internet Content & Information12.9%+1.0pp$323M
Semiconductors12.2%+4.4pp$307M
Software - Infrastructure11.4%-3.6pp$286M
Leisure7.5%+0.3pp$188M
Unknown6.8%+0.4pp$172M
Software - Application6.7%-4.7pp$168M
Home Improvement6.5%+1.8pp$164M
Apparel - Retail6.5%+1.1pp$163M
Furnishings, Fixtures & Appliances4.2%+1.9pp$106M
Country
US67.8%+1.5pp
TW9.7%+4.4pp
Unknown6.8%+0.4pp
KR5.9%+1.0pp
SG4.4%-2.0pp
LU4.0%
IL1.3%-9.3pp
Top 5: 38.5% · Top 10: 64.6% · Top 25: 100.0%
Top buys this quarter · 11
| SPOT Spotify Technology S.A.new | +$102M |
| SMTC Semtech Corporationnew | +$62M |
| FROG JFrog Ltd.new | +$54M |
| SATS EchoStar Corporationnew | +$41M |
| AMZN Amazon.com, Inc. | +$21M |
| SE Sea Limited | +$110M |
| TWLO Twilio Inc. | +$19M |
| SPY State Street SPDR S&P 500 ETF new | +$18M |
| CPNG Coupang, Inc. | +$149M |
| BURL Burlington Stores, Inc. | +$8M |
Top sells this quarter · 13
| WIX Wix.com Ltd. | −$108M |
| MSFT Microsoft Corporation | −$83M |
| TSM Taiwan Semiconductor Manufactu | −$68M |
| MNDY monday.com Ltd.exit | −$29M |
| Z Zillow Group, Inc. Class C | −$20M |
| PLNT Planet Fitness, Inc. | −$17M |
| NXST Nexstar Media Group, Inc. | −$14M |
| ADSK Autodesk, Inc. | −$12M |
| NTNX Nutanix, Inc. | −$11M |
| APP AppLovin Corporation | −$10M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.52B | 25 | -2.92% | +17.59% | -20.52% | +0.08B |
| 2025-12-31 | $2.85B | 20 | +18.09% | +17.72% | +0.37% | -0.57B |
| 2025-09-30 | $3.70B | 23 | +42.26% | +17.52% | +24.75% | -0.00B |
| 2025-06-30 | $3.51B | 23 | +45.21% | +14.94% | +30.27% | -0.11B |
| 2025-03-31 | $3.10B | 23 | +25.28% | +8.30% | +16.98% | -0.35B |
| 2024-12-31 | $3.32B | 22 | +32.16% | +24.89% | +7.28% | -0.12B |
| 2024-09-30 | $3.10B | 19 | +44.05% | +36.04% | +8.02% | -0.03B |
| 2024-06-30 | $2.90B | 21 | +27.02% | +24.49% | +2.53% | -0.13B |
| 2024-03-31 | $3.01B | 24 | +41.12% | +29.62% | +11.50% | -0.38B |
| 2023-12-31 | $3.09B | 22 | +50.72% | +26.18% | +24.54% | -0.31B |
| 2023-09-30 | $2.81B | 23 | +38.48% | +21.57% | +16.91% | +0.44B |
| 2023-06-30 | $2.50B | 21 | +37.77% | +19.42% | +18.34% | -0.40B |
| 2023-03-31 | $2.59B | 25 | -12.53% | -7.82% | -4.71% | +0.73B |
| 2022-12-31 | $1.59B | 19 | +11.21% | +7.56% | +3.65% | -0.11B |
| 2022-09-30 | $1.53B | 20 | -5.56% | -4.93% | -0.63% | +0.11B |
| 2022-06-30 | $1.50B | 17 | -28.86% | -16.11% | -12.75% | +0.11B |