Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-8.20%
trims when stocks drop
when a holding falls −10%+
Middle response
-12.80%
baseline attrition
Rally response
-13.93%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ABVXAbivax S.A. | $53M | 1.2% | +1681.6% | 1.5 yr |
| CLMCornerstone Strategic Va | $49M | 1.2% | — | 3.8 yr |
| AMZNAmazon.com, Inc. | $46M | 1.1% | +9.5% | 9.8 yr |
| RVMDRevolution Medicines, In | $43M | 1.0% | +175.0% | 1.3 yr |
| EQIXEquinix, Inc. | $42M | 1.0% | +23.0% | 6.0 yr |
| STXSeagate Technology Holdi | $37M | 0.9% | +366.3% | 2.5 yr |
| EXELExelixis, Inc. | $34M | 0.8% | +16.2% | 4.0 yr |
| NVDANVIDIA Corporation | $31M | 0.7% | +60.9% | 9.3 yr |
| PCVXVaxcyte, Inc. | $30M | 0.7% | +53.9% | 4.3 yr |
| SBACSBA Communications Corpo | $30M | 0.7% | -20.0% | 6.8 yr |
| GEGE Aerospace | $29M | 0.7% | +42.5% | 4.0 yr |
| MLYSMineralys Therapeutics, | $27M | 0.6% | +70.6% | 2.0 yr |
| TERNTerns Pharmaceuticals, I | $26M | 0.6% | — | 4.0 yr |
| DOXAmdocs Limited | $25M | 0.6% | -27.3% | 6.3 yr |
| SOCSable Offshore Corp. | $24M | 0.6% | -34.9% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology11.8%+3.9pp$499M
Unknown6.7%+1.4pp$283M
Semiconductors4.8%-3.8pp$203M
Asset Management4.1%-2.2pp$173M
Specialty Retail3.5%+1.1pp$148M
Computer Hardware2.5%+0.4pp$105M
Software - Application2.4%+1.1pp$102M
Hardware, Equipment & Parts2.4%+1.2pp$102M
Entertainment2.3%-0.1pp$99M
Banks - Regional2.3%-1.3pp$99M
Country
US82.0%-1.4pp
Unknown6.7%+1.4pp
CA2.5%+1.0pp
FR1.5%+1.2pp
GB1.2%-1.0pp
SG1.1%+0.5pp
IE1.0%+0.0pp
NL0.7%+0.3pp
Top 5: 5.5% · Top 10: 9.3% · Top 25: 17.4%
Top buys this quarter · 15
| GE GE Aerospace | +$27M |
| SOC Sable Offshore Corp.new | +$24M |
| KTOS Kratos Defense & Security Solu | +$20M |
| PLD Prologis, Inc. | +$16M |
| IRM Iron Mountain Incorporated | +$14M |
| WBD Warner Bros. Discovery, Inc. | +$14M |
| XENE Xenon Pharmaceuticals Inc. | +$14M |
| NWAX New America Acquisition I Corpnew | +$14M |
| ASML ASML Holding N.V. | +$13M |
| TT Trane Technologies plc | +$13M |
Top sells this quarter · 15
| SPY State Street SPDR S&P 500 ETF | −$25M |
| TSM Taiwan Semiconductor Manufactu | −$20M |
| VRE Veris Residential, Inc. | −$17M |
| NVDA NVIDIA Corporation | −$16M |
| VRT Vertiv Holdings Co | −$14M |
| SAIA Saia, Inc. | −$14M |
| RHP Ryman Hospitality Properties, exit | −$14M |
| MCHP Microchip Technology Incorpora | −$13M |
| WMT Walmart Inc. | −$13M |
| EQIX Equinix, Inc. | −$13M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.25B | 1674 | +41.73% | +17.59% | +24.14% | +0.30B |
| 2025-12-31 | $3.80B | 1604 | +28.47% | +17.72% | +10.75% | -0.32B |
| 2025-09-30 | $3.84B | 1495 | +22.99% | +17.52% | +5.48% | +0.22B |
| 2025-06-30 | $3.19B | 1142 | +17.37% | +14.94% | +2.42% | +0.07B |
| 2025-03-31 | $2.78B | 1100 | +3.88% | +8.30% | -4.42% | -0.23B |
| 2024-12-31 | $3.19B | 1192 | +19.89% | +24.89% | -4.99% | +0.08B |
| 2024-09-30 | $3.04B | 1233 | +25.24% | +36.04% | -10.80% | -0.16B |
| 2024-06-30 | $2.95B | 1142 | +13.10% | +24.49% | -11.39% | -0.27B |
| 2024-03-31 | $3.24B | 1176 | +16.92% | +29.62% | -12.70% | +0.47B |
| 2023-12-31 | $2.55B | 1246 | +7.12% | +26.18% | -19.06% | -0.18B |
| 2023-09-30 | $2.54B | 1249 | +5.46% | +21.57% | -16.11% | -0.02B |
| 2023-06-30 | $2.62B | 1278 | +6.83% | +19.42% | -12.60% | -0.64B |
| 2023-03-31 | $3.18B | 1614 | -19.19% | -7.82% | -11.37% | +0.48B |
| 2022-12-31 | $2.71B | 1512 | -22.56% | -18.17% | -4.39% | -0.15B |
| 2022-09-30 | $2.71B | 1649 | -18.52% | -15.51% | -3.01% | +0.13B |
| 2022-06-30 | $2.60B | 1671 | -17.27% | -10.62% | -6.65% | +0.47B |