Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+5.44%
adds when stocks drop
when a holding falls −10%+
Middle response
+8.62%
steady accumulation
Rally response
-20.24%
trims into rallies
when a holding rises +10%+
Top positions · 21
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TSMTaiwan Semiconductor Man | $189M | 13.3% | +105.6% | 5.5 yr |
| ERJEmbraer S.A. | $171M | 12.1% | — | 2.0 yr |
| ITUBItaú Unibanco Holding S | $171M | 12.1% | +64.3% | 1.0 yr |
| EGOEldorado Gold Corporatio | $168M | 11.9% | +104.5% | 5.3 yr |
| BABAAlibaba Group Holding Li | $167M | 11.8% | -3.5% | 9.3 yr |
| IBNICICI Bank Limited | $131M | 9.2% | -17.3% | 7.3 yr |
| GDSGDS Holdings Limited | $88M | 6.2% | +59.1% | 1.5 yr |
| CPACopa Holdings, S.A. | $59M | 4.2% | +29.6% | 3.3 yr |
| PDDPDD Holdings Inc. | $53M | 3.7% | -13.7% | 2.8 yr |
| — | $46M | 3.2% | — | 0.8 yr |
| HSAIHesai Group | $30M | 2.1% | +29.2% | 0.3 yr |
| SLBSLB N.V. | $29M | 2.0% | +26.7% | 0.8 yr |
| — | $25M | 1.7% | — | 2.5 yr |
| HALHalliburton Company | $23M | 1.6% | +57.9% | 0.3 yr |
| TSTenaris S.A. | $20M | 1.4% | +56.1% | 1.3 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional21.3%+7.2pp$302M
Specialty Retail15.5%-4.1pp$220M
Semiconductors13.3%+11.0pp$189M
Aerospace & Defense12.1%$171M
Gold11.9%-3.7pp$168M
Information Technology Services7.1%$101M
Oil & Gas Equipment & Services5.0%$72M
Unknown5.0%-0.8pp$70M
Airlines, Airports & Air Services4.2%-4.2pp$59M
Auto - Parts2.1%$30M
Country
BR24.2%+14.5pp
CN21.6%+13.0pp
TW13.3%
CA11.9%-10.7pp
IN9.6%-9.0pp
Unknown5.0%-0.8pp
PA4.2%-4.2pp
IE3.7%+1.0pp
Top 5: 61.2% · Top 10: 87.7% · Top 25: 100.0%
Top buys this quarter · 14
| ITUB Itaú Unibanco Holding S.A. | +$170M |
| BABA Alibaba Group Holding Limited | +$129M |
| IBN ICICI Bank Limited | +$79M |
| CPA Copa Holdings, S.A. | +$45M |
| EGO Eldorado Gold Corporation | +$30M |
| HSAI Hesai Groupnew | +$30M |
| PDD PDD Holdings Inc. | +$30M |
| HAL Halliburton Companynew | +$23M |
| SLB SLB N.V. | +$17M |
| VNET VNET Group, Inc. | +$10M |
Top sells this quarter · 15
| TECK Teck Resources Limitedexit | −$107M |
| FNV Franco-Nevada Corporationexit | −$73M |
| NU Nu Holdings Ltd.exit | −$71M |
| SE Sea Limitedexit | −$70M |
| BBD Banco Bradesco S.A.exit | −$58M |
| BAP Credicorp Ltd.exit | −$57M |
| VIST Vista Energy, S.A.B. de C.V. | −$57M |
| EQT EQT Corporationexit | −$47M |
| BIDU Baidu, Inc.exit | −$38M |
| SNPS Synopsys, Inc.exit | −$38M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.42B | 21 | +28.79% | +17.59% | +11.20% | -0.08B |
| 2025-12-31 | $1.50B | 28 | +35.39% | +17.72% | +17.67% | +0.41B |
| 2025-09-30 | $1.05B | 23 | +26.48% | +17.52% | +8.97% | -0.15B |
| 2025-06-30 | $1.05B | 25 | +23.59% | +14.94% | +8.65% | +0.11B |
| 2025-03-31 | $860M | 21 | +21.92% | +8.30% | +13.61% | -0.03B |
| 2024-12-31 | $846M | 22 | +24.56% | +24.89% | -0.33% | +0.00B |
| 2024-09-30 | $876M | 22 | +52.60% | +36.04% | +16.56% | +0.19B |
| 2024-06-30 | $611M | 19 | +34.35% | +24.49% | +9.86% | +0.07B |
| 2024-03-31 | $511M | 19 | +26.33% | +29.62% | -3.29% | -0.03B |
| 2023-12-31 | $506M | 21 | +35.58% | +26.18% | +9.41% | +0.16B |
| 2023-09-30 | $291M | 14 | +22.75% | +21.57% | +1.18% | +0.07B |
| 2023-06-30 | $226M | 13 | +20.87% | +19.42% | +1.44% | -0.09B |
| 2023-03-31 | $315M | 20 | +7.79% | -7.82% | +15.61% | -0.05B |
| 2022-12-31 | $313M | 22 | +7.09% | +7.56% | -0.47% | +0.17B |
| 2022-09-30 | $137M | 14 | -2.34% | -4.93% | +2.59% | +0.02B |
| 2022-06-30 | $118M | 17 | -10.47% | -16.11% | +5.64% | -0.08B |