Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.47%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.42%
baseline attrition
Rally response
-11.89%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| XPXP Inc. | $394M | 12.9% | +39.9% | 0.8 yr |
| PBRPetróleo Brasileiro S.A | $367M | 12.0% | +54.2% | 7.8 yr |
| BBDBanco Bradesco S.A. | $274M | 9.0% | +70.3% | 4.3 yr |
| MGAMagna International Inc. | $211M | 6.9% | +71.2% | 3.8 yr |
| TSMTaiwan Semiconductor Man | $210M | 6.9% | +105.6% | 5.5 yr |
| LVSLas Vegas Sands Corp. | $202M | 6.6% | +42.4% | 5.8 yr |
| NOKNokia Oyj | $164M | 5.4% | +57.0% | 0.5 yr |
| TCOMTrip.com Group Limited | $142M | 4.7% | -21.7% | 4.5 yr |
| TOTB.DETotalEnergies SE | $111M | 3.6% | +41.2% | 0.5 yr |
| MLCOMelco Resorts & Entertai | $82M | 2.7% | +7.8% | 7.8 yr |
| ANTMElevance Health Inc. | $60M | 2.0% | — | 2.3 yr |
| GLOBGlobant S.A. | $51M | 1.7% | -60.8% | 1.0 yr |
| ARWArrow Electronics, Inc. | $48M | 1.6% | +38.1% | 2.8 yr |
| NXPINXP Semiconductors N.V. | $45M | 1.5% | +5.0% | 8.5 yr |
| PTENPatterson-UTI Energy, In | $42M | 1.4% | +39.4% | 2.3 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Integrated15.7%+10.4pp$478M
Financial - Capital Markets12.9%$394M
Banks - Regional10.3%-2.8pp$313M
Gambling, Resorts & Casinos9.5%-5.4pp$288M
Semiconductors9.4%+4.3pp$285M
Auto - Parts6.9%+1.6pp$211M
Communication Equipment5.4%+5.3pp$164M
Travel Services4.7%-4.4pp$142M
Medical - Healthcare Plans3.8%-1.5pp$116M
Information Technology Services1.7%+1.4pp$51M
Country
BR34.1%+19.4pp
US28.7%-4.8pp
CA7.5%-6.7pp
TW6.9%+3.1pp
FI5.4%
SG4.7%-4.4pp
FR3.6%
HK2.7%-2.5pp
Top 5: 47.8% · Top 10: 70.9% · Top 25: 90.7%
Top buys this quarter · 15
| NOK Nokia Oyj | +$102M |
| TOTB.DE TotalEnergies SE | +$56M |
| BF-B Brown-Forman Corporationnew | +$37M |
| SQM Sociedad QuÃmica y Minera de new | +$21M |
| LVS Las Vegas Sands Corp. | +$202M |
| OC Owens Corningnew | +$17M |
| SON Sonoco Products Company | +$16M |
| XP XP Inc. | +$15M |
| SWKS Skyworks Solutions, Inc. | +$13M |
| SLGN Silgan Holdings Inc.new | +$12M |
Top sells this quarter · 15
| NTR Nutrien Ltd. | −$397M |
| BAP Credicorp Ltd.exit | −$237M |
| BBD Banco Bradesco S.A. | −$135M |
| TCOM Trip.com Group Limited | −$54M |
| LEA Lear Corporationexit | −$48M |
| MLCO Melco Resorts & Entertainment | −$47M |
| GLOB Globant S.A. | −$43M |
| BIDU Baidu, Inc.exit | −$34M |
| ALK Alaska Air Group, Inc.exit | −$28M |
| PBR Petróleo Brasileiro S.A. - Pe | −$225M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.05B | 109 | +38.70% | +17.59% | +21.11% | -0.83B |
| 2025-12-31 | $3.67B | 110 | +31.05% | +17.72% | +13.33% | -0.25B |
| 2025-09-30 | $3.77B | 110 | +26.21% | +17.52% | +8.69% | -0.38B |
| 2025-06-30 | $3.66B | 123 | +22.98% | +14.94% | +8.04% | +0.33B |
| 2025-03-31 | $2.99B | 121 | +10.75% | +8.30% | +2.45% | -0.07B |
| 2024-12-31 | $3.06B | 122 | +17.18% | +24.89% | -7.71% | +0.04B |
| 2024-09-30 | $3.02B | 128 | +25.31% | +36.04% | -10.73% | -0.13B |
| 2024-06-30 | $2.85B | 128 | +10.76% | +24.49% | -13.73% | -0.15B |
| 2024-03-31 | $2.98B | 138 | +8.89% | +29.62% | -20.74% | -0.06B |
| 2023-12-31 | $2.88B | 144 | +18.48% | +26.18% | -7.70% | +0.26B |
| 2023-09-30 | $2.46B | 118 | +35.54% | +21.57% | +13.98% | -0.31B |
| 2023-06-30 | $2.83B | 123 | +27.19% | +19.42% | +7.76% | +0.19B |
| 2023-03-31 | $2.68B | 120 | +23.83% | -7.82% | +31.65% | -0.02B |
| 2022-12-31 | $2.34B | 121 | +22.32% | +7.56% | +14.75% | +0.09B |
| 2022-09-30 | $1.84B | 114 | -8.18% | -4.93% | -3.25% | +0.18B |
| 2022-06-30 | $1.82B | 74 | -4.00% | -16.11% | +12.11% | +0.06B |