Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-9.65%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.36%
baseline attrition
Rally response
-2.23%
trims into rallies
when a holding rises +10%+
Top positions · 3
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GDSGDS Holdings Limited | $204M | 86.0% | +59.1% | 6.8 yr |
| ACMRACM Research, Inc. | $28M | 11.9% | +68.6% | 0.5 yr |
| PAACUProem Acquisition Corp I | $5M | 2.1% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Information Technology Services86.0%+29.4pp$204M
Semiconductors11.9%$28M
Asset Management2.1%$5M
Country
CN86.0%+8.0pp
US14.0%
Top 5: 100.0% · Top 10: 100.0% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| GDS | $148M | +0.09B | 59.1% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 1
| PAACU Proem Acquisition Corp I Unitsnew | +$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $237M | 3 | +37.03% | +17.59% | +19.44% | -0.06B |
| 2025-12-31 | $280M | 4 | +42.95% | +17.72% | +25.23% | -0.04B |
| 2025-09-30 | $354M | 5 | +56.58% | +17.52% | +39.06% | -0.01B |
| 2025-06-30 | $287M | 4 | +57.55% | +14.94% | +42.61% | -0.00B |
| 2025-03-31 | $262M | 6 | +50.22% | +8.30% | +41.92% | -0.05B |
| 2024-12-31 | $283M | 7 | +48.38% | +24.89% | +23.49% | +0.04B |
| 2024-09-30 | $247M | 5 | +64.05% | +36.04% | +28.02% | +0.01B |
| 2024-06-30 | $190M | 5 | +13.68% | +24.49% | -10.81% | -0.18B |
| 2024-03-31 | $350M | 11 | -13.06% | +29.62% | -42.68% | +0.05B |
| 2023-12-31 | $274M | 9 | -8.57% | +26.18% | -34.75% | -0.03B |
| 2023-09-30 | $271M | 9 | -27.53% | +21.57% | -49.10% | -0.01B |
| 2023-06-30 | $322M | 11 | -20.22% | +19.42% | -39.64% | +0.02B |
| 2023-03-31 | $366M | 12 | -32.71% | -7.82% | -24.89% | +0.02B |
| 2022-12-31 | $297M | 11 | -12.22% | +7.56% | -19.78% | +0.04B |
| 2022-09-30 | $298M | 12 | -3.65% | -4.93% | +1.28% | +0.02B |
| 2022-06-30 | $293M | 14 | -31.52% | -16.11% | -15.41% | -0.03B |