Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.31%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.18%
baseline attrition
Rally response
-8.97%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| HPEHewlett Packard Enterpri | $554M | 8.2% | +57.2% | 2.5 yr |
| TXNTexas Instruments Incorp | $518M | 7.7% | +11.4% | 0.3 yr |
| ONON Semiconductor Corpora | $483M | 7.2% | +52.2% | 0.5 yr |
| NUENucor Corporation | $345M | 5.1% | +42.2% | 0.8 yr |
| RKTRocket Companies, Inc. | $330M | 4.9% | +18.1% | 0.8 yr |
| NOKNokia Oyj | $288M | 4.3% | +57.0% | 2.3 yr |
| QQnity Electronics, Inc. | $287M | 4.3% | — | 0.5 yr |
| UALUnited Airlines Holdings | $287M | 4.3% | +33.3% | 2.0 yr |
| KNXKnight-Swift Transportat | $266M | 3.9% | +34.4% | 0.5 yr |
| UUnity Software Inc. | $249M | 3.7% | +12.0% | 1.5 yr |
| EQTEQT Corporation | $247M | 3.7% | +20.5% | 4.3 yr |
| GFSGLOBALFOUNDRIES Inc. | $224M | 3.3% | +20.5% | 0.8 yr |
| STMSTMicroelectronics N.V. | $212M | 3.1% | +58.7% | 0.5 yr |
| — | $210M | 3.1% | — | 0.8 yr |
| FCXFreeport-McMoRan Inc. | $204M | 3.0% | +57.4% | 2.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors26.6%+25.5pp$1.79B
Computer Hardware8.2%-5.9pp$554M
Airlines, Airports & Air Services8.2%+3.6pp$553M
Steel7.5%+3.5pp$508M
Trucking5.6%$374M
Unknown5.0%+3.9pp$339M
Financial - Mortgages4.9%$330M
Communication Equipment4.3%-3.6pp$288M
Oil & Gas Exploration & Production3.9%-2.7pp$262M
Software - Application3.7%-2.0pp$249M
Country
US82.0%+11.8pp
Unknown5.0%+3.9pp
FI4.3%+0.6pp
NL3.1%
CH3.0%
IE2.0%-0.4pp
IL0.6%-2.1pp
Top 5: 33.1% · Top 10: 53.6% · Top 25: 90.6%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| GEV | $106M | +0.20B | 186.8% |
| NOK | $203M | +0.11B | 57.0% |
| HPE | $180M | +0.10B | 57.2% |
| AER | $133M | +0.05B | 35.6% |
| DAL | $82M | +0.04B | 54.5% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| IP | $165M | -0.05B | -30.2% |
Top buys this quarter · 15
| TXN Texas Instruments Incorporatednew | +$518M |
| UAL United Airlines Holdings, Inc. | +$113M |
| SAIA Saia, Inc.new | +$108M |
| WOLF Wolfspeed, Inc.new | +$72M |
| U Unity Software Inc. | +$249M |
| Q Qnity Electronics, Inc. | +$66M |
| NUE Nucor Corporation | +$64M |
| RIG Transocean Ltd. | +$53M |
| SEDG SolarEdge Technologies, Inc.new | +$38M |
| ENPH Enphase Energy, Inc. | +$33M |
Top sells this quarter · 15
| ON ON Semiconductor Corporation | −$166M |
| ARWR Arrowhead Pharmaceuticals, Incexit | −$158M |
| EXE Expand Energy Corporation | −$157M |
| EQT EQT Corporation | −$152M |
| GTLB GitLab Inc.exit | −$129M |
| GLW Corning Incorporatedexit | −$118M |
| TWLO Twilio Inc. | −$103M |
| FCX Freeport-McMoRan Inc. | −$99M |
| WDC Western Digital Corporationexit | −$87M |
| HUM Humana Inc. | −$86M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $6.73B | 44 | +69.79% | +17.59% | +52.20% | -0.49B |
| 2025-12-31 | $7.41B | 51 | +64.27% | +17.72% | +46.55% | +0.19B |
| 2025-09-30 | $6.46B | 51 | +57.04% | +17.52% | +39.53% | -1.22B |
| 2025-06-30 | $5.80B | 43 | +25.42% | +14.94% | +10.47% | -0.72B |
| 2025-03-31 | $5.54B | 50 | +11.21% | +8.30% | +2.91% | +0.32B |
| 2024-12-31 | $5.53B | 51 | +30.68% | +24.89% | +5.79% | -0.85B |
| 2024-09-30 | $5.97B | 62 | +37.28% | +36.04% | +1.24% | +0.75B |
| 2024-06-30 | $4.94B | 58 | +33.57% | +24.49% | +9.08% | -0.33B |
| 2024-03-31 | $5.04B | 62 | +32.93% | +29.62% | +3.31% | +0.05B |
| 2023-12-31 | $4.51B | 59 | +21.50% | +26.18% | -4.68% | +0.48B |
| 2023-09-30 | $3.59B | 50 | +9.96% | +21.57% | -11.61% | +0.77B |
| 2023-06-30 | $2.73B | 49 | +9.18% | +19.42% | -10.24% | +0.52B |
| 2023-03-31 | $2.13B | 43 | -19.99% | -7.82% | -12.17% | +0.25B |
| 2022-12-31 | $1.86B | 43 | +1.59% | +7.56% | -5.97% | +0.30B |
| 2022-09-30 | $1.54B | 49 | +2.14% | -4.93% | +7.07% | -0.10B |
| 2022-06-30 | $1.60B | 48 | -23.88% | -16.11% | -7.77% | +0.11B |