Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-11.50%
trims when stocks drop
when a holding falls −10%+
Middle response
-14.91%
baseline attrition
Rally response
-7.38%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NWSANews Corporation | $39M | 16.1% | -7.7% | 2.5 yr |
| SHENShenandoah Telecommunica | $14M | 5.9% | +23.9% | 0.8 yr |
| CMECME Group Inc. | $14M | 5.6% | +15.6% | 9.8 yr |
| ACWIiShares MSCI ACWI ETF | $12M | 4.7% | — | 0.8 yr |
| RPRXRoyalty Pharma plc | $10M | 4.1% | +57.7% | 5.3 yr |
| 0JUJ.LFormula One Group | $10M | 4.0% | -3.4% | 2.3 yr |
| — | $10M | 3.9% | — | 1.8 yr |
| INFLHorizon Kinetics Inflati | $9M | 3.7% | — | 0.3 yr |
| STVNStevanato Group S.p.A. | $9M | 3.6% | -32.5% | 4.0 yr |
| SHAKShake Shack Inc. | $9M | 3.6% | +0.3% | 1.3 yr |
| TDSTelephone and Data Syste | $8M | 3.4% | +9.1% | 0.3 yr |
| RYANRyan Specialty Holdings, | $8M | 3.2% | -53.9% | 4.5 yr |
| TKOTKO Group Holdings, Inc. | $7M | 3.0% | +33.8% | 1.8 yr |
| — | $7M | 2.8% | — | 0.8 yr |
| LLYVALiberty Live Group | $7M | 2.7% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Entertainment28.0%+16.3pp$69M
Asset Management14.4%$35M
Unknown9.9%+6.4pp$24M
Telecommunications Services9.3%+4.1pp$23M
Financial - Data & Stock Exchanges6.1%-0.5pp$15M
Biotechnology4.1%+2.0pp$10M
Restaurants4.0%+2.3pp$10M
Medical - Instruments & Supplies3.6%+3.1pp$9M
Insurance - Specialty3.2%-1.1pp$8M
Software - Application2.5%-6.2pp$6M
Country
US85.1%-0.0pp
Unknown9.9%+6.4pp
IT3.6%+3.1pp
CA1.4%-0.3pp
CN0.1%
Top 5: 36.4% · Top 10: 55.2% · Top 25: 90.2%
Top buys this quarter · 15
| TDS Telephone and Data Systems, Innew | +$8M |
| SHAK Shake Shack Inc. | +$3M |
| BSY Bentley Systems, Incorporated | +$2M |
| NFLX Netflix, Inc.new | +$1M |
| 0JUJ.L Formula One Group | +$10M |
| SPGI S&P Global Inc. | +$0M |
| AMZN Amazon.com, Inc. | +$5M |
| CODI Compass Diversifiednew | +$0M |
| EH EHang Holdings Limitednew | +$0M |
| CIGI Colliers International Group I | +$3M |
Top sells this quarter · 15
| TKO TKO Group Holdings, Inc. | −$14M |
| RPRX Royalty Pharma plc | −$8M |
| RYAN Ryan Specialty Holdings, Inc. | −$8M |
| CLH Clean Harbors, Inc.exit | −$7M |
| NWSA News Corporation | −$6M |
| DHR Danaher Corporationexit | −$6M |
| MORN Morningstar, Inc.exit | −$5M |
| UBER Uber Technologies, Inc. | −$5M |
| RIGD.IL Reliance Industries Limitedexit | −$4M |
| NWS News Corporation | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $245M | 42 | -10.94% | +17.59% | -28.53% | -0.04B |
| 2025-12-31 | $301M | 41 | -2.51% | +17.72% | -20.23% | -0.04B |
| 2025-09-30 | $366M | 40 | +6.99% | +17.52% | -10.53% | -0.18B |
| 2025-06-30 | $550M | 46 | +18.20% | +14.94% | +3.26% | -0.10B |
| 2025-03-31 | $616M | 47 | +6.85% | +8.30% | -1.45% | -0.03B |
| 2024-12-31 | $635M | 45 | +14.23% | +24.89% | -10.66% | -0.05B |
| 2024-09-30 | $673M | 42 | +25.15% | +36.04% | -10.89% | -0.05B |
| 2024-06-30 | $658M | 44 | +18.25% | +24.49% | -6.24% | -0.99B |
| 2024-03-31 | $1.73B | 43 | +33.58% | +28.16% | +5.41% | -0.09B |
| 2023-12-31 | $1.67B | 42 | +34.65% | +24.88% | +9.77% | +0.28B |
| 2023-09-30 | $1.25B | 38 | +15.18% | +6.34% | +8.83% | +0.04B |
| 2023-03-31 | $1.17B | 36 | -4.72% | -7.82% | +3.10% | +0.04B |
| 2022-12-31 | $1.06B | 40 | +10.02% | +7.56% | +2.46% | -0.14B |
| 2022-09-30 | $1.10B | 43 | -5.32% | -4.93% | -0.39% | +0.01B |
| 2022-06-30 | $1.15B | 39 | -14.52% | -16.11% | +1.59% | -0.07B |
| 2022-03-31 | $1.43B | 42 | — | — | — | -0.16B |