Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.66%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.86%
baseline attrition
Rally response
-20.47%
trims into rallies
when a holding rises +10%+
Top positions · 22
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| HSICHenry Schein, Inc. | $252M | 9.9% | +7.6% | 1.5 yr |
| VVisa Inc. | $227M | 8.9% | -13.1% | 5.0 yr |
| UNPUnion Pacific Corporatio | $176M | 6.9% | +5.1% | 2.5 yr |
| LINLinde plc | $175M | 6.9% | +7.9% | 0.5 yr |
| PRMBPrimo Brands Corporation | $170M | 6.7% | -45.9% | 1.0 yr |
| GOOGLAlphabet Inc. | $170M | 6.7% | — | 9.0 yr |
| SPOTSpotify Technology S.A. | $169M | 6.6% | -11.8% | 1.0 yr |
| NUNu Holdings Ltd. | $160M | 6.3% | +40.3% | 0.8 yr |
| ADIAnalog Devices, Inc. | $156M | 6.1% | +60.2% | 0.5 yr |
| DHRDanaher Corporation | $129M | 5.0% | -7.1% | 0.5 yr |
| PTCPTC Inc. | $127M | 5.0% | -8.0% | 7.3 yr |
| CVNACarvana Co. | $125M | 4.9% | +50.4% | 1.8 yr |
| STXSeagate Technology Holdi | $115M | 4.5% | +366.3% | 0.3 yr |
| CPNGCoupang, Inc. | $115M | 4.5% | -13.9% | 0.8 yr |
| AMATApplied Materials, Inc. | $98M | 3.8% | +137.6% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Internet Content & Information13.3%+3.2pp$339M
Semiconductors11.2%$285M
Medical - Distribution9.9%-1.2pp$252M
Financial - Credit Services8.9%-1.7pp$227M
Software - Application7.8%-11.6pp$199M
Railroads6.9%$176M
Chemicals - Specialty6.9%$175M
Beverages - Non-Alcoholic6.7%$170M
Banks - Diversified6.3%$160M
Specialty Retail5.9%$149M
Country
US71.2%-17.4pp
GB6.9%
LU6.6%
BR6.3%
SG4.5%
KR4.5%
Top 5: 39.3% · Top 10: 70.0% · Top 25: 100.0%
Top buys this quarter · 15
| SPOT Spotify Technology S.A. | +$146M |
| STX Seagate Technology Holdings plnew | +$115M |
| AMAT Applied Materials, Inc.new | +$98M |
| PRMB Primo Brands Corporation | +$95M |
| PTC PTC Inc. | +$94M |
| V Visa Inc. | +$83M |
| HSIC Henry Schein, Inc. | +$76M |
| CPNG Coupang, Inc. | +$115M |
| CVNA Carvana Co. | +$33M |
| NU Nu Holdings Ltd. | +$28M |
Top sells this quarter · 15
| ADI Analog Devices, Inc. | −$203M |
| CLH Clean Harbors, Inc.exit | −$163M |
| CRS Carpenter Technology Corporatiexit | −$145M |
| AMZN Amazon.com, Inc. | −$122M |
| META Meta Platforms, Inc.exit | −$110M |
| AYI Acuity Brands, Inc.exit | −$104M |
| LUMN Lumen Technologies, Inc.exit | −$78M |
| COF Capital One Financial Corporatexit | −$62M |
| CRM Salesforce, Inc. | −$57M |
| UAL United Airlines Holdings, Inc.exit | −$38M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.55B | 22 | +26.51% | +17.59% | +8.91% | -0.06B |
| 2025-12-31 | $2.81B | 28 | +29.35% | +17.72% | +11.64% | -0.29B |
| 2025-09-30 | $3.05B | 27 | +38.49% | +17.52% | +20.98% | -0.49B |
| 2025-06-30 | $3.38B | 30 | +48.18% | +14.94% | +33.24% | +0.20B |
| 2025-03-31 | $2.48B | 25 | +18.41% | +8.30% | +10.11% | -0.98B |
| 2024-12-31 | $3.65B | 36 | +46.10% | +24.89% | +21.21% | +0.35B |
| 2024-09-30 | $3.03B | 36 | +57.35% | +36.04% | +21.31% | +0.19B |
| 2024-06-30 | $2.53B | 33 | +39.23% | +24.49% | +14.74% | -0.13B |
| 2024-03-31 | $2.61B | 35 | +53.66% | +29.62% | +24.04% | +0.25B |
| 2023-12-31 | $2.01B | 24 | +45.17% | +26.18% | +18.99% | -0.21B |
| 2023-09-30 | $1.89B | 23 | +31.82% | +21.57% | +10.25% | -0.12B |
| 2023-06-30 | $2.02B | 27 | +22.03% | +19.42% | +2.61% | -0.07B |
| 2023-03-31 | $1.86B | 23 | -15.89% | -7.82% | -8.07% | -0.15B |
| 2022-12-31 | $1.82B | 17 | +6.51% | +7.56% | -1.06% | -0.44B |
| 2022-09-30 | $2.13B | 18 | -8.09% | -4.93% | -3.16% | +0.18B |
| 2022-06-30 | $2.12B | 19 | -22.27% | -16.11% | -6.16% | -0.38B |