Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+5.22%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.09%
baseline attrition
Rally response
-9.21%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVRIEnviri Corporation | $108M | 11.5% | +195.0% | 1.0 yr |
| TBPHTheravance Biopharma, In | $79M | 8.4% | +81.7% | 5.0 yr |
| QDELQuidelOrtho Corporation | $75M | 8.0% | -53.0% | 2.0 yr |
| USMUnited States Cellular C | $75M | 8.0% | — | 0.8 yr |
| COMMCommScope Holding Compan | $68M | 7.3% | — | 0.8 yr |
| INDVIndivior Pharmaceuticals | $61M | 6.5% | — | 0.3 yr |
| — | $50M | 5.3% | — | 3.0 yr |
| TFXTeleflex Incorporated | $48M | 5.1% | -12.4% | 0.3 yr |
| RHLDResolute Holdings Manage | $39M | 4.2% | +417.9% | 1.0 yr |
| CNNECannae Holdings, Inc. | $37M | 4.0% | -35.7% | 4.0 yr |
| PARPAR Technology Corporati | $36M | 3.9% | -78.3% | 4.3 yr |
| USARUSA Rare Earth Inc | $35M | 3.8% | +154.9% | 0.5 yr |
| WEAVWeave Communications, In | $32M | 3.5% | -58.3% | 0.3 yr |
| CCOICogent Communications Ho | $30M | 3.2% | -67.6% | 2.3 yr |
| MAGNMagnera Corp. | $26M | 2.8% | -47.6% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Medical - Instruments & Supplies13.1%+6.4pp$123M
Waste Management11.5%$108M
Telecommunications Services11.2%+6.1pp$105M
Biotechnology11.1%-0.1pp$104M
Software - Application7.3%-0.3pp$69M
Communication Equipment7.3%+5.9pp$68M
Specialty Business Services6.9%+2.2pp$64M
Drug Manufacturers - Specialty & Generic6.5%$61M
Unknown6.4%-3.2pp$60M
Industrial Materials5.7%+4.5pp$53M
Country
US84.6%+2.1pp
KY8.4%+1.7pp
Unknown6.4%-3.2pp
GB0.2%
SG0.2%-0.3pp
NL0.2%
Top 5: 43.2% · Top 10: 68.3% · Top 25: 98.2%
Top buys this quarter · 15
| INDV Indivior Pharmaceuticals Incnew | +$61M |
| TFX Teleflex Incorporatednew | +$48M |
| WEAV Weave Communications, Inc.new | +$32M |
| PAR PAR Technology Corporation | +$31M |
| QDEL QuidelOrtho Corporation | +$75M |
| USAR USA Rare Earth Inc | +$25M |
| NVRI Enviri Corporation | +$18M |
| DXYZ Destiny Tech100 Inc.new | +$9M |
| TBPH Theravance Biopharma, Inc. | +$79M |
| MAGN Magnera Corp. | +$26M |
Top sells this quarter · 14
| ITGR Integer Holdings Corporationexit | −$48M |
| IAC IAC InterActive Corp.exit | −$21M |
| MRP Millrose Properties, Inc.exit | −$8M |
| CORT Corcept Therapeutics Incorporaexit | −$8M |
| SPB Spectrum Brands Holdings, Inc. | −$5M |
| SUNC SunocoCorp LLCexit | −$4M |
| CNNE Cannae Holdings, Inc. | −$3M |
| QURE uniQure N.V. | −$1M |
| CMP Compass Minerals International | −$16M |
| GUTS Fractyl Health, Inc. Common Stexit | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $936M | 33 | -4.78% | +17.59% | -22.37% | +0.13B |
| 2025-12-31 | $945M | 31 | +1.86% | +17.72% | -15.86% | +0.06B |
| 2025-09-30 | $817M | 33 | -6.23% | +17.52% | -23.75% | +0.16B |
| 2025-06-30 | $660M | 34 | +8.96% | +14.94% | -5.99% | +0.00B |
| 2025-03-31 | $632M | 31 | -7.78% | +8.30% | -16.09% | +0.11B |
| 2024-12-31 | $574M | 33 | +5.62% | +24.89% | -19.26% | -0.07B |
| 2024-09-30 | $649M | 38 | +17.31% | +36.04% | -18.73% | +0.04B |
| 2024-06-30 | $527M | 39 | -4.60% | +24.49% | -29.09% | +0.09B |
| 2024-03-31 | $497M | 39 | +17.40% | +29.62% | -12.22% | -0.03B |
| 2023-12-31 | $504M | 47 | +11.85% | +26.18% | -14.33% | +0.06B |
| 2023-09-30 | $400M | 45 | +6.41% | +21.57% | -15.16% | +0.01B |
| 2023-06-30 | $418M | 45 | +0.39% | +19.42% | -19.04% | -0.13B |
| 2023-03-31 | $503M | 79 | -24.54% | -7.82% | -16.72% | +0.03B |
| 2022-12-31 | $474M | 70 | +5.37% | +7.56% | -2.19% | +0.00B |
| 2022-09-30 | $445M | 79 | -11.65% | -4.93% | -6.72% | -0.01B |
| 2022-06-30 | $517M | 82 | -18.59% | -16.11% | -2.48% | +0.19B |