Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.28%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.41%
baseline attrition
Rally response
-17.14%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GOOGAlphabet Inc. | $69M | 14.9% | +84.3% | 1.0 yr |
| HDBHDFC Bank Limited | $47M | 10.3% | -24.3% | 5.8 yr |
| FOXFox Corporation | $34M | 7.3% | +1.8% | 5.3 yr |
| WBDWarner Bros. Discovery, | $29M | 6.3% | +155.9% | 1.0 yr |
| SLABSilicon Laboratories Inc | $25M | 5.4% | +84.9% | 0.3 yr |
| NSCNorfolk Southern Corpora | $24M | 5.3% | +23.6% | 1.3 yr |
| EAElectronic Arts Inc. | $22M | 4.7% | +41.7% | 0.8 yr |
| WBSWebster Financial Corpor | $20M | 4.4% | +38.5% | 0.3 yr |
| QQQInvesco QQQ Trust, Serie | $19M | 4.1% | — | 1.3 yr |
| HOLXHologic, Inc. | $17M | 3.7% | +22.4% | 0.8 yr |
| ASXASE Technology Holding C | $16M | 3.5% | +154.2% | 3.8 yr |
| AESThe AES Corporation | $14M | 3.0% | +19.9% | 0.5 yr |
| CWANClearwater Analytics Hol | $14M | 3.0% | -11.8% | 0.5 yr |
| KVUEKenvue Inc. | $11M | 2.3% | -25.0% | 0.5 yr |
| — | $10M | 2.1% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Internet Content & Information15.6%-25.8pp$72M
Banks - Regional14.7%+0.4pp$68M
Entertainment13.8%+6.3pp$64M
Semiconductors11.2%-1.9pp$52M
Asset Management6.0%$27M
Railroads5.3%$24M
Electronic Gaming & Multimedia4.7%$22M
Medical - Instruments & Supplies3.7%$17M
Software - Application3.0%$14M
Independent Power Producers3.0%$14M
Country
US76.7%+12.1pp
IN10.3%-4.1pp
TW3.5%-9.7pp
CN2.6%-3.0pp
Unknown2.4%
BM1.8%
GB1.3%
IL0.5%
Top 5: 44.2% · Top 10: 66.5% · Top 25: 92.5%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| HDB | $16M | -0.00B | -24.3% |
Top buys this quarter · 15
| HDB HDFC Bank Limited | +$33M |
| SLAB Silicon Laboratories Inc.new | +$25M |
| WBD Warner Bros. Discovery, Inc. | +$22M |
| WBS Webster Financial Corporationnew | +$20M |
| EA Electronic Arts Inc. | +$20M |
| AES The AES Corporation | +$13M |
| HOLX Hologic, Inc. | +$13M |
| CWAN Clearwater Analytics Holdings, | +$12M |
| PEN Penumbra, Inc.new | +$8M |
| KVUE Kenvue Inc. | +$7M |
Top sells this quarter · 15
| SPY State Street SPDR S&P 500 ETF | −$65M |
| NSC Norfolk Southern Corporation | −$22M |
| GSK GSK plcexit | −$11M |
| EXAS Exact Sciences Corporationexit | −$10M |
| PBR Petróleo Brasileiro S.A. - Peexit | −$9M |
| BEP Brookfield Renewable Partners | −$5M |
| GTLS Chart Industries, Inc.exit | −$4M |
| VRSN VeriSign, Inc.exit | −$3M |
| QRVO Qorvo, Inc. | −$3M |
| Z Zillow Group, Inc. Class C | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $461M | 157 | +25.77% | +17.59% | +8.18% | -0.01B |
| 2025-12-31 | $465M | 113 | +33.52% | +17.72% | +15.80% | +0.22B |
| 2025-09-30 | $220M | 35 | +54.44% | +17.52% | +36.92% | -0.03B |
| 2025-06-30 | $235M | 55 | +48.63% | +14.94% | +33.69% | +0.12B |
| 2025-03-31 | $112M | 11 | +40.24% | +8.30% | +31.94% | -0.45B |
| 2024-12-31 | $521M | 86 | +9.44% | +24.89% | -15.44% | +0.26B |
| 2024-09-30 | $200M | 63 | -0.46% | +36.04% | -36.50% | -0.11B |
| 2024-06-30 | $302M | 116 | -9.36% | +24.49% | -33.85% | +0.10B |
| 2024-03-31 | $202M | 65 | -3.92% | +29.62% | -33.54% | +0.16B |
| 2023-12-31 | $44M | 19 | +28.45% | +26.18% | +2.27% | -0.03B |
| 2023-09-30 | $61M | 22 | +0.95% | +21.57% | -20.62% | +0.02B |
| 2023-06-30 | $39M | 21 | -9.80% | +19.42% | -29.23% | -0.01B |
| 2023-03-31 | $49M | 23 | -28.55% | -7.82% | -20.73% | -0.21B |
| 2022-12-31 | $230M | 37 | -8.09% | +7.56% | -15.65% | +0.06B |
| 2022-09-30 | $188M | 35 | -15.24% | -4.93% | -10.31% | -0.12B |
| 2022-06-30 | $365M | 45 | -18.16% | -16.11% | -2.05% | -0.01B |