Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-12.00%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.56%
baseline attrition
Rally response
-8.56%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| PCORProcore Technologies, In | $833M | 18.7% | -13.7% | 5.0 yr |
| TTANServiceTitan, Inc. | $732M | 16.4% | -33.3% | 1.5 yr |
| NTSKNetskope, Inc. Class A C | $563M | 12.6% | — | 0.8 yr |
| OWLBlue Owl Capital Inc. | $314M | 7.0% | -51.8% | 5.0 yr |
| SHOPShopify Inc. | $291M | 6.5% | +24.2% | 3.0 yr |
| GOOGLAlphabet Inc. | $225M | 5.1% | — | 9.0 yr |
| CHYMChime Financial, Inc. Cl | $207M | 4.7% | — | 1.0 yr |
| NVDANVIDIA Corporation | $191M | 4.3% | +60.9% | 4.0 yr |
| ACWIiShares MSCI ACWI ETF | $182M | 4.1% | — | 10.3 yr |
| AVGOBroadcom Inc. | $132M | 3.0% | +86.0% | 3.0 yr |
| HOODRobinhood Markets, Inc. | $102M | 2.3% | +66.5% | 4.8 yr |
| BLBlackLine, Inc. | $77M | 1.7% | -23.6% | 7.8 yr |
| TSMTaiwan Semiconductor Man | $67M | 1.5% | +105.6% | 1.0 yr |
| NOWServiceNow, Inc. | $63M | 1.4% | -34.3% | 1.5 yr |
| AMDAdvanced Micro Devices, | $59M | 1.3% | +98.0% | 2.0 yr |
Portfolio composition (YoY)
Industry mix
Software - Application45.6%-27.0pp$2.03B
Asset Management14.0%-3.0pp$625M
Software - Services12.6%+12.6pp$563M
Semiconductors10.1%+9.2pp$449M
Internet Content & Information5.1%+4.8pp$229M
Banks - Regional4.7%+4.6pp$207M
Financial - Capital Markets2.3%+1.4pp$102M
Software - Infrastructure2.2%-0.2pp$99M
Specialty Retail1.5%+0.1pp$65M
Biotechnology1.2%+1.0pp$54M
Country
US91.4%-3.5pp
CA6.5%+3.3pp
TW1.5%
UY0.3%-0.1pp
BR0.2%-0.7pp
Unknown0.1%-0.0pp
CN0.0%-0.0pp
Top 5: 61.4% · Top 10: 82.4% · Top 25: 97.1%
Top buys this quarter · 12
| HOOD Robinhood Markets, Inc. | +$102M |
| TSM Taiwan Semiconductor Manufactu | +$10M |
| OWL Blue Owl Capital Inc. | +$314M |
| UBER Uber Technologies, Inc. | +$3M |
| QQQ Invesco QQQ Trust, Series 1 | +$0M |
| OEF iShares S&P 100 ETF | +$1M |
| SDY State Street SPDR S&P Dividend | +$0M |
| VYM Vanguard High Dividend Yield E | +$0M |
| VOT Vanguard Mid-Cap Growth ETF | +$0M |
| VNQ Vanguard Real Estate ETF | +$0M |
Top sells this quarter · 11
| FIG Figma, Inc.exit | −$123M |
| GTLB GitLab Inc.exit | −$25M |
| CHYM Chime Financial, Inc. Class A | −$18M |
| ORCL Oracle Corporationexit | −$4M |
| TSLA Tesla, Inc.exit | −$0M |
| COIN Coinbase Global, Inc. | −$0M |
| TTWO Take-Two Interactive Software, | −$0M |
| MELI MercadoLibre, Inc. | −$0M |
| — exit | −$0M |
| HDV iShares Core High Dividend ETFexit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.45B | 79 | -31.37% | +17.59% | -48.97% | -0.04B |
| 2025-12-31 | $6.62B | 84 | -11.47% | +17.72% | -29.19% | -0.81B |
| 2025-09-30 | $8.05B | 94 | +14.82% | +17.52% | -2.70% | +2.19B |
| 2025-06-30 | $5.92B | 403 | +12.11% | +14.94% | -2.83% | -0.33B |
| 2025-03-31 | $5.64B | 385 | -12.13% | +8.30% | -20.44% | +0.01B |
| 2024-12-31 | $6.42B | 345 | +12.11% | +24.89% | -12.78% | +0.85B |
| 2024-09-30 | $4.65B | 206 | +8.12% | +36.04% | -27.92% | +0.15B |
| 2024-06-30 | $4.66B | 97 | +10.18% | +24.49% | -14.31% | -0.32B |
| 2024-03-31 | $5.74B | 62 | +43.78% | +29.62% | +14.15% | -0.16B |
| 2023-12-31 | $5.29B | 62 | +46.27% | +26.18% | +20.10% | -0.59B |
| 2023-09-30 | $5.09B | 57 | +13.87% | +21.57% | -7.70% | -0.78B |
| 2023-06-30 | $5.96B | 58 | +23.25% | +19.42% | +3.83% | -1.50B |
| 2023-03-31 | $6.58B | 61 | -25.51% | -7.82% | -17.70% | -1.12B |
| 2022-12-31 | $6.78B | 59 | -37.47% | -18.17% | -19.29% | -0.50B |
| 2022-09-30 | $8.10B | 63 | -22.78% | -15.51% | -7.27% | -0.89B |
| 2022-06-30 | $8.44B | 65 | -27.05% | -10.62% | -16.43% | -0.82B |