Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-7.33%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.12%
baseline attrition
Rally response
+0.60%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| APLDApplied Digital Corporat | $548M | 5.5% | +322.4% | 4.0 yr |
| MTZMasTec, Inc. | $417M | 4.2% | +175.7% | 9.8 yr |
| FIXComfort Systems USA, Inc | $344M | 3.4% | +329.0% | 5.3 yr |
| DOCNDigitalOcean Holdings, I | $299M | 3.0% | +156.9% | 3.8 yr |
| XPOXPO Logistics, Inc. | $226M | 2.3% | +80.8% | 4.8 yr |
| BEBloom Energy Corporation | $214M | 2.1% | +589.2% | 0.5 yr |
| FCFSFirstCash Holdings, Inc | $213M | 2.1% | +58.0% | 4.0 yr |
| — | $199M | 2.0% | — | 1.8 yr |
| LITELumentum Holdings Inc. | $194M | 1.9% | +1027.3% | 7.3 yr |
| KTOSKratos Defense & Securit | $191M | 1.9% | +137.5% | 6.5 yr |
| SMTCSemtech Corporation | $176M | 1.8% | +123.5% | 1.8 yr |
| BWBabcock & Wilcox Enterpr | $170M | 1.7% | +2084.7% | 2.3 yr |
| KRYSKrystal Biotech, Inc. | $160M | 1.6% | +43.3% | 6.0 yr |
| QXOQXO, Inc. | $158M | 1.6% | +43.4% | 1.5 yr |
| KNXKnight-Swift Transportat | $154M | 1.5% | +34.4% | 3.5 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology12.4%-3.3pp$1.24B
Engineering & Construction9.7%+3.3pp$962M
Semiconductors6.5%+0.0pp$651M
Information Technology Services5.5%+1.6pp$551M
Unknown4.6%+1.0pp$461M
Software - Infrastructure4.4%-3.1pp$439M
Aerospace & Defense4.2%+2.3pp$423M
Hardware, Equipment & Parts3.4%-0.8pp$340M
Industrial - Machinery3.2%+0.4pp$318M
Communication Equipment3.1%+0.9pp$308M
Country
US89.8%+1.4pp
Unknown4.6%+1.0pp
CA3.2%+2.0pp
GB0.7%-2.1pp
BM0.7%
KY0.6%-0.7pp
CN0.1%+0.0pp
CR0.0%+0.0pp
Top 5: 18.4% · Top 10: 28.5% · Top 25: 48.3%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| LITE | $76M | +0.78B | 1027.3% |
| APLD | $120M | +0.39B | 322.4% |
| MTZ | $181M | +0.32B | 175.7% |
| FIX | $77M | +0.25B | 329.0% |
| INSM | $119M | +0.14B | 114.3% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| ALHC | $97M | -0.01B | -5.4% |
Top buys this quarter · 15
| DOCN DigitalOcean Holdings, Inc. | +$201M |
| PTGX Protagonist Therapeutics, Inc.new | +$87M |
| USAR USA Rare Earth Incnew | +$64M |
| KNX Knight-Swift Transportation Ho | +$63M |
| HUT.TO Hut 8 Mining Corp. | +$52M |
| TCBI Texas Capital Bancshares, Inc.new | +$49M |
| PTCT PTC Therapeutics, Inc. | +$45M |
| ARWR Arrowhead Pharmaceuticals, Inc | +$43M |
| VSEC VSE Corporation | +$42M |
| CAVA CAVA Group, Inc. | +$42M |
Top sells this quarter · 15
| CIEN Ciena Corporationexit | −$176M |
| CWAN Clearwater Analytics Holdings,exit | −$102M |
| RVMD Revolution Medicines, Inc.exit | −$92M |
| AXTI AXT, Inc. | −$85M |
| GSAT Globalstar, Inc.exit | −$82M |
| MOD Modine Manufacturing Company | −$72M |
| EWBC East West Bancorp, Inc.exit | −$68M |
| CNM Core & Main, Inc.exit | −$66M |
| TSEM Tower Semiconductor Ltd. | −$65M |
| ONDS Ondas Holdings Inc. | −$64M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $9.97B | 166 | +63.85% | +17.59% | +46.26% | +0.11B |
| 2025-12-31 | $9.12B | 175 | +31.89% | +17.72% | +14.17% | -0.08B |
| 2025-09-30 | $8.47B | 153 | +27.46% | +17.52% | +9.94% | -0.40B |
| 2025-06-30 | $7.16B | 148 | +12.53% | +14.94% | -2.42% | +0.56B |
| 2025-03-31 | $5.86B | 144 | +2.34% | +8.30% | -5.96% | -0.03B |
| 2024-12-31 | $6.77B | 159 | +33.55% | +24.89% | +8.66% | +0.27B |
| 2024-09-30 | $6.19B | 142 | +44.57% | +36.04% | +8.54% | +0.92B |
| 2024-06-30 | $4.83B | 144 | +22.45% | +24.49% | -2.04% | +0.23B |
| 2024-03-31 | $4.48B | 128 | +26.03% | +29.62% | -3.59% | +0.36B |
| 2023-12-31 | $3.64B | 122 | -1.98% | +26.18% | -28.16% | +0.09B |
| 2023-09-30 | $3.11B | 124 | -17.94% | +21.57% | -39.50% | +0.00B |
| 2023-06-30 | $3.36B | 121 | -8.72% | +19.42% | -28.15% | +0.10B |
| 2023-03-31 | $3.09B | 114 | -39.23% | -7.82% | -31.41% | +0.66B |
| 2022-12-31 | $2.75B | 105 | -4.81% | +7.56% | -12.37% | +0.26B |
| 2022-09-30 | $2.62B | 120 | +3.02% | -4.93% | +7.95% | +0.02B |
| 2022-06-30 | $2.52B | 121 | -29.79% | -16.11% | -13.68% | +0.40B |