Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.52%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.12%
baseline attrition
Rally response
-32.26%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IMVTImmunovant, Inc. | $66M | 11.6% | +45.3% | 5.3 yr |
| CLMCornerstone Strategic Va | $50M | 8.8% | — | 4.8 yr |
| RIVNRivian Automotive, Inc. | $40M | 7.1% | +20.9% | 1.3 yr |
| ACHRArcher Aviation Inc. | $29M | 5.1% | -27.3% | 4.0 yr |
| CRFCornerstone Total Return | $21M | 3.7% | — | 5.3 yr |
| KKRKKR & Co. Inc. | $15M | 2.7% | -19.5% | 0.5 yr |
| APOApollo Global Management | $15M | 2.6% | -17.4% | 0.3 yr |
| ARESAres Management Corporat | $15M | 2.6% | -23.1% | 1.0 yr |
| BKThe Bank of New York Mel | $15M | 2.6% | +44.4% | 0.8 yr |
| OWLBlue Owl Capital Inc. | $14M | 2.6% | -51.8% | 0.3 yr |
| BLKBlackRock, Inc. | $14M | 2.5% | +3.7% | 0.3 yr |
| BBDBanco Bradesco S.A. | $12M | 2.1% | +70.3% | 0.5 yr |
| MSTRStrategy Inc | $11M | 1.9% | -56.7% | 1.5 yr |
| LBRDALiberty Broadband Corpor | $10M | 1.7% | — | 2.3 yr |
| YPFYPF Sociedad Anónima | $9M | 1.7% | +31.9% | 2.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management35.3%+3.0pp$200M
Biotechnology11.6%-6.4pp$66M
Auto - Manufacturers7.3%+6.7pp$41M
Banks - Regional6.4%$36M
Aerospace & Defense5.1%-6.9pp$29M
Unknown4.6%-1.0pp$26M
Telecommunications Services2.5%$14M
Software - Application2.3%-1.2pp$13M
Electronic Gaming & Multimedia1.9%+1.9pp$11M
Asset Management - Income1.8%+0.6pp$10M
Country
US86.4%-3.0pp
AR4.7%
Unknown4.6%-1.0pp
BR3.0%
GB1.1%+0.5pp
MX0.1%
CA0.0%-1.3pp
KY0.0%-0.7pp
Top 5: 36.2% · Top 10: 49.2% · Top 25: 70.8%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| IMVT | $45M | +0.02B | 45.3% |
| SPY | $5M | +0.00B | 17.6% |
| BRSP | $1M | +0.00B | 10.0% |
| ACHR | $31M | -0.01B | -27.3% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| ACHR | $31M | -0.01B | -27.3% |
Top buys this quarter · 15
| APO Apollo Global Management, Inc.new | +$15M |
| OWL Blue Owl Capital Inc.new | +$14M |
| BLK BlackRock, Inc.new | +$14M |
| BK The Bank of New York Mellon Co | +$14M |
| KKR KKR & Co. Inc. | +$13M |
| EA Electronic Arts Inc. | +$7M |
| ARES Ares Management Corporation | +$7M |
| YSS York Space Systems, Inc.new | +$5M |
| JHG Janus Henderson Group plcnew | +$5M |
| CUK Carnival Corporation & plcnew | +$5M |
Top sells this quarter · 15
| CVNA Carvana Co.exit | −$14M |
| BX Blackstone Inc. | −$7M |
| BBU Brookfield Business Partners Lexit | −$6M |
| SNDK Sandisk Corporation | −$0M |
| GTLS Chart Industries, Inc.exit | −$5M |
| ECCU Eagle Point Credit Company Incexit | −$5M |
| WMT Walmart Inc.exit | −$4M |
| IONS Ionis Pharmaceuticals, Inc.exit | −$4M |
| CGBD Carlyle Secured Lending, Inc. | −$4M |
| HTZ Hertz Global Holdings, Inc.exit | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $566M | 181 | +31.39% | +17.59% | +13.80% | +0.11B |
| 2025-12-31 | $498M | 331 | +20.50% | +17.72% | +2.78% | -0.00B |
| 2025-09-30 | $458M | 202 | +33.86% | +17.52% | +16.35% | +0.12B |
| 2025-06-30 | $336M | 138 | +37.28% | +14.94% | +22.34% | -0.02B |
| 2025-03-31 | $272M | 108 | +0.15% | +8.30% | -8.15% | -0.02B |
| 2024-12-31 | $348M | 188 | +25.09% | +24.89% | +0.20% | -0.08B |
| 2024-09-30 | $352M | 137 | +13.23% | +36.04% | -22.81% | -0.15B |
| 2024-06-30 | $484M | 437 | +27.33% | +24.49% | +2.84% | +0.09B |
| 2024-03-31 | $411M | 177 | +53.82% | +29.62% | +24.20% | +0.09B |
| 2023-12-31 | $313M | 173 | +55.37% | +26.18% | +29.19% | -0.12B |
| 2023-09-30 | $396M | 146 | +65.22% | +21.57% | +43.65% | +0.01B |
| 2023-06-30 | $329M | 192 | +65.91% | +19.42% | +46.49% | +0.03B |
| 2023-03-31 | $257M | 134 | +12.27% | -7.82% | +20.09% | -0.06B |
| 2022-12-31 | $301M | 500 | +17.24% | +7.56% | +9.68% | -0.20B |
| 2022-09-30 | $424M | 469 | +16.66% | -4.93% | +21.59% | -0.03B |
| 2022-06-30 | $391M | 511 | -21.90% | -16.11% | -5.79% | +0.10B |