Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+6.62%
adds when stocks drop
when a holding falls −10%+
Middle response
-11.49%
baseline attrition
Rally response
-12.30%
trims into rallies
when a holding rises +10%+
Top positions · 19
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TLNTalen Energy Corporation | $494M | 11.9% | +59.9% | 1.8 yr |
| SATSEchoStar Corporation | $352M | 8.5% | +357.7% | 0.5 yr |
| GDSGDS Holdings Limited | $350M | 8.4% | +59.1% | 2.0 yr |
| PRMBPrimo Brands Corporation | $322M | 7.8% | -45.9% | 0.3 yr |
| DKSDICK'S Sporting Goods, I | $318M | 7.7% | +0.1% | 1.0 yr |
| TWLOTwilio Inc. | $289M | 7.0% | +28.5% | 2.3 yr |
| PFGCPerformance Food Group C | $287M | 6.9% | +8.9% | 1.0 yr |
| CVNACarvana Co. | $248M | 6.0% | +50.4% | 1.5 yr |
| WFRDWeatherford Internationa | $239M | 5.8% | +79.5% | 0.3 yr |
| — | $233M | 5.6% | — | 0.3 yr |
| GILGildan Activewear Inc. | $230M | 5.5% | +28.0% | 0.3 yr |
| COHRCoherent, Inc. | $230M | 5.5% | +266.8% | 2.0 yr |
| SHCSotera Health Company | $167M | 4.0% | +23.0% | 2.3 yr |
| ONON Semiconductor Corpora | $120M | 2.9% | +52.2% | 0.3 yr |
| — | $89M | 2.2% | — | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Independent Power Producers11.9%-2.0pp$494M
Communication Equipment8.5%$352M
Information Technology Services8.4%+4.1pp$350M
Unknown7.8%$322M
Beverages - Non-Alcoholic7.8%$322M
Specialty Retail7.7%$318M
Software - Infrastructure7.6%-5.3pp$316M
Food Distribution6.9%-1.4pp$287M
Auto - Dealerships6.0%$248M
Oil & Gas Equipment & Services5.8%$239M
Country
US76.3%-14.4pp
CN8.4%+4.1pp
Unknown7.8%
CA5.5%
SG2.0%-3.1pp
Top 5: 44.2% · Top 10: 75.4% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| COHR | $180M | +0.48B | 266.8% |
| TLN | $346M | +0.21B | 59.9% |
| TWLO | $323M | +0.09B | 28.5% |
| GDS | $107M | +0.06B | 59.1% |
| SHC | $92M | +0.02B | 23.0% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| CXM | $48M | -0.01B | -28.1% |
Top buys this quarter · 11
| RSP Invesco S&P 500 Equal Weight E | +$0M |
| — new | +$0M |
| PRMB Primo Brands Corporationnew | +$322M |
| WFRD Weatherford International plcnew | +$239M |
| GIL Gildan Activewear Inc.new | +$230M |
| TLN Talen Energy Corporation | +$175M |
| ON ON Semiconductor Corporationnew | +$120M |
| BTDR Bitdeer Technologies Groupnew | +$83M |
| DKS DICK'S Sporting Goods, Inc. | +$76M |
| CVNA Carvana Co. | +$248M |
Top sells this quarter · 11
| ZI ZoomInfo Technologies Inc.exit | −$0M |
| SATS EchoStar Corporation | −$260M |
| WBD Warner Bros. Discovery, Inc.exit | −$220M |
| CVS CVS Health Corporationexit | −$186M |
| LYV Live Nation Entertainment, Incexit | −$186M |
| HUT.TO Hut 8 Mining Corp.exit | −$184M |
| COHR Coherent, Inc. | −$154M |
| ADMA ADMA Biologics, Inc.exit | −$102M |
| KVUE Kenvue Inc.exit | −$57M |
| REZI Resideo Technologies, Inc.exit | −$55M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.15B | 19 | +54.65% | +17.59% | +37.06% | -0.04B |
| 2025-12-31 | $4.27B | 20 | +48.04% | +17.72% | +30.32% | +0.20B |
| 2025-09-30 | $3.54B | 19 | +35.66% | +17.52% | +18.15% | -0.08B |
| 2025-06-30 | $3.20B | 19 | +33.74% | +14.94% | +18.80% | +0.18B |
| 2025-03-31 | $2.49B | 16 | +6.62% | +8.30% | -1.69% | +0.79B |
| 2024-12-31 | $1.82B | 14 | +23.82% | +24.89% | -1.07% | -0.19B |
| 2024-09-30 | $1.91B | 14 | +35.45% | +36.04% | -0.59% | -0.34B |
| 2024-06-30 | $2.01B | 16 | +11.21% | +24.49% | -13.28% | -0.07B |
| 2024-03-31 | $2.16B | 11 | +23.86% | +29.62% | -5.76% | -0.00B |
| 2023-12-31 | $1.98B | 12 | +17.77% | +26.18% | -8.41% | -0.31B |
| 2023-09-30 | $1.98B | 12 | +16.78% | +21.57% | -4.78% | +0.00B |
| 2023-06-30 | $2.17B | 14 | +3.26% | +19.42% | -16.17% | -0.15B |
| 2023-03-31 | $2.16B | 16 | -22.11% | -7.82% | -14.29% | -0.15B |
| 2022-12-31 | $2.22B | 17 | +14.21% | +7.56% | +6.65% | -0.38B |
| 2022-09-30 | $2.28B | 20 | -19.08% | -4.93% | -14.15% | -0.06B |
| 2022-06-30 | $2.88B | 19 | -18.94% | -16.11% | -2.83% | +0.21B |