Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-9.29%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.44%
baseline attrition
Rally response
-2.11%
trims into rallies
when a holding rises +10%+
Top positions · 2
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ULCCFrontier Group Holdings, | $99M | 93.3% | -18.7% | 2.0 yr |
| ALLOAllogene Therapeutics, I | $7M | 6.7% | +67.1% | 7.0 yr |
Portfolio composition (YoY)
Industry mix
Airlines, Airports & Air Services93.3%+28.3pp$99M
Biotechnology6.7%-1.2pp$7M
Country
US100.0%+20.3pp
Top 5: 100.0% · Top 10: 100.0% · Top 25: 100.0%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| ULCC | $122M | -0.02B | -18.7% |
Top buys this quarter · 0
No buys this quarter
Top sells this quarter · 1
| PCOR Procore Technologies, Inc.exit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $106M | 2 | -9.36% | +17.59% | -26.95% | -0.00B |
| 2025-12-31 | $136M | 3 | -22.84% | +17.72% | -40.55% | -0.02B |
| 2025-09-30 | $145M | 5 | -7.01% | +17.52% | -24.52% | -0.06B |
| 2025-06-30 | $168M | 6 | -17.06% | +14.94% | -32.00% | -0.00B |
| 2025-03-31 | $187M | 8 | -24.00% | +8.30% | -32.30% | +0.02B |
| 2024-12-31 | $253M | 8 | +23.94% | +24.89% | -0.95% | -0.01B |
| 2024-09-30 | $205M | 7 | +12.35% | +36.04% | -23.68% | -0.23B |
| 2024-06-30 | $409M | 16 | +2.15% | +24.49% | -22.34% | +0.18B |
| 2024-03-31 | $276M | 16 | +8.84% | +29.62% | -20.78% | -0.04B |
| 2023-12-31 | $289M | 20 | +22.99% | +26.18% | -3.19% | +0.00B |
| 2023-09-30 | $249M | 20 | -25.97% | +21.57% | -47.54% | -0.01B |
| 2023-06-30 | $263M | 17 | -35.96% | +19.42% | -55.39% | +0.02B |
| 2023-03-31 | $269M | 22 | -65.29% | -7.82% | -57.47% | -0.05B |
| 2022-12-31 | $262M | 28 | -30.81% | +7.56% | -38.37% | +0.08B |
| 2022-09-30 | $260M | 30 | -16.04% | -4.93% | -11.11% | -0.01B |
| 2022-06-30 | $318M | 28 | -51.16% | -16.11% | -35.05% | +0.13B |