Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.44%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.89%
baseline attrition
Rally response
-11.56%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| HYTBlackRock Corporate High | $30M | 8.9% | — | 1.0 yr |
| GIXXUGigCapital9 Corp. Units | $22M | 6.4% | — | 0.3 yr |
| HOLXHologic, Inc. | $15M | 4.4% | +22.4% | 0.5 yr |
| — | $15M | 4.4% | — | 0.3 yr |
| GTLSChart Industries, Inc. | $11M | 3.2% | +43.2% | 0.8 yr |
| EAElectronic Arts Inc. | $10M | 3.0% | +41.7% | 0.5 yr |
| — | $9M | 2.7% | — | 0.5 yr |
| IACIAC InterActive Corp. | $9M | 2.5% | +6.3% | 5.0 yr |
| WBSWebster Financial Corpor | $8M | 2.2% | +38.5% | 0.3 yr |
| SEESealed Air Corporation | $7M | 2.2% | +48.7% | 0.5 yr |
| — | $7M | 2.0% | — | 1.3 yr |
| NSCNorfolk Southern Corpora | $7M | 1.9% | +23.6% | 0.8 yr |
| — | $6M | 1.8% | — | 0.3 yr |
| JGHNuveen Global High Incom | $6M | 1.8% | — | 1.3 yr |
| GDENGolden Entertainment, In | $6M | 1.7% | +5.0% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Unknown22.5%+0.5pp$77M
Asset Management18.8%+8.3pp$64M
Financial - Conglomerates7.1%$24M
Shell Companies6.1%+0.7pp$21M
Asset Management - Income4.9%-0.6pp$17M
Banks - Regional4.4%-1.2pp$15M
Medical - Instruments & Supplies4.4%+4.3pp$15M
Industrial - Machinery3.8%$13M
Electronic Gaming & Multimedia3.0%$10M
Internet Content & Information2.5%+0.1pp$9M
Country
US73.0%+4.2pp
Unknown22.5%+0.5pp
GB1.7%-0.4pp
KY1.6%+1.6pp
AU0.4%-1.3pp
IL0.2%
BM0.2%-2.8pp
CA0.1%+0.0pp
Top 5: 27.3% · Top 10: 40.0% · Top 25: 62.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| IAC | $6M | +0.00B | 6.3% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| WBS Webster Financial Corporationnew | +$8M |
| HOLX Hologic, Inc. | +$7M |
| SEE Sealed Air Corporation | +$6M |
| GDEN Golden Entertainment, Inc.new | +$6M |
| CWAN Clearwater Analytics Holdings,new | +$4M |
| JHG Janus Henderson Group plcnew | +$4M |
| DHIL Diamond Hill Investment Group, | +$4M |
| KVUE Kenvue Inc. | +$3M |
| WBD Warner Bros. Discovery, Inc. | +$3M |
| AL Air Lease Corporation | +$2M |
Top sells this quarter · 15
| EXAS Exact Sciences Corporationexit | −$8M |
| CFLT Confluent, Inc.exit | −$4M |
| NGD New Gold Inc.exit | −$1M |
| SCHL Scholastic Corporation | −$1M |
| CCRN Cross Country Healthcare, Inc.exit | −$1M |
| TGNA TEGNA Inc.exit | −$1M |
| CTLP Cantaloupe, Inc. | −$1M |
| MRCC Monroe Capital Corporation | −$1M |
| BNTX BioNTech SEexit | −$0M |
| EEFT Euronet Worldwide, Inc. | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $342M | 196 | +12.91% | +17.59% | -4.68% | +0.04B |
| 2025-12-31 | $297M | 186 | -2.52% | +17.72% | -20.24% | +0.02B |
| 2025-09-30 | $264M | 178 | -11.31% | +17.52% | -28.83% | -0.02B |
| 2025-06-30 | $267M | 188 | -13.50% | +14.94% | -28.44% | +0.03B |
| 2025-03-31 | $241M | 206 | -30.18% | +8.30% | -38.48% | +0.02B |
| 2024-12-31 | $248M | 232 | -21.43% | +24.89% | -46.32% | -4.64B |
| 2024-09-30 | $5.12B | 258 | -14.88% | +36.04% | -50.92% | +1.35B |
| 2024-06-30 | $3.61B | 269 | -27.10% | +24.49% | -51.59% | +2.29B |
| 2024-03-31 | $1.65B | 294 | -10.37% | +29.62% | -40.00% | -3.49B |
| 2023-12-31 | $5.21B | 322 | -17.40% | +26.18% | -43.57% | -0.52B |
| 2023-09-30 | $5.54B | 361 | -19.71% | +21.57% | -41.28% | +4.12B |
| 2023-06-30 | $1.59B | 359 | -12.71% | +19.42% | -32.13% | -1.73B |
| 2023-03-31 | $3.38B | 369 | -21.31% | -7.82% | -13.49% | +2.91B |
| 2022-12-31 | $511M | 377 | +0.41% | +7.56% | -7.15% | -0.18B |
| 2022-09-30 | $684M | 435 | -2.75% | -4.93% | +2.18% | +0.06B |
| 2022-06-30 | $637M | 435 | -11.56% | -16.11% | +4.55% | +0.03B |