Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-20.04%
trims when stocks drop
when a holding falls −10%+
Middle response
-12.07%
baseline attrition
Rally response
-32.66%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| PBR-APetróleo Brasileiro S.A | $129M | 10.7% | — | 9.5 yr |
| XLPState Street Consumer St | $120M | 10.0% | — | 1.5 yr |
| STNEStoneCo Ltd. | $109M | 9.1% | +34.7% | 2.8 yr |
| VALEVale S.A. | $88M | 7.3% | +72.7% | 10.3 yr |
| MCHIiShares MSCI China ETF | $55M | 4.5% | — | 1.3 yr |
| VINPVinci Compass Investment | $49M | 4.1% | +10.6% | 3.0 yr |
| ARCOArcos Dorados Holdings I | $49M | 4.1% | +5.0% | 2.8 yr |
| NVDANVIDIA Corporation | $46M | 3.8% | +60.9% | 2.5 yr |
| LTMLATAM Airlines Group S.A | $44M | 3.6% | +66.5% | 1.5 yr |
| BBDBanco Bradesco S.A. | $40M | 3.4% | +70.3% | 9.8 yr |
| NUNu Holdings Ltd. | $37M | 3.1% | +40.3% | 1.8 yr |
| PBRPetróleo Brasileiro S.A | $36M | 3.0% | +54.2% | 7.8 yr |
| TGSTransportadora de Gas de | $35M | 3.0% | +35.4% | 4.8 yr |
| INTRInter & Co, Inc. | $32M | 2.7% | +47.1% | 3.5 yr |
| CPACopa Holdings, S.A. | $26M | 2.1% | +29.6% | 4.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management21.3%-2.6pp$255M
Oil & Gas Integrated18.5%+10.8pp$222M
Software - Infrastructure9.3%+4.7pp$112M
Industrial Materials7.7%-0.1pp$93M
Banks - Regional6.2%+1.3pp$75M
Airlines, Airports & Air Services5.8%-0.4pp$69M
Semiconductors5.5%+3.0pp$66M
Banks - Diversified5.0%+1.4pp$60M
Restaurants4.1%+1.5pp$49M
Aerospace & Defense2.4%+1.3pp$29M
Country
BR41.0%+10.9pp
US26.6%-19.2pp
KY9.1%
AR5.4%+3.0pp
UY4.1%+1.5pp
CL3.8%+2.7pp
GB2.2%-0.0pp
PA2.1%-3.2pp
Top 5: 41.7% · Top 10: 60.8% · Top 25: 89.2%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| VALE | $54M | +0.04B | 72.7% |
| BAP | $28M | +0.02B | 92.5% |
| XP | $34M | +0.01B | 39.9% |
| CPA | $41M | +0.01B | 29.6% |
| PBR | $22M | +0.01B | 54.2% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| VALE Vale S.A. | +$82M |
| NVDA NVIDIA Corporation | +$43M |
| STNE StoneCo Ltd. | +$35M |
| INTR Inter & Co, Inc. | +$29M |
| NU Nu Holdings Ltd. | +$28M |
| BBD Banco Bradesco S.A. | +$27M |
| LTM LATAM Airlines Group S.A. | +$27M |
| TSM Taiwan Semiconductor Manufactu | +$18M |
| PAM Pampa EnergÃa S.A. | +$14M |
| TEO Telecom Argentina S.A. | +$8M |
Top sells this quarter · 15
| AUGO Aura Mineralsexit | −$72M |
| PBR Petróleo Brasileiro S.A. - Pe | −$65M |
| XP XP Inc. | −$57M |
| SPY State Street SPDR S&P 500 ETF exit | −$53M |
| BAP Credicorp Ltd. | −$45M |
| FSLR First Solar, Inc.exit | −$40M |
| RIO Rio Tinto Group | −$39M |
| MU Micron Technology, Inc. | −$30M |
| AA Alcoa Corporation | −$22M |
| CPA Copa Holdings, S.A. | −$19M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.20B | 69 | +61.08% | +17.59% | +43.49% | +0.11B |
| 2025-12-31 | $977M | 63 | +43.95% | +17.72% | +26.23% | -0.31B |
| 2025-09-30 | $1.19B | 131 | +35.36% | +17.52% | +17.84% | -0.00B |
| 2025-06-30 | $1.07B | 97 | +26.96% | +14.94% | +12.02% | +0.14B |
| 2025-03-31 | $773M | 92 | +8.72% | +8.30% | +0.41% | +0.11B |
| 2024-12-31 | $663M | 80 | +9.65% | +24.89% | -15.24% | -0.10B |
| 2024-09-30 | $750M | 52 | +16.60% | +36.04% | -19.43% | +0.06B |
| 2024-06-30 | $660M | 58 | +14.04% | +24.49% | -10.45% | -0.52B |
| 2024-03-31 | $1.14B | 78 | +20.17% | +29.62% | -9.45% | -0.15B |
| 2023-12-31 | $1.29B | 66 | +22.90% | +26.18% | -3.28% | -0.74B |
| 2023-09-30 | $1.89B | 91 | +28.00% | +21.57% | +6.44% | -0.27B |
| 2023-06-30 | $2.10B | 95 | +15.60% | +19.42% | -3.83% | +0.48B |
| 2023-03-31 | $1.49B | 57 | -10.05% | -7.82% | -2.24% | +0.58B |
| 2022-12-31 | $893M | 71 | -6.68% | -18.17% | +11.50% | -0.22B |
| 2022-09-30 | $995M | 79 | -7.27% | -4.93% | -2.34% | +0.35B |
| 2022-06-30 | $693M | 63 | -15.71% | -16.11% | +0.40% | -0.61B |