Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.76%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.14%
baseline attrition
Rally response
-5.86%
trims into rallies
when a holding rises +10%+
Top positions · 14
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MELIMercadoLibre, Inc. | $482M | 15.1% | -11.4% | 9.0 yr |
| AMZNAmazon.com, Inc. | $416M | 13.1% | +9.5% | 10.5 yr |
| HLTHilton Worldwide Holding | $324M | 10.2% | +33.9% | 9.5 yr |
| FERGFerguson plc | $321M | 10.1% | +47.8% | 1.8 yr |
| GOOGAlphabet Inc. | $299M | 9.4% | +84.3% | 7.8 yr |
| CPNGCoupang, Inc. | $280M | 8.8% | -13.9% | 5.3 yr |
| VVisa Inc. | $231M | 7.2% | -13.1% | 6.3 yr |
| DASHDoorDash, Inc. | $202M | 6.3% | -17.8% | 0.8 yr |
| NFLXNetflix, Inc. | $141M | 4.4% | +3.1% | 3.8 yr |
| RBLXRoblox Corporation | $121M | 3.8% | -3.0% | 2.5 yr |
| NUNu Holdings Ltd. | $116M | 3.7% | +40.3% | 0.5 yr |
| — | $108M | 3.4% | — | 1.5 yr |
| AFRMAffirm Holdings, Inc. | $101M | 3.2% | +1.4% | 3.8 yr |
| AURAurora Innovation, Inc. | $44M | 1.4% | -38.8% | 2.5 yr |
Portfolio composition (YoY)
Industry mix
Specialty Retail37.0%+3.3pp$1.18B
Internet Content & Information15.7%+8.7pp$501M
Travel Lodging10.2%+1.8pp$324M
Industrial - Distribution10.1%+2.5pp$321M
Financial - Credit Services7.2%-1.3pp$231M
Entertainment4.4%$141M
Electronic Gaming & Multimedia3.8%-1.5pp$121M
Banks - Diversified3.7%$116M
Unknown3.4%$108M
Software - Infrastructure3.2%-6.4pp$101M
Country
US59.0%-8.6pp
UY15.1%+2.4pp
GB10.1%+2.5pp
KR8.8%+1.5pp
BR3.7%
Unknown3.4%
Top 5: 57.8% · Top 10: 88.4% · Top 25: 100.0%
Top buys this quarter · 7
| — | +$0M |
| V Visa Inc. | +$65M |
| GOOG Alphabet Inc. | +$58M |
| DASH DoorDash, Inc. | +$202M |
| NU Nu Holdings Ltd. | +$18M |
| AFRM Affirm Holdings, Inc. | +$101M |
| NFLX Netflix, Inc. | +$11M |
Top sells this quarter · 10
| MSFT Microsoft Corporationexit | −$221M |
| AMZN Amazon.com, Inc. | −$115M |
| SE Sea Limitedexit | −$83M |
| DUOL Duolingo, Inc.exit | −$56M |
| CPNG Coupang, Inc. | −$44M |
| HLT Hilton Worldwide Holdings Inc. | −$29M |
| FERG Ferguson plc | −$29M |
| RBLX Roblox Corporation | −$23M |
| AUR Aurora Innovation, Inc. | −$4M |
| MELI MercadoLibre, Inc. | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.19B | 14 | +4.94% | +17.59% | -12.65% | -0.36B |
| 2025-12-31 | $4.06B | 16 | +12.62% | +17.72% | -5.09% | +0.38B |
| 2025-09-30 | $4.00B | 19 | +30.71% | +17.52% | +13.20% | -0.33B |
| 2025-06-30 | $4.14B | 18 | +37.41% | +14.94% | +22.47% | +0.04B |
| 2025-03-31 | $3.29B | 18 | +12.82% | +8.30% | +4.52% | -0.21B |
| 2024-12-31 | $3.73B | 20 | +27.11% | +24.89% | +2.22% | -0.08B |
| 2024-09-30 | $3.57B | 20 | +40.00% | +36.04% | +3.96% | -0.35B |
| 2024-06-30 | $3.57B | 19 | +27.10% | +24.49% | +2.61% | -0.23B |
| 2024-03-31 | $3.71B | 25 | +33.45% | +29.62% | +3.83% | +0.02B |
| 2023-12-31 | $3.49B | 27 | +48.86% | +26.18% | +22.69% | -0.17B |
| 2023-09-30 | $3.11B | 28 | +23.04% | +21.57% | +1.47% | +0.07B |
| 2023-06-30 | $3.05B | 23 | +28.45% | +19.42% | +9.02% | +0.08B |
| 2023-03-31 | $2.77B | 25 | -6.71% | -7.82% | +1.11% | +0.01B |
| 2022-12-31 | $2.34B | 24 | -2.79% | +7.56% | -10.35% | +0.20B |
| 2022-09-30 | $2.21B | 22 | +4.14% | -4.93% | +9.07% | -0.09B |
| 2022-06-30 | $2.21B | 19 | -21.86% | -16.11% | -5.75% | +0.11B |