Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-34.50%
trims when stocks drop
when a holding falls −10%+
Middle response
-19.63%
baseline attrition
Rally response
-17.07%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TPRTapestry, Inc. | $38M | 5.5% | +103.3% | 7.3 yr |
| ROSTRoss Stores, Inc. | $37M | 5.3% | +71.2% | 6.3 yr |
| ZBRAZebra Technologies Corpo | $36M | 5.2% | -26.0% | 0.5 yr |
| RLRalph Lauren Corporation | $31M | 4.4% | +57.2% | 3.0 yr |
| — | $28M | 3.9% | — | 1.0 yr |
| HLTHilton Worldwide Holding | $27M | 3.9% | +33.9% | 6.0 yr |
| — | $27M | 3.9% | — | 2.3 yr |
| COHRCoherent, Inc. | $21M | 3.0% | +266.8% | 0.5 yr |
| SNSharkNinja, Inc. | $21M | 2.9% | +27.0% | 2.8 yr |
| AMDAdvanced Micro Devices, | $20M | 2.9% | +98.0% | 0.8 yr |
| BROSDutch Bros Inc. | $18M | 2.5% | -17.9% | 1.3 yr |
| CCitigroup Inc. | $17M | 2.4% | +63.9% | 0.5 yr |
| BURLBurlington Stores, Inc. | $16M | 2.3% | +36.5% | 10.3 yr |
| GTESGates Industrial Corpora | $16M | 2.3% | +22.8% | 0.5 yr |
| VSCOVictoria's Secret & Co. | $15M | 2.1% | +149.5% | 1.3 yr |
Portfolio composition (YoY)
Industry mix
Apparel - Retail12.3%+7.5pp$87M
Unknown7.8%+3.3pp$55M
Luxury Goods7.3%+2.0pp$51M
Travel Lodging5.4%+3.8pp$38M
Communication Equipment5.2%+3.8pp$36M
Semiconductors5.1%+2.3pp$36M
Industrial - Machinery4.7%+0.0pp$33M
Apparel - Manufacturers4.6%+2.6pp$32M
Airlines, Airports & Air Services4.3%+3.3pp$30M
Hardware, Equipment & Parts4.3%+2.5pp$30M
Country
US84.8%-4.5pp
Unknown7.8%+3.3pp
IE2.0%-0.4pp
PA1.9%+1.3pp
GB1.8%
LU1.1%-0.8pp
CH0.4%+0.1pp
BM0.1%
Top 5: 24.3% · Top 10: 40.9% · Top 25: 68.6%
Top buys this quarter · 15
| COHR Coherent, Inc. | +$16M |
| HLT Hilton Worldwide Holdings Inc. | +$11M |
| EQPT EquipmentShare.com Inc.new | +$9M |
| MAR Marriott International, Inc. | +$9M |
| CPA Copa Holdings, S.A. | +$8M |
| CART Instacart (Maplebear Inc.) | +$8M |
| VSCO Victoria's Secret & Co. | +$7M |
| SPHR Sphere Entertainment Co.new | +$5M |
| ODFL Old Dominion Freight Line, Inc | +$4M |
| CCL Carnival Corporation & plc | +$3M |
Top sells this quarter · 15
| C Citigroup Inc. | −$153M |
| AAOI Applied Optoelectronics, Inc. | −$101M |
| CFG Citizens Financial Group, Inc. | −$73M |
| ULTA Ulta Beauty, Inc.exit | −$48M |
| TKR The Timken Companyexit | −$40M |
| SN SharkNinja, Inc. | −$33M |
| ZBRA Zebra Technologies Corporation | −$30M |
| FIVE Five Below, Inc.exit | −$30M |
| TPR Tapestry, Inc. | −$29M |
| SPOT Spotify Technology S.A. | −$26M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $703M | 79 | +43.97% | +17.59% | +26.38% | -0.42B |
| 2025-12-31 | $1.05B | 85 | +25.61% | +17.72% | +7.89% | -0.64B |
| 2025-09-30 | $1.58B | 104 | +27.85% | +17.52% | +10.33% | -0.08B |
| 2025-06-30 | $1.50B | 104 | +25.76% | +14.94% | +10.82% | +0.33B |
| 2025-03-31 | $1.03B | 87 | +8.27% | +8.30% | -0.03% | -0.32B |
| 2024-12-31 | $1.45B | 119 | +31.42% | +24.89% | +6.53% | +0.10B |
| 2024-09-30 | $1.24B | 99 | +38.16% | +36.04% | +2.12% | -0.24B |
| 2024-06-30 | $1.36B | 118 | +20.10% | +24.49% | -4.40% | -0.10B |
| 2024-03-31 | $1.49B | 123 | +34.07% | +29.62% | +4.45% | +0.20B |
| 2023-12-31 | $1.14B | 97 | +31.88% | +26.18% | +5.70% | -0.04B |
| 2023-09-30 | $1.03B | 90 | +29.80% | +21.57% | +8.23% | -0.03B |
| 2023-06-30 | $1.13B | 84 | +35.16% | +19.42% | +15.74% | +0.16B |
| 2023-03-31 | $887M | 86 | +1.84% | -7.82% | +9.66% | +0.27B |
| 2022-12-31 | $558M | 74 | +12.72% | +7.56% | +5.16% | -0.22B |
| 2022-09-30 | $692M | 82 | -1.77% | -4.93% | +3.16% | +0.13B |
| 2022-06-30 | $575M | 70 | -17.46% | -16.11% | -1.35% | -0.05B |