Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+6.82%
adds when stocks drop
when a holding falls −10%+
Middle response
+1.82%
steady accumulation
Rally response
-4.46%
trims into rallies
when a holding rises +10%+
Top positions · 22
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TSMTaiwan Semiconductor Man | $304M | 20.9% | +105.6% | 3.3 yr |
| INFYInfosys Limited | $202M | 13.8% | -23.8% | 1.0 yr |
| RYAAYRyanair Holdings plc | $200M | 13.7% | — | 4.8 yr |
| HDBHDFC Bank Limited | $192M | 13.2% | -24.3% | 2.3 yr |
| ICLRICON Public Limited Comp | $134M | 9.2% | -36.8% | 5.0 yr |
| GOOGLAlphabet Inc. | $42M | 2.9% | — | 4.3 yr |
| MSFTMicrosoft Corporation | $35M | 2.4% | -0.6% | 6.0 yr |
| AMZNAmazon.com, Inc. | $32M | 2.2% | +9.5% | 3.0 yr |
| CLHClean Harbors, Inc. | $31M | 2.2% | +45.5% | 2.8 yr |
| NOCNorthrop Grumman Corpora | $31M | 2.1% | +35.4% | 4.3 yr |
| COHRCoherent, Inc. | $29M | 2.0% | +266.8% | 0.5 yr |
| NUENucor Corporation | $27M | 1.8% | +42.2% | 2.0 yr |
| CNHICNH Industrial N.V. | $26M | 1.8% | — | 2.0 yr |
| SAROStandardAero, Inc. | $26M | 1.8% | -3.0% | 0.3 yr |
| EFXEquifax Inc. | $26M | 1.8% | -25.4% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors21.6%+5.8pp$315M
Information Technology Services15.2%+13.1pp$222M
Airlines, Airports & Air Services13.7%-3.2pp$200M
Banks - Regional13.6%-12.7pp$198M
Medical - Diagnostics & Research9.2%-5.6pp$134M
Aerospace & Defense3.9%+1.4pp$57M
Software - Application3.0%+1.8pp$44M
Internet Content & Information2.9%-0.0pp$42M
Software - Infrastructure2.4%-1.0pp$35M
Specialty Retail2.2%-0.6pp$32M
Country
IN27.0%+2.5pp
US27.0%+3.2pp
IE22.9%-8.8pp
TW20.9%+5.1pp
GB1.8%-0.5pp
KR0.4%-1.4pp
Top 5: 70.8% · Top 10: 82.5% · Top 25: 100.0%
Top buys this quarter · 10
| INFY Infosys Limited | +$63M |
| HDB HDFC Bank Limited | +$192M |
| SARO StandardAero, Inc.new | +$26M |
| ICLR ICON Public Limited Company | +$134M |
| MSFT Microsoft Corporation | +$35M |
| EFX Equifax Inc. | +$6M |
| UBER Uber Technologies, Inc. | +$3M |
| INTU Intuit Inc. | +$20M |
| AMD Advanced Micro Devices, Inc. | +$3M |
| AMZN Amazon.com, Inc. | +$32M |
Top sells this quarter · 12
| GOOGL Alphabet Inc. | −$0M |
| RYAAY Ryanair Holdings plc | −$0M |
| CNHI CNH Industrial N.V. | −$23M |
| CACI CACI International Incexit | −$29M |
| TSM Taiwan Semiconductor Manufactu | −$294M |
| COHR Coherent, Inc. | −$27M |
| CLH Clean Harbors, Inc. | −$27M |
| NOC Northrop Grumman Corporation | −$26M |
| NUE Nucor Corporation | −$26M |
| DHI D.R. Horton, Inc. | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.46B | 22 | +6.54% | +17.59% | -11.05% | +0.09B |
| 2025-12-31 | $1.59B | 22 | +12.98% | +17.72% | -4.73% | +0.04B |
| 2025-09-30 | $1.47B | 21 | +0.56% | +17.52% | -16.96% | -0.05B |
| 2025-06-30 | $1.46B | 20 | -4.90% | +14.94% | -19.84% | +0.35B |
| 2025-03-31 | $988M | 16 | -10.32% | +8.30% | -18.62% | +0.06B |
| 2024-12-31 | $1.02B | 14 | +16.05% | +24.89% | -8.84% | +0.07B |
| 2024-09-30 | $1.00B | 15 | +37.58% | +36.04% | +1.54% | -0.12B |
| 2024-06-30 | $1.13B | 16 | +35.75% | +24.49% | +11.26% | -0.19B |
| 2024-03-31 | $1.25B | 18 | +39.14% | +29.62% | +9.52% | +0.19B |
| 2023-12-31 | $899M | 17 | +24.17% | +26.18% | -2.00% | +0.03B |
| 2023-09-30 | $778M | 22 | +32.16% | +21.57% | +10.59% | -0.10B |
| 2023-06-30 | $902M | 22 | +18.47% | +19.42% | -0.96% | -0.06B |
| 2023-03-31 | $893M | 21 | -1.19% | -7.82% | +6.63% | +0.24B |
| 2022-12-31 | $617M | 19 | +18.74% | +7.56% | +11.18% | +0.03B |
| 2022-09-30 | $495M | 19 | -12.64% | -4.93% | -7.71% | +0.01B |
| 2022-06-30 | $555M | 19 | -9.79% | -16.11% | +6.32% | -0.00B |