Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.02%
trims when stocks drop
when a holding falls −10%+
Middle response
-8.10%
baseline attrition
Rally response
-12.18%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AVGOBroadcom Inc. | $198M | 2.3% | +86.0% | 7.5 yr |
| CSCOCisco Systems, Inc. | $178M | 2.1% | +28.1% | 10.5 yr |
| NETCloudflare, Inc. | $150M | 1.8% | +83.1% | 5.5 yr |
| NOCNorthrop Grumman Corpora | $146M | 1.7% | +35.4% | 9.0 yr |
| PANWPalo Alto Networks, Inc. | $110M | 1.3% | -6.0% | 10.0 yr |
| CRWDCrowdStrike Holdings, In | $104M | 1.2% | +10.7% | 5.8 yr |
| FSLYFastly, Inc. | $103M | 1.2% | +359.1% | 2.8 yr |
| GDGeneral Dynamics Corpora | $95M | 1.1% | +27.8% | 5.0 yr |
| FTNTFortinet, Inc. | $94M | 1.1% | -15.1% | 9.5 yr |
| FFIVF5, Inc. | $94M | 1.1% | +8.7% | 10.3 yr |
| OKTAOkta, Inc. | $85M | 1.0% | -25.2% | 6.3 yr |
| NVDANVIDIA Corporation | $84M | 1.0% | +60.9% | 10.5 yr |
| ATENA10 Networks, Inc. | $83M | 1.0% | +43.3% | 7.0 yr |
| ZSZscaler, Inc. | $78M | 0.9% | -29.3% | 6.3 yr |
| RDWRRadware Ltd. | $77M | 0.9% | +21.7% | 7.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management22.7%-3.8pp$1.94B
Software - Infrastructure20.8%-6.0pp$1.78B
Semiconductors18.0%+8.9pp$1.54B
Aerospace & Defense6.8%+1.2pp$576M
Communication Equipment5.5%+2.2pp$471M
Software - Application3.7%+1.2pp$319M
Asset Management - Income3.3%-0.4pp$278M
Hardware, Equipment & Parts2.2%+1.7pp$190M
Computer Hardware2.0%+0.4pp$170M
Information Technology Services1.7%+0.1pp$145M
Country
US88.9%+0.7pp
IL2.7%-0.7pp
NL1.7%+0.9pp
GB1.0%+0.8pp
CN1.0%-0.1pp
Unknown0.9%-0.4pp
CA0.8%-0.1pp
FI0.8%+0.4pp
Top 5: 9.2% · Top 10: 14.9% · Top 25: 27.7%
Top buys this quarter · 15
| RKLB Rocket Lab USA, Inc. | +$40M |
| SATS EchoStar Corporation | +$30M |
| ASTS AST SpaceMobile, Inc. | +$24M |
| ZS Zscaler, Inc. | +$78M |
| PL Planet Labs PBC | +$24M |
| TYG Tortoise Energy Infrastructure | +$19M |
| QLYS Qualys, Inc. | +$64M |
| LUNR Intuitive Machines, Inc. | +$16M |
| FLY Firefly Aerospace Inc. | +$14M |
| RDW Redwire Corporation | +$13M |
Top sells this quarter · 15
| FSLY Fastly, Inc. | −$59M |
| NOC Northrop Grumman Corporation | −$40M |
| LITE Lumentum Holdings Inc. | −$3M |
| SEI Solaris Energy Infrastructure, | −$27M |
| CSCO Cisco Systems, Inc. | −$26M |
| RPD Rapid7, Inc.exit | −$22M |
| FFIV F5, Inc. | −$21M |
| GD General Dynamics Corporation | −$18M |
| CIEN Ciena Corporation | −$18M |
| VIAV Viavi Solutions Inc. | −$17M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $8.52B | 1078 | +29.24% | +17.59% | +11.65% | +0.25B |
| 2025-12-31 | $8.37B | 1049 | +23.31% | +17.72% | +5.59% | +0.08B |
| 2025-09-30 | $8.29B | 1015 | +37.91% | +17.52% | +20.39% | +0.58B |
| 2025-06-30 | $7.09B | 1013 | +35.56% | +14.94% | +20.62% | +0.40B |
| 2025-03-31 | $5.57B | 1033 | +12.29% | +8.30% | +3.98% | +0.44B |
| 2024-12-31 | $5.43B | 1092 | +27.86% | +24.89% | +2.97% | +0.31B |
| 2024-09-30 | $4.58B | 1095 | +26.36% | +36.04% | -9.68% | -3.78B |
| 2024-06-30 | $7.82B | 1243 | +14.61% | +24.49% | -9.88% | -0.07B |
| 2024-03-31 | $7.92B | 1211 | +18.99% | +29.62% | -10.63% | +2.21B |
| 2023-12-31 | $5.32B | 1230 | +14.01% | +26.18% | -12.17% | -0.04B |
| 2023-09-30 | $4.84B | 1237 | +12.69% | +21.57% | -8.88% | -0.06B |
| 2023-06-30 | $5.05B | 1251 | +6.46% | +19.42% | -12.96% | +0.07B |
| 2023-03-31 | $4.82B | 1091 | -17.52% | -7.82% | -9.70% | +0.13B |
| 2022-12-31 | $4.56B | 1124 | +9.26% | +7.56% | +1.70% | +0.70B |
| 2022-09-30 | $3.53B | 966 | -8.38% | -4.93% | -3.45% | +0.16B |
| 2022-06-30 | $3.67B | 1368 | -19.90% | -16.11% | -3.79% | +0.30B |