Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-14.09%
trims when stocks drop
when a holding falls −10%+
Middle response
-10.74%
baseline attrition
Rally response
-10.43%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $21M | 5.1% | — | 2.3 yr |
| VIAVViavi Solutions Inc. | $19M | 4.7% | +197.4% | 1.0 yr |
| AEISAdvanced Energy Industri | $19M | 4.6% | +239.4% | 2.0 yr |
| DYDycom Industries, Inc. | $16M | 3.8% | +122.4% | 0.8 yr |
| MODModine Manufacturing Com | $15M | 3.7% | +182.4% | 3.0 yr |
| XMTRXometry, Inc. | $15M | 3.7% | +63.9% | 1.5 yr |
| TTMITTM Technologies, Inc. | $12M | 3.0% | +375.0% | 2.0 yr |
| UCTTUltra Clean Holdings, In | $11M | 2.8% | +190.4% | 3.8 yr |
| SEZLSezzle Inc. | $11M | 2.6% | +81.4% | 2.0 yr |
| STRLSterling Infrastructure, | $10M | 2.6% | +259.7% | 3.0 yr |
| TSEMTower Semiconductor Ltd. | $10M | 2.5% | +392.1% | 3.5 yr |
| AIPArteris, Inc. | $10M | 2.5% | +137.9% | 3.5 yr |
| NOVTNovanta Inc. | $10M | 2.5% | -7.6% | 1.5 yr |
| PACKRanpak Holdings Corp. | $10M | 2.5% | -34.1% | 5.5 yr |
| CLSCelestica Inc. | $10M | 2.4% | +257.4% | 2.0 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors16.2%+8.4pp$66M
Hardware, Equipment & Parts12.5%+1.9pp$51M
Software - Application12.5%+3.4pp$51M
Engineering & Construction7.7%+5.9pp$31M
Communication Equipment6.6%$27M
Unknown5.1%-4.1pp$21M
Aerospace & Defense5.0%$20M
Electrical Equipment & Parts4.6%$19M
Financial - Credit Services4.5%-4.7pp$18M
Industrial - Machinery3.9%+2.0pp$16M
Country
US85.6%+22.4pp
Unknown5.1%-4.1pp
IL4.5%-1.4pp
CA3.1%-5.2pp
KY1.2%
GB0.4%-3.1pp
JE0.1%-4.2pp
Top 5: 22.0% · Top 10: 36.7% · Top 25: 67.8%
Top buys this quarter · 15
| UCTT Ultra Clean Holdings, Inc. | +$10M |
| NOVT Novanta Inc. | +$9M |
| MITK Mitek Systems, Inc. | +$6M |
| XMTR Xometry, Inc. | +$6M |
| VVX V2X, Inc. | +$6M |
| PTRN Pattern Group Inc. Series A Conew | +$6M |
| VPG Vishay Precision Group, Inc. | +$5M |
| RNG RingCentral, Inc. | +$4M |
| CDNL Cardinal Infrastructure Group new | +$4M |
| ARX Accelerant Holdings | +$4M |
Top sells this quarter · 15
| SMTC Semtech Corporation | −$12M |
| VIAV Viavi Solutions Inc. | −$15M |
| AEIS Advanced Energy Industries, In | −$17M |
| BRZE Braze, Inc.exit | −$7M |
| HNGE Hinge Health, Inc.exit | −$6M |
| PEGA Pegasystems Inc.exit | −$5M |
| ALAB Astera Labs, Inc. Common Stock | −$5M |
| CALX Calix, Inc. | −$5M |
| MAX MediaAlpha, Inc.exit | −$5M |
| EVLV Evolv Technologies Holdings, I | −$5M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $406M | 71 | +83.65% | +17.59% | +66.06% | -0.02B |
| 2025-12-31 | $420M | 70 | +55.10% | +17.72% | +37.38% | -0.08B |
| 2025-09-30 | $487M | 68 | +80.78% | +17.52% | +63.26% | -0.06B |
| 2025-06-30 | $456M | 60 | +59.46% | +14.94% | +44.52% | +0.01B |
| 2025-03-31 | $307M | 54 | +9.08% | +8.30% | +0.78% | -0.03B |
| 2024-12-31 | $387M | 62 | +42.44% | +24.89% | +17.55% | -0.03B |
| 2024-09-30 | $352M | 59 | +29.72% | +36.04% | -6.31% | -0.06B |
| 2024-06-30 | $385M | 71 | +13.29% | +24.49% | -11.20% | +0.01B |
| 2024-03-31 | $375M | 71 | +15.99% | +29.62% | -13.63% | +0.01B |
| 2023-12-31 | $325M | 74 | +3.93% | +26.18% | -22.24% | -0.12B |
| 2023-09-30 | $407M | 78 | -13.81% | +21.57% | -35.38% | +0.03B |
| 2023-06-30 | $408M | 83 | +6.68% | +19.42% | -12.75% | +0.06B |
| 2023-03-31 | $347M | 81 | -23.08% | -7.82% | -15.26% | +0.01B |
| 2022-12-31 | $337M | 73 | -9.64% | +7.56% | -17.21% | +0.05B |
| 2022-09-30 | $320M | 79 | +15.22% | -4.93% | +20.15% | -0.04B |
| 2022-06-30 | $314M | 75 | -27.04% | -16.11% | -10.92% | +0.01B |