Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+7.26%
adds when stocks drop
when a holding falls −10%+
Middle response
-8.51%
baseline attrition
Rally response
-15.89%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MELIMercadoLibre, Inc. | $273M | 12.4% | -11.4% | 7.8 yr |
| NUNu Holdings Ltd. | $258M | 11.8% | +40.3% | 4.0 yr |
| SESea Limited | $258M | 11.8% | -36.5% | 5.8 yr |
| CPNGCoupang, Inc. | $222M | 10.1% | -13.9% | 4.8 yr |
| GRABGrab Holdings Limited | $119M | 5.4% | -19.2% | 3.5 yr |
| LPLALPL Financial Holdings I | $87M | 4.0% | -7.7% | 3.5 yr |
| AMZNAmazon.com, Inc. | $69M | 3.1% | +9.5% | 10.0 yr |
| METAMeta Platforms, Inc. | $64M | 2.9% | -0.4% | 10.0 yr |
| KSPIJoint Stock Company Kasp | $64M | 2.9% | -20.2% | 2.3 yr |
| MLCOMelco Resorts & Entertai | $64M | 2.9% | +7.8% | 9.0 yr |
| MMYTMakeMyTrip Limited | $57M | 2.6% | -61.9% | 6.5 yr |
| MSFTMicrosoft Corporation | $51M | 2.3% | -0.6% | 8.5 yr |
| SCHWThe Charles Schwab Corpo | $50M | 2.3% | +21.5% | 6.5 yr |
| SPOTSpotify Technology S.A. | $48M | 2.2% | -11.8% | 8.0 yr |
| SPGIS&P Global Inc. | $42M | 1.9% | -15.6% | 6.3 yr |
Portfolio composition (YoY)
Industry mix
Specialty Retail37.5%+7.6pp$822M
Banks - Diversified12.8%+4.0pp$280M
Internet Content & Information8.9%-0.4pp$196M
Software - Application6.7%-2.9pp$147M
Financial - Capital Markets6.3%+1.7pp$137M
Software - Infrastructure5.3%-2.1pp$115M
Travel Services4.0%$88M
Gambling, Resorts & Casinos2.9%-0.2pp$64M
Financial - Credit Services2.0%+0.4pp$44M
REIT - Residential1.9%+1.1pp$42M
Country
US34.9%+0.4pp
SG17.2%+1.7pp
BR12.7%+2.8pp
UY12.4%+4.5pp
KR10.1%+1.1pp
IN3.2%+2.4pp
KZ2.9%+0.2pp
HK2.9%-0.2pp
Top 5: 51.5% · Top 10: 67.4% · Top 25: 90.7%
Top buys this quarter · 15
| CPNG Coupang, Inc. | +$110M |
| SE Sea Limited | +$258M |
| NU Nu Holdings Ltd. | +$51M |
| GRAB Grab Holdings Limited | +$51M |
| MELI MercadoLibre, Inc. | +$273M |
| LPLA LPL Financial Holdings Inc. | +$19M |
| MSFT Microsoft Corporation | +$17M |
| MLCO Melco Resorts & Entertainment | +$17M |
| META Meta Platforms, Inc. | +$17M |
| DASH DoorDash, Inc. | +$16M |
Top sells this quarter · 15
| STNE StoneCo Ltd.exit | −$35M |
| TMO Thermo Fisher Scientific Inc. | −$21M |
| GTLB GitLab Inc.exit | −$16M |
| NKE NIKE, Inc. | −$11M |
| DIS The Walt Disney Company | −$11M |
| DT Dynatrace, Inc.exit | −$10M |
| MNDY monday.com Ltd.exit | −$10M |
| KSPI Joint Stock Company Kaspi.kz | −$9M |
| LEN Lennar Corporation | −$8M |
| UNH UnitedHealth Group Incorporate | −$7M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.19B | 53 | -4.37% | +17.59% | -21.96% | +0.42B |
| 2025-12-31 | $2.23B | 53 | +25.82% | +17.72% | +8.10% | +0.46B |
| 2025-09-30 | $1.92B | 48 | +35.86% | +17.52% | +18.35% | -0.09B |
| 2025-06-30 | $1.84B | 49 | +32.46% | +14.94% | +17.51% | -0.36B |
| 2025-03-31 | $1.84B | 51 | +12.62% | +8.30% | +4.31% | +0.07B |
| 2024-12-31 | $1.70B | 50 | +18.72% | +24.89% | -6.16% | -0.10B |
| 2024-09-30 | $1.80B | 55 | +33.84% | +36.04% | -2.19% | -0.60B |
| 2024-06-30 | $2.26B | 149 | +27.65% | +24.49% | +3.16% | -1.48B |
| 2024-03-31 | $3.67B | 157 | +31.60% | +29.62% | +1.98% | -0.27B |
| 2023-12-31 | $3.59B | 162 | +31.91% | +26.18% | +5.73% | -0.16B |
| 2023-09-30 | $3.33B | 175 | +28.51% | +21.57% | +6.94% | -0.42B |
| 2023-06-30 | $3.71B | 176 | +27.54% | +19.42% | +8.11% | -0.24B |
| 2023-03-31 | $3.76B | 180 | +2.05% | -7.82% | +9.87% | -0.21B |
| 2022-12-31 | $3.60B | 189 | +9.65% | +7.56% | +2.09% | +1.56B |
| 2022-09-30 | $1.86B | 103 | +0.30% | -4.93% | +5.22% | +0.06B |
| 2022-06-30 | $1.80B | 99 | -15.89% | -16.11% | +0.22% | -0.35B |