Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-10.30%
trims when stocks drop
when a holding falls −10%+
Middle response
-13.36%
baseline attrition
Rally response
-17.27%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SATSEchoStar Corporation | $175M | 6.5% | +357.7% | 0.8 yr |
| ARKOArko Corp. | $129M | 4.8% | +44.4% | 5.5 yr |
| HOLXHologic, Inc. | $122M | 4.6% | +22.4% | 0.5 yr |
| TMUST-Mobile US, Inc. | $102M | 3.8% | -19.9% | 10.5 yr |
| ALCAlcon Inc. | $98M | 3.7% | -20.3% | 2.3 yr |
| NVRIEnviri Corporation | $92M | 3.4% | +195.0% | 0.8 yr |
| NVDANVIDIA Corporation | $75M | 2.8% | +60.9% | 2.0 yr |
| ACLXArcellx, Inc. | $64M | 2.4% | — | 0.3 yr |
| METAMeta Platforms, Inc. | $61M | 2.3% | -0.4% | 6.5 yr |
| TDSTelephone and Data Syste | $59M | 2.2% | +9.1% | 0.8 yr |
| BBarrick Mining Corporati | $57M | 2.1% | +114.9% | 0.8 yr |
| BAThe Boeing Company | $52M | 1.9% | +16.7% | 1.5 yr |
| TAT&T Inc. | $46M | 1.7% | +5.9% | 3.0 yr |
| DHCDiversified Healthcare T | $41M | 1.5% | +180.2% | 0.3 yr |
| FPSForgent Power Solutions, | $41M | 1.5% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Medical - Instruments & Supplies9.7%+8.9pp$261M
Telecommunications Services9.0%+0.8pp$241M
Communication Equipment6.7%+5.4pp$181M
Semiconductors6.0%+1.4pp$161M
Specialty Retail5.7%+1.3pp$153M
Aerospace & Defense4.5%+2.0pp$121M
Industrial - Machinery4.2%+2.3pp$114M
Software - Infrastructure3.7%+1.3pp$98M
Waste Management3.4%$92M
Biotechnology3.3%+3.0pp$88M
Country
US81.7%-14.0pp
CA4.0%+3.8pp
CH3.9%+3.1pp
Unknown3.1%+2.6pp
GB2.1%+1.7pp
IE2.1%+1.4pp
SG1.5%
NL1.0%+0.6pp
Top 5: 23.3% · Top 10: 36.4% · Top 25: 59.1%
Top buys this quarter · 15
| SATS EchoStar Corporation | +$90M |
| ALC Alcon Inc. | +$73M |
| HOLX Hologic, Inc. | +$68M |
| NVRI Enviri Corporation | +$47M |
| TMUS T-Mobile US, Inc. | +$47M |
| DHC Diversified Healthcare Trustnew | +$41M |
| FPS Forgent Power Solutions, Inc.new | +$41M |
| ORCL Oracle Corporation | +$33M |
| CCI Crown Castle Inc.new | +$25M |
| JCI Johnson Controls International | +$25M |
Top sells this quarter · 15
| EXAS Exact Sciences Corporationexit | −$440M |
| CFLT Confluent, Inc.exit | −$274M |
| AXTI AXT, Inc.exit | −$156M |
| THC Tenet Healthcare Corporation | −$122M |
| NGD New Gold Inc.exit | −$107M |
| NVTS Navitas Semiconductor Corporatexit | −$84M |
| CSX CSX Corporationexit | −$72M |
| MU Micron Technology, Inc. | −$66M |
| DE Deere & Company | −$61M |
| TDY Teledyne Technologies Incorporexit | −$53M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.68B | 180 | +35.93% | +17.59% | +18.34% | -1.51B |
| 2025-12-31 | $4.13B | 174 | +28.08% | +17.72% | +10.36% | -0.40B |
| 2025-09-30 | $4.26B | 188 | +24.76% | +17.52% | +7.24% | -0.35B |
| 2025-06-30 | $4.23B | 146 | +23.60% | +14.94% | +8.66% | -1.76B |
| 2025-03-31 | $5.18B | 159 | +10.24% | +8.30% | +1.94% | +1.60B |
| 2024-12-31 | $3.74B | 157 | +22.57% | +24.89% | -2.32% | +0.82B |
| 2024-09-30 | $2.82B | 173 | +34.10% | +36.04% | -1.93% | -1.84B |
| 2024-06-30 | $4.32B | 209 | +24.97% | +24.49% | +0.48% | -0.82B |
| 2024-03-31 | $4.97B | 207 | +28.97% | +29.62% | -0.65% | +0.40B |
| 2023-12-31 | $4.31B | 193 | +27.70% | +26.18% | +1.52% | -1.70B |
| 2023-09-30 | $5.29B | 229 | +13.46% | +21.57% | -8.11% | +1.56B |
| 2023-06-30 | $3.72B | 264 | +9.13% | +19.42% | -10.29% | -0.69B |
| 2023-03-31 | $4.13B | 315 | -13.58% | -7.82% | -5.76% | +0.44B |
| 2022-12-31 | $3.52B | 377 | +0.81% | +7.56% | -6.75% | -0.47B |
| 2022-09-30 | $3.95B | 499 | -3.36% | -4.93% | +1.57% | +0.11B |
| 2022-06-30 | $3.98B | 522 | -15.60% | -16.11% | +0.51% | -0.66B |