Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.18%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.52%
baseline attrition
Rally response
-6.55%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GLDSPDR Gold Shares | $17M | 15.0% | — | 1.0 yr |
| VTIVanguard Total Stock Mar | $13M | 11.2% | — | 2.0 yr |
| PPLTabrdn Physical Platinum | $7M | 6.2% | — | 2.3 yr |
| GDXJVanEck Junior Gold Miner | $6M | 5.2% | — | 1.0 yr |
| ADXAdams Diversified Equity | $6M | 5.2% | — | 3.5 yr |
| SIVRabrdn Physical Silver Sh | $5M | 4.5% | — | 2.0 yr |
| SHELShell plc | $5M | 4.0% | +32.0% | 1.8 yr |
| ASMLASML Holding N.V. | $5M | 4.0% | +100.9% | 1.5 yr |
| NXPINXP Semiconductors N.V. | $5M | 4.0% | +5.0% | 3.5 yr |
| INFLHorizon Kinetics Inflati | $4M | 3.8% | — | 3.5 yr |
| PEOAdams Natural Resources | $4M | 3.8% | — | 3.5 yr |
| TLTiShares 20+ Year Treasur | $4M | 3.8% | — | 0.3 yr |
| SNPSSynopsys, Inc. | $4M | 3.4% | -7.5% | 0.8 yr |
| VEUVanguard FTSE All-World | $4M | 3.3% | — | 1.8 yr |
| SLRCSLR Investment Corp. | $3M | 3.0% | -5.7% | 3.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management70.6%+8.3pp$81M
Semiconductors11.8%+5.2pp$14M
Software - Infrastructure4.6%+2.8pp$5M
Oil & Gas Integrated4.0%-4.2pp$5M
Asset Management - Bonds3.8%$4M
Medical - Healthcare Information Services2.3%$3M
Financial - Capital Markets0.8%$1M
Medical - Diagnostics & Research0.8%-1.0pp$1M
Copper0.5%$1M
Diversified Utilities0.4%-0.0pp$0M
Country
US86.8%+14.5pp
NL8.0%+1.5pp
GB4.0%-4.2pp
ZA1.1%-0.7pp
FR0.1%+0.0pp
Top 5: 42.8% · Top 10: 63.1% · Top 25: 96.2%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| SHEL | $5M | +0.00B | 32.0% |
| ASML | $1M | +0.00B | 100.9% |
| SSSS | $0M | +0.00B | 127.9% |
| NTRA | $1M | +0.00B | 41.4% |
| NXPI | $3M | +0.00B | 5.0% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| SLRC | $4M | -0.00B | -5.7% |
Top buys this quarter · 15
| HTFL Heartflow, Inc. Common Stocknew | +$3M |
| KLAC KLA Corporationnew | +$2M |
| SNPS Synopsys, Inc. | +$2M |
| ON ON Semiconductor Corporationnew | +$2M |
| ASML ASML Holding N.V. | +$1M |
| SCHW The Charles Schwab Corporationnew | +$1M |
| FCX Freeport-McMoRan Inc.new | +$1M |
| VSH Vishay Intertechnology, Inc.new | +$0M |
| SSSS SuRo Capital Corp. | +$0M |
| KLTR Kaltura, Inc.new | +$0M |
Top sells this quarter · 15
| MU Micron Technology, Inc. | −$16M |
| SLRC SLR Investment Corp. | −$0M |
| SPRO Spero Therapeutics, Inc. | −$0M |
| IOVA Iovance Biotherapeutics, Inc.exit | −$0M |
| ORGO Organogenesis Holdings Inc. | −$0M |
| DJT Trump Media & Technology Groupexit | −$0M |
| NMG Nouveau Monde Graphite Inc.exit | −$0M |
| SIVR abrdn Physical Silver Shares E | −$0M |
| GOOGL Alphabet Inc.exit | −$0M |
| GSY Invesco Ultra Short Duration Eexit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $115M | 37 | +69.09% | +17.59% | +51.50% | -0.04B |
| 2025-12-31 | $104M | 36 | +17.50% | +17.72% | -0.22% | -0.01B |
| 2025-09-30 | $110M | 35 | +28.25% | +17.52% | +10.73% | +0.01B |
| 2025-06-30 | $92M | 36 | +13.71% | +5.19% | +8.52% | +0.02B |
| 2025-03-31 | $66M | 29 | +9.09% | +3.20% | +5.90% | -0.03B |
| 2024-12-31 | $95M | 33 | +23.53% | +15.84% | +7.70% | +0.03B |
| 2023-09-30 | $58M | 26 | +11.27% | +21.57% | -10.29% | +0.01B |
| 2023-06-30 | $53M | 25 | +4.49% | +19.42% | -14.93% | +0.01B |
| 2023-03-31 | $46M | 23 | -9.87% | -7.82% | -2.05% | +0.00B |
| 2022-12-31 | $39M | 21 | -23.40% | -18.17% | -5.23% | +0.01B |
| 2022-09-30 | $33M | 20 | -10.09% | -4.93% | -5.16% | -0.00B |
| 2022-06-30 | $39M | 22 | -14.09% | -16.11% | +2.02% | -0.01B |
| 2022-03-31 | $61M | 31 | -2.31% | -4.62% | +2.31% | -0.02B |
| 2021-12-31 | $86M | 38 | — | — | — | — |