Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+8.73%
adds when stocks drop
when a holding falls −10%+
Middle response
-10.86%
baseline attrition
Rally response
-17.76%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| FBTCFidelity Wise Origin Bit | $91M | 20.5% | — | 1.8 yr |
| BTTBlackrock Municipal 2030 | $34M | 7.6% | — | 2.5 yr |
| ASAASA Gold and Precious Me | $33M | 7.4% | +106.2% | 2.0 yr |
| AMLXAmylyx Pharmaceuticals, | $30M | 6.7% | +292.7% | 2.0 yr |
| DSGNDesign Therapeutics, Inc | $16M | 3.7% | +175.6% | 2.5 yr |
| NQPNuveen Pennsylvania Qual | $13M | 2.9% | — | 3.5 yr |
| PDXPIMCO Dynamic Income Str | $12M | 2.7% | — | 3.5 yr |
| LYELLyell Immunopharma, Inc. | $12M | 2.6% | — | 1.0 yr |
| BIOBio-Rad Laboratories, In | $8M | 1.9% | +14.4% | 0.3 yr |
| CNNECannae Holdings, Inc. | $8M | 1.9% | -35.7% | 1.3 yr |
| CRFCornerstone Total Return | $8M | 1.8% | — | 1.3 yr |
| BMEZBlackRock Health Science | $7M | 1.6% | — | 2.3 yr |
| ALXOALX Oncology Holdings In | $6M | 1.4% | +222.6% | 1.5 yr |
| BRSPBrightSpire Capital, Inc | $6M | 1.3% | +10.0% | 3.5 yr |
| DSMBNY Mellon Strategic Mun | $6M | 1.3% | — | 2.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management34.5%+8.6pp$153M
Asset Management - Cryptocurrency20.5%-19.3pp$91M
Biotechnology16.9%+8.8pp$75M
Asset Management - Income10.5%-2.7pp$46M
Asset Management - Global2.5%+0.5pp$11M
Medical - Devices1.9%$8M
Restaurants1.9%+1.0pp$8M
Asset Management - Bonds1.7%-2.5pp$7M
REIT - Mortgage1.5%+0.8pp$6M
REIT - Diversified1.3%+0.4pp$6M
Country
US88.5%+6.0pp
GB7.6%-3.4pp
Unknown1.0%-1.0pp
JP1.0%-0.4pp
MX0.9%-0.8pp
DE0.7%-0.3pp
HK0.3%+0.2pp
Top 5: 45.9% · Top 10: 57.9% · Top 25: 76.2%
Top buys this quarter · 15
| ASA ASA Gold and Precious Metals L | +$9M |
| BIO Bio-Rad Laboratories, Inc.new | +$8M |
| CNNE Cannae Holdings, Inc. | +$4M |
| TRTX TPG RE Finance Trust, Inc.new | +$3M |
| RLYB Rallybio Corporationnew | +$2M |
| BANX ArrowMark Financial Corp.new | +$1M |
| FLGT Fulgent Genetics, Inc. | +$1M |
| MRCC Monroe Capital Corporation | +$5M |
| ALXO ALX Oncology Holdings Inc. | +$1M |
| LADR Ladder Capital Corp | +$1M |
Top sells this quarter · 15
| 0HHU.L ARMOUR Residential REIT, Inc.exit | −$3M |
| GERN Geron Corporationexit | −$1M |
| CCAP Crescent Capital BDC, Inc. | −$1M |
| CABA Cabaletta Bio, Inc. | −$1M |
| BRSP BrightSpire Capital, Inc. | −$0M |
| HQL Tekla Life Sciences Investors | −$0M |
| GPMT Granite Point Mortgage Trust I | −$0M |
| DSGN Design Therapeutics, Inc. | −$14M |
| MUC BlackRock MuniHoldings Califor | −$0M |
| ECAT BlackRock ESG Capital Allocati | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $442M | 114 | +96.66% | +17.59% | +79.07% | -0.01B |
| 2025-12-31 | $452M | 105 | +67.70% | +17.72% | +49.98% | -0.03B |
| 2025-09-30 | $435M | 64 | +51.87% | +17.52% | +34.35% | -0.18B |
| 2025-06-30 | $394M | 80 | +25.48% | +14.94% | +10.54% | +0.06B |
| 2025-03-31 | $299M | 79 | +0.66% | +8.30% | -7.64% | -0.09B |
| 2024-12-31 | $454M | 90 | +29.34% | +24.89% | +4.45% | +0.17B |
| 2024-09-30 | $281M | 67 | +42.82% | +36.04% | +6.78% | -0.03B |
| 2024-06-30 | $239M | 75 | +12.04% | +24.49% | -12.45% | +0.04B |
| 2024-03-31 | $217M | 67 | +36.60% | +29.62% | +6.97% | -0.07B |
| 2023-12-31 | $263M | 112 | +26.85% | +26.18% | +0.67% | +0.06B |
| 2023-09-30 | $183M | 84 | +28.26% | +21.57% | +6.69% | -0.02B |
| 2023-06-30 | $206M | 86 | +11.13% | +19.42% | -8.30% | -0.02B |
| 2023-03-31 | $201M | 93 | -13.87% | -7.82% | -6.05% | +0.01B |
| 2022-12-31 | $189M | 122 | +12.07% | +7.56% | +4.51% | +0.06B |
| 2022-09-30 | $114M | 81 | -12.59% | -4.93% | -7.67% | -0.04B |
| 2022-06-30 | $172M | 111 | -14.35% | -16.11% | +1.76% | +0.05B |