Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.48%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.93%
baseline attrition
Rally response
-11.44%
trims into rallies
when a holding rises +10%+
Top positions · 17
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $650M | 21.7% | +60.9% | 1.0 yr |
| CPNGCoupang, Inc. | $526M | 17.5% | -13.9% | 2.8 yr |
| METAMeta Platforms, Inc. | $408M | 13.6% | -0.4% | 6.0 yr |
| CVNACarvana Co. | $394M | 13.1% | +50.4% | 0.8 yr |
| GLBEGlobal-e Online Ltd. | $343M | 11.4% | -13.5% | 5.0 yr |
| SQBlock, Inc. | $176M | 5.9% | — | 7.5 yr |
| SAILSailPoint, Inc. | $106M | 3.5% | -29.4% | 1.3 yr |
| CHYMChime Financial, Inc. Cl | $81M | 2.7% | — | 1.0 yr |
| — | $76M | 2.5% | — | 0.8 yr |
| NUNu Holdings Ltd. | $71M | 2.4% | +40.3% | 4.5 yr |
| TTANServiceTitan, Inc. | $64M | 2.1% | -33.3% | 1.5 yr |
| CCCSCCC Intelligent Solution | $55M | 1.8% | — | 4.8 yr |
| DDOGDatadog, Inc. | $32M | 1.1% | +19.0% | 6.8 yr |
| — | $7M | 0.2% | — | 3.8 yr |
| WLTHWealthfront Corporation | $6M | 0.2% | — | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Specialty Retail28.9%-0.6pp$869M
Semiconductors21.7%$650M
Internet Content & Information13.6%$408M
Auto - Dealerships13.1%$394M
Software - Infrastructure11.2%-4.2pp$337M
Software - Application3.5%-32.0pp$106M
Unknown2.8%-5.5pp$83M
Banks - Regional2.7%$81M
Banks - Diversified2.4%+0.2pp$71M
Medical - Healthcare Plans0.1%-1.8pp$4M
Country
US65.9%+10.8pp
KR17.5%+5.6pp
IL11.4%+5.2pp
Unknown2.8%-5.5pp
BR2.4%+0.2pp
Top 5: 77.3% · Top 10: 94.3% · Top 25: 100.0%
Top buys this quarter · 4
| META Meta Platforms, Inc. | +$214M |
| NVDA NVIDIA Corporation | +$188M |
| CPNG Coupang, Inc. | +$118M |
| CVNA Carvana Co. | +$394M |
Top sells this quarter · 15
| MELI MercadoLibre, Inc.exit | −$277M |
| PDD PDD Holdings Inc.exit | −$188M |
| EXE Expand Energy Corporationexit | −$145M |
| DUOL Duolingo, Inc.exit | −$114M |
| CRK Comstock Resources, Inc.exit | −$91M |
| CHYM Chime Financial, Inc. Class A | −$79M |
| NAVN Navan, Inc.exit | −$28M |
| MDLN Medline Inc.exit | −$23M |
| FIG Figma, Inc.exit | −$9M |
| GLBE Global-e Online Ltd. | −$8M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.00B | 17 | -10.80% | +17.59% | -28.39% | -0.81B |
| 2025-12-31 | $4.59B | 27 | +1.26% | +17.72% | -16.46% | +0.48B |
| 2025-09-30 | $4.53B | 26 | +25.79% | +17.52% | +8.28% | -0.49B |
| 2025-06-30 | $4.90B | 20 | +34.72% | +14.94% | +19.78% | -0.60B |
| 2025-03-31 | $4.75B | 22 | +17.26% | +8.30% | +8.96% | -0.64B |
| 2024-12-31 | $5.73B | 23 | +31.49% | +24.89% | +6.60% | -0.75B |
| 2024-09-30 | $5.75B | 24 | +40.09% | +36.04% | +4.05% | +0.01B |
| 2024-06-30 | $5.23B | 33 | +22.08% | +24.49% | -2.42% | +0.89B |
| 2024-03-31 | $4.32B | 29 | +45.82% | +29.62% | +16.20% | -0.55B |
| 2023-12-31 | $4.61B | 28 | +62.81% | +26.18% | +36.63% | -0.61B |
| 2023-09-30 | $4.34B | 29 | +21.02% | +21.57% | -0.55% | -0.29B |
| 2023-06-30 | $4.84B | 26 | +28.36% | +19.42% | +8.94% | -0.24B |
| 2023-03-31 | $4.22B | 30 | -37.24% | -7.82% | -29.42% | +0.41B |
| 2022-12-31 | $3.23B | 31 | -10.80% | +7.56% | -18.36% | -0.16B |
| 2022-09-30 | $3.80B | 35 | +1.43% | -4.93% | +6.36% | -0.16B |
| 2022-06-30 | $3.91B | 39 | -41.21% | -16.11% | -25.10% | -0.70B |