Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+5.30%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.58%
baseline attrition
Rally response
-2.66%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NETCloudflare, Inc. | $60M | 22.7% | +83.1% | 6.8 yr |
| — | $39M | 14.7% | — | 3.3 yr |
| GOOGAlphabet Inc. | $34M | 12.8% | +84.3% | 10.3 yr |
| AMZNAmazon.com, Inc. | $19M | 7.3% | +9.5% | 8.5 yr |
| OPRXOptimizeRx Corporation | $9M | 3.6% | -27.5% | 1.5 yr |
| TOSTToast, Inc. | $9M | 3.4% | -20.1% | 2.8 yr |
| PHRPhreesia, Inc. | $8M | 3.0% | -67.2% | 0.3 yr |
| SQBlock, Inc. | $7M | 2.8% | — | 3.3 yr |
| RPAYRepay Holdings Corporati | $7M | 2.6% | -53.3% | 0.8 yr |
| SERASera Prognostics, Inc. | $7M | 2.5% | -44.8% | 1.0 yr |
| — | $7M | 2.5% | — | 0.3 yr |
| XZOExzeo Group, Inc. | $6M | 2.3% | — | 0.5 yr |
| HCATHealth Catalyst, Inc. | $5M | 2.0% | -72.0% | 1.3 yr |
| BLZEBackblaze, Inc. | $5M | 2.0% | -28.6% | 4.5 yr |
| WLTHWealthfront Corporation | $5M | 1.9% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Software - Infrastructure33.5%+4.3pp$89M
Unknown18.8%+8.3pp$50M
Internet Content & Information13.4%-0.6pp$35M
Medical - Healthcare Information Services8.6%-1.7pp$23M
Specialty Retail7.3%-0.5pp$19M
Financial - Capital Markets2.9%$8M
Software - Application2.8%-19.5pp$8M
Medical - Diagnostics & Research2.5%$7M
Insurance - Diversified2.3%$6M
Financial - Credit Services1.8%$5M
Country
US77.6%-3.3pp
Unknown18.8%+8.3pp
CA1.7%
IL1.6%-6.9pp
FR0.1%
GB0.1%
IE0.1%
Top 5: 61.1% · Top 10: 75.4% · Top 25: 97.3%
Top buys this quarter · 15
| PHR Phreesia, Inc.new | +$8M |
| WLTH Wealthfront Corporationnew | +$5M |
| COIN Coinbase Global, Inc.new | +$4M |
| REAX The Real Brokerage Inc. | +$4M |
| HOOD Robinhood Markets, Inc.new | +$3M |
| XZO Exzeo Group, Inc. | +$3M |
| ETOR eToro Group Ltd. | +$3M |
| HCAT Health Catalyst, Inc. | +$5M |
| MRDN Meridian Holdings Inc.new | +$0M |
| OWL Blue Owl Capital Inc.new | +$0M |
Top sells this quarter · 15
| RELY Remitly Global, Inc.exit | −$9M |
| PRG PROG Holdings, Inc.exit | −$5M |
| SEZL Sezzle Inc.exit | −$4M |
| OPRA Opera Limitedexit | −$4M |
| GOOG Alphabet Inc. | −$3M |
| LPRO Open Lending Corporation | −$3M |
| BODI The Beachbody Company, Inc. | −$2M |
| BLND Blend Labs, Inc. | −$2M |
| FVRR Fiverr International Ltd.exit | −$1M |
| LFMD LifeMD, Inc. | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $266M | 54 | -5.00% | +17.59% | -22.59% | -0.00B |
| 2025-12-31 | $321M | 54 | +7.87% | +17.72% | -9.85% | -0.01B |
| 2025-09-30 | $361M | 56 | +36.35% | +17.52% | +18.83% | -0.00B |
| 2025-06-30 | $354M | 32 | +29.38% | +14.94% | +14.44% | +0.08B |
| 2025-03-31 | $226M | 28 | +0.55% | +8.30% | -7.76% | -0.02B |
| 2024-12-31 | $263M | 28 | +19.33% | +24.89% | -5.56% | +0.03B |
| 2024-09-30 | $208M | 37 | +22.18% | +36.04% | -13.86% | -0.00B |
| 2024-06-30 | $215M | 38 | +19.97% | +24.49% | -4.52% | -0.00B |
| 2024-03-31 | $228M | 31 | +44.12% | +29.62% | +14.50% | +0.00B |
| 2023-12-31 | $199M | 30 | +48.48% | +26.18% | +22.30% | -0.01B |
| 2023-09-30 | $181M | 35 | +10.33% | +21.57% | -11.23% | +0.01B |
| 2023-06-30 | $179M | 37 | +9.23% | +19.42% | -10.20% | +0.00B |
| 2023-03-31 | $155M | 38 | -41.30% | -7.82% | -33.48% | +0.02B |
| 2022-12-31 | $115M | 32 | -13.02% | +7.56% | -20.58% | -0.03B |
| 2022-09-30 | $162M | 24 | -4.72% | -4.93% | +0.21% | -0.00B |
| 2022-06-30 | $171M | 22 | -39.05% | -16.11% | -22.94% | -0.01B |