Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-11.87%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.50%
baseline attrition
Rally response
-2.30%
trims into rallies
when a holding rises +10%+
Top positions · 22
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TSMTaiwan Semiconductor Man | $451M | 24.2% | +105.6% | 8.5 yr |
| LINLinde plc | $223M | 11.9% | +7.9% | 3.3 yr |
| ADIAnalog Devices, Inc. | $211M | 11.3% | +60.2% | 6.5 yr |
| DALDelta Air Lines, Inc. | $165M | 8.9% | +54.5% | 10.3 yr |
| SLBSLB N.V. | $152M | 8.1% | +26.7% | 0.3 yr |
| ARMArm Holdings plc America | $142M | 7.6% | +41.7% | 0.8 yr |
| UALUnited Airlines Holdings | $141M | 7.6% | +33.3% | 4.3 yr |
| TECKTeck Resources Limited | $106M | 5.7% | +43.3% | 0.8 yr |
| — | $75M | 4.0% | — | 1.8 yr |
| GOLFAcushnet Holdings Corp. | $49M | 2.6% | +37.8% | 3.5 yr |
| ETNEaton Corporation plc | $46M | 2.5% | +33.2% | 9.3 yr |
| IONQIonQ, Inc. | $23M | 1.2% | +30.6% | 4.5 yr |
| TXNTexas Instruments Incorp | $18M | 1.0% | +11.4% | 4.5 yr |
| AMZNAmazon.com, Inc. | $16M | 0.9% | +9.5% | 6.0 yr |
| BBarrick Mining Corporati | $14M | 0.8% | +114.9% | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors44.0%+26.3pp$822M
Airlines, Airports & Air Services16.4%+3.9pp$306M
Chemicals - Specialty11.9%-17.4pp$223M
Oil & Gas Equipment & Services8.3%$154M
Industrial Materials5.7%$106M
Unknown4.0%-8.8pp$75M
Industrial - Machinery2.8%+1.9pp$51M
Leisure2.6%-2.7pp$49M
Computer Hardware1.2%-0.3pp$23M
Specialty Retail0.9%+0.4pp$16M
Country
US42.4%+10.4pp
TW24.2%+12.5pp
GB19.5%-9.9pp
CA6.5%+6.4pp
Unknown4.0%-8.8pp
IE2.9%-11.1pp
CH0.5%
Top 5: 64.4% · Top 10: 91.8% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| TSM | $83M | +0.09B | 105.6% |
| DAL | $88M | +0.05B | 54.5% |
| ADI | $40M | +0.02B | 60.2% |
| LIN | $207M | +0.02B | 7.9% |
| GOLF | $37M | +0.01B | 37.8% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| SLB SLB N.V.new | +$152M |
| LIN Linde plc | +$110M |
| ARM Arm Holdings plc American Depo | +$70M |
| UAL United Airlines Holdings, Inc. | +$28M |
| TECK Teck Resources Limited | +$12M |
| ADI Analog Devices, Inc. | +$9M |
| ETN Eaton Corporation plc | +$7M |
| AMZN Amazon.com, Inc. | +$6M |
| MDT Medtronic plc | +$5M |
| DAL Delta Air Lines, Inc. | +$165M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.87B | 22 | +43.52% | +17.59% | +25.93% | +0.39B |
| 2025-12-31 | $1.36B | 24 | +15.80% | +17.72% | -1.92% | +0.13B |
| 2025-09-30 | $1.19B | 21 | +20.83% | +17.52% | +3.31% | +0.32B |
| 2025-06-30 | $770M | 20 | +11.02% | +14.94% | -3.92% | -0.04B |
| 2025-03-31 | $706M | 19 | +6.38% | +8.30% | -1.92% | -0.49B |
| 2024-12-31 | $1.38B | 25 | +43.84% | +24.89% | +18.96% | -0.01B |
| 2024-09-30 | $1.28B | 28 | +50.05% | +36.04% | +14.02% | -0.04B |
| 2024-06-30 | $1.28B | 29 | +37.93% | +24.49% | +13.44% | -0.41B |
| 2024-03-31 | $1.55B | 38 | +42.43% | +29.62% | +12.81% | -0.06B |
| 2023-12-31 | $1.36B | 40 | +34.42% | +26.18% | +8.24% | +0.13B |
| 2023-09-30 | $1.09B | 36 | +42.70% | +21.57% | +21.13% | +0.24B |
| 2023-06-30 | $902M | 19 | +46.35% | +19.42% | +26.93% | +0.17B |
| 2023-03-31 | $648M | 21 | -4.33% | -7.82% | +3.49% | +0.11B |
| 2022-12-31 | $483M | 15 | +20.01% | +7.56% | +12.45% | -0.07B |
| 2022-09-30 | $465M | 17 | -2.79% | -4.93% | +2.14% | -0.22B |
| 2022-06-30 | $709M | 23 | -26.23% | -16.11% | -10.12% | -0.17B |