Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.35%
trims when stocks drop
when a holding falls −10%+
Middle response
-11.43%
baseline attrition
Rally response
-18.13%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| WIXWix.com Ltd. | $53M | 5.7% | -44.9% | 2.8 yr |
| CRTOCriteo S.A. | $41M | 4.4% | -49.4% | 4.5 yr |
| — | $32M | 3.5% | — | 0.3 yr |
| BACBank of America Corporat | $31M | 3.3% | +19.4% | 5.3 yr |
| PFSIPennyMac Financial Servi | $31M | 3.3% | -11.7% | 2.5 yr |
| CCitigroup Inc. | $31M | 3.3% | +63.9% | 3.8 yr |
| WFCWells Fargo & Company | $30M | 3.3% | +13.3% | 4.0 yr |
| MDLNMedline Inc. | $24M | 2.7% | — | 0.3 yr |
| — | $21M | 2.2% | — | 0.3 yr |
| — | $19M | 2.1% | — | 0.3 yr |
| HYGiShares iBoxx $ High Yie | $18M | 2.0% | — | 5.5 yr |
| PCGPG&E Corporation | $16M | 1.7% | +2.9% | 3.3 yr |
| JPMJPMorgan Chase & Co. | $15M | 1.7% | +21.8% | 6.5 yr |
| LASRnLIGHT, Inc. | $15M | 1.6% | +633.8% | 0.3 yr |
| BTSGUBrightSpring Health Serv | $14M | 1.6% | — | 2.3 yr |
Portfolio composition (YoY)
Industry mix
Unknown25.7%+17.6pp$236M
Shell Companies12.8%$118M
Banks - Diversified11.6%$107M
Asset Management9.4%-45.3pp$87M
Software - Infrastructure6.2%+5.9pp$57M
Financial - Conglomerates5.1%$47M
Advertising Agencies4.4%-9.8pp$41M
Financial - Mortgages3.3%$31M
Regulated Electric3.3%+2.7pp$30M
Semiconductors2.9%-7.0pp$27M
Country
US58.1%-9.0pp
Unknown25.7%+17.6pp
IL5.7%
FR4.4%-9.8pp
KY3.0%
TW1.4%-8.4pp
CN0.5%-0.2pp
JP0.5%
Top 5: 20.3% · Top 10: 33.9% · Top 25: 55.3%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| CRTO | $80M | -0.04B | -49.4% |
Top buys this quarter · 15
| WIX Wix.com Ltd. | +$52M |
| PFSI PennyMac Financial Services, I | +$30M |
| MDLN Medline Inc.new | +$24M |
| LASR nLIGHT, Inc.new | +$15M |
| LUNR Intuitive Machines, Inc.new | +$12M |
| PPLC PPL Corporation Corporate Unitnew | +$11M |
| FVAV Fortress Value Acquisition Cornew | +$10M |
| TSM Taiwan Semiconductor Manufactu | +$10M |
| ALUB Alussa Energy Acquisition Corpnew | +$8M |
| NTST NETSTREIT Corp.new | +$7M |
Top sells this quarter · 15
| VST Vistra Corp.exit | −$96M |
| AXTI AXT, Inc.exit | −$37M |
| PCG PG&E Corporation | −$37M |
| C Citigroup Inc. | −$28M |
| AMZN Amazon.com, Inc.exit | −$21M |
| WFC Wells Fargo & Company | −$21M |
| BAC Bank of America Corporation | −$20M |
| LLY Eli Lilly and Companyexit | −$18M |
| BABA Alibaba Group Holding Limitedexit | −$17M |
| OXY Occidental Petroleum Corporati | −$16M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $920M | 174 | +16.80% | +17.59% | -0.79% | -1.48B |
| 2025-12-31 | $2.43B | 126 | +10.61% | +17.72% | -7.11% | +0.85B |
| 2025-09-30 | $1.47B | 108 | +6.64% | +17.52% | -10.87% | +0.54B |
| 2025-06-30 | $838M | 68 | +1.73% | +14.94% | -13.21% | +0.28B |
| 2025-03-31 | $562M | 42 | +7.38% | +8.30% | -0.93% | -0.99B |
| 2024-12-31 | $1.66B | 51 | +33.63% | +24.89% | +8.75% | +1.38B |
| 2024-09-30 | $271M | 39 | +35.63% | +36.04% | -0.40% | -0.16B |
| 2024-06-30 | $404M | 57 | +18.88% | +24.49% | -5.62% | +0.15B |
| 2024-03-31 | $241M | 67 | +14.66% | +29.62% | -14.96% | -0.24B |
| 2023-12-31 | $417M | 102 | +10.65% | +26.18% | -15.53% | -0.13B |
| 2023-09-30 | $518M | 104 | +6.71% | +21.57% | -14.86% | -0.10B |
| 2023-06-30 | $669M | 105 | +20.69% | +19.42% | +1.27% | -0.18B |
| 2023-03-31 | $843M | 209 | +5.93% | -7.82% | +13.75% | +0.04B |
| 2022-12-31 | $714M | 88 | -9.96% | -18.17% | +8.21% | -0.25B |
| 2022-09-30 | $943M | 140 | -1.71% | -15.51% | +13.79% | +0.31B |
| 2022-06-30 | $607M | 137 | -5.59% | -10.62% | +5.03% | -0.19B |