Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.31%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.11%
baseline attrition
Rally response
-24.47%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| WBDWarner Bros. Discovery, | $63M | 20.2% | +155.9% | 1.0 yr |
| EAElectronic Arts Inc. | $53M | 16.9% | +41.7% | 0.5 yr |
| NSCNorfolk Southern Corpora | $39M | 12.4% | +23.6% | 0.8 yr |
| WTMWhite Mountains Insuranc | $31M | 10.0% | +14.1% | 0.3 yr |
| QQnity Electronics, Inc. | $9M | 2.9% | — | 0.5 yr |
| — | $8M | 2.6% | — | 1.0 yr |
| — | $8M | 2.5% | — | 1.5 yr |
| ANSCAgriculture & Natural So | $8M | 2.4% | +5.8% | 2.3 yr |
| ALUBAlussa Energy Acquisitio | $7M | 2.3% | — | 0.3 yr |
| WATWaters Corporation | $6M | 2.0% | -19.2% | 0.3 yr |
| SOLSSolstice Advanced Materi | $6M | 1.9% | — | 0.5 yr |
| PENPenumbra, Inc. | $6M | 1.9% | +22.8% | 0.3 yr |
| VSNTVVersant Media Group, Inc | $6M | 1.8% | — | 0.3 yr |
| — | $5M | 1.6% | — | 0.5 yr |
| LBRDALiberty Broadband Corpor | $5M | 1.6% | — | 1.3 yr |
Portfolio composition (YoY)
Industry mix
Entertainment23.2%$72M
Electronic Gaming & Multimedia16.9%$53M
Railroads12.4%$39M
Unknown10.6%+2.6pp$33M
Insurance - Property & Casualty10.0%$31M
Shell Companies4.7%-0.5pp$15M
Chemicals - Specialty3.5%$11M
Semiconductors3.4%$11M
Medical - Diagnostics & Research2.0%$6M
Medical - Devices1.9%-0.3pp$6M
Country
US78.3%-11.8pp
Unknown10.6%+2.6pp
BM10.0%
NL1.1%
KY0.0%
CN0.0%-0.0pp
Top 5: 62.4% · Top 10: 74.2% · Top 25: 94.9%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| ANSC | $7M | +0.00B | 5.8% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| WBD Warner Bros. Discovery, Inc. | +$43M |
| WTM White Mountains Insurance Grounew | +$31M |
| EA Electronic Arts Inc. | +$28M |
| NSC Norfolk Southern Corporation | +$9M |
| ALUB Alussa Energy Acquisition Corpnew | +$7M |
| WAT Waters Corporationnew | +$6M |
| PEN Penumbra, Inc.new | +$6M |
| COUR Coursera, Inc.new | +$4M |
| EL The Estée Lauder Companies Innew | +$4M |
| MICC The Magnum Ice Cream Company Nnew | +$3M |
Top sells this quarter · 15
| INTC Intel Corporationexit | −$32M |
| BX Blackstone Inc.exit | −$30M |
| AAPL Apple Inc.exit | −$30M |
| COST Costco Wholesale Corporationexit | −$30M |
| AXTA Axalta Coating Systems Ltd.exit | −$18M |
| KLAC KLA Corporationexit | −$15M |
| JNJ Johnson & Johnsonexit | −$12M |
| NVDA NVIDIA Corporationexit | −$12M |
| NEM Newmont Corporationexit | −$12M |
| MSFT Microsoft Corporationexit | −$11M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $310M | 51 | +22.69% | +17.59% | +5.10% | -0.18B |
| 2025-12-31 | $497M | 61 | +20.08% | +17.72% | +2.36% | +0.34B |
| 2025-09-30 | $142M | 37 | +12.11% | +17.52% | -5.41% | -0.05B |
| 2025-06-30 | $175M | 42 | +8.15% | +14.94% | -6.79% | +0.03B |
| 2025-03-31 | $143M | 29 | +4.10% | +8.30% | -4.20% | -0.50B |
| 2024-12-31 | $664M | 62 | +16.01% | +24.89% | -8.87% | +0.22B |
| 2024-09-30 | $429M | 36 | +22.75% | +36.04% | -13.28% | +0.20B |
| 2024-06-30 | $222M | 34 | -7.72% | +24.49% | -32.21% | -0.20B |
| 2024-03-31 | $435M | 64 | -7.80% | +29.62% | -37.42% | +0.09B |
| 2023-12-31 | $319M | 61 | -20.88% | +26.18% | -47.06% | -0.25B |
| 2023-09-30 | $521M | 74 | -22.76% | +21.57% | -44.32% | +0.13B |
| 2023-06-30 | $496M | 80 | -4.80% | +19.42% | -24.23% | +0.09B |
| 2023-03-31 | $415M | 80 | -5.62% | -7.82% | +2.19% | +0.19B |
| 2022-12-31 | $237M | 89 | +7.56% | +7.56% | +0.00% | -0.08B |
| 2022-09-30 | $291M | 112 | -2.60% | -4.93% | +2.32% | -0.01B |
| 2022-06-30 | $314M | 114 | -2.99% | -16.11% | +13.12% | -0.04B |