Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.32%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.23%
baseline attrition
Rally response
-11.38%
trims into rallies
when a holding rises +10%+
Top positions · 14
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $35M | 19.9% | +60.9% | 1.5 yr |
| ETEnergy Transfer LP | $26M | 14.9% | +12.1% | 3.3 yr |
| DELLDell Technologies Inc. | $26M | 14.6% | +83.4% | 1.0 yr |
| CCitigroup Inc. | $19M | 10.9% | +63.9% | 2.8 yr |
| ORCLOracle Corporation | $13M | 7.6% | +5.9% | 0.5 yr |
| AMZNAmazon.com, Inc. | $13M | 7.4% | +9.5% | 2.0 yr |
| VSTVistra Corp. | $12M | 6.5% | +28.7% | 1.8 yr |
| UBERUber Technologies, Inc. | $10M | 5.7% | -1.3% | 2.5 yr |
| VNETVNET Group, Inc. | $8M | 4.4% | +2.3% | 1.0 yr |
| BABAAlibaba Group Holding Li | $6M | 3.3% | -3.5% | 3.5 yr |
| RITM-PDRithm Capital Corp. | $3M | 1.8% | — | 2.8 yr |
| XHBState Street SPDR S&P Ho | $2M | 1.2% | — | 0.3 yr |
| YNDXYandex N.V. | $2M | 1.0% | — | 0.3 yr |
| XZOExzeo Group, Inc. | $1M | 0.8% | — | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors19.9%$35M
Oil & Gas Midstream14.9%+2.4pp$26M
Computer Hardware14.6%$26M
Banks - Diversified10.9%-0.9pp$19M
Specialty Retail10.8%-5.4pp$19M
Software - Infrastructure7.6%$13M
Independent Power Producers6.5%-5.1pp$12M
Software - Application5.7%-2.2pp$10M
Information Technology Services4.4%$8M
REIT - Mortgage1.8%-0.6pp$3M
Country
US91.3%+23.1pp
CN7.7%-4.0pp
RU1.0%
Top 5: 67.9% · Top 10: 95.3% · Top 25: 100.0%
Top buys this quarter · 8
| XHB State Street SPDR S&P Homebuilnew | +$0M |
| YNDX Yandex N.V.new | +$0M |
| DELL Dell Technologies Inc. | +$14M |
| NVDA NVIDIA Corporation | +$9M |
| AMZN Amazon.com, Inc. | +$9M |
| UBER Uber Technologies, Inc. | +$6M |
| ORCL Oracle Corporation | +$3M |
| VST Vistra Corp. | +$12M |
Top sells this quarter · 12
| RITM-PD Rithm Capital Corp. | −$0M |
| EXE Expand Energy Corporationexit | −$14M |
| HCI HCI Group, Inc.exit | −$10M |
| KGS Kodiak Gas Services, Inc.exit | −$9M |
| UNH UnitedHealth Group Incorporateexit | −$5M |
| C Citigroup Inc. | −$4M |
| BABA Alibaba Group Holding Limited | −$4M |
| JD JD.com, Inc.exit | −$3M |
| SLDE Slide Insurance Holdings, Inc.exit | −$2M |
| TREX Trex Company, Inc.exit | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $177M | 14 | +22.53% | +17.59% | +4.93% | -0.01B |
| 2025-12-31 | $192M | 19 | +35.77% | +17.72% | +18.05% | +0.03B |
| 2025-09-30 | $171M | 13 | +33.90% | +17.52% | +16.39% | -0.01B |
| 2025-06-30 | $163M | 20 | +27.92% | +14.94% | +12.98% | +0.06B |
| 2025-03-31 | $94M | 16 | +9.73% | +8.30% | +1.42% | -0.02B |
| 2024-12-31 | $103M | 23 | +8.62% | +24.89% | -16.26% | +0.01B |
| 2024-09-30 | $93M | 24 | +22.39% | +36.04% | -13.65% | -0.04B |
| 2024-06-30 | $121M | 19 | +8.38% | +24.49% | -16.11% | -0.00B |
| 2024-03-31 | $126M | 18 | +12.24% | +29.62% | -17.39% | +0.05B |
| 2023-12-31 | $72M | 19 | +5.16% | +26.18% | -21.01% | -0.08B |
| 2023-09-30 | $143M | 22 | -17.27% | +21.57% | -38.84% | +0.12B |
| 2023-06-30 | $20M | 10 | -14.31% | +19.42% | -33.73% | -0.01B |
| 2023-03-31 | $30M | 14 | -23.63% | -7.82% | -15.81% | -0.03B |
| 2022-12-31 | $59M | 17 | -15.14% | +7.56% | -22.70% | +0.04B |
| 2022-09-30 | $19M | 8 | -1.73% | -4.93% | +3.20% | +0.01B |
| 2022-06-30 | $13M | 6 | -9.22% | -16.11% | +6.90% | -0.06B |