Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+6.75%
adds when stocks drop
when a holding falls −10%+
Middle response
-22.54%
baseline attrition
Rally response
-24.73%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| EEMiShares MSCI Emerging Ma | $117M | 13.4% | — | 1.0 yr |
| EFAiShares MSCI EAFE ETF | $101M | 11.5% | — | 0.8 yr |
| HOLXHologic, Inc. | $91M | 10.4% | +22.4% | 0.5 yr |
| EAElectronic Arts Inc. | $69M | 7.8% | +41.7% | 0.8 yr |
| PBR-APetróleo Brasileiro S.A | $59M | 6.7% | — | 0.3 yr |
| — | $51M | 5.9% | — | 0.3 yr |
| EWZiShares MSCI Brazil ETF | $36M | 4.1% | — | 1.0 yr |
| EWCiShares MSCI Canada ETF | $30M | 3.4% | — | 0.3 yr |
| EWAiShares MSCI Australia E | $27M | 3.1% | — | 0.5 yr |
| PAMPampa EnergÃa S.A. | $25M | 2.9% | +14.6% | 1.3 yr |
| EMLCVanEck J.P. Morgan EM Lo | $22M | 2.5% | — | 0.5 yr |
| WBSWebster Financial Corpor | $21M | 2.4% | +38.5% | 0.3 yr |
| APLSApellis Pharmaceuticals, | $18M | 2.1% | +84.0% | 0.3 yr |
| MELIMercadoLibre, Inc. | $17M | 1.9% | -11.4% | 1.5 yr |
| CWANClearwater Analytics Hol | $17M | 1.9% | -11.8% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management39.9%+34.4pp$350M
Medical - Instruments & Supplies10.4%$91M
Electronic Gaming & Multimedia7.8%$69M
Oil & Gas Integrated6.7%$59M
Unknown6.0%+5.0pp$52M
Banks - Regional4.2%+3.1pp$37M
Biotechnology3.5%$30M
Independent Power Producers2.9%+0.1pp$25M
Software - Infrastructure2.8%+2.1pp$25M
Specialty Retail2.8%-3.9pp$24M
Country
US72.4%-11.8pp
BR11.0%+9.5pp
Unknown6.0%+5.0pp
AR5.6%+4.6pp
UY3.2%+2.9pp
TW0.8%-1.8pp
GB0.6%-0.8pp
CA0.2%
Top 5: 49.9% · Top 10: 69.4% · Top 25: 93.2%
Top buys this quarter · 15
| HOLX Hologic, Inc. | +$44M |
| WBS Webster Financial Corporationnew | +$21M |
| APLS Apellis Pharmaceuticals, Inc.new | +$18M |
| PAM Pampa EnergÃa S.A. | +$17M |
| CWAN Clearwater Analytics Holdings,new | +$17M |
| MELI MercadoLibre, Inc. | +$16M |
| KVUE Kenvue Inc. | +$15M |
| UNF UniFirst Corporationnew | +$15M |
| NU Nu Holdings Ltd. | +$12M |
| DLO DLocal Limited | +$11M |
Top sells this quarter · 15
| GTLS Chart Industries, Inc.exit | −$186M |
| EXAS Exact Sciences Corporationexit | −$68M |
| EA Electronic Arts Inc. | −$67M |
| XP XP Inc. | −$32M |
| AL Air Lease Corporationexit | −$29M |
| CSGS CSG Systems International, Incexit | −$11M |
| NVDA NVIDIA Corporation | −$10M |
| WBD Warner Bros. Discovery, Inc.exit | −$5M |
| STNE StoneCo Ltd. | −$4M |
| SIG Signet Jewelers Limitedexit | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $875M | 70 | +42.32% | +17.59% | +24.73% | -0.10B |
| 2025-12-31 | $951M | 39 | +31.46% | +17.72% | +13.74% | +0.08B |
| 2025-09-30 | $756M | 34 | +11.71% | +17.52% | -5.81% | +0.42B |
| 2025-06-30 | $308M | 52 | +5.29% | +14.94% | -9.65% | +0.06B |
| 2025-03-31 | $228M | 37 | -9.19% | +8.30% | -17.50% | +0.01B |
| 2024-12-31 | $235M | 39 | -3.14% | +24.89% | -28.02% | -0.05B |
| 2024-09-30 | $294M | 34 | +3.51% | +5.75% | -2.25% | +0.10B |
| 2024-06-30 | $192M | 29 | -5.14% | +4.38% | -9.52% | -0.12B |
| 2024-03-31 | $324M | 34 | +0.75% | +10.39% | -9.65% | +0.07B |
| 2023-12-31 | $257M | 29 | — | — | — | — |