Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.55%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.80%
baseline attrition
Rally response
-9.69%
trims into rallies
when a holding rises +10%+
Top positions · 3
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| PDDPDD Holdings Inc. | $142M | 81.8% | -13.7% | 2.8 yr |
| DDLDingdong (Cayman) Limite | $31M | 17.6% | -4.8% | 4.3 yr |
| BZKanzhun Limited | $1M | 0.6% | -29.6% | 3.3 yr |
Portfolio composition (YoY)
Industry mix
Specialty Retail81.8%-8.0pp$142M
Grocery Stores17.6%+7.9pp$31M
Staffing & Employment Services0.6%+0.1pp$1M
Country
IE81.8%-8.0pp
CN18.2%+8.0pp
Top 5: 100.0% · Top 10: 100.0% · Top 25: 100.0%
Top buys this quarter · 0
No buys this quarter
Top sells this quarter · 1
| PDD PDD Holdings Inc. | −$25M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $173M | 3 | -12.38% | +17.59% | -29.97% | -0.03B |
| 2025-12-31 | $216M | 3 | +11.35% | +17.72% | -6.37% | -0.10B |
| 2025-09-30 | $356M | 3 | -4.81% | +17.52% | -22.33% | -0.00B |
| 2025-06-30 | $286M | 3 | -16.01% | +14.94% | -30.95% | +0.00B |
| 2025-03-31 | $329M | 3 | +13.89% | +8.30% | +5.59% | +0.00B |
| 2024-12-31 | $282M | 3 | -17.98% | +24.89% | -42.87% | +0.09B |
| 2024-09-30 | $253M | 3 | +48.84% | +36.04% | +12.80% | +0.01B |
| 2024-06-30 | $218M | 3 | +53.37% | +24.49% | +28.87% | +0.00B |
| 2024-03-31 | $185M | 3 | -1.78% | +29.62% | -31.40% | -0.13B |
| 2023-12-31 | $377M | 2 | +16.28% | +26.18% | -9.90% | -0.05B |
| 2023-09-30 | $315M | 3 | -7.81% | +21.57% | -29.38% | +0.22B |
| 2023-06-30 | $88M | 2 | -48.50% | +19.42% | -67.93% | +0.05B |
| 2023-03-31 | $46M | 1 | +3.83% | -7.82% | +11.64% | -0.18B |
| 2022-12-31 | $232M | 3 | +8.46% | +7.56% | +0.90% | +0.01B |
| 2022-09-30 | $201M | 4 | -36.87% | -4.93% | -31.94% | +0.12B |
| 2022-06-30 | $123M | 3 | +52.55% | -16.11% | +68.66% | -0.01B |