Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+5.21%
adds when stocks drop
when a holding falls −10%+
Middle response
+2.23%
steady accumulation
Rally response
-1.74%
trims into rallies
when a holding rises +10%+
Top positions · 28
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SRADSportradar Group AG | $157M | 7.4% | -22.6% | 4.0 yr |
| GSATGlobalstar, Inc. | $146M | 6.9% | +218.4% | 1.3 yr |
| RBCRBC Bearings Incorporate | $127M | 6.0% | +68.8% | 2.0 yr |
| NCRNCR Corporation | $125M | 5.9% | — | 2.3 yr |
| BILLBill.com Holdings, Inc. | $122M | 5.8% | -16.5% | 3.3 yr |
| HQYHealthEquity, Inc. | $105M | 5.0% | -5.4% | 3.5 yr |
| NCLHNorwegian Cruise Line Ho | $96M | 4.5% | -1.4% | 2.3 yr |
| MCWMister Car Wash, Inc. | $93M | 4.4% | -11.7% | 4.3 yr |
| CDRECadre Holdings, Inc. | $88M | 4.2% | +4.7% | 4.5 yr |
| HAYWHayward Holdings, Inc. | $86M | 4.1% | -3.9% | 2.8 yr |
| VMIValmont Industries, Inc. | $85M | 4.0% | +40.8% | 5.5 yr |
| XBIState Street SPDR S&P Bi | $83M | 3.9% | — | 1.3 yr |
| MMSIMerit Medical Systems, I | $77M | 3.7% | -34.8% | 3.3 yr |
| OIIOceaneering Internationa | $72M | 3.4% | +62.6% | 5.5 yr |
| TDYTeledyne Technologies In | $71M | 3.4% | +21.6% | 1.3 yr |
Portfolio composition (YoY)
Industry mix
Software - Application16.5%-8.7pp$348M
Telecommunications Services6.9%+5.1pp$146M
Manufacturing - Tools & Accessories6.0%+3.2pp$127M
Information Technology Services5.9%-0.0pp$125M
Medical - Healthcare Information Services5.0%-2.0pp$105M
Travel Services4.5%+0.7pp$96M
Hardware, Equipment & Parts4.5%-1.7pp$94M
Personal Products & Services4.4%-1.0pp$93M
Aerospace & Defense4.2%+0.5pp$88M
Electrical Equipment & Parts4.1%+1.0pp$86M
Country
US90.3%-1.5pp
CH7.4%-0.8pp
GB2.3%
Top 5: 32.1% · Top 10: 54.3% · Top 25: 97.4%
Top buys this quarter · 15
| CSGP CoStar Group, Inc. | +$55M |
| SRAD Sportradar Group AG | +$157M |
| LIVN LivaNova PLC | +$41M |
| MMSI Merit Medical Systems, Inc. | +$18M |
| HQY HealthEquity, Inc. | +$15M |
| PZZA Papa John's International, Inc | +$14M |
| BILL Bill.com Holdings, Inc. | +$122M |
| SG Sweetgreen, Inc. | +$8M |
| FLS Flowserve Corporation | +$8M |
| HAYW Hayward Holdings, Inc. | +$86M |
Top sells this quarter · 15
| CFLT Confluent, Inc.exit | −$104M |
| MSGS Madison Square Garden Sports C | −$86M |
| OLED Universal Display Corporationexit | −$71M |
| ADT ADT Inc.exit | −$37M |
| MCW Mister Car Wash, Inc. | −$92M |
| PHR Phreesia, Inc.exit | −$21M |
| TDY Teledyne Technologies Incorpor | −$19M |
| UNF UniFirst Corporationexit | −$16M |
| OII Oceaneering International, Inc | −$59M |
| CHEF The Chefs' Warehouse, Inc.exit | −$14M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.11B | 28 | +5.42% | +17.59% | -12.17% | -0.27B |
| 2025-12-31 | $2.59B | 33 | +4.00% | +17.72% | -13.72% | -0.07B |
| 2025-09-30 | $2.57B | 32 | +12.41% | +17.52% | -5.11% | +0.11B |
| 2025-06-30 | $2.39B | 31 | +16.32% | +14.94% | +1.38% | +0.18B |
| 2025-03-31 | $2.05B | 33 | +6.69% | +8.30% | -1.61% | +0.00B |
| 2024-12-31 | $2.26B | 32 | +20.28% | +24.89% | -4.61% | -0.01B |
| 2024-09-30 | $2.02B | 33 | +20.90% | +36.04% | -15.13% | -0.01B |
| 2024-06-30 | $1.91B | 35 | +3.26% | +24.49% | -21.24% | +0.35B |
| 2024-03-31 | $1.58B | 32 | +8.48% | +29.62% | -21.14% | +0.08B |
| 2023-12-31 | $1.47B | 32 | +16.83% | +26.18% | -9.34% | +0.05B |
| 2023-09-30 | $1.26B | 32 | +10.62% | +21.57% | -10.94% | +0.15B |
| 2023-06-30 | $1.23B | 33 | +16.39% | +19.42% | -3.04% | +0.04B |
| 2023-03-31 | $1.15B | 35 | +0.35% | -7.82% | +8.17% | -0.05B |
| 2022-12-31 | $1.09B | 36 | +6.41% | +7.56% | -1.16% | +0.17B |
| 2022-09-30 | $857M | 36 | -4.26% | -4.93% | +0.67% | +0.07B |
| 2022-06-30 | $825M | 36 | -10.63% | -16.11% | +5.48% | -0.02B |