Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.57%
trims when stocks drop
when a holding falls −10%+
Middle response
+0.00%
baseline attrition
Rally response
-8.23%
trims into rallies
when a holding rises +10%+
Top positions · 5
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| PAYOPayoneer Global Inc. | $165M | 55.3% | -33.9% | 5.0 yr |
| ZZillow Group, Inc. Class | $113M | 37.9% | -39.6% | 7.8 yr |
| ZGZillow Group, Inc. Class | $16M | 5.3% | -38.1% | 9.5 yr |
| NRDYNerdy, Inc. | $3M | 1.1% | -42.5% | 4.8 yr |
| — | $1M | 0.3% | — | 1.8 yr |
Portfolio composition (YoY)
Industry mix
Software - Infrastructure55.3%+2.1pp$165M
Internet Content & Information43.3%-2.1pp$129M
Software - Application1.1%-0.1pp$3M
Unknown0.3%+0.1pp$1M
Country
US99.7%-0.1pp
Unknown0.3%+0.1pp
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 · 0
No sells this quarter
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $298M | 5 | -36.54% | +17.59% | -54.14% | -0.00B |
| 2025-12-31 | $411M | 5 | -29.56% | +17.72% | -47.28% | +0.00B |
| 2025-09-30 | $452M | 5 | -7.02% | +17.52% | -24.54% | -0.00B |
| 2025-06-30 | $460M | 5 | +18.04% | +14.94% | +3.10% | +0.00B |
| 2025-03-31 | $470M | 6 | +41.34% | +8.30% | +33.03% | +0.00B |
| 2024-12-31 | $581M | 5 | +100.90% | +24.89% | +76.01% | -0.53B |
| 2024-09-30 | $929M | 6 | +85.67% | +36.04% | +49.63% | -0.19B |
| 2024-06-30 | $892M | 6 | +37.11% | +24.49% | +12.62% | -0.16B |
| 2024-03-31 | $900M | 6 | +16.26% | +29.62% | -13.37% | -0.38B |
| 2023-12-31 | $1.12B | 7 | +31.59% | +26.18% | +5.41% | -0.14B |
| 2023-09-30 | $1.14B | 7 | +23.51% | +21.57% | +1.94% | -0.04B |
| 2023-06-30 | $1.28B | 8 | +31.77% | +19.42% | +12.35% | +0.10B |
| 2023-03-31 | $1.18B | 9 | -22.39% | -7.82% | -14.57% | +0.06B |
| 2022-12-31 | $868M | 10 | +3.82% | +7.56% | -3.74% | -0.03B |
| 2022-09-30 | $870M | 9 | -1.60% | -4.93% | +3.33% | +0.10B |
| 2022-06-30 | $783M | 9 | -41.50% | -16.11% | -25.39% | +0.05B |