Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.88%
adds when stocks drop
when a holding falls −10%+
Middle response
-20.50%
baseline attrition
Rally response
-12.80%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TERNTerns Pharmaceuticals, I | $16M | 9.1% | — | 1.3 yr |
| — | $15M | 8.7% | — | 0.3 yr |
| MDLNMedline Inc. | $13M | 7.7% | — | 0.5 yr |
| NRGNRG Energy, Inc. | $12M | 7.1% | +55.0% | 0.3 yr |
| FPSForgent Power Solutions, | $10M | 5.9% | — | 0.3 yr |
| — | $10M | 5.9% | — | 2.0 yr |
| NKTRNektar Therapeutics | $7M | 4.1% | — | 0.5 yr |
| CYTKCytokinetics, Incorporat | $7M | 3.8% | +64.0% | 1.0 yr |
| PPLCPPL Corporation Corporat | $5M | 3.0% | — | 0.3 yr |
| BBIOBridgeBio Pharma, Inc. | $5M | 2.9% | +114.8% | 1.8 yr |
| ADTADT Inc. | $5M | 2.6% | -16.9% | 1.5 yr |
| — | $5M | 2.6% | — | 0.3 yr |
| EVMNEvommune, Inc. | $4M | 2.4% | — | 0.5 yr |
| — | $4M | 2.3% | — | 0.5 yr |
| ASTSAST SpaceMobile, Inc. | $4M | 2.1% | +264.4% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology34.0%+31.5pp$59M
Unknown21.9%+17.4pp$38M
Medical - Instruments & Supplies7.7%$13M
Independent Power Producers7.1%$12M
Electrical Equipment & Parts5.9%$10M
Regulated Electric3.0%-0.6pp$5M
Semiconductors2.8%$5M
Security & Protection Services2.6%+2.1pp$5M
Hardware, Equipment & Parts2.5%$4M
Financial - Capital Markets2.2%+1.5pp$4M
Country
US75.1%-20.0pp
Unknown21.9%+17.4pp
CH1.4%
GB0.8%
KY0.8%
CA0.0%-0.2pp
Top 5: 38.6% · Top 10: 58.2% · Top 25: 86.0%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| ADT | $5M | -0.00B | -16.9% |
Top buys this quarter · 15
| NRG NRG Energy, Inc.new | +$12M |
| FPS Forgent Power Solutions, Inc.new | +$10M |
| PPLC PPL Corporation Corporate Unitnew | +$5M |
| ASTS AST SpaceMobile, Inc.new | +$4M |
| SNDK Sandisk Corporationnew | +$3M |
| MANE Veradermics, Incorporatednew | +$3M |
| SGP SpyGlass Pharma, Inc. Common Snew | +$2M |
| INGM Ingram Micro Holding Corporatinew | +$2M |
| FLOC Flowco Holdings Inc.new | +$2M |
| ADT ADT Inc. | +$2M |
Top sells this quarter · 15
| ULS UL Solutions Inc.exit | −$11M |
| GPCR Structure Therapeutics Inc. | −$8M |
| LGN Legence Corp. Class A Common sexit | −$8M |
| MIAX Miami International Holdings, exit | −$7M |
| SOFI SoFi Technologies, Inc.exit | −$6M |
| ITT ITT Inc.exit | −$6M |
| IMNM Immunome, Inc.exit | −$6M |
| KYMR Kymera Therapeutics, Inc. | −$5M |
| FIGR Figure Technology Solutions, I | −$4M |
| CMPX Compass Therapeutics, Inc. | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $174M | 42 | +48.12% | +17.59% | +30.53% | +0.01B |
| 2025-12-31 | $167M | 38 | +51.62% | +17.72% | +33.91% | -0.05B |
| 2025-09-30 | $198M | 59 | +42.32% | +17.52% | +24.80% | -0.02B |
| 2025-06-30 | $182M | 37 | +41.35% | +14.94% | +26.40% | -0.79B |
| 2025-03-31 | $844M | 45 | +18.15% | +8.30% | +9.85% | +0.11B |
| 2024-12-31 | $725M | 36 | +37.87% | +24.89% | +12.98% | -0.21B |
| 2024-09-30 | $916M | 107 | +29.76% | +36.04% | -6.28% | +0.00B |
| 2024-06-30 | $772M | 74 | +28.98% | +24.49% | +4.48% | -0.03B |
| 2024-03-31 | $839M | 101 | +59.62% | +29.62% | +30.00% | +0.17B |
| 2023-12-31 | $567M | 44 | +34.52% | +26.18% | +8.35% | +0.38B |
| 2023-09-30 | $197M | 63 | +33.79% | +21.57% | +12.22% | -0.20B |
| 2023-06-30 | $339M | 51 | +12.55% | +19.42% | -6.88% | +0.00B |
| 2023-03-31 | $283M | 39 | -20.80% | -7.82% | -12.98% | +0.11B |
| 2022-12-31 | $171M | 27 | -4.04% | +7.56% | -11.60% | -0.07B |
| 2022-09-30 | $249M | 43 | -1.21% | -4.93% | +3.72% | -0.02B |
| 2022-06-30 | $275M | 27 | -16.39% | -16.11% | -0.28% | -0.01B |