Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.98%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.47%
baseline attrition
Rally response
-4.41%
trims into rallies
when a holding rises +10%+
Top positions · 25
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TPLTexas Pacific Land Corpo | $41M | 25.2% | +8.1% | 5.3 yr |
| NTRANatera, Inc. | $13M | 7.9% | +41.4% | 6.8 yr |
| GOOGAlphabet Inc. | $11M | 6.6% | +84.3% | 10.5 yr |
| XPOXPO Logistics, Inc. | $10M | 6.0% | +80.8% | 8.8 yr |
| TSMTaiwan Semiconductor Man | $9M | 5.7% | +105.6% | 2.3 yr |
| TMDXTransMedics Group, Inc. | $9M | 5.5% | +47.8% | 3.3 yr |
| STXSStereotaxis, Inc. | $8M | 4.9% | +4.5% | 6.8 yr |
| UIUbiquiti Inc. | $7M | 4.4% | +156.2% | 6.5 yr |
| RNRRenaissanceRe Holdings L | $7M | 4.1% | +24.6% | 10.5 yr |
| GXOGXO Logistics, Inc. | $7M | 4.1% | +32.7% | 4.8 yr |
| PTCPTC Inc. | $6M | 3.6% | -8.0% | 10.5 yr |
| DMRCDigimarc Corporation | $5M | 3.2% | -61.7% | 10.5 yr |
| ARMArm Holdings plc America | $4M | 2.4% | +41.7% | 1.0 yr |
| SNPSSynopsys, Inc. | $4M | 2.3% | -7.5% | 0.5 yr |
| GHGuardant Health, Inc. | $3M | 2.1% | +116.8% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Exploration & Production25.2%-3.2pp$41M
Integrated Freight & Logistics10.1%+1.4pp$16M
Medical - Diagnostics & Research10.0%+1.6pp$16M
Semiconductors9.6%+5.8pp$16M
Medical - Devices7.3%+2.9pp$12M
Internet Content & Information6.6%+1.1pp$11M
Medical - Instruments & Supplies4.9%+0.0pp$8M
Communication Equipment4.4%+0.3pp$7M
Insurance - Reinsurance4.1%+0.2pp$7M
Software - Application3.6%-1.8pp$6M
Country
US83.9%-4.4pp
TW5.7%+1.9pp
BM4.1%+0.1pp
GB2.4%
Unknown2.0%-1.7pp
CA1.8%
Top 5: 51.5% · Top 10: 74.6% · Top 25: 100.0%
Top buys this quarter · 7
| PROF Profound Medical Corp.new | +$3M |
| AMD Advanced Micro Devices, Inc.new | +$2M |
| DMRC Digimarc Corporation | +$2M |
| QXO QXO, Inc.new | +$2M |
| GH Guardant Health, Inc. | +$0M |
| SNPS Synopsys, Inc. | +$4M |
| — | +$0M |
Top sells this quarter · 15
| TPL Texas Pacific Land Corporation | −$30M |
| TRUP Trupanion, Inc. | −$4M |
| XPO XPO Logistics, Inc. | −$9M |
| NTRA Natera, Inc. | −$3M |
| GOOG Alphabet Inc. | −$3M |
| UI Ubiquiti Inc. | −$7M |
| TSM Taiwan Semiconductor Manufactu | −$1M |
| TMDX TransMedics Group, Inc. | −$1M |
| PTC PTC Inc. | −$1M |
| RNR RenaissanceRe Holdings Ltd. | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $162M | 25 | +33.89% | +17.59% | +16.30% | -0.02B |
| 2025-12-31 | $173M | 25 | +1.50% | +17.72% | -16.22% | -0.00B |
| 2025-09-30 | $177M | 23 | +11.29% | +17.52% | -6.23% | -0.01B |
| 2025-06-30 | $177M | 24 | +15.38% | +14.94% | +0.44% | -0.01B |
| 2025-03-31 | $157M | 33 | +4.90% | +8.30% | -3.41% | +0.01B |
| 2024-12-31 | $185M | 34 | +33.52% | +24.89% | +8.63% | -0.01B |
| 2024-09-30 | $174M | 34 | +35.41% | +36.04% | -0.62% | -0.01B |
| 2024-06-30 | $174M | 40 | +29.37% | +24.49% | +4.87% | -0.00B |
| 2024-03-31 | $163M | 40 | +29.47% | +29.62% | -0.15% | +0.01B |
| 2023-12-31 | $147M | 39 | +31.22% | +26.18% | +5.04% | -0.02B |
| 2023-09-30 | $152M | 42 | +28.24% | +21.57% | +6.68% | +0.01B |
| 2023-06-30 | $142M | 41 | +25.29% | +19.42% | +5.87% | -0.01B |
| 2023-03-31 | $141M | 43 | -9.16% | -7.82% | -1.34% | -0.02B |
| 2022-12-31 | $148M | 40 | +8.36% | +7.56% | +0.80% | -0.00B |
| 2022-09-30 | $141M | 38 | +0.91% | -4.93% | +5.83% | -0.01B |
| 2022-06-30 | $151M | 38 | -21.05% | -16.11% | -4.94% | +0.00B |