Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.00%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.58%
baseline attrition
Rally response
-8.84%
trims into rallies
when a holding rises +10%+
Top positions · 28
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| PJTPJT Partners Inc. | $14M | 7.6% | +2.0% | 9.0 yr |
| LOPEGrand Canyon Education, | $14M | 7.6% | -1.7% | 10.5 yr |
| OSISOSI Systems, Inc. | $13M | 7.3% | +36.6% | 10.0 yr |
| ENVAEnova International, Inc | $12M | 6.7% | +40.7% | 3.0 yr |
| SGHCSuper Group (SGHC) Limit | $11M | 6.3% | +75.0% | 0.5 yr |
| RSIRush Street Interactive, | $10M | 5.8% | +102.9% | 1.5 yr |
| SIMOSilicon Motion Technolog | $9M | 5.1% | +127.9% | 10.5 yr |
| — | $9M | 5.1% | — | 1.0 yr |
| TPBTurning Point Brands, In | $9M | 5.0% | +46.5% | 1.0 yr |
| TTMITTM Technologies, Inc. | $7M | 4.1% | +375.0% | 2.0 yr |
| IMAXIMAX Corporation | $7M | 3.6% | +44.3% | 1.8 yr |
| IDCCInterDigital, Inc. | $6M | 3.6% | +47.2% | 2.0 yr |
| BLBDBlue Bird Corporation | $5M | 3.1% | +75.4% | 2.8 yr |
| MSFTMicrosoft Corporation | $5M | 3.0% | -0.6% | 6.3 yr |
| AMTAmerican Tower Corporati | $5M | 3.0% | -17.9% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Gambling, Resorts & Casinos12.1%+8.9pp$22M
Hardware, Equipment & Parts11.4%+1.1pp$21M
Semiconductors9.3%+1.5pp$17M
Financial - Capital Markets7.6%-1.4pp$14M
Education & Training Services7.6%-1.1pp$14M
Financial - Credit Services6.7%-1.4pp$12M
Unknown5.1%$9M
Tobacco5.0%$9M
Software - Application5.0%-6.7pp$9M
Entertainment4.4%-0.3pp$8M
Country
US77.5%-11.7pp
GG6.3%
HK5.1%+0.7pp
Unknown5.1%
CA3.6%-1.4pp
IL2.4%+1.1pp
Top 5: 35.5% · Top 10: 60.7% · Top 25: 97.8%
Top buys this quarter · 11
| SGHC Super Group (SGHC) Limited | +$3M |
| DIOD Diodes Incorporatednew | +$3M |
| OPLN OPENLANE, Inc.new | +$2M |
| INMD InMode Ltd. | +$1M |
| MSFT Microsoft Corporation | +$5M |
| RSI Rush Street Interactive, Inc. | +$1M |
| ENVA Enova International, Inc. | +$12M |
| LOPE Grand Canyon Education, Inc. | +$0M |
| PJT PJT Partners Inc. | +$14M |
| CELH Celsius Holdings, Inc. | +$5M |
Top sells this quarter · 12
| TTMI TTM Technologies, Inc. | −$5M |
| ACIW ACI Worldwide, Inc.exit | −$3M |
| IMAX IMAX Corporation | −$3M |
| ARLO Arlo Technologies, Inc. | −$2M |
| IDCC InterDigital, Inc. | −$2M |
| BLND Blend Labs, Inc. | −$2M |
| TPB Turning Point Brands, Inc. | −$1M |
| GPGI GPGI, Inc. | −$1M |
| LSCC Lattice Semiconductor Corporat | −$5M |
| BLBD Blue Bird Corporation | −$5M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $180M | 28 | +42.56% | +17.59% | +24.97% | -0.01B |
| 2025-12-31 | $194M | 27 | +37.79% | +17.72% | +20.08% | +0.01B |
| 2025-09-30 | $193M | 28 | +51.52% | +17.52% | +34.00% | -0.00B |
| 2025-06-30 | $166M | 26 | +31.45% | +14.94% | +16.50% | -0.02B |
| 2025-03-31 | $146M | 28 | +0.05% | +8.30% | -8.26% | -0.02B |
| 2024-12-31 | $172M | 28 | +11.47% | +24.89% | -13.41% | -0.06B |
| 2024-09-30 | $221M | 25 | +21.16% | +36.04% | -14.88% | -0.02B |
| 2024-06-30 | $237M | 25 | +8.65% | +24.49% | -15.85% | +0.02B |
| 2024-03-31 | $225M | 19 | +18.54% | +29.62% | -11.09% | -0.06B |
| 2023-12-31 | $275M | 28 | +23.61% | +26.18% | -2.57% | +0.01B |
| 2023-09-30 | $234M | 28 | +13.06% | +21.57% | -8.50% | -0.01B |
| 2023-06-30 | $264M | 30 | +11.53% | +19.42% | -7.89% | +0.03B |
| 2023-03-31 | $221M | 33 | -7.52% | -7.82% | +0.30% | +0.01B |
| 2022-12-31 | $193M | 29 | +4.12% | +7.56% | -3.44% | -0.00B |
| 2022-09-30 | $190M | 30 | -8.95% | -4.93% | -4.02% | +0.01B |
| 2022-06-30 | $197M | 27 | -10.85% | -16.11% | +5.26% | +0.01B |