Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+4.81%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.31%
baseline attrition
Rally response
-3.85%
trims into rallies
when a holding rises +10%+
Top positions · 11
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BABAAlibaba Group Holding Li | $332M | 38.4% | -3.5% | 4.5 yr |
| JDJD.com, Inc. | $176M | 20.4% | -28.5% | 2.8 yr |
| EDUNew Oriental Education & | $107M | 12.4% | +19.8% | 2.8 yr |
| SLBSLB N.V. | $79M | 9.1% | +26.7% | 5.5 yr |
| SABRSabre Corporation | $57M | 6.6% | -48.4% | 5.5 yr |
| HALHalliburton Company | $39M | 4.5% | +57.9% | 5.5 yr |
| WUThe Western Union Compan | $32M | 3.7% | -8.2% | 5.5 yr |
| CCUCompañÃa CervecerÃas | $21M | 2.5% | -23.7% | 5.5 yr |
| TALTAL Education Group | $15M | 1.8% | -13.9% | 4.8 yr |
| TEOTelecom Argentina S.A. | $5M | 0.6% | +17.8% | 5.5 yr |
| TKCTurkcell Iletisim Hizmet | $1M | 0.1% | +1.0% | 5.5 yr |
Portfolio composition (YoY)
Industry mix
Specialty Retail58.8%-6.1pp$508M
Education & Training Services14.1%+4.4pp$122M
Oil & Gas Equipment & Services13.6%+6.6pp$118M
Travel Services6.6%+1.0pp$57M
Financial - Credit Services3.7%-3.7pp$32M
Beverages - Alcoholic2.5%-1.5pp$21M
Telecommunications Services0.7%+0.1pp$6M
Country
CN72.9%-1.7pp
US23.9%+3.8pp
CL2.5%-1.5pp
AR0.6%+0.0pp
TR0.1%+0.0pp
Top 5: 86.9% · Top 10: 99.9% · Top 25: 100.0%
Top buys this quarter · 1
| SABR Sabre Corporation | +$1M |
Top sells this quarter · 9
| BABA Alibaba Group Holding Limited | −$42M |
| WU The Western Union Company | −$19M |
| SLB SLB N.V. | −$67M |
| JD JD.com, Inc. | −$7M |
| KOF Coca-Cola FEMSA, S.A.B. de C.Vexit | −$7M |
| EDU New Oriental Education & Techn | −$4M |
| HAL Halliburton Company | −$31M |
| CCU CompañÃa CervecerÃas Unidas | −$3M |
| TEO Telecom Argentina S.A. | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $864M | 11 | -7.42% | +17.59% | -25.01% | -0.09B |
| 2025-12-31 | $983M | 12 | +16.11% | +17.72% | -1.60% | -0.01B |
| 2025-09-30 | $1.10B | 12 | +12.60% | +17.52% | -4.92% | -0.01B |
| 2025-06-30 | $926M | 12 | +22.70% | +14.94% | +7.76% | +0.08B |
| 2025-03-31 | $957M | 12 | +34.49% | +8.30% | +26.19% | +0.07B |
| 2024-12-31 | $725M | 11 | +7.51% | +24.89% | -17.38% | -0.01B |
| 2024-09-30 | $843M | 11 | +30.41% | +36.04% | -5.62% | -0.01B |
| 2024-06-30 | $652M | 11 | +13.56% | +24.49% | -10.93% | -0.02B |
| 2024-03-31 | $689M | 11 | +16.21% | +29.62% | -13.41% | -0.09B |
| 2023-12-31 | $800M | 14 | +24.15% | +26.18% | -2.03% | -0.06B |
| 2023-09-30 | $813M | 15 | +43.86% | +21.57% | +22.29% | -0.06B |
| 2023-06-30 | $764M | 14 | +14.38% | +19.42% | -5.04% | -0.01B |
| 2023-03-31 | $775M | 14 | +8.75% | -7.82% | +16.57% | -0.07B |
| 2022-12-31 | $810M | 14 | +22.05% | +7.56% | +14.49% | -0.02B |
| 2022-09-30 | $678M | 14 | -9.48% | -4.93% | -4.55% | +0.01B |
| 2022-06-30 | $737M | 15 | -5.57% | -16.11% | +10.54% | -0.00B |