Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+4.02%
adds when stocks drop
when a holding falls −10%+
Middle response
-10.13%
baseline attrition
Rally response
-28.97%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| EAElectronic Arts Inc. | $109M | 5.7% | +41.7% | 2.0 yr |
| NFLXNetflix, Inc. | $80M | 4.2% | +3.1% | 7.5 yr |
| CMCSAComcast Corporation | $79M | 4.2% | — | 10.0 yr |
| ABNBAirbnb, Inc. | $63M | 3.3% | +5.7% | 5.3 yr |
| PTONPeloton Interactive, Inc | $60M | 3.2% | -32.1% | 4.5 yr |
| MSFTMicrosoft Corporation | $53M | 2.8% | -0.6% | 4.5 yr |
| DUOLDuolingo, Inc. | $49M | 2.6% | -68.3% | 0.5 yr |
| PYPLPayPal Holdings, Inc. | $36M | 1.9% | -30.3% | 3.8 yr |
| PZZAPapa John's Internationa | $35M | 1.8% | -17.4% | 0.8 yr |
| SCHWThe Charles Schwab Corpo | $30M | 1.6% | +21.5% | 2.0 yr |
| NYTThe New York Times Compa | $29M | 1.5% | +70.5% | 5.8 yr |
| RDDTReddit, Inc. | $29M | 1.5% | +28.4% | 2.0 yr |
| MAAMid-America Apartment Co | $29M | 1.5% | -24.0% | 2.5 yr |
| CROXCrocs, Inc. | $25M | 1.3% | -21.8% | 1.8 yr |
| GDENGolden Entertainment, In | $23M | 1.2% | +5.0% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Software - Application10.1%+5.9pp$192M
Internet Content & Information7.7%-4.6pp$147M
Entertainment7.2%+3.8pp$136M
Electronic Gaming & Multimedia6.0%$114M
Telecommunications Services5.8%+0.7pp$110M
Software - Infrastructure4.3%+1.9pp$82M
Biotechnology3.9%+0.5pp$73M
Travel Services3.5%+0.3pp$67M
Leisure3.5%-0.6pp$67M
REIT - Residential3.4%+1.8pp$64M
Country
US88.0%+0.6pp
Unknown2.5%+0.3pp
GB2.1%+0.6pp
LU1.4%+0.6pp
DE1.1%-0.2pp
CA1.0%-1.2pp
DK0.9%
CN0.8%-1.2pp
Top 5: 20.7% · Top 10: 31.4% · Top 25: 49.1%
Top buys this quarter · 15
| DUOL Duolingo, Inc. | +$36M |
| PTON Peloton Interactive, Inc. | +$35M |
| MSFT Microsoft Corporation | +$33M |
| PZZA Papa John's International, Inc | +$24M |
| ADBE Adobe Inc. | +$21M |
| SCHW The Charles Schwab Corporation | +$21M |
| NFLX Netflix, Inc. | +$18M |
| RDDT Reddit, Inc. | +$17M |
| PYPL PayPal Holdings, Inc. | +$16M |
| SPOT Spotify Technology S.A. | +$16M |
Top sells this quarter · 15
| EA Electronic Arts Inc. | −$203M |
| EXAS Exact Sciences Corporationexit | −$63M |
| HOLX Hologic, Inc. | −$45M |
| PEP PepsiCo, Inc. | −$45M |
| JHG Janus Henderson Group plc | −$35M |
| CWAN Clearwater Analytics Holdings, | −$32M |
| KVUE Kenvue Inc. | −$26M |
| NYT The New York Times Company | −$16M |
| UNF UniFirst Corporation | −$16M |
| UBER Uber Technologies, Inc. | −$15M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.89B | 354 | +22.85% | +17.59% | +5.26% | -0.31B |
| 2025-12-31 | $2.30B | 361 | +23.12% | +17.72% | +5.41% | +0.88B |
| 2025-09-30 | $1.37B | 322 | +34.19% | +17.52% | +16.68% | +0.06B |
| 2025-06-30 | $1.16B | 346 | +33.43% | +14.94% | +18.49% | -0.41B |
| 2025-03-31 | $1.42B | 386 | +13.60% | +8.30% | +5.30% | +0.09B |
| 2024-12-31 | $1.39B | 358 | +23.23% | +24.89% | -1.65% | +0.26B |
| 2024-09-30 | $1.00B | 269 | +18.30% | +36.04% | -17.73% | +0.04B |
| 2024-06-30 | $863M | 269 | +12.90% | +24.49% | -11.59% | +0.03B |
| 2024-03-31 | $885M | 243 | +24.60% | +29.62% | -5.02% | -0.02B |
| 2023-12-31 | $864M | 220 | +26.35% | +26.18% | +0.17% | +0.04B |
| 2023-09-30 | $757M | 223 | +22.22% | +21.57% | +0.65% | -0.01B |
| 2023-06-30 | $722M | 204 | +0.15% | +19.42% | -19.27% | -0.25B |
| 2023-03-31 | $937M | 223 | -23.73% | -7.82% | -15.92% | +0.09B |
| 2022-12-31 | $798M | 183 | +4.85% | +7.56% | -2.71% | -0.12B |
| 2022-09-30 | $872M | 181 | -12.84% | -4.93% | -7.91% | -0.07B |
| 2022-06-30 | $1.08B | 189 | -21.02% | -16.11% | -4.91% | +0.02B |