Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.82%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.92%
baseline attrition
Rally response
-7.57%
trims into rallies
when a holding rises +10%+
Top positions · 21
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| EQTEQT Corporation | $69M | 16.9% | +20.5% | 7.3 yr |
| LILAKLiberty Latin America Lt | $48M | 11.7% | — | 6.0 yr |
| CHTRCharter Communications, | $46M | 11.4% | -41.4% | 0.8 yr |
| INTUIntuit Inc. | $39M | 9.6% | -29.3% | 0.3 yr |
| IHSIHS Holding Limited | $37M | 9.1% | +57.7% | 3.3 yr |
| CZRCaesars Entertainment, I | $27M | 6.6% | +5.7% | 2.0 yr |
| UBERUber Technologies, Inc. | $26M | 6.3% | -1.3% | 6.3 yr |
| FIFiserv, Inc. | $24M | 5.8% | — | 0.5 yr |
| COURCoursera, Inc. | $19M | 4.7% | -12.6% | 0.5 yr |
| ARISAris Mining Corporation | $19M | 4.5% | +300.2% | 2.5 yr |
| KOPKoppers Holdings Inc. | $18M | 4.3% | +39.6% | 1.3 yr |
| BIDUBaidu, Inc. | $12M | 2.9% | +21.1% | 2.5 yr |
| — | $5M | 1.2% | — | 0.3 yr |
| VSTSVestis Corporation | $5M | 1.2% | -20.6% | 0.8 yr |
| LILALiberty Latin America Lt | $4M | 1.1% | +36.5% | 6.0 yr |
Portfolio composition (YoY)
Industry mix
Telecommunications Services34.2%+7.6pp$140M
Oil & Gas Exploration & Production16.9%-5.2pp$69M
Software - Application16.0%+5.8pp$65M
Gambling, Resorts & Casinos6.6%+0.6pp$27M
Information Technology Services5.8%$24M
Education & Training Services4.7%$19M
Other Precious Metals4.5%+2.8pp$19M
Chemicals - Specialty4.3%+1.7pp$18M
Internet Content & Information2.9%-6.8pp$12M
Unknown1.4%$6M
Country
US69.4%-0.2pp
BM12.7%+2.0pp
GB9.1%+2.0pp
CA4.5%+2.8pp
CN2.9%-1.3pp
Unknown1.4%
Top 5: 58.6% · Top 10: 86.6% · Top 25: 100.0%
Top buys this quarter · 7
| FI Fiserv, Inc. | +$0M |
| — new | +$0M |
| IGSB iShares 1-5 Year Investment Gr | +$0M |
| INTU Intuit Inc.new | +$39M |
| CHTR Charter Communications, Inc. | +$21M |
| COUR Coursera, Inc. | +$15M |
| KHC The Kraft Heinz Company | +$1M |
Top sells this quarter · 15
| LILAK Liberty Latin America Ltd. | −$42M |
| BRK-A Berkshire Hathaway Inc.exit | −$0M |
| GLBKV GCI Liberty, Inc. Series C GCIexit | −$0M |
| SATS EchoStar Corporation | −$58M |
| GOOG Alphabet Inc.exit | −$31M |
| EQT EQT Corporation | −$61M |
| CZR Caesars Entertainment, Inc. | −$27M |
| ARIS Aris Mining Corporation | −$18M |
| IHS IHS Holding Limited | −$35M |
| VSTS Vestis Corporation | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $409M | 21 | +72.69% | +17.59% | +55.10% | +0.01B |
| 2025-12-31 | $388M | 22 | +84.51% | +17.72% | +66.79% | -0.01B |
| 2025-09-30 | $372M | 21 | +67.71% | +17.52% | +50.19% | -0.08B |
| 2025-06-30 | $328M | 17 | +34.10% | +14.94% | +19.16% | -0.02B |
| 2025-03-31 | $310M | 16 | +26.61% | +8.30% | +18.31% | +0.01B |
| 2024-12-31 | $269M | 14 | +19.74% | +24.89% | -5.15% | -0.04B |
| 2024-09-30 | $313M | 15 | +30.54% | +36.04% | -5.50% | -0.02B |
| 2024-06-30 | $303M | 15 | +14.11% | +24.49% | -10.38% | +0.02B |
| 2024-03-31 | $262M | 13 | +24.99% | +29.62% | -4.63% | -0.03B |
| 2023-12-31 | $280M | 17 | +29.72% | +26.18% | +3.54% | +0.00B |
| 2023-09-30 | $259M | 16 | +10.96% | +21.57% | -10.61% | -0.01B |
| 2023-06-30 | $280M | 19 | +21.91% | +19.42% | +2.48% | -0.01B |
| 2023-03-31 | $251M | 20 | -17.70% | -7.82% | -9.88% | -0.00B |
| 2022-12-31 | $231M | 19 | -8.66% | +7.56% | -16.22% | +0.01B |
| 2022-09-30 | $239M | 18 | +5.03% | -4.93% | +9.95% | -0.01B |
| 2022-06-30 | $233M | 17 | -21.42% | -16.11% | -5.31% | +0.03B |