Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-13.96%
trims when stocks drop
when a holding falls −10%+
Middle response
-25.71%
baseline attrition
Rally response
-19.67%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| EQIXEquinix, Inc. | $129M | 18.4% | +23.0% | 1.0 yr |
| AMZNAmazon.com, Inc. | $37M | 5.2% | +9.5% | 3.8 yr |
| WMBThe Williams Companies, | $36M | 5.2% | +25.8% | 0.8 yr |
| ASMLASML Holding N.V. | $31M | 4.4% | +100.9% | 0.5 yr |
| STMSTMicroelectronics N.V. | $29M | 4.1% | +58.7% | 1.5 yr |
| AMATApplied Materials, Inc. | $29M | 4.1% | +137.6% | 1.5 yr |
| RKTRocket Companies, Inc. | $25M | 3.6% | +18.1% | 1.8 yr |
| TXNTexas Instruments Incorp | $25M | 3.6% | +11.4% | 0.5 yr |
| EQTEQT Corporation | $24M | 3.4% | +20.5% | 0.8 yr |
| GDSGDS Holdings Limited | $20M | 2.9% | +59.1% | 0.8 yr |
| STXSeagate Technology Holdi | $20M | 2.8% | +366.3% | 1.8 yr |
| AMDAdvanced Micro Devices, | $19M | 2.7% | +98.0% | 0.5 yr |
| TSMTaiwan Semiconductor Man | $19M | 2.7% | +105.6% | 3.8 yr |
| FIGRFigure Technology Soluti | $18M | 2.6% | — | 0.8 yr |
| WWayfair Inc. | $18M | 2.6% | +134.8% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors26.4%+20.7pp$185M
REIT - Specialty18.4%$129M
Specialty Retail9.1%+2.0pp$64M
Oil & Gas Midstream5.2%$36M
Software - Application5.0%-18.7pp$35M
Information Technology Services3.7%$26M
Financial - Mortgages3.6%+1.9pp$25M
Software - Infrastructure3.5%+2.3pp$25M
Oil & Gas Exploration & Production3.4%$24M
Unknown3.3%$23M
Country
US68.9%-13.5pp
NL8.5%
CN5.0%
SG4.3%+2.3pp
Unknown3.3%
TW2.7%+0.8pp
IL1.7%-1.0pp
BR1.7%
Top 5: 37.3% · Top 10: 54.8% · Top 25: 86.8%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| EQIX Equinix, Inc. | +$127M |
| STM STMicroelectronics N.V. | +$26M |
| AMAT Applied Materials, Inc. | +$19M |
| RKT Rocket Companies, Inc. | +$16M |
| ASML ASML Holding N.V. | +$15M |
| TXN Texas Instruments Incorporated | +$14M |
| WMB The Williams Companies, Inc. | +$14M |
| STX Seagate Technology Holdings pl | +$14M |
| EQT EQT Corporation | +$9M |
| CPNG Coupang, Inc.new | +$9M |
Top sells this quarter · 15
| NVDA NVIDIA Corporationexit | −$43M |
| AMZN Amazon.com, Inc. | −$30M |
| ENTG Entegris, Inc. | −$24M |
| BE Bloom Energy Corporation | −$20M |
| BABA Alibaba Group Holding Limitedexit | −$19M |
| EPAM EPAM Systems, Inc.exit | −$19M |
| FSLR First Solar, Inc.exit | −$16M |
| NFLX Netflix, Inc.exit | −$16M |
| WULF TeraWulf Inc.exit | −$15M |
| APP AppLovin Corporationexit | −$14M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $703M | 39 | +82.10% | +17.59% | +64.51% | -0.05B |
| 2025-12-31 | $740M | 49 | +63.44% | +17.72% | +45.72% | -0.48B |
| 2025-09-30 | $1.11B | 69 | +63.17% | +17.52% | +45.65% | +0.38B |
| 2025-06-30 | $610M | 41 | +43.49% | +14.94% | +28.54% | +0.29B |
| 2025-03-31 | $238M | 30 | +6.97% | +8.30% | -1.33% | -0.32B |
| 2024-12-31 | $612M | 49 | +27.56% | +24.89% | +2.68% | -0.10B |
| 2024-09-30 | $648M | 75 | +33.19% | +36.04% | -2.85% | -0.06B |
| 2024-06-30 | $669M | 53 | +20.15% | +24.49% | -4.34% | -0.22B |
| 2024-03-31 | $878M | 84 | +29.34% | +29.62% | -0.28% | +0.46B |
| 2023-12-31 | $385M | 58 | +17.29% | +26.18% | -8.89% | +0.04B |
| 2023-09-30 | $299M | 33 | -8.06% | +21.57% | -29.62% | -0.22B |
| 2023-06-30 | $544M | 41 | -15.73% | +19.42% | -35.15% | +0.09B |
| 2023-03-31 | $417M | 42 | -38.26% | -7.82% | -30.44% | +0.12B |
| 2022-12-31 | $296M | 46 | -10.47% | +7.56% | -18.03% | +0.10B |
| 2022-09-30 | $224M | 24 | -12.41% | -4.93% | -7.48% | +0.05B |
| 2022-06-30 | $203M | 30 | -20.39% | -16.11% | -4.28% | -0.06B |