Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-14.45%
trims when stocks drop
when a holding falls −10%+
Middle response
-16.84%
baseline attrition
Rally response
-12.14%
trims into rallies
when a holding rises +10%+
Top positions · 14
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SQMSociedad QuÃmica y Mine | $85M | 18.3% | +104.1% | 5.5 yr |
| PBRPetróleo Brasileiro S.A | $82M | 17.8% | +54.2% | 9.0 yr |
| VALEVale S.A. | $77M | 16.5% | +72.7% | 2.8 yr |
| ERJEmbraer S.A. | $54M | 11.6% | — | 1.3 yr |
| GFIGold Fields Limited | $48M | 10.4% | +112.1% | 5.8 yr |
| BZKanzhun Limited | $39M | 8.4% | -29.6% | 2.0 yr |
| TSMTaiwan Semiconductor Man | $29M | 6.3% | +105.6% | 2.5 yr |
| BABAAlibaba Group Holding Li | $25M | 5.5% | -3.5% | 7.0 yr |
| GGALGrupo Financiero Galicia | $16M | 3.4% | -11.7% | 7.8 yr |
| CAAPCorporación América Ai | $2M | 0.4% | +38.2% | 8.3 yr |
| PDDPDD Holdings Inc. | $2M | 0.4% | -13.7% | 3.8 yr |
| LOMALoma Negra CompañÃa In | $2M | 0.3% | +0.9% | 3.0 yr |
| SCCOSouthern Copper Corporat | $1M | 0.3% | +93.0% | 7.5 yr |
| — | $1M | 0.3% | — | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Chemicals - Specialty18.3%+11.5pp$85M
Oil & Gas Integrated17.8%+4.9pp$82M
Industrial Materials16.5%$77M
Aerospace & Defense11.6%+8.1pp$54M
Gold10.4%-9.9pp$48M
Staffing & Employment Services8.4%$39M
Semiconductors6.3%$29M
Specialty Retail5.9%-25.7pp$28M
Banks - Regional3.4%+0.6pp$16M
Airlines, Airports & Air Services0.4%+0.1pp$2M
Country
BR45.9%+30.4pp
CL18.3%+11.2pp
CN13.9%-15.0pp
ZA10.4%-9.9pp
TW6.3%
AR3.8%-1.1pp
LU0.4%+0.1pp
IE0.4%-7.7pp
Top 5: 74.6% · Top 10: 98.6% · Top 25: 100.0%
Top sells this quarter · 10
| ERJ Embraer S.A. | −$0M |
| TSM Taiwan Semiconductor Manufactu | −$344M |
| MELI MercadoLibre, Inc.exit | −$43M |
| SQM Sociedad QuÃmica y Minera de | −$33M |
| BABA Alibaba Group Holding Limited | −$31M |
| GFI Gold Fields Limited | −$30M |
| VALE Vale S.A. | −$27M |
| GGAL Grupo Financiero Galicia S.A. | −$10M |
| PDD PDD Holdings Inc. | −$0M |
| SCCO Southern Copper Corporation | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $464M | 14 | +99.10% | +17.59% | +81.51% | -0.33B |
| 2025-12-31 | $528M | 13 | +48.74% | +17.72% | +31.02% | -0.13B |
| 2025-09-30 | $611M | 17 | +34.39% | +17.52% | +16.87% | +0.11B |
| 2025-06-30 | $415M | 16 | +22.31% | +14.94% | +7.37% | -0.14B |
| 2025-03-31 | $549M | 19 | +16.89% | +8.30% | +8.58% | -0.02B |
| 2024-12-31 | $501M | 15 | -4.48% | +24.89% | -29.37% | -0.31B |
| 2024-09-30 | $837M | 19 | +14.61% | +36.04% | -21.43% | -0.24B |
| 2024-06-30 | $980M | 18 | +8.48% | +24.49% | -16.01% | -0.26B |
| 2024-03-31 | $1.27B | 22 | +6.60% | +29.62% | -23.03% | +0.11B |
| 2023-12-31 | $1.26B | 19 | +30.86% | +26.18% | +4.68% | +0.05B |
| 2023-09-30 | $1.04B | 19 | +29.57% | +21.57% | +8.00% | -0.05B |
| 2023-06-30 | $1.05B | 17 | +20.78% | +19.42% | +1.36% | -0.21B |
| 2023-03-31 | $1.31B | 17 | -6.08% | -7.82% | +1.74% | +0.01B |
| 2022-12-31 | $1.15B | 16 | +14.76% | +7.56% | +7.20% | -0.00B |
| 2022-09-30 | $1.00B | 16 | -2.73% | -4.93% | +2.19% | -0.01B |
| 2022-06-30 | $1.05B | 13 | -25.68% | -16.11% | -9.57% | +0.36B |