Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-15.88%
trims when stocks drop
when a holding falls −10%+
Middle response
-7.39%
baseline attrition
Rally response
-2.59%
trims into rallies
when a holding rises +10%+
Top positions · 21
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SATSEchoStar Corporation | $46M | 22.0% | +357.7% | 2.3 yr |
| NNNextNav Inc. | $27M | 13.2% | +31.6% | 3.8 yr |
| ATEXAnterix Inc. | $19M | 9.2% | +4.3% | 0.3 yr |
| APLDApplied Digital Corporat | $15M | 7.3% | +322.4% | 3.0 yr |
| MRNAModerna, Inc. | $11M | 5.4% | +79.2% | 1.3 yr |
| SOCSable Offshore Corp. | $11M | 5.4% | -34.9% | 0.5 yr |
| — | $11M | 5.1% | — | 0.3 yr |
| INODInnodata Inc. | $11M | 5.1% | +7.6% | 3.0 yr |
| YNDXYandex N.V. | $9M | 4.5% | — | 1.5 yr |
| ARAntero Resources Corpora | $7M | 3.6% | +4.9% | 4.5 yr |
| SMSM Energy Company | $7M | 3.2% | +8.9% | 0.3 yr |
| APAAPA Corporation | $6M | 2.9% | +112.3% | 0.3 yr |
| CCThe Chemours Company | $5M | 2.4% | +67.0% | 0.3 yr |
| GSATGlobalstar, Inc. | $5M | 2.2% | +218.4% | 1.3 yr |
| ECGEverus Construction Grou | $4M | 1.7% | +218.3% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Communication Equipment22.0%+11.3pp$46M
Internet Content & Information17.7%-5.0pp$37M
Telecommunications Services12.8%+7.3pp$27M
Information Technology Services12.5%-5.1pp$26M
Oil & Gas Exploration & Production11.2%-3.7pp$23M
Biotechnology5.4%+3.9pp$11M
Oil & Gas Drilling5.4%$11M
Unknown5.1%$11M
Chemicals - Specialty2.4%$5M
Engineering & Construction1.7%-0.5pp$4M
Country
US90.4%-3.2pp
Unknown5.1%
RU4.5%+2.0pp
Top 5: 57.2% · Top 10: 80.9% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| APLD | $12M | +0.04B | 322.4% |
| SATS | $6M | +0.02B | 357.7% |
| GSAT | $7M | +0.02B | 218.4% |
| NN | $27M | +0.01B | 31.6% |
| ECG | $3M | +0.01B | 218.3% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 11
| ATEX Anterix Inc.new | +$19M |
| SM SM Energy Companynew | +$7M |
| APA APA Corporationnew | +$6M |
| SOC Sable Offshore Corp. | +$5M |
| CC The Chemours Companynew | +$5M |
| MRNA Moderna, Inc. | +$5M |
| OXY Occidental Petroleum Corporatinew | +$3M |
| SATS EchoStar Corporation | +$3M |
| CNR Core Natural Resources, Inc.new | +$2M |
| RXT Rackspace Technology, Inc.new | +$1M |
Top sells this quarter · 15
| YOU Clear Secure, Inc.exit | −$13M |
| APLD Applied Digital Corporation | −$9M |
| FSLR First Solar, Inc.exit | −$8M |
| GSAT Globalstar, Inc. | −$6M |
| AR Antero Resources Corporation | −$6M |
| NN NextNav Inc. | −$6M |
| LYFT Lyft, Inc.exit | −$5M |
| SMCI Super Micro Computer, Inc.exit | −$5M |
| RUN Sunrun Inc. | −$5M |
| NXDR Nextdoor Holdings, Inc.exit | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $207M | 21 | +86.69% | +17.59% | +69.10% | -0.03B |
| 2025-12-31 | $226M | 21 | +55.63% | +17.72% | +37.91% | -0.02B |
| 2025-09-30 | $238M | 20 | +93.22% | +17.52% | +75.70% | +0.01B |
| 2025-06-30 | $166M | 18 | +51.14% | +14.94% | +36.20% | -0.01B |
| 2025-03-31 | $135M | 18 | +29.75% | +8.30% | +21.44% | +0.00B |
| 2024-12-31 | $156M | 19 | +55.66% | +24.89% | +30.77% | -0.01B |
| 2024-09-30 | $129M | 20 | +19.07% | +36.04% | -16.97% | +0.01B |
| 2024-06-30 | $107M | 18 | +14.65% | +24.49% | -9.84% | -0.01B |
| 2024-03-31 | $103M | 13 | +5.92% | +29.62% | -23.71% | -0.02B |
| 2023-12-31 | $115M | 16 | -7.83% | +26.18% | -34.01% | -0.01B |
| 2023-09-30 | $125M | 21 | -2.38% | +21.57% | -23.95% | +0.00B |
| 2023-06-30 | $117M | 22 | -0.47% | +19.42% | -19.90% | +0.00B |
| 2023-03-31 | $113M | 21 | -24.00% | -7.82% | -16.18% | -0.00B |
| 2022-12-31 | $127M | 18 | +3.96% | +7.56% | -3.60% | -0.01B |
| 2022-09-30 | $132M | 24 | +5.05% | -4.93% | +9.97% | +0.00B |
| 2022-06-30 | $122M | 22 | -22.86% | -16.11% | -6.75% | -0.00B |