Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+5.81%
adds when stocks drop
when a holding falls −10%+
Middle response
+3.60%
steady accumulation
Rally response
-21.23%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NSCNorfolk Southern Corpora | $66M | 8.2% | +23.6% | 0.8 yr |
| WBDWarner Bros. Discovery, | $55M | 6.9% | +155.9% | 0.8 yr |
| EAElectronic Arts Inc. | $37M | 4.6% | +41.7% | 0.8 yr |
| JHGJanus Henderson Group pl | $27M | 3.4% | +46.4% | 0.5 yr |
| TXNMTXNM Energy, Inc. | $26M | 3.2% | +12.5% | 1.0 yr |
| SHWThe Sherwin-Williams Com | $22M | 2.7% | -7.4% | 0.8 yr |
| QRVOQorvo, Inc. | $20M | 2.5% | +6.9% | 0.5 yr |
| AESThe AES Corporation | $19M | 2.3% | +19.9% | 0.8 yr |
| HOLXHologic, Inc. | $13M | 1.7% | +22.4% | 0.5 yr |
| NWAXNew America Acquisition | $13M | 1.6% | — | 0.3 yr |
| COFCapital One Financial Co | $12M | 1.5% | +3.1% | 0.3 yr |
| ASMLASML Holding N.V. | $12M | 1.4% | +100.9% | 1.3 yr |
| — | $12M | 1.4% | — | 1.0 yr |
| CEPTCantor Equity Partners I | $12M | 1.4% | — | 1.0 yr |
| — | $11M | 1.4% | — | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Unknown24.2%+23.6pp$194M
Shell Companies14.0%+12.6pp$112M
Railroads8.2%$66M
Asset Management7.4%+4.2pp$60M
Entertainment6.9%$55M
Financial - Conglomerates6.3%$51M
Semiconductors5.3%-3.5pp$42M
Electronic Gaming & Multimedia4.6%$37M
Regulated Electric3.2%$26M
Financial - Credit Services3.0%-6.5pp$24M
Country
US68.4%-20.0pp
Unknown24.2%+23.6pp
GB3.4%
NL1.4%
CA0.9%
KY0.8%
TW0.7%-5.6pp
ES0.0%
Top 5: 26.4% · Top 10: 37.2% · Top 25: 57.6%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NKE | $9M | -0.00B | -14.7% |
Top buys this quarter · 15
| JHG Janus Henderson Group plc | +$21M |
| NWAX New America Acquisition I Corpnew | +$13M |
| COF Capital One Financial Corporatnew | +$12M |
| AES The AES Corporation | +$12M |
| SVAQ Silicon Valley Acquisition Cornew | +$10M |
| NSC Norfolk Southern Corporation | +$9M |
| CRAN Crane Harbor Acquisition Corp.new | +$9M |
| QRVO Qorvo, Inc. | +$8M |
| MEVO M Evo Global Acquisition Corp new | +$7M |
| SHW The Sherwin-Williams Company | +$6M |
Top sells this quarter · 15
| TSM Taiwan Semiconductor Manufactu | −$34M |
| VTR Ventas, Inc.exit | −$31M |
| BAC Bank of America Corporationexit | −$29M |
| TXNM TXNM Energy, Inc. | −$27M |
| AMZN Amazon.com, Inc. | −$26M |
| CRBG Corebridge Financial, Inc.exit | −$19M |
| KKR KKR & Co. Inc.exit | −$17M |
| AMAT Applied Materials, Inc.exit | −$16M |
| SATS EchoStar Corporation | −$13M |
| EXAS Exact Sciences Corporationexit | −$13M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $801M | 167 | +43.34% | +17.59% | +25.75% | -0.26B |
| 2025-12-31 | $1.08B | 152 | +41.14% | +17.72% | +23.43% | +0.31B |
| 2025-09-30 | $719M | 124 | +37.38% | +17.52% | +19.87% | -0.19B |
| 2025-06-30 | $728M | 102 | +19.89% | +14.94% | +4.95% | +0.24B |
| 2025-03-31 | $449M | 39 | +13.73% | +8.30% | +5.43% | -0.18B |
| 2024-12-31 | $650M | 35 | +28.80% | +24.89% | +3.91% | +0.00B |
| 2024-09-30 | $622M | 33 | +42.60% | +36.04% | +6.57% | -0.06B |
| 2024-06-30 | $629M | 34 | +29.24% | +24.49% | +4.74% | -0.01B |
| 2024-03-31 | $615M | 34 | +34.48% | +29.62% | +4.86% | +0.19B |
| 2023-12-31 | $386M | 28 | +38.48% | +26.18% | +12.30% | -0.20B |
| 2023-09-30 | $511M | 35 | +27.01% | +21.57% | +5.44% | +0.11B |
| 2023-06-30 | $409M | 36 | +27.25% | +19.42% | +7.83% | -0.31B |
| 2023-03-31 | $672M | 63 | -1.38% | -7.82% | +6.44% | -0.30B |
| 2022-12-31 | $865M | 113 | -16.58% | -18.17% | +1.59% | -0.24B |
| 2022-09-30 | $1.04B | 150 | -12.56% | -15.51% | +2.95% | -0.13B |
| 2022-06-30 | $1.18B | 174 | -11.22% | -10.62% | -0.60% | +0.10B |