Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.80%
trims when stocks drop
when a holding falls −10%+
Middle response
+0.00%
baseline attrition
Rally response
-9.47%
trims into rallies
when a holding rises +10%+
Top positions · 2
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CRCLCircle Internet Group | $859M | 98.9% | — | 1.0 yr |
| WDHWaterdrop Inc. | $9M | 1.1% | +12.5% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Financial - Capital Markets98.9%$859M
Insurance - Diversified1.1%-11.8pp$9M
Country
US98.9%
CN1.1%-98.9pp
Top 5: 100.0% · Top 10: 100.0% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| WDH | $9M | +0.00B | 12.5% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 0
No buys this quarter
Top sells this quarter · 1
| CRCL Circle Internet Group | −$790M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $868M | 2 | -18.98% | +17.59% | -36.57% | -0.09B |
| 2025-12-31 | $801M | 2 | -55.59% | +17.72% | -73.31% | -0.17B |
| 2025-09-30 | $1.58B | 3 | -22.92% | +8.12% | -31.04% | -0.13B |
| 2025-06-30 | $2.21B | 3 | +42.48% | +10.78% | +31.70% | +2.11B |
| 2025-03-31 | $66M | 2 | -34.31% | -4.27% | -30.04% | +0.00B |
| 2024-12-31 | $100M | 2 | — | — | — | — |