Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-14.20%
trims when stocks drop
when a holding falls −10%+
Middle response
-20.68%
baseline attrition
Rally response
-24.04%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| JHGJanus Henderson Group pl | $3M | 6.6% | +46.4% | 0.5 yr |
| DAWNDay One Biopharmaceutica | $3M | 6.5% | +170.4% | 0.3 yr |
| SEMSelect Medical Holdings | $2M | 5.8% | -0.7% | 1.5 yr |
| NSCNorfolk Southern Corpora | $2M | 5.7% | +23.6% | 4.3 yr |
| TALKTalkspace, Inc. | $2M | 5.1% | +102.3% | 0.3 yr |
| APLSApellis Pharmaceuticals, | $2M | 5.0% | +84.0% | 0.3 yr |
| FOLDAmicus Therapeutics, Inc | $2M | 4.8% | +77.2% | 0.5 yr |
| EAElectronic Arts Inc. | $2M | 4.6% | +41.7% | 3.3 yr |
| GLDDGreat Lakes Dredge & Doc | $2M | 4.2% | +95.4% | 2.0 yr |
| THRThermon Group Holdings, | $2M | 4.0% | +81.0% | 0.3 yr |
| QRVOQorvo, Inc. | $2M | 3.9% | +6.9% | 4.8 yr |
| CTRACoterra Energy Inc. | $2M | 3.8% | +25.8% | 3.3 yr |
| STELStellar Bancorp, Inc. | $2M | 3.8% | +34.8% | 0.3 yr |
| PENPenumbra, Inc. | $1M | 3.6% | +22.8% | 0.3 yr |
| HTBKHeritage Commerce Corp | $1M | 3.5% | — | 1.3 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology16.3%+14.2pp$7M
Medical - Care Facilities10.9%+9.6pp$4M
Asset Management8.1%+7.0pp$3M
Banks - Regional7.2%+2.1pp$3M
Semiconductors6.7%+4.9pp$3M
Medical - Devices6.3%+4.9pp$3M
Industrial - Machinery6.2%+4.2pp$3M
Railroads5.7%+5.3pp$2M
Software - Application4.7%-2.2pp$2M
Electronic Gaming & Multimedia4.6%+4.4pp$2M
Country
US91.2%-4.3pp
GB6.6%+6.3pp
BM2.2%+2.1pp
Top 5: 29.6% · Top 10: 52.3% · Top 25: 93.6%
Top buys this quarter · 15
| DAWN Day One Biopharmaceuticals, Innew | +$3M |
| TALK Talkspace, Inc.new | +$2M |
| APLS Apellis Pharmaceuticals, Inc.new | +$2M |
| SEM Select Medical Holdings Corpor | +$2M |
| THR Thermon Group Holdings, Inc.new | +$2M |
| STEL Stellar Bancorp, Inc.new | +$2M |
| PEN Penumbra, Inc.new | +$1M |
| GLDD Great Lakes Dredge & Dock Corp | +$1M |
| VRE Veris Residential, Inc.new | +$1M |
| SLAB Silicon Laboratories Inc. | +$1M |
Top sells this quarter · 15
| JHG Janus Henderson Group plc | −$17M |
| NSC Norfolk Southern Corporation | −$13M |
| EXAS Exact Sciences Corporationexit | −$13M |
| CFLT Confluent, Inc.exit | −$12M |
| EA Electronic Arts Inc. | −$11M |
| FOLD Amicus Therapeutics, Inc. | −$11M |
| WBD Warner Bros. Discovery, Inc. | −$8M |
| NGD New Gold Inc.exit | −$7M |
| GTLS Chart Industries, Inc. | −$5M |
| SOLS Solstice Advanced Materials Inexit | −$5M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $41M | 31 | +21.11% | +17.59% | +3.51% | -0.61B |
| 2025-12-31 | $641M | 588 | +16.51% | +17.72% | -1.21% | +0.08B |
| 2025-09-30 | $537M | 604 | +15.29% | +17.52% | -2.22% | -0.07B |
| 2025-06-30 | $567M | 683 | +18.09% | +14.94% | +3.14% | -0.09B |
| 2025-03-31 | $613M | 679 | +14.42% | +8.30% | +6.12% | +0.05B |
| 2024-12-31 | $579M | 723 | +30.43% | +24.89% | +5.54% | -0.07B |
| 2024-09-30 | $630M | 740 | +42.49% | +36.04% | +6.45% | +0.04B |
| 2024-06-30 | $541M | 696 | +30.06% | +24.49% | +5.57% | +0.03B |
| 2024-03-31 | $494M | 659 | +32.74% | +29.62% | +3.11% | -0.05B |
| 2023-12-31 | $491M | 680 | +21.89% | +26.18% | -4.29% | -0.07B |
| 2023-09-30 | $494M | 643 | +12.91% | +21.57% | -8.66% | -0.08B |
| 2023-06-30 | $577M | 594 | +8.21% | +19.42% | -11.21% | -0.23B |
| 2023-03-31 | $763M | 682 | -9.00% | -7.82% | -1.19% | -0.43B |
| 2022-12-31 | $1.16B | 689 | +4.28% | +7.56% | -3.28% | -0.56B |
| 2022-09-30 | $1.65B | 766 | -3.88% | -4.93% | +1.05% | -0.82B |
| 2022-06-30 | $2.58B | 774 | -11.07% | -16.11% | +5.04% | +0.26B |