Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.60%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.33%
baseline attrition
Rally response
-6.40%
trims into rallies
when a holding rises +10%+
Top positions · 26
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CMECME Group Inc. | $1.03B | 25.6% | +15.6% | 0.3 yr |
| PLPlanet Labs PBC | $985M | 24.5% | +726.9% | 4.5 yr |
| ASTSAST SpaceMobile, Inc. | $741M | 18.5% | +264.4% | 1.3 yr |
| RVMDRevolution Medicines, In | $320M | 8.0% | +175.0% | 2.5 yr |
| ARMArm Holdings plc America | $297M | 7.4% | +41.7% | 2.8 yr |
| FRSHFreshworks Inc. | $130M | 3.2% | -43.1% | 4.5 yr |
| PATHUiPath Inc. | $78M | 1.9% | +7.8% | 5.0 yr |
| TEMTempus AI, Inc. | $70M | 1.7% | -6.3% | 2.0 yr |
| PAYPPayPay Corporation | $67M | 1.7% | — | 0.3 yr |
| GTLBGitLab Inc. | $59M | 1.5% | -54.0% | 4.0 yr |
| PRMEPrime Medicine, Inc. | $58M | 1.4% | +74.9% | 3.5 yr |
| LIFEEthos Technologies Inc. | $42M | 1.0% | — | 0.3 yr |
| MAZEMaze Therapeutics, Inc. | $41M | 1.0% | +171.1% | 1.3 yr |
| BBOTBridgeBio Oncology Thera | $25M | 0.6% | — | 0.8 yr |
| RLAYRelay Therapeutics, Inc. | $16M | 0.4% | +279.8% | 5.8 yr |
Portfolio composition (YoY)
Industry mix
Financial - Data & Stock Exchanges25.6%$1.03B
Aerospace & Defense24.5%+17.7pp$985M
Communication Equipment18.5%+5.6pp$741M
Biotechnology12.6%-15.1pp$506M
Semiconductors7.4%-5.9pp$297M
Software - Application4.8%-17.8pp$194M
Software - Infrastructure3.6%-2.6pp$145M
Medical - Healthcare Information Services1.7%-3.1pp$70M
Insurance - Life1.0%$42M
Medical - Healthcare Plans0.1%-0.3pp$6M
Country
US90.9%+4.6pp
GB7.4%-6.0pp
JP1.7%
Top 5: 84.0% · Top 10: 94.0% · Top 25: 100.0%
Top buys this quarter · 4
| CME CME Group Inc.new | +$1.03B |
| PL Planet Labs PBC | +$92M |
| PAYP PayPay Corporationnew | +$67M |
| LIFE Ethos Technologies Inc.new | +$42M |
Top sells this quarter · 9
| CRTX Cortexyme, Inc.exit | −$0M |
| DXCM DexCom, Inc.exit | −$65M |
| RVMD Revolution Medicines, Inc. | −$266M |
| EXAS Exact Sciences Corporationexit | −$2M |
| WGS GeneDx Holdings Corp.exit | −$1M |
| GLUE Monte Rosa Therapeutics, Inc. | −$1M |
| FULC Fulcrum Therapeutics, Inc.exit | −$0M |
| RLAY Relay Therapeutics, Inc. | −$13M |
| RGEN Repligen Corporationexit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.02B | 26 | +117.35% | +17.59% | +99.75% | +1.15B |
| 2025-12-31 | $2.58B | 29 | +72.91% | +17.72% | +55.19% | -0.38B |
| 2025-09-30 | $2.41B | 37 | +49.02% | +17.52% | +31.50% | -0.07B |
| 2025-06-30 | $2.14B | 36 | +23.21% | +14.94% | +8.27% | -0.03B |
| 2025-03-31 | $1.58B | 40 | -18.25% | +8.30% | -26.55% | +0.06B |
| 2024-12-31 | $1.72B | 38 | +2.62% | +24.89% | -22.27% | -0.23B |
| 2024-09-30 | $1.84B | 40 | +28.14% | +36.04% | -7.89% | -0.05B |
| 2024-06-30 | $1.97B | 40 | +16.20% | +24.49% | -8.29% | -0.31B |
| 2024-03-31 | $2.51B | 42 | +38.01% | +29.62% | +8.38% | +0.12B |
| 2023-12-31 | $2.16B | 44 | +34.12% | +26.18% | +7.94% | +0.10B |
| 2023-09-30 | $1.56B | 45 | -8.64% | +21.57% | -30.20% | -0.06B |
| 2023-06-30 | $1.86B | 47 | +7.35% | +19.42% | -12.07% | -0.09B |
| 2023-03-31 | $1.80B | 49 | -36.25% | -7.82% | -28.43% | -0.05B |
| 2022-12-31 | $1.72B | 51 | -9.95% | +7.56% | -17.51% | -0.04B |
| 2022-09-30 | $1.96B | 49 | +2.36% | -4.93% | +7.29% | +0.07B |
| 2022-06-30 | $1.84B | 55 | -35.78% | -16.11% | -19.67% | -0.14B |