Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.75%
adds when stocks drop
when a holding falls −10%+
Middle response
-4.36%
baseline attrition
Rally response
-4.27%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AMZNAmazon.com, Inc. | $900M | 15.2% | +9.5% | 7.3 yr |
| MUMicron Technology, Inc. | $563M | 9.5% | +289.6% | 8.8 yr |
| GOOGAlphabet Inc. | $497M | 8.4% | +84.3% | 10.3 yr |
| UBERUber Technologies, Inc. | $456M | 7.7% | -1.3% | 5.0 yr |
| TSMTaiwan Semiconductor Man | $449M | 7.6% | +105.6% | 3.0 yr |
| BABAAlibaba Group Holding Li | $435M | 7.3% | -3.5% | 8.0 yr |
| VSTVistra Corp. | $304M | 5.1% | +28.7% | 4.3 yr |
| EWYiShares MSCI South Korea | $295M | 5.0% | — | 1.8 yr |
| NVDANVIDIA Corporation | $257M | 4.3% | +60.9% | 3.5 yr |
| NRGNRG Energy, Inc. | $253M | 4.3% | +55.0% | 3.5 yr |
| METAMeta Platforms, Inc. | $250M | 4.2% | -0.4% | 10.0 yr |
| SNDKSandisk Corporation | $179M | 3.0% | +1234.5% | 0.3 yr |
| GLWCorning Incorporated | $154M | 2.6% | +201.5% | 1.5 yr |
| WHRWhirlpool Corporation | $105M | 1.8% | -36.7% | 3.0 yr |
| PDDPDD Holdings Inc. | $92M | 1.5% | -13.7% | 3.0 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors25.7%+20.8pp$1.52B
Specialty Retail24.7%-21.1pp$1.46B
Internet Content & Information13.9%+1.3pp$824M
Independent Power Producers9.4%+1.0pp$557M
Software - Application8.3%+2.2pp$491M
Hardware, Equipment & Parts5.6%+4.2pp$332M
Asset Management5.5%-0.6pp$326M
Aerospace & Defense2.3%+1.1pp$134M
Furnishings, Fixtures & Appliances1.8%$105M
Oil & Gas Midstream1.0%-1.2pp$59M
Country
US80.4%+22.8pp
CN9.3%-20.6pp
TW7.6%+6.8pp
IE1.5%-7.7pp
NL1.1%+0.3pp
DE0.1%-1.5pp
Top 5: 48.3% · Top 10: 74.3% · Top 25: 97.4%
Top buys this quarter · 9
| AMZN Amazon.com, Inc. | +$446M |
| UBER Uber Technologies, Inc. | +$322M |
| SNDK Sandisk Corporationnew | +$179M |
| VST Vistra Corp. | +$162M |
| TSM Taiwan Semiconductor Manufactu | +$67M |
| MU Micron Technology, Inc. | +$56M |
| NRG NRG Energy, Inc. | +$253M |
| BIDU Baidu, Inc. | +$13M |
| EWY iShares MSCI South Korea ETF | +$0M |
Top sells this quarter · 15
| BABA Alibaba Group Holding Limited | −$210M |
| AAL American Airlines Group Inc.exit | −$152M |
| MSFT Microsoft Corporation | −$152M |
| WHR Whirlpool Corporation | −$106M |
| OC Owens Corningexit | −$103M |
| META Meta Platforms, Inc. | −$94M |
| PDD PDD Holdings Inc. | −$89M |
| DB Deutsche Bank AG | −$86M |
| QCOM QUALCOMM Incorporated | −$83M |
| JD JD.com, Inc. | −$81M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $5.93B | 31 | +22.96% | +17.59% | +5.37% | -0.56B |
| 2025-12-31 | $6.85B | 38 | +39.16% | +17.72% | +21.44% | -0.44B |
| 2025-09-30 | $7.38B | 45 | +31.82% | +17.52% | +14.30% | -0.30B |
| 2025-06-30 | $6.45B | 38 | +18.57% | +14.94% | +3.62% | +0.32B |
| 2025-03-31 | $5.57B | 35 | +12.08% | +8.30% | +3.77% | -1.37B |
| 2024-12-31 | $6.46B | 37 | +19.53% | +24.89% | -5.36% | +0.16B |
| 2024-09-30 | $6.73B | 38 | +49.92% | +36.04% | +13.88% | +0.12B |
| 2024-06-30 | $6.18B | 37 | +40.18% | +24.49% | +15.69% | -0.79B |
| 2024-03-31 | $6.69B | 38 | +55.16% | +29.62% | +25.54% | +0.22B |
| 2023-12-31 | $5.66B | 39 | +48.58% | +26.18% | +22.40% | -0.29B |
| 2023-09-30 | $5.07B | 32 | +23.03% | +21.57% | +1.47% | -0.33B |
| 2023-06-30 | $5.39B | 39 | +27.76% | +19.42% | +8.34% | +3.26B |
| 2023-03-31 | $1.85B | 28 | -5.96% | -7.82% | +1.85% | +0.37B |
| 2022-12-31 | $1.35B | 24 | -2.75% | +7.56% | -10.31% | +0.02B |
| 2022-09-30 | $1.36B | 22 | +4.00% | -4.93% | +8.93% | -0.30B |
| 2022-06-30 | $1.59B | 30 | -15.15% | -16.11% | +0.96% | -0.53B |