Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.84%
trims when stocks drop
when a holding falls −10%+
Middle response
-10.58%
baseline attrition
Rally response
-5.72%
trims into rallies
when a holding rises +10%+
Top positions · 9
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SESea Limited | $295M | 42.1% | -36.5% | 8.0 yr |
| YNDXYandex N.V. | $110M | 15.6% | — | 4.8 yr |
| NUNu Holdings Ltd. | $104M | 14.9% | +40.3% | 4.0 yr |
| PDDPDD Holdings Inc. | $50M | 7.1% | -13.7% | 4.0 yr |
| MELIMercadoLibre, Inc. | $37M | 5.2% | -11.4% | 6.3 yr |
| UUnity Software Inc. | $35M | 5.0% | +12.0% | 1.3 yr |
| GGALGrupo Financiero Galicia | $31M | 4.4% | -11.7% | 0.5 yr |
| RBLXRoblox Corporation | $22M | 3.1% | -3.0% | 2.8 yr |
| KSPIJoint Stock Company Kasp | $18M | 2.5% | -20.2% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Specialty Retail54.4%-27.9pp$382M
Internet Content & Information15.6%+9.6pp$110M
Banks - Diversified14.9%+9.7pp$104M
Software - Application5.0%+3.5pp$35M
Banks - Regional4.4%$31M
Electronic Gaming & Multimedia3.1%-1.8pp$22M
Software - Infrastructure2.5%$18M
Country
SG42.1%-25.7pp
RU15.6%+9.6pp
BR14.9%+9.7pp
US8.1%+1.7pp
IE7.1%+0.1pp
UY5.2%+2.8pp
AR4.4%
KZ2.5%
Top 5: 84.9% · Top 10: 100.0% · Top 25: 100.0%
Top buys this quarter · 6
| YNDX Yandex N.V. | +$0M |
| SE Sea Limited | +$295M |
| U Unity Software Inc. | +$34M |
| RBLX Roblox Corporation | +$11M |
| GGAL Grupo Financiero Galicia S.A. | +$6M |
| KSPI Joint Stock Company Kaspi.kz | +$5M |
Top sells this quarter · 0
No sells this quarter
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $702M | 9 | -18.34% | +17.59% | -35.93% | +0.15B |
| 2025-12-31 | $751M | 9 | +30.69% | +17.72% | +12.97% | +0.01B |
| 2025-09-30 | $942M | 7 | +71.97% | +17.52% | +54.45% | +0.00B |
| 2025-06-30 | $814M | 6 | +80.33% | +14.94% | +65.39% | -0.12B |
| 2025-03-31 | $764M | 8 | +77.48% | +8.30% | +69.18% | -0.11B |
| 2024-12-31 | $742M | 7 | +75.92% | +24.89% | +51.03% | +0.03B |
| 2024-09-30 | $688M | 7 | +92.58% | +36.04% | +56.55% | -0.00B |
| 2024-06-30 | $569M | 6 | +33.42% | +24.49% | +8.93% | -0.01B |
| 2024-03-31 | $483M | 6 | -7.68% | +29.62% | -37.30% | +0.01B |
| 2023-12-31 | $406M | 6 | +14.31% | +26.18% | -11.87% | -0.03B |
| 2023-09-30 | $387M | 6 | -1.58% | +21.57% | -23.14% | +0.07B |
| 2023-06-30 | $372M | 5 | +5.71% | +19.42% | -13.71% | +0.01B |
| 2023-03-31 | $435M | 4 | -28.54% | -7.82% | -20.72% | -0.02B |
| 2022-12-31 | $315M | 4 | -2.56% | +7.56% | -10.12% | -0.01B |
| 2022-09-30 | $334M | 4 | -9.72% | -4.93% | -4.79% | +0.06B |
| 2022-06-30 | $303M | 3 | -43.85% | -16.11% | -27.74% | +0.05B |