Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-19.03%
trims when stocks drop
when a holding falls −10%+
Middle response
-7.18%
baseline attrition
Rally response
-27.66%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MKSIMKS Inc. | $105M | 14.5% | +188.8% | 0.3 yr |
| BWXTBWX Technologies, Inc. | $80M | 11.1% | +108.6% | 0.3 yr |
| TERTeradyne, Inc. | $58M | 8.1% | +260.2% | 0.5 yr |
| ONONOn Holding AG | $58M | 8.0% | -22.5% | 0.5 yr |
| TSMTaiwan Semiconductor Man | $37M | 5.2% | +105.6% | 4.0 yr |
| GOOGLAlphabet Inc. | $37M | 5.1% | — | 0.8 yr |
| SITMSiTime Corporation | $37M | 5.1% | +125.9% | 0.5 yr |
| LITELumentum Holdings Inc. | $37M | 5.1% | +1027.3% | 1.8 yr |
| LHXL3Harris Technologies, I | $35M | 4.9% | +67.7% | 0.5 yr |
| CIENCiena Corporation | $35M | 4.8% | +542.4% | 0.8 yr |
| ASMLASML Holding N.V. | $32M | 4.4% | +100.9% | 1.0 yr |
| MTSIMACOM Technology Solutio | $25M | 3.4% | +121.2% | 0.5 yr |
| AMDAdvanced Micro Devices, | $22M | 3.0% | +98.0% | 4.3 yr |
| AVGOBroadcom Inc. | $18M | 2.5% | +86.0% | 1.5 yr |
| MODModine Manufacturing Com | $14M | 1.9% | +182.4% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors34.9%+9.0pp$253M
Aerospace & Defense16.6%$120M
Hardware, Equipment & Parts14.5%-1.9pp$105M
Communication Equipment11.2%$81M
Apparel - Retail8.0%$58M
Internet Content & Information5.5%$40M
Auto - Parts1.9%$14M
Biotechnology1.5%$11M
Manufacturing - Metal Fabrication1.4%$10M
Software - Infrastructure1.3%-3.5pp$10M
Country
US79.8%+10.4pp
CH8.0%
TW5.2%-4.0pp
NL4.4%
CN1.4%-13.6pp
CA0.8%
SG0.4%-4.0pp
Top 5: 46.8% · Top 10: 71.9% · Top 25: 98.3%
Top buys this quarter · 13
| MKSI MKS Inc.new | +$105M |
| BWXT BWX Technologies, Inc.new | +$80M |
| TER Teradyne, Inc. | +$24M |
| ASML ASML Holding N.V. | +$20M |
| MOD Modine Manufacturing Companynew | +$14M |
| AA Alcoa Corporationnew | +$7M |
| AMD Advanced Micro Devices, Inc. | +$7M |
| WWD Woodward, Inc.new | +$5M |
| MSFT Microsoft Corporation | +$3M |
| JOYY JOYY, Inc. Sponsored ADR Classnew | +$2M |
Top sells this quarter · 15
| SNDK Sandisk Corporationexit | −$274M |
| CIEN Ciena Corporation | −$222M |
| LITE Lumentum Holdings Inc. | −$98M |
| MTSI MACOM Technology Solutions Hol | −$93M |
| GLW Corning Incorporatedexit | −$79M |
| AVGO Broadcom Inc. | −$71M |
| TSM Taiwan Semiconductor Manufactu | −$69M |
| ALNY Alnylam Pharmaceuticals, Inc. | −$62M |
| VRT Vertiv Holdings Coexit | −$60M |
| LHX L3Harris Technologies, Inc. | −$58M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $724M | 31 | +154.11% | +17.59% | +136.52% | -1.33B |
| 2025-12-31 | $1.78B | 38 | +102.23% | +17.72% | +84.51% | +0.45B |
| 2025-09-30 | $1.10B | 35 | +77.13% | +17.52% | +59.61% | +0.18B |
| 2025-06-30 | $610M | 22 | +21.55% | +14.94% | +6.60% | +0.29B |
| 2025-03-31 | $267M | 25 | +10.53% | +8.30% | +2.23% | -0.05B |
| 2024-12-31 | $339M | 15 | +49.98% | +24.89% | +25.10% | -0.02B |
| 2024-09-30 | $338M | 18 | +89.00% | +36.04% | +52.96% | -0.32B |
| 2024-06-30 | $643M | 21 | +96.68% | +24.49% | +72.18% | -0.23B |
| 2024-03-31 | $794M | 25 | +86.21% | +29.62% | +56.59% | +0.08B |
| 2023-12-31 | $570M | 19 | +70.40% | +26.18% | +44.22% | +0.01B |
| 2023-09-30 | $421M | 16 | +53.76% | +21.57% | +32.19% | -0.12B |
| 2023-06-30 | $506M | 17 | +47.08% | +19.42% | +27.66% | +0.04B |
| 2023-03-31 | $446M | 16 | +61.19% | -7.82% | +69.01% | -0.40B |
| 2022-12-31 | $739M | 15 | +20.14% | +7.56% | +12.58% | +0.27B |
| 2022-09-30 | $394M | 12 | +2.30% | -4.93% | +7.23% | +0.13B |
| 2022-06-30 | $255M | 15 | +14.60% | -16.11% | +30.71% | -0.06B |