Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-15.80%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.39%
baseline attrition
Rally response
-6.79%
trims into rallies
when a holding rises +10%+
Top positions · 10
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| STXSeagate Technology Holdi | $282M | 26.0% | +366.3% | 1.0 yr |
| APHAmphenol Corporation | $122M | 11.2% | +93.6% | 2.5 yr |
| MAMastercard Incorporated | $117M | 10.8% | -8.5% | 1.3 yr |
| SPOTSpotify Technology S.A. | $111M | 10.3% | -11.8% | 0.5 yr |
| TDGTransDigm Group Incorpor | $98M | 9.0% | -10.5% | 6.5 yr |
| USFDUS Foods Holding Corp. | $97M | 8.9% | +40.9% | 3.8 yr |
| TTMITTM Technologies, Inc. | $75M | 6.9% | +375.0% | 0.3 yr |
| HQYHealthEquity, Inc. | $74M | 6.8% | -5.4% | 1.0 yr |
| TLNTalen Energy Corporation | $73M | 6.8% | +59.9% | 1.8 yr |
| WDCWestern Digital Corporat | $36M | 3.4% | +571.9% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Computer Hardware29.3%+23.1pp$318M
Hardware, Equipment & Parts18.1%+7.1pp$196M
Financial - Credit Services10.8%+2.2pp$117M
Internet Content & Information10.3%$111M
Aerospace & Defense9.0%-2.8pp$98M
Food Distribution8.9%-4.6pp$97M
Medical - Healthcare Information Services6.8%$74M
Independent Power Producers6.8%-4.2pp$73M
Country
US63.8%-21.0pp
SG26.0%
LU10.3%
Top 5: 67.3% · Top 10: 100.0% · Top 25: 100.0%
Top buys this quarter · 3
| TTMI TTM Technologies, Inc.new | +$75M |
| SPOT Spotify Technology S.A. | +$34M |
| MA Mastercard Incorporated | +$117M |
Top sells this quarter · 9
| WDC Western Digital Corporation | −$154M |
| SPGI S&P Global Inc.exit | −$132M |
| WTW Willis Towers Watson Public Liexit | −$98M |
| APH Amphenol Corporation | −$53M |
| TLN Talen Energy Corporation | −$16M |
| USFD US Foods Holding Corp. | −$90M |
| STX Seagate Technology Holdings pl | −$206M |
| TDG TransDigm Group Incorporated | −$4M |
| HQY HealthEquity, Inc. | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.08B | 10 | +51.23% | +17.59% | +33.64% | -0.40B |
| 2025-12-31 | $1.41B | 11 | +42.54% | +17.72% | +24.82% | -0.10B |
| 2025-09-30 | $1.43B | 10 | +43.11% | +17.52% | +25.60% | -0.08B |
| 2025-06-30 | $1.30B | 11 | +35.53% | +14.94% | +20.59% | +0.08B |
| 2025-03-31 | $1.05B | 10 | +13.22% | +8.30% | +4.92% | +0.05B |
| 2024-12-31 | $1.01B | 9 | +25.17% | +24.89% | +0.28% | -0.23B |
| 2024-09-30 | $1.16B | 9 | +36.66% | +36.04% | +0.62% | -0.02B |
| 2024-06-30 | $1.07B | 9 | +13.07% | +24.49% | -11.42% | -0.10B |
| 2024-03-31 | $1.21B | 9 | +35.60% | +29.62% | +5.98% | -0.04B |
| 2023-12-31 | $1.13B | 9 | +34.62% | +26.18% | +8.44% | -0.10B |
| 2023-09-30 | $1.06B | 10 | +32.76% | +21.57% | +11.19% | -0.09B |
| 2023-06-30 | $1.26B | 13 | +34.07% | +19.42% | +14.65% | -0.11B |
| 2023-03-31 | $1.18B | 12 | -4.44% | -7.82% | +3.38% | +0.03B |
| 2022-12-31 | $1.05B | 11 | +13.90% | +7.56% | +6.34% | +0.01B |
| 2022-09-30 | $909M | 11 | -7.83% | -4.93% | -2.90% | -0.04B |
| 2022-06-30 | $1.03B | 12 | -16.90% | -16.11% | -0.78% | -0.10B |