Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.24%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.79%
baseline attrition
Rally response
-7.37%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $1.56B | 6.6% | — | 2.3 yr |
| QXOQXO, Inc. | $1.44B | 6.1% | +43.4% | 1.8 yr |
| YNDXYandex N.V. | $863M | 3.7% | — | 3.8 yr |
| MSIMotorola Solutions, Inc. | $811M | 3.5% | +0.2% | 9.3 yr |
| — | $797M | 3.4% | — | 0.5 yr |
| EQTEQT Corporation | $771M | 3.3% | +20.5% | 0.5 yr |
| GOOGLAlphabet Inc. | $723M | 3.1% | — | 4.3 yr |
| GXOGXO Logistics, Inc. | $696M | 3.0% | +32.7% | 4.8 yr |
| XPOXPO Logistics, Inc. | $663M | 2.8% | +80.8% | 10.3 yr |
| BRKRPBruker Corporation 6.375 | $648M | 2.8% | — | 1.0 yr |
| WLKWestlake Corporation | $618M | 2.6% | +20.0% | 3.0 yr |
| ITUBItaú Unibanco Holding S | $580M | 2.5% | +64.3% | 7.3 yr |
| STESTERIS plc | $573M | 2.5% | -1.5% | 1.3 yr |
| NEMNewmont Corporation | $560M | 2.4% | +127.1% | 3.0 yr |
| FSVFirstService Corporation | $551M | 2.4% | -15.9% | 2.8 yr |
Portfolio composition (YoY)
Industry mix
Unknown13.6%+2.7pp$3.17B
Internet Content & Information6.9%+2.1pp$1.61B
Industrial - Distribution6.1%-2.3pp$1.44B
Biotechnology6.0%+2.5pp$1.41B
Integrated Freight & Logistics5.8%+1.1pp$1.36B
Oil & Gas Exploration & Production5.4%+5.1pp$1.26B
Medical - Devices5.2%+3.2pp$1.22B
Gold5.2%+0.8pp$1.21B
Entertainment4.4%+0.2pp$1.02B
Communication Equipment3.5%+1.6pp$811M
Country
US54.6%-2.9pp
Unknown13.6%+2.7pp
CA6.1%+1.6pp
GB4.7%-1.0pp
BR4.1%+0.2pp
RU3.7%+1.8pp
IE3.2%-0.4pp
CN2.8%-2.1pp
Top 5: 23.3% · Top 10: 38.3% · Top 25: 69.4%
Top buys this quarter · 15
| EQT EQT Corporation | +$549M |
| NVDA NVIDIA Corporationnew | +$364M |
| FSV FirstService Corporation | +$276M |
| MSI Motorola Solutions, Inc. | +$255M |
| SHEL Shell plc | +$245M |
| RHI Robert Half International Inc. | +$191M |
| AR Antero Resources Corporation | +$175M |
| DEO Diageo plc | +$146M |
| EAT Brinker International, Inc.new | +$132M |
| RRC Range Resources Corporationnew | +$122M |
Top sells this quarter · 15
| UNH UnitedHealth Group Incorporateexit | −$698M |
| ICLR ICON Public Limited Companyexit | −$466M |
| IQV IQVIA Holdings Inc. | −$287M |
| QXO QXO, Inc. | −$224M |
| IBKR Interactive Brokers Group, Inc | −$212M |
| BTU Peabody Energy Corporationexit | −$145M |
| AES The AES Corporation | −$128M |
| NEM Newmont Corporation | −$125M |
| ITUB Itaú Unibanco Holding S.A. | −$104M |
| ALNY Alnylam Pharmaceuticals, Inc. | −$94M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $23.40B | 90 | +24.43% | +17.59% | +6.84% | +0.34B |
| 2025-12-31 | $23.06B | 87 | +20.95% | +17.72% | +3.23% | +0.49B |
| 2025-09-30 | $22.81B | 84 | +16.04% | +17.52% | -1.48% | +0.30B |
| 2025-06-30 | $20.41B | 77 | -7.66% | +14.94% | -22.60% | +0.47B |
| 2025-03-31 | $17.48B | 78 | -20.37% | +8.30% | -28.68% | -0.58B |
| 2024-12-31 | $18.59B | 84 | -10.02% | +24.89% | -34.90% | +0.66B |
| 2024-09-30 | $18.89B | 80 | +5.31% | +36.04% | -30.72% | +4.80B |
| 2024-06-30 | $16.05B | 76 | +21.93% | +24.49% | -2.56% | -0.36B |
| 2024-03-31 | $16.69B | 71 | +34.29% | +29.62% | +4.67% | -0.81B |
| 2023-12-31 | $15.93B | 73 | +29.86% | +26.18% | +3.68% | +0.48B |
| 2023-09-30 | $13.91B | 76 | +30.47% | +21.57% | +8.90% | -0.29B |
| 2023-06-30 | $13.97B | 73 | +24.31% | +19.42% | +4.88% | +0.20B |
| 2023-03-31 | $12.72B | 72 | -1.27% | -7.82% | +6.55% | -0.66B |
| 2022-12-31 | $12.59B | 78 | +11.61% | +7.56% | +4.05% | -1.02B |
| 2022-09-30 | $12.20B | 72 | -3.20% | -4.93% | +1.73% | +0.16B |
| 2022-06-30 | $12.43B | 73 | -13.97% | -16.11% | +2.15% | +0.65B |