Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.18%
adds when stocks drop
when a holding falls −10%+
Middle response
-7.28%
baseline attrition
Rally response
-12.88%
trims into rallies
when a holding rises +10%+
Top positions · 15
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AXTIAXT, Inc. | $39M | 26.2% | +3941.1% | 0.3 yr |
| STXSeagate Technology Holdi | $38M | 25.4% | +366.3% | 0.3 yr |
| GLWCorning Incorporated | $17M | 11.6% | +201.5% | 0.3 yr |
| VICRVicor Corporation | $12M | 7.9% | +244.2% | 0.3 yr |
| DQDaqo New Energy Corp. | $10M | 6.5% | +17.4% | 4.3 yr |
| AAOIApplied Optoelectronics, | $9M | 5.9% | +451.1% | 0.3 yr |
| NOKNokia Oyj | $5M | 3.2% | +57.0% | 0.3 yr |
| SGMLSigma Lithium Corporatio | $4M | 2.6% | +18.7% | 0.3 yr |
| CCJCameco Corporation | $4M | 2.5% | +164.4% | 0.3 yr |
| URAGlobal X - Uranium ETF | $4M | 2.5% | — | 1.3 yr |
| JOYYJOYY, Inc. Sponsored ADR | $2M | 1.7% | +49.5% | 1.3 yr |
| LITELumentum Holdings Inc. | $2M | 1.3% | +1027.3% | 0.5 yr |
| URNMSprott Uranium Miners ET | $2M | 1.2% | — | 0.3 yr |
| NVDANVIDIA Corporation | $1M | 1.0% | +60.9% | 3.3 yr |
| YALAYalla Group Limited | $1M | 0.5% | +19.3% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors33.1%$49M
Computer Hardware25.4%$38M
Hardware, Equipment & Parts19.4%$29M
Solar6.5%-4.0pp$10M
Communication Equipment4.5%$7M
Industrial Materials2.6%$4M
Uranium2.5%$4M
Asset Management - Global2.5%$4M
Internet Content & Information1.7%-10.4pp$2M
Asset Management1.2%-17.5pp$2M
Country
US57.6%+10.7pp
SG27.1%+4.2pp
CN6.5%-21.6pp
FI3.2%
BR2.6%
CA2.5%
AE0.5%
Top 5: 77.6% · Top 10: 94.3% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| DQ | $10M | +0.00B | 17.4% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 10
| AXTI AXT, Inc.new | +$39M |
| STX Seagate Technology Holdings plnew | +$38M |
| GLW Corning Incorporatednew | +$17M |
| VICR Vicor Corporationnew | +$12M |
| AAOI Applied Optoelectronics, Inc.new | +$9M |
| NOK Nokia Oyjnew | +$5M |
| SGML Sigma Lithium Corporationnew | +$4M |
| CCJ Cameco Corporationnew | +$4M |
| URA Global X - Uranium ETF | +$0M |
| URNM Sprott Uranium Miners ETFnew | +$0M |
Top sells this quarter · 13
| LITE Lumentum Holdings Inc. | −$67M |
| NVDA NVIDIA Corporation | −$55M |
| TER Teradyne, Inc.exit | −$49M |
| U Unity Software Inc.exit | −$20M |
| JOYY JOYY, Inc. Sponsored ADR Class | −$20M |
| KLAC KLA Corporationexit | −$20M |
| NFLX Netflix, Inc.exit | −$18M |
| CAMT Camtek Ltd.exit | −$6M |
| MLI Mueller Industries, Inc.exit | −$4M |
| QFIN Qfin Holdings, Inc.exit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $149M | 15 | +84.88% | +17.59% | +67.29% | -0.23B |
| 2025-12-31 | $299M | 14 | +48.31% | +17.72% | +30.59% | -0.02B |
| 2025-09-30 | $298M | 35 | +40.74% | +17.52% | +23.22% | +0.09B |
| 2025-06-30 | $158M | 18 | +9.02% | +14.94% | -5.93% | +0.06B |
| 2025-03-31 | $91M | 12 | -6.94% | +8.30% | -15.24% | -0.03B |
| 2024-12-31 | $121M | 13 | -3.10% | +24.89% | -27.98% | +0.00B |
| 2024-09-30 | $117M | 9 | +10.51% | +36.04% | -25.52% | -0.02B |
| 2024-06-30 | $131M | 13 | +16.30% | +24.49% | -8.19% | -0.04B |
| 2024-03-31 | $190M | 12 | +31.19% | +29.62% | +1.57% | -0.08B |
| 2023-12-31 | $256M | 17 | +31.96% | +26.18% | +5.78% | +0.05B |
| 2023-09-30 | $177M | 9 | +14.05% | +21.57% | -7.52% | +0.04B |
| 2023-06-30 | $125M | 11 | -13.16% | +19.42% | -32.59% | -0.14B |
| 2023-03-31 | $263M | 14 | +9.49% | -7.82% | +17.31% | +0.02B |
| 2022-12-31 | $230M | 14 | +0.47% | +7.56% | -7.09% | +0.13B |
| 2022-09-30 | $100M | 4 | -19.09% | -4.93% | -14.16% | +0.02B |
| 2022-06-30 | $94M | 5 | +26.36% | -16.11% | +42.48% | +0.06B |