Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.10%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.13%
baseline attrition
Rally response
-14.90%
trims into rallies
when a holding rises +10%+
Top positions · 20
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| UBERUber Technologies, Inc. | $113M | 8.3% | -1.3% | 6.8 yr |
| AMZNAmazon.com, Inc. | $99M | 7.3% | +9.5% | 6.3 yr |
| NVDANVIDIA Corporation | $98M | 7.3% | +60.9% | 0.5 yr |
| METAMeta Platforms, Inc. | $97M | 7.2% | -0.4% | 3.8 yr |
| RBLXRoblox Corporation | $91M | 6.7% | -3.0% | 5.0 yr |
| RIVNRivian Automotive, Inc. | $86M | 6.3% | +20.9% | 3.0 yr |
| SPOTSpotify Technology S.A. | $82M | 6.1% | -11.8% | 0.3 yr |
| AMDAdvanced Micro Devices, | $79M | 5.8% | +98.0% | 2.0 yr |
| PANWPalo Alto Networks, Inc. | $74M | 5.5% | -6.0% | 1.5 yr |
| DASHDoorDash, Inc. | $68M | 5.0% | -17.8% | 0.5 yr |
| — | $60M | 4.4% | — | 0.3 yr |
| SNPSSynopsys, Inc. | $58M | 4.3% | -7.5% | 0.5 yr |
| GWREGuidewire Software, Inc. | $58M | 4.3% | -20.2% | 0.3 yr |
| MELIMercadoLibre, Inc. | $54M | 4.0% | -11.4% | 0.5 yr |
| TSMTaiwan Semiconductor Man | $51M | 3.8% | +105.6% | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Internet Content & Information21.6%+17.3pp$293M
Semiconductors19.0%$258M
Software - Application14.8%-18.5pp$201M
Specialty Retail11.3%+4.9pp$153M
Software - Infrastructure9.7%-14.8pp$132M
Electronic Gaming & Multimedia6.7%-10.5pp$91M
Auto - Manufacturers6.3%-0.2pp$86M
Unknown4.4%$60M
Financial - Mortgages3.3%$45M
Electrical Equipment & Parts2.8%$37M
Country
US79.7%-8.2pp
LU6.1%
Unknown4.4%
UY4.0%
TW3.8%
NL2.2%
Top 5: 36.8% · Top 10: 65.5% · Top 25: 100.0%
Top buys this quarter · 12
| — new | +$0M |
| SPOT Spotify Technology S.A.new | +$82M |
| GWRE Guidewire Software, Inc.new | +$58M |
| GOOG Alphabet Inc.new | +$46M |
| RKT Rocket Companies, Inc.new | +$45M |
| NVDA NVIDIA Corporation | +$45M |
| BE Bloom Energy Corporationnew | +$37M |
| INTU Intuit Inc.new | +$30M |
| ASML ASML Holding N.V.new | +$29M |
| PANW Palo Alto Networks, Inc. | +$25M |
Top sells this quarter · 14
| MELI MercadoLibre, Inc. | −$42M |
| CFLT Confluent, Inc.exit | −$122M |
| TSM Taiwan Semiconductor Manufactu | −$79M |
| Z Zillow Group, Inc. Class Cexit | −$74M |
| ESTC Elastic N.V.exit | −$69M |
| IOT Samsara Inc.exit | −$53M |
| VRNS Varonis Systems, Inc.exit | −$48M |
| TTWO Take-Two Interactive Software,exit | −$45M |
| RIVN Rivian Automotive, Inc. | −$37M |
| UBER Uber Technologies, Inc. | −$29M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.36B | 20 | +2.41% | +17.59% | -15.18% | -0.12B |
| 2025-12-31 | $1.71B | 16 | +7.29% | +17.72% | -10.42% | -0.13B |
| 2025-09-30 | $1.99B | 18 | +28.72% | +17.52% | +11.20% | +0.05B |
| 2025-06-30 | $1.80B | 14 | +24.53% | +14.94% | +9.59% | -0.17B |
| 2025-03-31 | $1.66B | 17 | +5.23% | +8.30% | -3.07% | +0.03B |
| 2024-12-31 | $1.81B | 17 | +21.56% | +24.89% | -3.33% | -0.09B |
| 2024-09-30 | $1.71B | 18 | +40.34% | +36.04% | +4.30% | -0.10B |
| 2024-06-30 | $1.74B | 16 | +35.92% | +24.49% | +11.43% | +0.02B |
| 2024-03-31 | $1.71B | 17 | +50.78% | +29.62% | +21.16% | -0.07B |
| 2023-12-31 | $1.71B | 18 | +79.91% | +26.18% | +53.73% | -0.43B |
| 2023-09-30 | $1.66B | 19 | +29.73% | +21.57% | +8.16% | -0.16B |
| 2023-06-30 | $1.80B | 18 | +20.96% | +19.42% | +1.54% | -0.37B |
| 2023-03-31 | $1.95B | 19 | -26.91% | -7.82% | -19.09% | -0.17B |
| 2022-12-31 | $1.71B | 19 | -7.37% | +7.56% | -14.93% | +0.07B |
| 2022-09-30 | $1.77B | 18 | -5.78% | -4.93% | -0.85% | +0.13B |
| 2022-06-30 | $1.74B | 20 | -32.62% | -16.11% | -16.51% | -0.11B |