Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-13.95%
trims when stocks drop
when a holding falls −10%+
Middle response
-18.92%
baseline attrition
Rally response
-13.80%
trims into rallies
when a holding rises +10%+
Top positions · 22
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| WULFTeraWulf Inc. | $43M | 14.5% | +428.6% | 0.5 yr |
| LGNLegence Corp. Class A Co | $29M | 9.8% | — | 0.5 yr |
| — | $25M | 8.6% | — | 2.3 yr |
| ROADConstruction Partners, I | $23M | 7.8% | +54.6% | 2.0 yr |
| AERAerCap Holdings N.V. | $22M | 7.7% | +35.6% | 1.8 yr |
| TLNTalen Energy Corporation | $20M | 6.8% | +59.9% | 1.8 yr |
| FLSFlowserve Corporation | $18M | 6.3% | +52.2% | 0.5 yr |
| CDNLCardinal Infrastructure | $13M | 4.3% | — | 0.5 yr |
| FIXComfort Systems USA, Inc | $12M | 3.9% | +329.0% | 0.5 yr |
| STEPStepStone Group Inc. | $11M | 3.9% | -6.2% | 1.0 yr |
| STRLSterling Infrastructure, | $11M | 3.7% | +259.7% | 1.3 yr |
| FPSForgent Power Solutions, | $11M | 3.6% | — | 0.3 yr |
| CIFRCipher Mining Inc. | $10M | 3.4% | +459.6% | 0.5 yr |
| — | $9M | 3.1% | — | 1.3 yr |
| GOOGLAlphabet Inc. | $8M | 2.6% | — | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Engineering & Construction25.2%+21.1pp$74M
Financial - Capital Markets20.3%+19.5pp$60M
Unknown12.9%+4.0pp$38M
Rental & Leasing Services7.7%-1.0pp$22M
Independent Power Producers6.8%-0.4pp$20M
Industrial - Machinery6.3%$18M
Industrial - Infrastructure Operations4.3%$13M
Asset Management3.9%-6.1pp$11M
Internet Content & Information3.8%$11M
Electrical Equipment & Parts3.6%$11M
Country
US75.9%-2.9pp
Unknown12.9%+4.0pp
IE7.7%-1.0pp
CA3.5%
Top 5: 48.4% · Top 10: 73.5% · Top 25: 100.0%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| WULF TeraWulf Inc. | +$36M |
| FLS Flowserve Corporation | +$14M |
| FPS Forgent Power Solutions, Inc.new | +$11M |
| HUT.TO Hut 8 Mining Corp.new | +$10M |
| CIFR Cipher Mining Inc. | +$9M |
| CDNL Cardinal Infrastructure Group | +$7M |
| STRL Sterling Infrastructure, Inc. | +$7M |
| AER AerCap Holdings N.V. | +$6M |
| FRMI Fermi Inc. Common Stocknew | +$6M |
| STEP StepStone Group Inc. | +$5M |
Top sells this quarter · 15
| VST Vistra Corp.exit | −$17M |
| CNP CenterPoint Energy, Inc.exit | −$15M |
| PPL PPL Corporationexit | −$8M |
| QXO QXO, Inc.exit | −$7M |
| META Meta Platforms, Inc. | −$6M |
| NU Nu Holdings Ltd.exit | −$6M |
| COMP Compass, Inc. | −$6M |
| HLNE Hamilton Lane Incorporatedexit | −$5M |
| C Citigroup Inc.exit | −$5M |
| TLN Talen Energy Corporation | −$5M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $293M | 22 | +36.77% | +17.59% | +19.18% | +0.03B |
| 2025-12-31 | $259M | 27 | +25.02% | +17.72% | +7.31% | -0.05B |
| 2025-09-30 | $284M | 23 | +30.08% | +17.52% | +12.56% | -0.05B |
| 2025-06-30 | $332M | 25 | +54.00% | +14.94% | +39.06% | +0.04B |
| 2025-03-31 | $240M | 22 | +27.66% | +8.30% | +19.35% | -0.07B |
| 2024-12-31 | $334M | 24 | +64.84% | +24.89% | +39.95% | -0.05B |
| 2024-09-30 | $340M | 20 | +56.27% | +36.04% | +20.23% | -0.00B |
| 2024-06-30 | $282M | 20 | +27.02% | +24.49% | +2.53% | -0.08B |
| 2024-03-31 | $359M | 28 | +41.94% | +29.62% | +12.32% | +0.02B |
| 2023-12-31 | $285M | 27 | +28.41% | +26.18% | +2.23% | -0.01B |
| 2023-09-30 | $276M | 25 | +20.02% | +21.57% | -1.55% | -0.04B |
| 2023-06-30 | $323M | 24 | +19.40% | +19.42% | -0.03% | -0.02B |
| 2023-03-31 | $305M | 26 | -15.89% | -7.82% | -8.07% | +0.07B |
| 2022-12-31 | $222M | 19 | +0.38% | +7.56% | -7.18% | -0.12B |
| 2022-09-30 | $341M | 23 | -2.29% | -4.93% | +2.64% | +0.09B |
| 2022-06-30 | $252M | 12 | -20.23% | -16.11% | -4.12% | -0.12B |