Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.19%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.00%
baseline attrition
Rally response
-8.15%
trims into rallies
when a holding rises +10%+
Top positions · 3
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| YUMCYum China Holdings, Inc. | $587M | 90.6% | -4.3% | 9.5 yr |
| XPEVXPeng Inc. | $57M | 8.7% | -17.4% | 5.3 yr |
| CANGCango Inc. | $4M | 0.7% | -78.4% | 7.8 yr |
Portfolio composition (YoY)
Industry mix
Restaurants90.6%+2.9pp$587M
Auto - Manufacturers8.7%-0.9pp$57M
Auto - Dealerships0.7%-2.1pp$4M
Country
CN100.0%+0.0pp
Top 5: 100.0% · Top 10: 100.0% · Top 25: 100.0%
Top buys this quarter · 0
No buys this quarter
Top sells this quarter · 0
No sells this quarter
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $648M | 3 | -7.41% | +17.59% | -25.01% | -0.00B |
| 2025-12-31 | $657M | 3 | +5.06% | +17.72% | -12.66% | -0.01B |
| 2025-09-30 | $616M | 3 | +5.03% | +17.52% | -12.49% | -0.00B |
| 2025-06-30 | $622M | 3 | +49.56% | +14.94% | +34.62% | +0.00B |
| 2025-03-31 | $715M | 3 | +45.26% | +8.30% | +36.96% | -0.01B |
| 2024-12-31 | $642M | 3 | +24.16% | +24.89% | -0.73% | +0.00B |
| 2024-09-30 | $591M | 3 | -8.40% | +36.04% | -44.44% | -0.14B |
| 2024-06-30 | $518M | 4 | -32.12% | +24.49% | -56.61% | -0.00B |
| 2024-03-31 | $615M | 4 | -19.70% | +29.62% | -49.32% | -0.00B |
| 2023-12-31 | $641M | 4 | -2.53% | +26.18% | -28.71% | -0.00B |
| 2023-09-30 | $809M | 4 | +33.19% | +21.57% | +11.63% | -0.13B |
| 2023-06-30 | $888M | 4 | +2.20% | +19.42% | -17.22% | -0.14B |
| 2023-03-31 | $1.03B | 4 | +13.26% | -7.82% | +21.08% | -0.00B |
| 2022-12-31 | $882M | 4 | +8.65% | +7.56% | +1.09% | -0.18B |
| 2022-09-30 | $976M | 4 | -19.25% | -4.93% | -14.32% | +0.01B |
| 2022-06-30 | $1.20B | 4 | +10.68% | -16.11% | +26.79% | -0.01B |