Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-9.94%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.68%
baseline attrition
Rally response
-1.56%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $248M | 9.8% | +60.9% | 1.8 yr |
| MSFTMicrosoft Corporation | $181M | 7.2% | -0.6% | 0.5 yr |
| AVGOBroadcom Inc. | $124M | 4.9% | +86.0% | 1.8 yr |
| AAPLApple Inc. | $118M | 4.7% | +14.7% | 1.8 yr |
| MCKMcKesson Corporation | $39M | 1.6% | +29.1% | 1.8 yr |
| NFLXNetflix, Inc. | $38M | 1.5% | +3.1% | 1.8 yr |
| GOOGAlphabet Inc. | $37M | 1.5% | +84.3% | 1.8 yr |
| MELIMercadoLibre, Inc. | $35M | 1.4% | -11.4% | 1.5 yr |
| NOWServiceNow, Inc. | $35M | 1.4% | -34.3% | 0.5 yr |
| OSOneStream, Inc. Class A | $35M | 1.4% | +12.5% | 0.3 yr |
| EAElectronic Arts Inc. | $34M | 1.4% | +41.7% | 0.3 yr |
| CSGSCSG Systems Internationa | $34M | 1.3% | +34.6% | 0.3 yr |
| ANETArista Networks, Inc. | $33M | 1.3% | +58.5% | 0.5 yr |
| HOLXHologic, Inc. | $33M | 1.3% | +22.4% | 0.8 yr |
| DAWNDay One Biopharmaceutica | $33M | 1.3% | +170.4% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors17.4%+8.1pp$440M
Software - Infrastructure10.5%+7.3pp$265M
Software - Application7.6%+0.5pp$193M
Biotechnology5.5%+2.6pp$140M
Consumer Electronics4.7%+1.6pp$118M
Entertainment2.7%+1.1pp$67M
Engineering & Construction2.4%+1.3pp$59M
Internet Content & Information2.3%+0.2pp$58M
Hardware, Equipment & Parts2.3%+1.3pp$58M
Computer Hardware2.2%+1.3pp$57M
Country
US91.2%+8.1pp
CA2.2%-0.1pp
UY1.4%+0.5pp
Unknown1.4%-1.1pp
IL1.2%+0.6pp
AU0.8%+0.2pp
NL0.7%-0.4pp
TW0.4%+0.3pp
Top 5: 28.2% · Top 10: 35.3% · Top 25: 53.6%
Top buys this quarter · 15
| OS OneStream, Inc. Class A Commonnew | +$35M |
| EA Electronic Arts Inc.new | +$34M |
| CSGS CSG Systems International, Incnew | +$34M |
| DAWN Day One Biopharmaceuticals, Innew | +$33M |
| APLS Apellis Pharmaceuticals, Inc.new | +$33M |
| ZIM ZIM Integrated Shipping Servicnew | +$30M |
| HOLX Hologic, Inc. | +$30M |
| AVGO Broadcom Inc. | +$30M |
| CTLP Cantaloupe, Inc.new | +$28M |
| SEMR Semrush Holdings, Inc.new | +$21M |
Top sells this quarter · 15
| JPM JPMorgan Chase & Co.exit | −$41M |
| LLY Eli Lilly and Companyexit | −$32M |
| PGR The Progressive Corporationexit | −$25M |
| T AT&T Inc.exit | −$21M |
| CSCO Cisco Systems, Inc. | −$17M |
| WELL Welltower Inc.exit | −$17M |
| VRTX Vertex Pharmaceuticals Incorpo | −$16M |
| BSX Boston Scientific Corporation | −$15M |
| CRM Salesforce, Inc.exit | −$15M |
| SIMO Silicon Motion Technology Corp | −$15M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.52B | 233 | +10.01% | +17.59% | -7.58% | +0.06B |
| 2025-12-31 | $2.65B | 231 | +10.79% | +17.72% | -6.93% | +0.02B |
| 2025-09-30 | $2.62B | 346 | +9.41% | +17.52% | -8.11% | -0.09B |
| 2025-06-30 | $2.54B | 356 | +10.10% | +10.78% | -0.68% | -0.08B |
| 2025-03-31 | $2.38B | 359 | -6.32% | -4.27% | -2.05% | +0.53B |
| 2024-12-31 | $1.97B | 293 | -0.86% | +2.49% | -3.35% | -0.01B |
| 2024-09-30 | $2.00B | 283 | — | — | — | — |