Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-39.74%
trims when stocks drop
when a holding falls −10%+
Middle response
-15.04%
baseline attrition
Rally response
+1.15%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NTRANatera, Inc. | $506M | 10.7% | +41.4% | 2.3 yr |
| FIXComfort Systems USA, Inc | $288M | 6.1% | +329.0% | 0.8 yr |
| EQIXEquinix, Inc. | $259M | 5.5% | +23.0% | 1.8 yr |
| RTXRTX Corporation | $248M | 5.2% | +48.1% | 0.3 yr |
| WMTWalmart Inc. | $243M | 5.1% | +42.8% | 2.0 yr |
| WDCWestern Digital Corporat | $238M | 5.0% | +571.9% | 1.0 yr |
| WELLWelltower Inc. | $236M | 5.0% | +31.2% | 1.3 yr |
| LHXL3Harris Technologies, I | $233M | 4.9% | +67.7% | 0.5 yr |
| STXSeagate Technology Holdi | $220M | 4.6% | +366.3% | 1.0 yr |
| TTMITTM Technologies, Inc. | $206M | 4.3% | +375.0% | 0.5 yr |
| KRMNKarman Holdings Inc. | $200M | 4.2% | +139.5% | 0.3 yr |
| AMATApplied Materials, Inc. | $178M | 3.8% | +137.6% | 1.8 yr |
| SNDKSandisk Corporation | $176M | 3.7% | +1234.5% | 0.8 yr |
| SOLSSolstice Advanced Materi | $170M | 3.6% | — | 0.5 yr |
| DHRDanaher Corporation | $167M | 3.5% | -7.1% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Aerospace & Defense14.4%$680M
Medical - Diagnostics & Research14.2%+8.4pp$673M
Computer Hardware9.7%$458M
Hardware, Equipment & Parts8.1%$382M
Chemicals - Specialty6.8%$322M
Engineering & Construction6.1%$288M
Semiconductors5.7%$269M
REIT - Specialty5.5%$259M
Discount Stores5.1%+2.5pp$243M
REIT - Healthcare Facilities5.0%+1.2pp$236M
Country
US86.7%-3.5pp
SG4.6%-1.1pp
GB3.8%
CA3.2%+1.3pp
Unknown1.7%+1.6pp
Top 5: 32.6% · Top 10: 56.5% · Top 25: 96.3%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NTRA | $222M | +0.09B | 41.4% |
| WELL | $144M | +0.04B | 31.2% |
| WMT | $101M | +0.04B | 42.8% |
| NUE | $38M | +0.02B | 42.2% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| RTX RTX Corporationnew | +$248M |
| EQIX Equinix, Inc. | +$207M |
| LHX L3Harris Technologies, Inc. | +$203M |
| KRMN Karman Holdings Inc.new | +$200M |
| SNDK Sandisk Corporation | +$171M |
| LIN Linde plcnew | +$126M |
| LYV Live Nation Entertainment, Incnew | +$122M |
| LITE Lumentum Holdings Inc. | +$99M |
| AMAT Applied Materials, Inc. | +$95M |
| ADI Analog Devices, Inc. | +$90M |
Top sells this quarter · 15
| C Citigroup Inc.exit | −$590M |
| LLY Eli Lilly and Companyexit | −$353M |
| AA Alcoa Corporationexit | −$263M |
| ALB Albemarle Corporation | −$237M |
| SHOP Shopify Inc.exit | −$235M |
| TSLA Tesla, Inc.exit | −$225M |
| CVNA Carvana Co.exit | −$219M |
| FCX Freeport-McMoRan Inc.exit | −$208M |
| GOOG Alphabet Inc.exit | −$182M |
| CLF Cleveland-Cliffs Inc.exit | −$153M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.74B | 43 | +48.68% | +17.59% | +31.08% | -2.23B |
| 2025-12-31 | $6.74B | 53 | +36.64% | +17.72% | +18.92% | -0.29B |
| 2025-09-30 | $6.45B | 57 | +50.17% | +17.52% | +32.65% | -0.99B |
| 2025-06-30 | $6.75B | 62 | +54.78% | +14.94% | +39.84% | +2.21B |
| 2025-03-31 | $3.80B | 34 | +38.58% | +8.30% | +30.27% | -0.67B |
| 2024-12-31 | $4.70B | 43 | +66.38% | +24.89% | +41.49% | +0.70B |
| 2024-09-30 | $3.34B | 35 | +51.07% | +36.04% | +15.03% | +0.06B |
| 2024-06-30 | $2.89B | 46 | +35.29% | +24.49% | +10.80% | -0.07B |
| 2024-03-31 | $2.77B | 53 | +34.44% | +29.62% | +4.82% | +0.94B |
| 2023-12-31 | $1.60B | 44 | +19.09% | +26.18% | -7.08% | -0.01B |
| 2023-09-30 | $1.49B | 39 | +15.01% | +21.57% | -6.56% | +0.40B |
| 2023-06-30 | $1.07B | 31 | +15.54% | +19.42% | -3.88% | -0.03B |
| 2023-03-31 | $1.03B | 28 | -8.22% | -7.82% | -0.40% | +0.11B |
| 2022-12-31 | $907M | 41 | +5.00% | +7.56% | -2.56% | +0.25B |
| 2022-09-30 | $630M | 46 | +2.08% | -4.93% | +7.01% | +0.03B |
| 2022-06-30 | $585M | 42 | -15.41% | -16.11% | +0.70% | -0.28B |