Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+3.65%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.70%
baseline attrition
Rally response
-4.85%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TLNTalen Energy Corporation | $1.15B | 14.1% | +59.9% | 1.8 yr |
| — | $631M | 7.7% | — | 1.3 yr |
| GLNGGolar LNG Limited | $497M | 6.1% | +45.8% | 5.0 yr |
| TEVATeva Pharmaceutical Indu | $459M | 5.6% | +96.0% | 3.5 yr |
| VTRSViatris Inc. | $453M | 5.5% | +62.4% | 2.8 yr |
| TACTransAlta Corporation | $233M | 2.9% | +42.2% | 5.3 yr |
| BGCBGC Group, Inc | $228M | 2.8% | +7.7% | 2.8 yr |
| VSTVistra Corp. | $225M | 2.8% | +28.7% | 2.5 yr |
| CEGConstellation Energy Cor | $200M | 2.4% | +39.2% | 0.8 yr |
| ARQTArcutis Biotherapeutics, | $195M | 2.4% | +50.6% | 4.0 yr |
| MCYMercury General Corporat | $190M | 2.3% | +60.2% | 1.3 yr |
| — | $181M | 2.2% | — | 2.0 yr |
| — | $175M | 2.1% | — | 3.5 yr |
| AKAMAkamai Technologies, Inc | $149M | 1.8% | +42.7% | 0.5 yr |
| — | $142M | 1.7% | — | 2.5 yr |
Portfolio composition (YoY)
Industry mix
Independent Power Producers19.7%-6.2pp$1.61B
Unknown16.5%+5.9pp$1.35B
Drug Manufacturers - Specialty & Generic13.8%+3.2pp$1.12B
Biotechnology9.9%-2.9pp$809M
Oil & Gas Midstream6.1%-0.0pp$497M
Renewable Utilities3.1%+1.5pp$250M
Telecommunications Services3.0%$246M
Financial - Capital Markets2.8%-0.0pp$228M
Software - Application2.6%-0.3pp$211M
Insurance - Property & Casualty2.3%+0.5pp$190M
Country
US60.9%-5.9pp
Unknown16.5%+5.9pp
BM8.1%+2.0pp
IL5.6%-1.4pp
CA4.2%+1.9pp
GB2.5%-2.8pp
IE2.1%+1.0pp
Top 5: 39.1% · Top 10: 52.3% · Top 25: 76.6%
Top buys this quarter · 15
| VTRS Viatris Inc. | +$108M |
| ZM Zoom Communications, Inc.new | +$80M |
| EPC Edgewell Personal Care Company | +$64M |
| GIL Gildan Activewear Inc. | +$63M |
| DRVN Driven Brands Holdings Inc.new | +$38M |
| CVGW Calavo Growers, Inc.new | +$37M |
| BMRN BioMarin Pharmaceutical Inc.new | +$25M |
| PTGX Protagonist Therapeutics, Inc. | +$24M |
| AVO Mission Produce, Inc.new | +$24M |
| ABUS Arbutus Biopharma Corporation | +$23M |
Top sells this quarter · 15
| FLR Fluor Corporationexit | −$193M |
| TEVA Teva Pharmaceutical Industries | −$184M |
| ROIV Roivant Sciences Ltd. | −$111M |
| ADM Archer-Daniels-Midland Companyexit | −$80M |
| VST Vistra Corp. | −$75M |
| DAR Darling Ingredients Inc.exit | −$42M |
| PRLB Proto Labs, Inc. | −$36M |
| EOSE Eos Energy Enterprises, Inc.exit | −$32M |
| COMP Compass, Inc. | −$24M |
| GPK Graphic Packaging Holding Compexit | −$20M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $8.16B | 81 | +33.22% | +17.59% | +15.63% | -0.03B |
| 2025-12-31 | $8.36B | 75 | +24.62% | +17.72% | +6.90% | +0.68B |
| 2025-09-30 | $7.44B | 69 | +31.03% | +17.52% | +13.51% | +0.09B |
| 2025-06-30 | $6.22B | 62 | +30.81% | +14.94% | +15.87% | +0.01B |
| 2025-03-31 | $5.58B | 64 | +16.29% | +8.30% | +7.99% | +0.54B |
| 2024-12-31 | $5.50B | 66 | +40.35% | +24.89% | +15.47% | -1.13B |
| 2024-09-30 | $6.11B | 63 | +41.86% | +36.04% | +5.82% | +1.63B |
| 2024-06-30 | $3.79B | 66 | +22.37% | +24.49% | -2.13% | +0.44B |
| 2024-03-31 | $3.38B | 67 | +32.03% | +29.62% | +2.41% | +0.42B |
| 2023-12-31 | $2.68B | 56 | +12.27% | +26.18% | -13.91% | +0.07B |
| 2023-09-30 | $2.38B | 59 | +10.75% | +21.57% | -10.82% | -0.00B |
| 2023-06-30 | $2.34B | 61 | +4.82% | +19.42% | -14.61% | -0.34B |
| 2023-03-31 | $2.51B | 70 | -20.76% | -7.82% | -12.94% | +0.36B |
| 2022-12-31 | $2.29B | 94 | +8.20% | +7.56% | +0.64% | +0.14B |
| 2022-09-30 | $1.99B | 87 | -3.52% | -4.93% | +1.40% | +0.06B |
| 2022-06-30 | $2.00B | 96 | -19.30% | -16.11% | -3.19% | +0.28B |