Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-11.26%
trims when stocks drop
when a holding falls −10%+
Middle response
-11.21%
baseline attrition
Rally response
-42.58%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $222M | 10.4% | +60.9% | 7.3 yr |
| NFLXNetflix, Inc. | $87M | 4.1% | +3.1% | 6.5 yr |
| METAMeta Platforms, Inc. | $58M | 2.7% | -0.4% | 6.8 yr |
| AMZNAmazon.com, Inc. | $49M | 2.3% | +9.5% | 6.5 yr |
| EAElectronic Arts Inc. | $38M | 1.8% | +41.7% | 5.5 yr |
| EMBiShares J.P. Morgan USD | $38M | 1.8% | — | 3.3 yr |
| WBDWarner Bros. Discovery, | $36M | 1.7% | +155.9% | 2.5 yr |
| FXIiShares China Large-Cap | $35M | 1.6% | — | 4.5 yr |
| ARMArm Holdings plc America | $28M | 1.3% | +41.7% | 2.0 yr |
| PDDPDD Holdings Inc. | $27M | 1.3% | -13.7% | 4.3 yr |
| JDJD.com, Inc. | $26M | 1.2% | -28.5% | 6.0 yr |
| AAPLApple Inc. | $25M | 1.1% | +14.7% | 5.0 yr |
| UBERUber Technologies, Inc. | $25M | 1.1% | -1.3% | 3.5 yr |
| GOOGAlphabet Inc. | $24M | 1.1% | +84.3% | 6.5 yr |
| VCSHVanguard Short-Term Corp | $20M | 0.9% | — | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors13.9%+12.5pp$296M
Unknown8.2%+3.9pp$175M
Asset Management7.5%-24.3pp$159M
Entertainment6.0%+5.4pp$129M
Internet Content & Information5.3%+4.2pp$113M
Specialty Retail5.2%+4.6pp$112M
Shell Companies4.0%+2.6pp$86M
Software - Infrastructure3.0%+1.2pp$64M
Software - Application2.8%+1.0pp$60M
Asset Management - Bonds2.4%-3.3pp$52M
Country
US81.5%-8.1pp
Unknown8.2%+4.0pp
GB1.9%+0.7pp
CN1.6%+1.0pp
IE1.5%+1.0pp
CA1.1%-0.2pp
FR0.4%+0.4pp
BR0.4%+0.2pp
Top 5: 21.2% · Top 10: 28.9% · Top 25: 42.0%
Top buys this quarter · 15
| NVDA NVIDIA Corporation | +$107M |
| NFLX Netflix, Inc. | +$68M |
| META Meta Platforms, Inc. | +$51M |
| AMZN Amazon.com, Inc. | +$45M |
| ARM Arm Holdings plc American Depo | +$27M |
| UBER Uber Technologies, Inc. | +$23M |
| GOOG Alphabet Inc. | +$22M |
| AAPL Apple Inc. | +$20M |
| WBD Warner Bros. Discovery, Inc. | +$16M |
| F-PD Ford Motor Company 6.500% Note | +$16M |
Top sells this quarter · 15
| HON Honeywell International Inc. | −$94M |
| TSLA Tesla, Inc. | −$80M |
| BABA Alibaba Group Holding Limited | −$45M |
| NXT Nextpower Inc.exit | −$45M |
| ASTS AST SpaceMobile, Inc. | −$35M |
| CFLT Confluent, Inc.exit | −$30M |
| EXAS Exact Sciences Corporationexit | −$19M |
| PDD PDD Holdings Inc. | −$14M |
| SPY State Street SPDR S&P 500 ETF exit | −$13M |
| LLY Eli Lilly and Company | −$11M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.14B | 1275 | +20.33% | +17.59% | +2.74% | +0.45B |
| 2025-12-31 | $1.65B | 804 | +6.33% | +17.72% | -11.39% | +0.52B |
| 2025-09-30 | $1.07B | 595 | +3.33% | +17.52% | -14.19% | -0.53B |
| 2025-06-30 | $1.51B | 1134 | +4.75% | +14.94% | -10.19% | -0.32B |
| 2025-03-31 | $1.74B | 1281 | -3.26% | +8.30% | -11.57% | -0.64B |
| 2024-12-31 | $2.63B | 1229 | +16.04% | +24.89% | -8.85% | +0.36B |
| 2024-09-30 | $2.21B | 1505 | +23.95% | +36.04% | -12.08% | +0.02B |
| 2024-06-30 | $2.04B | 1514 | +11.53% | +24.49% | -12.96% | +0.46B |
| 2024-03-31 | $1.63B | 1315 | +20.94% | +29.62% | -8.68% | +0.14B |
| 2023-12-31 | $1.38B | 1184 | +20.45% | +26.18% | -5.73% | -0.61B |
| 2023-09-30 | $1.81B | 1166 | +11.96% | +21.57% | -9.61% | +0.13B |
| 2023-06-30 | $1.74B | 1150 | +29.07% | +19.42% | +9.65% | +0.08B |
| 2023-03-31 | $1.58B | 1034 | +2.23% | -7.82% | +10.05% | +0.47B |
| 2022-12-31 | $1.03B | 882 | -9.71% | -18.17% | +8.47% | -0.14B |
| 2022-09-30 | $1.14B | 919 | -1.27% | -15.51% | +14.24% | -0.51B |
| 2022-06-30 | $1.48B | 1163 | -10.94% | -10.62% | -0.32% | +0.32B |