Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-18.26%
trims when stocks drop
when a holding falls −10%+
Middle response
-26.83%
baseline attrition
Rally response
-31.10%
trims into rallies
when a holding rises +10%+
Top positions · 14
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| LITELumentum Holdings Inc. | $138M | 20.0% | +1027.3% | 0.5 yr |
| SNDKSandisk Corporation | $122M | 17.8% | +1234.5% | 0.8 yr |
| CIENCiena Corporation | $122M | 17.7% | +542.4% | 0.8 yr |
| CRCLCircle Internet Group | $116M | 16.9% | — | 0.3 yr |
| PDDPDD Holdings Inc. | $51M | 7.5% | -13.7% | 2.3 yr |
| SEDGSolarEdge Technologies, | $48M | 7.0% | +215.5% | 0.3 yr |
| — | $41M | 6.0% | — | 0.3 yr |
| AXTIAXT, Inc. | $26M | 3.8% | +3941.1% | 0.3 yr |
| SUPXSuperX AI Technology Lim | $14M | 2.1% | -10.8% | 0.5 yr |
| BREABrera Holdings PLC Class | $4M | 0.6% | — | 0.5 yr |
| KCKingsoft Cloud Holdings | $1M | 0.2% | -7.0% | 0.3 yr |
| MUMicron Technology, Inc. | $1M | 0.2% | +289.6% | 0.8 yr |
| LXLexinFintech Holdings Lt | $1M | 0.1% | -77.6% | 1.3 yr |
| INTCIntel Corporation | $0M | 0.0% | +94.3% | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Communication Equipment37.8%$259M
Hardware, Equipment & Parts17.8%$122M
Financial - Capital Markets16.9%+12.4pp$116M
Specialty Retail7.5%-8.8pp$51M
Solar7.0%$48M
Unknown6.0%$41M
Semiconductors4.1%-27.0pp$28M
Software - Infrastructure2.1%$14M
Entertainment0.6%$4M
Software - Application0.2%-4.8pp$1M
Country
US76.5%+13.8pp
IE8.0%-8.0pp
IL7.0%
Unknown6.0%
SG2.1%
CN0.3%-20.9pp
Top 5: 80.0% · Top 10: 99.5% · Top 25: 100.0%
Top buys this quarter · 5
| CRCL Circle Internet Groupnew | +$116M |
| SEDG SolarEdge Technologies, Inc.new | +$48M |
| AXTI AXT, Inc.new | +$26M |
| KC Kingsoft Cloud Holdings Limitenew | +$1M |
| — new | +$0M |
Top sells this quarter · 15
| LITE Lumentum Holdings Inc. | −$84M |
| INTC Intel Corporation | −$128M |
| CIEN Ciena Corporation | −$117M |
| FROG JFrog Ltd.exit | −$65M |
| SNDK Sandisk Corporation | −$64M |
| PDD PDD Holdings Inc. | −$34M |
| PANW Palo Alto Networks, Inc.exit | −$27M |
| HOOD Robinhood Markets, Inc.exit | −$27M |
| LX LexinFintech Holdings Ltd. | −$10M |
| NVDA NVIDIA Corporationexit | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $686M | 14 | +144.61% | +17.59% | +127.02% | -0.13B |
| 2025-12-31 | $600M | 15 | +96.36% | +17.72% | +78.64% | -0.46B |
| 2025-09-30 | $931M | 12 | +90.39% | +17.52% | +72.87% | +0.15B |
| 2025-06-30 | $581M | 14 | +72.81% | +14.94% | +57.87% | +0.16B |
| 2025-03-31 | $363M | 16 | +52.62% | +8.30% | +44.32% | +0.12B |
| 2024-12-31 | $217M | 11 | +55.09% | +24.89% | +30.21% | -0.17B |
| 2024-09-30 | $353M | 13 | +55.65% | +36.04% | +19.62% | +0.03B |
| 2024-06-30 | $261M | 7 | +21.78% | +24.49% | -2.71% | -0.07B |
| 2024-03-31 | $324M | 8 | +33.06% | +29.62% | +3.43% | -0.09B |
| 2023-12-31 | $370M | 12 | +51.68% | +26.18% | +25.50% | -0.19B |
| 2023-09-30 | $508M | 9 | +20.91% | +7.45% | +13.46% | +0.07B |
| 2023-06-30 | $458M | 7 | +29.63% | -6.86% | +36.49% | +0.41B |
| 2023-03-31 | $47M | 1 | +12.46% | -18.25% | +30.71% | +0.04B |
| 2022-09-30 | $4M | 1 | -11.39% | -4.93% | -6.46% | -0.02B |
| 2022-06-30 | $24M | 2 | +2.11% | -16.11% | +18.22% | -0.08B |
| 2022-03-31 | $104M | 4 | -2.31% | -4.62% | +2.31% | -1.68B |