Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-15.14%
trims when stocks drop
when a holding falls −10%+
Middle response
-24.22%
baseline attrition
Rally response
-36.67%
trims into rallies
when a holding rises +10%+
Top positions · 11
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| PENPenumbra, Inc. | $11M | 35.2% | +22.8% | 0.3 yr |
| CLBKColumbia Financial, Inc. | $9M | 26.8% | +16.7% | 0.3 yr |
| IBITiShares Bitcoin Trust ET | $3M | 8.0% | — | 1.3 yr |
| GABThe Gabelli Equity Trust | $2M | 6.3% | — | 0.3 yr |
| SGOViShares 0-3 Month Treasu | $2M | 4.6% | — | 1.0 yr |
| NFBKNorthfield Bancorp, Inc. | $1M | 4.1% | +29.9% | 0.3 yr |
| WIXWix.com Ltd. | $1M | 4.1% | -44.9% | 0.3 yr |
| CAFMorgan Stanley China A S | $1M | 3.8% | — | 0.3 yr |
| WHLRPWheeler Real Estate Inve | $1M | 3.4% | — | 1.3 yr |
| IACIAC InterActive Corp. | $1M | 3.1% | +6.3% | 1.0 yr |
| — | $0M | 0.6% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Medical - Devices35.2%$11M
Banks - Regional30.9%$10M
Asset Management18.0%-16.9pp$6M
Asset Management - Bonds4.6%+2.5pp$2M
Software - Infrastructure4.1%+3.4pp$1M
REIT - Retail3.4%$1M
Internet Content & Information3.1%-1.3pp$1M
Unknown0.6%-0.8pp$0M
Country
US95.2%-3.3pp
IL4.1%
Unknown0.6%-0.8pp
Top 5: 80.9% · Top 10: 99.4% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| IAC | $1M | +0.00B | 6.3% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 10
| PEN Penumbra, Inc.new | +$11M |
| CLBK Columbia Financial, Inc.new | +$9M |
| WIX Wix.com Ltd.new | +$1M |
| NFBK Northfield Bancorp, Inc.new | +$1M |
| GAB The Gabelli Equity Trust Inc.new | +$0M |
| — new | +$0M |
| SGOV iShares 0-3 Month Treasury Bon | +$0M |
| IBIT iShares Bitcoin Trust ETF | +$3M |
| CAF Morgan Stanley China A Share Fnew | +$0M |
| WHLRP Wheeler Real Estate Investment | +$0M |
Top sells this quarter · 15
| MSFT Microsoft Corporationexit | −$495M |
| AAPL Apple Inc.exit | −$127M |
| JPM JPMorgan Chase & Co.exit | −$108M |
| NVDA NVIDIA Corporationexit | −$101M |
| AMZN Amazon.com, Inc.exit | −$49M |
| TSLA Tesla, Inc.exit | −$19M |
| NFLX Netflix, Inc.exit | −$5M |
| META Meta Platforms, Inc.exit | −$3M |
| IAC IAC InterActive Corp. | −$2M |
| SRG Seritage Growth Propertiesexit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $33M | 11 | +16.86% | +17.59% | -0.73% | -1.03B |
| 2025-12-31 | $1.16B | 22 | +21.27% | +17.72% | +3.55% | +1.10B |
| 2025-09-30 | $52M | 11 | +11.04% | +17.52% | -6.48% | +0.01B |
| 2025-06-30 | $40M | 23 | +17.11% | +14.94% | +2.17% | +0.01B |
| 2025-03-31 | $28M | 15 | -17.00% | +8.30% | -25.30% | -0.50B |
| 2024-12-31 | $557M | 11 | -27.51% | +24.89% | -52.39% | +0.52B |
| 2024-09-30 | $33M | 10 | -22.69% | +36.04% | -58.73% | -0.00B |
| 2024-06-30 | $33M | 6 | -37.75% | +24.49% | -62.24% | +0.01B |
| 2024-03-31 | $30M | 16 | -25.56% | +29.62% | -55.18% | -0.01B |
| 2023-12-31 | $51M | 19 | -16.30% | +26.18% | -42.48% | +0.03B |
| 2023-09-30 | $16M | 13 | -25.37% | +21.57% | -46.94% | +0.00B |
| 2023-06-30 | $16M | 11 | -25.53% | +19.42% | -44.95% | +0.00B |
| 2023-03-31 | $17M | 9 | -25.66% | -7.82% | -17.84% | -0.01B |
| 2022-12-31 | $28M | 11 | -2.31% | +7.56% | -9.88% | -0.11B |
| 2022-09-30 | $140M | 17 | -11.92% | -4.93% | -6.99% | +0.02B |
| 2022-06-30 | $141M | 11 | -7.52% | -16.11% | +8.60% | +0.03B |