Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.73%
trims when stocks drop
when a holding falls −10%+
Middle response
+2.74%
steady accumulation
Rally response
-2.64%
trims into rallies
when a holding rises +10%+
Top positions · 5
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CVNACarvana Co. | $1.43B | 81.7% | +50.4% | 8.3 yr |
| HGVHilton Grand Vacations I | $205M | 11.7% | +4.6% | 4.5 yr |
| COFCapital One Financial Co | $105M | 6.0% | +3.1% | 3.5 yr |
| CDLXCardlytics, Inc. | $5M | 0.3% | -42.3% | 6.8 yr |
| SWIMLatham Group, Inc. | $5M | 0.3% | -16.5% | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Auto - Dealerships81.7%+4.5pp$1.43B
Gambling, Resorts & Casinos11.7%-2.2pp$205M
Financial - Credit Services6.0%-2.3pp$105M
Advertising Agencies0.3%-0.4pp$5M
Construction0.3%$5M
Country
US100.0%+0.0pp
Top 5: 100.0% · Top 10: 100.0% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| CVNA | $1.19B | +0.60B | 50.4% |
| HGV | $214M | +0.01B | 4.6% |
| COF | $127M | +0.00B | 3.1% |
| CDLX | $10M | -0.00B | -42.3% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| CDLX | $10M | -0.00B | -42.3% |
Top buys this quarter · 0
No buys this quarter
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.75B | 5 | +39.86% | +17.59% | +22.27% | -0.04B |
| 2025-12-31 | $2.34B | 5 | +84.88% | +17.72% | +67.17% | -0.15B |
| 2025-09-30 | $2.24B | 5 | +92.48% | +17.52% | +74.96% | -0.01B |
| 2025-06-30 | $2.05B | 4 | +108.43% | +14.94% | +93.49% | -0.26B |
| 2025-03-31 | $1.54B | 4 | +59.79% | +8.30% | +51.48% | -0.19B |
| 2024-12-31 | $1.72B | 4 | +122.22% | +24.89% | +97.34% | -0.02B |
| 2024-09-30 | $1.51B | 5 | +103.99% | +36.04% | +67.95% | -0.02B |
| 2024-06-30 | $1.28B | 5 | +103.58% | +24.49% | +79.09% | -0.01B |
| 2024-03-31 | $1.12B | 5 | +140.68% | +29.62% | +111.06% | -0.04B |
| 2023-12-31 | $827M | 5 | +104.32% | +26.18% | +78.14% | +0.00B |
| 2023-09-30 | $780M | 5 | +54.04% | +21.57% | +32.47% | -0.00B |
| 2023-06-30 | $657M | 5 | +5.28% | +19.42% | -14.14% | -0.01B |
| 2023-03-31 | $488M | 5 | -64.87% | -7.82% | -57.06% | -0.01B |
| 2022-12-31 | $419M | 6 | -20.14% | +7.56% | -27.70% | -0.02B |
| 2022-09-30 | $548M | 5 | -18.76% | -4.93% | -13.83% | +0.01B |
| 2022-06-30 | $659M | 5 | -54.56% | -16.11% | -38.45% | -0.02B |