Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+24.22%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.88%
baseline attrition
Rally response
-1.89%
trims into rallies
when a holding rises +10%+
Top positions · 16
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| KKRKKR & Co. Inc. | $144M | 13.7% | -19.5% | 7.8 yr |
| VVisa Inc. | $101M | 9.6% | -13.1% | 7.3 yr |
| SGISomnigroup International | $95M | 9.1% | +24.4% | 3.3 yr |
| HLTHilton Worldwide Holding | $80M | 7.7% | +33.9% | 2.3 yr |
| CHDNChurchill Downs Incorpor | $78M | 7.5% | -18.8% | 7.8 yr |
| SPOTSpotify Technology S.A. | $76M | 7.2% | -11.8% | 2.8 yr |
| SPGIS&P Global Inc. | $72M | 6.9% | -15.6% | 4.3 yr |
| GWREGuidewire Software, Inc. | $62M | 5.9% | -20.2% | 1.8 yr |
| TDGTransDigm Group Incorpor | $57M | 5.5% | -10.5% | 4.0 yr |
| GILGildan Activewear Inc. | $47M | 4.5% | +28.0% | 5.5 yr |
| TYLTyler Technologies, Inc. | $45M | 4.3% | -41.1% | 3.5 yr |
| CTASCintas Corporation | $44M | 4.2% | -17.0% | 0.5 yr |
| SSNCSS&C Technologies Holdin | $44M | 4.2% | -18.0% | 4.8 yr |
| WWDWoodward, Inc. | $43M | 4.1% | +97.0% | 0.3 yr |
| AXONAxon Enterprise, Inc. | $35M | 3.3% | -19.3% | 1.3 yr |
Portfolio composition (YoY)
Industry mix
Software - Application14.5%-5.9pp$151M
Asset Management13.7%-1.9pp$144M
Aerospace & Defense12.9%+0.5pp$135M
Financial - Credit Services9.6%+3.6pp$101M
Household & Personal Products9.1%+1.3pp$95M
Travel Lodging7.7%+1.6pp$80M
Gambling, Resorts & Casinos7.5%-4.4pp$78M
Internet Content & Information7.2%+3.5pp$76M
Financial - Data & Stock Exchanges6.9%+4.2pp$72M
Apparel - Manufacturers4.5%$47M
Country
US88.2%-8.0pp
LU7.2%+3.5pp
CA4.5%
Top 5: 47.6% · Top 10: 77.6% · Top 25: 100.0%
Top buys this quarter · 9
| SPOT Spotify Technology S.A. | +$47M |
| WWD Woodward, Inc.new | +$43M |
| CTAS Cintas Corporation | +$39M |
| KKR KKR & Co. Inc. | +$144M |
| V Visa Inc. | +$18M |
| GWRE Guidewire Software, Inc. | +$62M |
| SGI Somnigroup International Inc | +$95M |
| TYL Tyler Technologies, Inc. | +$12M |
| SPGI S&P Global Inc. | +$72M |
Top sells this quarter · 10
| SSNC SS&C Technologies Holdings, In | −$37M |
| APPF AppFolio, Inc.exit | −$32M |
| GIL Gildan Activewear Inc. | −$30M |
| TDG TransDigm Group Incorporated | −$28M |
| HLT Hilton Worldwide Holdings Inc. | −$23M |
| LKQ LKQ Corporationexit | −$22M |
| CHDN Churchill Downs Incorporated | −$15M |
| IBKR Interactive Brokers Group, Incexit | −$11M |
| RKT Rocket Companies, Inc. | −$6M |
| AXON Axon Enterprise, Inc. | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.05B | 16 | -9.12% | +17.59% | -26.71% | -0.00B |
| 2025-12-31 | $1.26B | 17 | +6.44% | +17.72% | -11.28% | +0.07B |
| 2025-09-30 | $1.18B | 16 | +8.92% | +17.52% | -8.60% | +0.07B |
| 2025-06-30 | $1.11B | 16 | +23.28% | +14.94% | +8.34% | +0.01B |
| 2025-03-31 | $1.01B | 16 | +17.19% | +8.30% | +8.88% | +0.15B |
| 2024-12-31 | $885M | 15 | +33.30% | +24.89% | +8.42% | +0.07B |
| 2024-09-30 | $797M | 15 | +51.46% | +36.04% | +15.42% | -0.02B |
| 2024-06-30 | $724M | 14 | +26.76% | +24.49% | +2.27% | +0.16B |
| 2024-03-31 | $548M | 14 | +34.22% | +29.62% | +4.60% | -0.04B |
| 2023-12-31 | $533M | 15 | +29.98% | +26.18% | +3.81% | -0.06B |
| 2023-09-30 | $508M | 14 | +23.49% | +21.57% | +1.92% | +0.00B |
| 2023-06-30 | $533M | 14 | +31.99% | +19.42% | +12.56% | +0.09B |
| 2023-03-31 | $402M | 13 | -0.10% | -7.82% | +7.72% | -0.01B |
| 2022-12-31 | $387M | 13 | +10.94% | +7.56% | +3.38% | -0.02B |
| 2022-09-30 | $366M | 14 | +1.13% | -4.93% | +6.06% | -0.01B |
| 2022-06-30 | $369M | 16 | -17.06% | -16.11% | -0.95% | +0.02B |