Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+15.42%
adds when stocks drop
when a holding falls −10%+
Middle response
-3.94%
baseline attrition
Rally response
-1.69%
trims into rallies
when a holding rises +10%+
Top positions · 9
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ITUBItaú Unibanco Holding S | $91M | 21.0% | +64.3% | 5.8 yr |
| ABEVAmbev S.A. | $82M | 18.8% | +34.6% | 5.8 yr |
| BAPCredicorp Ltd. | $78M | 18.0% | +92.5% | 4.5 yr |
| XPXP Inc. | $72M | 16.5% | +39.9% | 4.5 yr |
| BUDAnheuser-Busch InBev SA/ | $72M | 16.5% | +14.7% | 4.0 yr |
| HDBHDFC Bank Limited | $31M | 7.1% | -24.3% | 0.5 yr |
| SUZSuzano S.A. | $4M | 0.8% | +9.9% | 0.5 yr |
| ARCOArcos Dorados Holdings I | $3M | 0.8% | +5.0% | 1.8 yr |
| KOFCoca-Cola FEMSA, S.A.B. | $3M | 0.6% | +11.4% | 5.0 yr |
Portfolio composition (YoY)
Industry mix
Beverages - Alcoholic35.3%-7.0pp$154M
Banks - Regional28.0%+8.1pp$122M
Banks - Diversified18.0%+0.8pp$78M
Financial - Capital Markets16.5%-3.0pp$72M
Paper, Lumber & Forest Products0.8%$4M
Restaurants0.8%+0.2pp$3M
Beverages - Non-Alcoholic0.6%-0.0pp$3M
Country
BR57.1%-4.2pp
PE18.0%+0.8pp
BE16.5%-3.9pp
IN7.1%
UY0.8%+0.2pp
MX0.6%-0.0pp
Top 5: 90.7% · Top 10: 100.0% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| BAP | $53M | +0.05B | 92.5% |
| ITUB | $62M | +0.04B | 64.3% |
| XP | $60M | +0.02B | 39.9% |
| ABEV | $68M | +0.02B | 34.6% |
| BUD | $63M | +0.01B | 14.7% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top sells this quarter · 1
| BAP Credicorp Ltd. | −$14M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $436M | 9 | +43.43% | +17.59% | +25.84% | +0.00B |
| 2025-12-31 | $385M | 9 | +51.17% | +17.72% | +33.45% | +0.02B |
| 2025-09-30 | $351M | 7 | +16.70% | +17.52% | -0.82% | -0.01B |
| 2025-06-30 | $366M | 7 | +31.64% | +14.94% | +16.70% | -0.01B |
| 2025-03-31 | $309M | 7 | -8.50% | +8.30% | -16.80% | -0.00B |
| 2024-12-31 | $263M | 7 | -23.13% | +24.89% | -48.02% | -0.02B |
| 2024-09-30 | $350M | 7 | +13.96% | +36.04% | -22.08% | +0.02B |
| 2024-06-30 | $293M | 6 | -5.94% | +24.49% | -30.43% | +0.00B |
| 2024-03-31 | $342M | 6 | +34.22% | +29.62% | +4.60% | -0.03B |
| 2023-12-31 | $370M | 6 | +40.84% | +26.18% | +14.67% | -0.00B |
| 2023-09-30 | $311M | 6 | +26.97% | +21.57% | +5.41% | +0.01B |
| 2023-06-30 | $329M | 6 | +44.55% | +19.42% | +25.12% | +0.01B |
| 2023-03-31 | $267M | 6 | -1.40% | -7.82% | +6.42% | +0.03B |
| 2022-12-31 | $227M | 6 | +7.79% | +7.56% | +0.22% | +0.00B |
| 2022-09-30 | $208M | 7 | +5.64% | -4.93% | +10.57% | -0.04B |
| 2022-06-30 | $231M | 6 | -17.32% | -16.11% | -1.21% | +0.04B |