Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+13.10%
adds when stocks drop
when a holding falls −10%+
Middle response
-3.68%
baseline attrition
Rally response
-6.29%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BILState Street SPDR Bloomb | $202M | 30.4% | — | 0.3 yr |
| CPAINorthern Lights Fund Tru | $65M | 9.7% | — | 2.3 yr |
| USHYiShares Broad USD High Y | $20M | 3.1% | — | 3.8 yr |
| JNKState Street SPDR Bloomb | $15M | 2.3% | — | 4.3 yr |
| HYGiShares iBoxx $ High Yie | $15M | 2.3% | — | 4.3 yr |
| SPSCSPS Commerce, Inc. | $5M | 0.8% | -58.1% | 1.0 yr |
| MNDYmonday.com Ltd. | $5M | 0.8% | -71.6% | 2.5 yr |
| VTRSViatris Inc. | $5M | 0.8% | +62.4% | 0.5 yr |
| ACIAlbertsons Companies, In | $5M | 0.8% | -20.1% | 1.3 yr |
| AMNAMN Healthcare Services, | $5M | 0.8% | -25.0% | 1.3 yr |
| ZTSZoetis Inc. | $5M | 0.8% | -27.2% | 0.3 yr |
| GMGeneral Motors Company | $5M | 0.8% | +60.0% | 2.5 yr |
| CRDOCredo Technology Group H | $5M | 0.8% | +133.7% | 2.0 yr |
| — | $5M | 0.8% | — | 1.0 yr |
| GOLDGold.com, Inc. | $5M | 0.8% | +62.6% | 1.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management40.5%+6.0pp$270M
Asset Management - Bonds7.7%-30.6pp$51M
Information Technology Services5.2%+4.4pp$35M
Semiconductors3.5%+3.0pp$24M
Software - Infrastructure3.3%+1.6pp$22M
Software - Application2.7%+1.1pp$18M
Communication Equipment2.6%+1.9pp$18M
Drug Manufacturers - General2.1%$14M
Medical - Care Facilities1.6%+0.8pp$11M
Packaged Foods1.5%+1.0pp$10M
Country
US91.2%-5.0pp
CA2.1%+2.0pp
BM1.7%+1.4pp
Unknown1.3%+0.4pp
IL1.0%+0.2pp
GR0.8%
LU0.7%+0.5pp
IE0.4%+0.2pp
Top 5: 47.8% · Top 10: 51.6% · Top 25: 62.5%
Top buys this quarter · 15
| SPSC SPS Commerce, Inc. | +$5M |
| ZTS Zoetis Inc.new | +$5M |
| MNDY monday.com Ltd. | +$5M |
| CRDO Credo Technology Group Holding | +$5M |
| SJM The J. M. Smucker Companynew | +$5M |
| ADP Automatic Data Processing, Incnew | +$5M |
| TDC Teradata Corporation | +$5M |
| ONDS Ondas Holdings Inc.new | +$5M |
| SBLK Star Bulk Carriers Corp. | +$5M |
| VERX Vertex, Inc. | +$5M |
Top sells this quarter · 15
| PBF PBF Energy Inc.exit | −$6M |
| ESLT Elbit Systems Ltd.exit | −$5M |
| YOU Clear Secure, Inc.exit | −$5M |
| ZIM ZIM Integrated Shipping Servicexit | −$5M |
| FMC FMC Corporationexit | −$5M |
| AAP Advance Auto Parts, Inc.exit | −$5M |
| DK Delek US Holdings, Inc. | −$4M |
| ROIV Roivant Sciences Ltd.exit | −$4M |
| TSEM Tower Semiconductor Ltd.exit | −$4M |
| Q Qnity Electronics, Inc. | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $666M | 294 | +33.14% | +17.59% | +15.55% | -0.72B |
| 2025-12-31 | $1.35B | 339 | +24.01% | +17.72% | +6.29% | +0.03B |
| 2025-09-30 | $1.27B | 318 | +27.77% | +17.52% | +10.25% | +0.02B |
| 2025-06-30 | $1.13B | 298 | +28.44% | +14.94% | +13.50% | +0.35B |
| 2025-03-31 | $698M | 279 | +23.69% | +8.30% | +15.39% | -0.07B |
| 2024-12-31 | $801M | 273 | +29.95% | +24.89% | +5.07% | +0.23B |
| 2024-09-30 | $528M | 290 | +23.94% | +36.04% | -12.10% | +0.05B |
| 2024-06-30 | $429M | 225 | +29.61% | +24.49% | +5.12% | -0.01B |
| 2024-03-31 | $408M | 165 | +31.79% | +29.62% | +2.17% | +0.14B |
| 2023-12-31 | $262M | 104 | +40.33% | +26.18% | +14.16% | +0.14B |
| 2023-09-30 | $120M | 278 | +48.03% | +21.57% | +26.46% | -0.01B |
| 2023-06-30 | $108M | 286 | +16.99% | +19.42% | -2.43% | -0.02B |
| 2023-03-31 | $114M | 327 | -12.15% | -7.82% | -4.34% | +0.01B |
| 2022-12-31 | $95M | 302 | -21.75% | -18.17% | -3.57% | +0.05B |
| 2022-09-30 | $41M | 239 | -19.73% | -15.51% | -4.22% | -0.09B |
| 2022-06-30 | $147M | 237 | -12.00% | -10.62% | -1.38% | +0.04B |