Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.25%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.93%
baseline attrition
Rally response
+0.00%
adds into rallies
when a holding rises +10%+
Top positions · 1
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| RLXRLX Technology Inc. | $126M | 100.0% | +22.2% | 4.5 yr |
Portfolio composition (YoY)
Industry mix
Tobacco100.0%+0.0pp$126M
Country
CN100.0%+0.0pp
Top 5: 100.0% · Top 10: 100.0% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| RLX | $113M | +0.02B | 22.2% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 0
No buys this quarter
Top sells this quarter · 1
| RLX RLX Technology Inc. | −$5M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $126M | 1 | +22.22% | +17.59% | +4.63% | -0.01B |
| 2025-12-31 | $138M | 1 | +8.25% | +17.72% | -9.47% | -0.00B |
| 2025-09-30 | $158M | 1 | +46.51% | +17.52% | +28.99% | -0.00B |
| 2025-06-30 | $133M | 1 | +20.57% | +14.94% | +5.63% | +0.00B |
| 2025-03-31 | $113M | 1 | -1.10% | +8.30% | -9.40% | -0.00B |
| 2024-12-31 | $130M | 1 | +8.42% | +24.89% | -16.47% | -0.00B |
| 2024-09-30 | $109M | 1 | +20.28% | +36.04% | -15.76% | +0.00B |
| 2024-06-30 | $111M | 1 | +4.17% | +24.49% | -20.32% | -0.00B |
| 2024-03-31 | $115M | 1 | -33.58% | +29.62% | -63.20% | +0.00B |
| 2023-12-31 | $120M | 1 | -12.84% | +26.18% | -39.02% | -0.00B |
| 2023-09-30 | $91M | 1 | +43.90% | +21.57% | +22.33% | +0.00B |
| 2023-06-30 | $106M | 1 | -16.83% | +19.42% | -36.26% | -0.00B |
| 2023-03-31 | $174M | 1 | +62.13% | -7.82% | +69.95% | +0.00B |
| 2022-12-31 | $138M | 1 | +119.37% | +7.56% | +111.81% | -0.00B |
| 2022-09-30 | $63M | 1 | -50.80% | -4.93% | -45.88% | +0.00B |
| 2022-06-30 | $128M | 1 | +19.53% | -16.11% | +35.64% | -0.00B |