Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-12.76%
trims when stocks drop
when a holding falls −10%+
Middle response
-7.29%
baseline attrition
Rally response
-19.18%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| EAElectronic Arts Inc. | $75M | 7.4% | +41.7% | 1.5 yr |
| TXNMTXNM Energy, Inc. | $61M | 6.1% | +12.5% | 2.3 yr |
| WBDWarner Bros. Discovery, | $56M | 5.5% | +155.9% | 0.5 yr |
| CYTKCytokinetics, Incorporat | $56M | 5.5% | +64.0% | 2.3 yr |
| GTLSChart Industries, Inc. | $55M | 5.4% | +43.2% | 0.5 yr |
| CWANClearwater Analytics Hol | $54M | 5.3% | -11.8% | 0.5 yr |
| NSCNorfolk Southern Corpora | $46M | 4.6% | +23.6% | 0.5 yr |
| KVUEKenvue Inc. | $43M | 4.3% | -25.0% | 0.5 yr |
| NVDANVIDIA Corporation | $43M | 4.2% | +60.9% | 3.5 yr |
| TSMTaiwan Semiconductor Man | $39M | 3.9% | +105.6% | 1.3 yr |
| SNDKSandisk Corporation | $31M | 3.1% | +1234.5% | 0.8 yr |
| GPNGlobal Payments Inc. | $29M | 2.8% | -30.4% | 0.5 yr |
| PENPenumbra, Inc. | $27M | 2.6% | +22.8% | 0.3 yr |
| TERNTerns Pharmaceuticals, I | $27M | 2.6% | — | 0.3 yr |
| RVMDRevolution Medicines, In | $26M | 2.6% | +175.0% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors17.1%+5.2pp$174M
Biotechnology10.7%+3.2pp$109M
Entertainment7.5%$76M
Electronic Gaming & Multimedia7.4%$75M
Regulated Electric6.1%$61M
Industrial - Machinery5.4%$55M
Hardware, Equipment & Parts5.4%$54M
Software - Application5.3%-11.3pp$54M
Railroads4.6%$46M
Household & Personal Products4.3%$43M
Country
US87.2%-1.6pp
TW3.9%+2.5pp
NL2.5%
KY2.3%
GB1.4%+0.8pp
BM1.3%-2.2pp
HK0.6%-0.2pp
BE0.5%
Top 5: 29.9% · Top 10: 52.1% · Top 25: 86.7%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| WDC | $8M | +0.05B | 571.9% |
| CYTK | $40M | +0.03B | 64.0% |
| NVDA | $33M | +0.02B | 60.9% |
| AVGO | $15M | +0.01B | 86.0% |
| TSM | $10M | +0.01B | 105.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| CWAN Clearwater Analytics Holdings, | +$35M |
| PEN Penumbra, Inc.new | +$27M |
| GPN Global Payments Inc. | +$26M |
| RVMD Revolution Medicines, Inc.new | +$26M |
| EA Electronic Arts Inc. | +$25M |
| ASML ASML Holding N.V.new | +$25M |
| FN Fabrinetnew | +$23M |
| INDV Indivior Pharmaceuticals Incnew | +$21M |
| UNF UniFirst Corporationnew | +$19M |
| NVDA NVIDIA Corporation | +$16M |
Top sells this quarter · 15
| EXAS Exact Sciences Corporationexit | −$39M |
| CFLT Confluent, Inc.exit | −$25M |
| AVGO Broadcom Inc. | −$23M |
| SNOW Snowflake Inc.exit | −$22M |
| WBD Warner Bros. Discovery, Inc. | −$15M |
| MU Micron Technology, Inc.exit | −$14M |
| AMZN Amazon.com, Inc.exit | −$13M |
| WDC Western Digital Corporation | −$17M |
| SNDK Sandisk Corporation | −$15M |
| MDB MongoDB, Inc.exit | −$7M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.01B | 41 | +63.79% | +17.59% | +46.19% | -0.00B |
| 2025-12-31 | $999M | 44 | +40.55% | +17.72% | +22.83% | +0.15B |
| 2025-09-30 | $749M | 44 | +28.58% | +17.52% | +11.07% | -0.03B |
| 2025-06-30 | $700M | 30 | +18.52% | +14.94% | +3.58% | -0.24B |
| 2025-03-31 | $740M | 45 | -11.06% | +8.30% | -19.36% | +0.09B |
| 2024-12-31 | $743M | 42 | +7.25% | +24.89% | -17.63% | -0.32B |
| 2024-09-30 | $1.02B | 46 | +16.43% | +36.04% | -19.61% | -0.07B |
| 2024-06-30 | $1.06B | 48 | +8.93% | +24.49% | -15.56% | -0.22B |
| 2024-03-31 | $1.34B | 45 | +30.08% | +29.62% | +0.46% | +0.04B |
| 2023-12-31 | $1.24B | 36 | +35.83% | +26.18% | +9.65% | -0.34B |
| 2023-09-30 | $1.40B | 35 | +18.44% | +21.57% | -3.13% | +0.35B |
| 2023-06-30 | $1.09B | 32 | +24.36% | +19.42% | +4.94% | -0.43B |
| 2023-03-31 | $1.34B | 32 | -9.44% | -7.82% | -1.63% | +0.09B |
| 2022-12-31 | $1.13B | 38 | -1.63% | +7.56% | -9.19% | -0.04B |
| 2022-09-30 | $1.19B | 62 | +0.74% | -4.93% | +5.67% | +0.20B |
| 2022-06-30 | $985M | 61 | -16.98% | -16.11% | -0.87% | -0.18B |