Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-28.48%
trims when stocks drop
when a holding falls −10%+
Middle response
-20.46%
baseline attrition
Rally response
-33.58%
trims into rallies
when a holding rises +10%+
Top positions · 8
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MASIMasimo Corporation | $39M | 35.5% | +6.8% | 0.3 yr |
| TERNTerns Pharmaceuticals, I | $25M | 23.2% | — | 0.3 yr |
| GLDDGreat Lakes Dredge & Doc | $16M | 14.3% | +95.4% | 0.3 yr |
| DAWNDay One Biopharmaceutica | $11M | 10.1% | +170.4% | 0.3 yr |
| STKLSunOpta Inc. | $10M | 9.0% | +33.3% | 0.3 yr |
| WBDWarner Bros. Discovery, | $5M | 4.7% | +155.9% | 0.8 yr |
| ADEAAdeia Inc. | $3M | 2.7% | +84.3% | 0.3 yr |
| FARMFarmer Bros. Co. | $0M | 0.4% | -42.8% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Medical - Devices35.5%+27.3pp$39M
Biotechnology33.4%+13.0pp$36M
Engineering & Construction14.3%$16M
Packaged Foods9.4%+7.6pp$10M
Entertainment4.7%$5M
Software - Application2.7%-2.4pp$3M
Country
US100.0%+9.2pp
Top 5: 92.2% · Top 10: 100.0% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 8
| MASI Masimo Corporationnew | +$39M |
| GLDD Great Lakes Dredge & Dock Corpnew | +$16M |
| DAWN Day One Biopharmaceuticals, Innew | +$11M |
| STKL SunOpta Inc.new | +$10M |
| WBD Warner Bros. Discovery, Inc. | +$3M |
| ADEA Adeia Inc.new | +$3M |
| FARM Farmer Bros. Co.new | +$0M |
| TERN Terns Pharmaceuticals, Inc.new | +$0M |
Top sells this quarter · 14
| EXAS Exact Sciences Corporationexit | −$260M |
| CFLT Confluent, Inc.exit | −$181M |
| EA Electronic Arts Inc.exit | −$77M |
| CSGS CSG Systems International, Incexit | −$57M |
| GTLS Chart Industries, Inc.exit | −$49M |
| CWAN Clearwater Analytics Holdings,exit | −$9M |
| IMXI International Money Express, Iexit | −$3M |
| QIPT Quipt Home Medical Corp.exit | −$2M |
| RNW ReNew Energy Global Plcexit | −$0M |
| DAY Dayforce Incexit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $109M | 8 | +109.18% | +17.59% | +91.58% | -0.91B |
| 2025-12-31 | $986M | 15 | +59.83% | +17.72% | +42.11% | +0.92B |
| 2025-09-30 | $52M | 6 | +34.19% | +17.52% | +16.67% | -0.78B |
| 2025-06-30 | $664M | 28 | +24.90% | +14.94% | +9.96% | +0.34B |
| 2025-03-31 | $268M | 13 | +95.72% | +8.30% | +87.42% | -0.08B |
| 2024-12-31 | $443M | 31 | +133.03% | +24.89% | +108.14% | -0.09B |
| 2024-09-30 | $463M | 30 | +122.16% | +36.04% | +86.12% | +0.08B |
| 2024-06-30 | $333M | 23 | +59.30% | +24.49% | +34.81% | +0.18B |
| 2024-03-31 | $82M | 18 | -9.29% | +29.62% | -38.91% | -0.09B |
| 2023-12-31 | $182M | 19 | -10.77% | +26.18% | -36.95% | -0.68B |
| 2023-09-30 | $787M | 30 | -11.22% | +21.57% | -32.79% | +0.52B |
| 2023-06-30 | $324M | 17 | +29.22% | +19.42% | +9.80% | +0.20B |
| 2023-03-31 | $120M | 16 | -51.71% | -7.82% | -43.89% | -0.11B |
| 2022-12-31 | $249M | 23 | +8.88% | +7.56% | +1.32% | -0.78B |
| 2022-09-30 | $942M | 28 | +21.15% | -4.93% | +26.07% | -0.23B |
| 2022-06-30 | $968M | 53 | -60.23% | -16.11% | -44.12% | +0.31B |