Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-17.32%
trims when stocks drop
when a holding falls −10%+
Middle response
-9.04%
baseline attrition
Rally response
-31.92%
trims into rallies
when a holding rises +10%+
Top positions · 23
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPYState Street SPDR S&P 50 | $27M | 17.4% | +22.0% | 0.3 yr |
| NUNu Holdings Ltd. | $26M | 17.0% | +11.5% | 2.5 yr |
| EWYiShares MSCI South Korea | $17M | 10.8% | — | 0.3 yr |
| EWZiShares MSCI Brazil ETF | $11M | 7.2% | — | 0.5 yr |
| XPXP Inc. | $11M | 6.9% | +14.9% | 4.3 yr |
| MSFTMicrosoft Corporation | $10M | 6.4% | -16.1% | 3.0 yr |
| MUMicron Technology, Inc. | $9M | 6.1% | +158.6% | 0.3 yr |
| NVDANVIDIA Corporation | $7M | 4.2% | +41.2% | 3.0 yr |
| AUGOAura Minerals | $6M | 3.9% | — | 0.5 yr |
| WFRDWeatherford Internationa | $4M | 2.6% | -20.8% | 0.3 yr |
| ASMLASML Holding N.V. | $4M | 2.4% | +31.0% | 0.3 yr |
| UUnity Software Inc. | $3M | 2.2% | +34.9% | 0.3 yr |
| BKRBaker Hughes Company | $3M | 1.9% | +80.0% | 0.3 yr |
| LITELumentum Holdings Inc. | $3M | 1.8% | +1280.1% | 0.3 yr |
| COHRCoherent, Inc. | $3M | 1.8% | +228.7% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management37.9%+37.8pp$59M
Banks - Diversified17.0%-16.5pp$26M
Semiconductors12.7%+9.1pp$20M
Financial - Capital Markets6.9%-4.4pp$11M
Software - Infrastructure6.4%$10M
Oil & Gas Equipment & Services4.5%$7M
Other Precious Metals3.9%$6M
Hardware, Equipment & Parts3.5%$5M
Software - Application2.2%-5.3pp$3M
Communication Equipment1.8%$3M
Country
US72.8%+51.8pp
BR23.9%-20.8pp
NL2.4%
CA0.8%
IL0.1%
Top 5: 59.4% · Top 10: 82.5% · Top 25: 100.0%
Top buys this quarter · 15
| SPY State Street SPDR S&P 500 ETF new | +$27M |
| MU Micron Technology, Inc.new | +$9M |
| MSFT Microsoft Corporation | +$8M |
| NU Nu Holdings Ltd. | +$7M |
| NVDA NVIDIA Corporation | +$4M |
| WFRD Weatherford International plcnew | +$4M |
| ASML ASML Holding N.V.new | +$4M |
| U Unity Software Inc.new | +$3M |
| BKR Baker Hughes Companynew | +$3M |
| COHR Coherent, Inc.new | +$3M |
Top sells this quarter · 15
| STNE StoneCo Ltd.exit | −$10M |
| AUGO Aura Minerals | −$8M |
| XP XP Inc. | −$8M |
| BCH Banco de Chileexit | −$3M |
| TSM Taiwan Semiconductor Manufactuexit | −$2M |
| CPA Copa Holdings, S.A.exit | −$2M |
| SPOT Spotify Technology S.A.exit | −$1M |
| AMZN Amazon.com, Inc.exit | −$1M |
| CEG Constellation Energy Corporatiexit | −$1M |
| UAL United Airlines Holdings, Inc.exit | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $156M | 23 | +61.63% | +12.07% | +49.57% | +0.08B |
| 2025-09-30 | $71M | 22 | +38.78% | +22.32% | +16.46% | -0.02B |
| 2024-12-31 | $62M | 19 | +1.60% | +24.89% | -23.29% | -0.07B |
| 2024-09-30 | $149M | 21 | +37.57% | +36.04% | +1.54% | -0.03B |
| 2024-06-30 | $157M | 13 | +28.29% | +24.49% | +3.80% | -0.09B |
| 2024-03-31 | $260M | 10 | +73.66% | +29.62% | +44.04% | -0.03B |
| 2023-12-31 | $275M | 8 | +80.78% | +26.18% | +54.60% | -0.18B |
| 2023-09-30 | $386M | 17 | +41.59% | +21.57% | +20.03% | -0.05B |
| 2023-06-30 | $398M | 14 | +19.81% | +19.42% | +0.38% | +0.05B |
| 2023-03-31 | $274M | 15 | -36.29% | -7.82% | -28.47% | -0.15B |
| 2022-12-31 | $388M | 14 | -7.87% | +7.56% | -15.43% | +0.02B |
| 2022-09-30 | $396M | 12 | -8.32% | -4.93% | -3.40% | +0.04B |
| 2022-06-30 | $391M | 21 | -31.68% | -16.11% | -15.57% | +0.00B |
| 2022-03-31 | $571M | 14 | — | — | — | +0.20B |
| 2021-12-31 | $372M | 7 | — | — | — | -0.34B |
| 2021-09-30 | $709M | 17 | — | — | — | -0.80B |