Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+11.32%
adds when stocks drop
when a holding falls −10%+
Middle response
-4.61%
baseline attrition
Rally response
-11.83%
trims into rallies
when a holding rises +10%+
Top positions · 21
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| RYAAYRyanair Holdings plc | $76M | 22.5% | — | 1.3 yr |
| TSMTaiwan Semiconductor Man | $70M | 20.9% | +105.6% | 3.8 yr |
| HDBHDFC Bank Limited | $47M | 14.1% | -24.3% | 3.3 yr |
| IBITiShares Bitcoin Trust ET | $44M | 13.1% | — | 2.3 yr |
| FBTCFidelity Wise Origin Bit | $17M | 5.2% | — | 2.0 yr |
| BTCGrayscale Bitcoin Mini T | $17M | 5.1% | — | 0.8 yr |
| — | $13M | 3.7% | — | 0.3 yr |
| — | $12M | 3.7% | — | 0.3 yr |
| UAAUnder Armour, Inc. | $8M | 2.5% | -5.4% | 0.8 yr |
| TCOMTrip.com Group Limited | $6M | 1.7% | -21.7% | 3.0 yr |
| ASXASE Technology Holding C | $4M | 1.3% | +154.2% | 4.0 yr |
| BABAAlibaba Group Holding Li | $4M | 1.2% | -3.5% | 4.3 yr |
| SUNCSunocoCorp LLC | $3M | 1.0% | — | 0.5 yr |
| FLOCFlowco Holdings Inc. | $3M | 0.9% | -18.3% | 0.3 yr |
| SEESealed Air Corporation | $3M | 0.9% | +48.7% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Airlines, Airports & Air Services22.5%$76M
Semiconductors22.2%+1.7pp$75M
Asset Management18.6%+1.7pp$63M
Banks - Regional14.1%-13.8pp$47M
Unknown7.4%$25M
Asset Management - Cryptocurrency5.2%$17M
Apparel - Manufacturers2.5%$8M
Travel Services1.7%+0.8pp$6M
Specialty Retail1.2%-3.7pp$4M
Oil & Gas Midstream1.0%$3M
Country
US29.8%+3.7pp
IE22.5%
TW22.2%+1.9pp
IN14.1%-25.8pp
Unknown7.4%
CN2.2%-4.1pp
SG1.7%+0.8pp
JP0.2%-0.9pp
Top 5: 75.7% · Top 10: 92.3% · Top 25: 100.0%
Top buys this quarter · 9
| HDB HDFC Bank Limited | +$43M |
| FLOC Flowco Holdings Inc.new | +$3M |
| WBD Warner Bros. Discovery, Inc.new | +$3M |
| BIDU Baidu, Inc. | +$2M |
| SEE Sealed Air Corporation | +$2M |
| TCOM Trip.com Group Limited | +$6M |
| — new | +$0M |
| RYAAY Ryanair Holdings plc | +$0M |
| — new | +$0M |
Top sells this quarter · 15
| FOX Fox Corporationexit | −$9M |
| RIO Rio Tinto Groupexit | −$9M |
| BABA Alibaba Group Holding Limited | −$9M |
| CWAN Clearwater Analytics Holdings,exit | −$7M |
| BEP Brookfield Renewable Partners exit | −$6M |
| IBN ICICI Bank Limitedexit | −$4M |
| BHP BHP Group Limitedexit | −$3M |
| ASX ASE Technology Holding Co., Lt | −$3M |
| INFY Infosys Limitedexit | −$3M |
| GOOG Alphabet Inc.exit | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $336M | 21 | +35.89% | +17.59% | +18.30% | -0.03B |
| 2025-12-31 | $357M | 35 | +49.84% | +17.72% | +32.12% | +0.06B |
| 2025-09-30 | $285M | 30 | +42.99% | +17.52% | +25.47% | -0.09B |
| 2025-06-30 | $331M | 33 | +30.28% | +14.94% | +15.34% | +0.09B |
| 2025-03-31 | $212M | 31 | +16.72% | +8.30% | +8.42% | -0.02B |
| 2024-12-31 | $209M | 25 | +13.79% | +24.89% | -11.09% | +0.02B |
| 2024-09-30 | $186M | 27 | +21.69% | +36.04% | -14.35% | +0.05B |
| 2024-06-30 | $131M | 30 | +13.72% | +24.49% | -10.77% | -0.03B |
| 2024-03-31 | $156M | 29 | +16.03% | +29.62% | -13.59% | +0.12B |
| 2023-12-31 | $34M | 8 | +27.85% | +26.18% | +1.67% | -0.03B |
| 2023-09-30 | $57M | 8 | +30.09% | +21.57% | +8.52% | +0.01B |
| 2023-06-30 | $49M | 16 | +15.76% | +19.42% | -3.67% | -0.13B |
| 2023-03-31 | $177M | 18 | -8.69% | -7.82% | -0.87% | -0.14B |
| 2022-12-31 | $261M | 23 | +8.82% | +7.56% | +1.26% | +0.00B |
| 2022-09-30 | $236M | 21 | -14.72% | -4.93% | -9.79% | -0.02B |
| 2022-06-30 | $294M | 36 | -18.24% | -16.11% | -2.13% | +0.07B |