Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-12.24%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.12%
baseline attrition
Rally response
-47.48%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IWMiShares Russell 2000 ETF | $29M | 8.8% | — | 5.3 yr |
| SPYState Street SPDR S&P 50 | $8M | 2.5% | +17.6% | 6.3 yr |
| ETSYEtsy, Inc. | $5M | 1.4% | +5.9% | 4.0 yr |
| CARAvis Budget Group, Inc. | $4M | 1.1% | +92.2% | 1.5 yr |
| MTCHMatch Group, Inc. | $3M | 1.1% | +0.1% | 2.3 yr |
| ORLYO'Reilly Automotive, Inc | $3M | 0.9% | -3.4% | 5.5 yr |
| FIVEFive Below, Inc. | $3M | 0.9% | +204.9% | 6.5 yr |
| MUSAMurphy USA Inc. | $3M | 0.8% | +5.8% | 2.3 yr |
| EFXEquifax Inc. | $3M | 0.8% | -25.4% | 4.5 yr |
| KMXCarMax, Inc. | $3M | 0.8% | -46.6% | 4.8 yr |
| NKENIKE, Inc. | $3M | 0.8% | -14.7% | 3.5 yr |
| DISThe Walt Disney Company | $3M | 0.8% | -1.3% | 5.0 yr |
| AFRMAffirm Holdings, Inc. | $2M | 0.8% | +1.4% | 4.5 yr |
| TGTTarget Corporation | $2M | 0.7% | +21.5% | 5.0 yr |
| RCLRoyal Caribbean Cruises | $2M | 0.7% | +35.9% | 2.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management12.2%+3.2pp$40M
Specialty Retail6.2%-1.1pp$20M
Software - Application4.7%+1.2pp$15M
Software - Infrastructure4.3%+1.5pp$14M
Entertainment3.1%-2.0pp$10M
Internet Content & Information3.1%+0.8pp$10M
Discount Stores2.9%+0.8pp$10M
Semiconductors2.5%+0.0pp$8M
Auto - Dealerships2.2%+0.2pp$7M
Rental & Leasing Services2.2%+1.9pp$7M
Country
US90.1%-2.6pp
CA3.2%+2.5pp
Unknown1.5%+0.9pp
GB0.7%-0.5pp
LU0.5%+0.1pp
IL0.5%+0.1pp
SG0.5%+0.4pp
AU0.5%+0.2pp
Top 5: 14.8% · Top 10: 19.0% · Top 25: 29.1%
Top buys this quarter · 15
| ETSY Etsy, Inc. | +$3M |
| CAR Avis Budget Group, Inc. | +$3M |
| ORLY O'Reilly Automotive, Inc. | +$3M |
| KMX CarMax, Inc. | +$2M |
| NKE NIKE, Inc. | +$2M |
| DIS The Walt Disney Company | +$2M |
| TE T1 Energy Incnew | +$2M |
| DBX Dropbox, Inc. | +$2M |
| TGT Target Corporation | +$2M |
| MUSA Murphy USA Inc. | +$2M |
Top sells this quarter · 15
| SPY State Street SPDR S&P 500 ETF | −$13M |
| WELL Welltower Inc. | −$4M |
| HLT Hilton Worldwide Holdings Inc. | −$3M |
| DECK Deckers Outdoor Corporation | −$3M |
| CRI Carter's, Inc. | −$2M |
| DKS DICK'S Sporting Goods, Inc. | −$2M |
| CDW CDW Corporationexit | −$2M |
| JBLU JetBlue Airways Corporationexit | −$2M |
| DTE DTE Energy Companyexit | −$2M |
| BOOT Boot Barn Holdings, Inc.exit | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $329M | 482 | +27.16% | +17.59% | +9.57% | -0.01B |
| 2025-12-31 | $346M | 444 | +31.74% | +17.72% | +14.02% | -0.00B |
| 2025-09-30 | $324M | 425 | +30.68% | +17.52% | +13.16% | -0.03B |
| 2025-06-30 | $325M | 429 | +33.35% | +14.94% | +18.41% | +0.04B |
| 2025-03-31 | $252M | 381 | +20.79% | +8.30% | +12.49% | -0.03B |
| 2024-12-31 | $274M | 355 | +34.46% | +24.89% | +9.58% | -0.15B |
| 2024-09-30 | $403M | 350 | +45.70% | +36.04% | +9.67% | +0.08B |
| 2024-06-30 | $298M | 321 | +32.30% | +24.49% | +7.81% | +0.10B |
| 2024-03-31 | $193M | 265 | +40.89% | +29.62% | +11.27% | -0.02B |
| 2023-12-31 | $188M | 252 | +34.13% | +26.18% | +7.96% | -0.01B |
| 2023-09-30 | $169M | 264 | +19.57% | +21.57% | -2.00% | -0.09B |
| 2023-06-30 | $262M | 324 | +9.23% | +19.42% | -10.19% | +0.00B |
| 2023-03-31 | $239M | 325 | -14.39% | -7.82% | -6.58% | +0.01B |
| 2022-12-31 | $216M | 311 | -24.05% | -18.17% | -5.87% | -0.26B |
| 2022-09-30 | $468M | 574 | -17.53% | -15.51% | -2.02% | -0.08B |
| 2022-06-30 | $606M | 641 | -8.89% | -10.62% | +1.73% | -0.33B |