Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.64%
adds when stocks drop
when a holding falls −10%+
Middle response
-3.76%
baseline attrition
Rally response
-10.50%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CXCEMEX, S.A.B. de C.V. | $8M | 6.0% | +106.1% | 2.3 yr |
| PDDPDD Holdings Inc. | $7M | 5.7% | -13.7% | 2.5 yr |
| FMXFomento Económico Mexic | $7M | 5.5% | +22.7% | 2.5 yr |
| PAMPampa EnergÃa S.A. | $6M | 4.9% | +14.6% | 1.8 yr |
| KSPIJoint Stock Company Kasp | $6M | 4.5% | -20.2% | 2.0 yr |
| STNEStoneCo Ltd. | $6M | 4.4% | +34.7% | 0.3 yr |
| MELIMercadoLibre, Inc. | $5M | 4.0% | -11.4% | 2.3 yr |
| INTRInter & Co, Inc. | $4M | 3.2% | +47.1% | 0.3 yr |
| FLYWFlywire Corporation | $4M | 3.1% | +22.5% | 1.3 yr |
| PACGrupo Aeroportuario del | $4M | 2.8% | +37.5% | 2.5 yr |
| NUNu Holdings Ltd. | $4M | 2.7% | +40.3% | 0.3 yr |
| CLBTCellebrite DI Ltd. | $3M | 2.6% | -29.1% | 0.3 yr |
| GFFGriffon Corporation | $3M | 2.2% | +2.7% | 2.5 yr |
| EEFTEuronet Worldwide, Inc. | $3M | 2.0% | -37.9% | 2.5 yr |
| CHHChoice Hotels Internatio | $3M | 2.0% | -21.5% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Software - Infrastructure15.4%+5.7pp$20M
Specialty Retail10.1%-1.8pp$13M
Construction Materials7.9%+3.7pp$10M
Airlines, Airports & Air Services5.8%-4.0pp$8M
Beverages - Alcoholic5.5%-2.8pp$7M
Independent Power Producers4.9%+1.8pp$6M
Software - Application4.1%-3.0pp$5M
Banks - Diversified3.8%$5M
Banks - Regional3.2%-0.2pp$4M
Information Technology Services3.1%+1.8pp$4M
Country
US35.3%-3.1pp
MX20.6%-1.7pp
BR8.7%+7.9pp
AR8.3%+0.4pp
IE6.1%-2.5pp
UY4.7%+3.6pp
KZ4.5%+0.8pp
KY4.4%
Top 5: 26.6% · Top 10: 44.1% · Top 25: 72.7%
Top buys this quarter · 15
| STNE StoneCo Ltd.new | +$7M |
| INTR Inter & Co, Inc.new | +$5M |
| PAM Pampa EnergÃa S.A. | +$4M |
| MELI MercadoLibre, Inc. | +$4M |
| NU Nu Holdings Ltd.new | +$4M |
| CLBT Cellebrite DI Ltd.new | +$3M |
| CHH Choice Hotels International, Inew | +$3M |
| XP XP Inc.new | +$2M |
| SRE Sempranew | +$2M |
| CX CEMEX, S.A.B. de C.V. | +$2M |
Top sells this quarter · 15
| YMM Full Truck Alliance Co. Ltd.exit | −$2M |
| PHIN PHINIA Inc. | −$2M |
| POWL Powell Industries, Inc. | −$1M |
| LTM LATAM Airlines Group S.A.exit | −$1M |
| BMA Banco Macro S.A.exit | −$1M |
| VTMX Corporación Inmobiliaria Vestexit | −$1M |
| LEGN Legend Biotech Corporationexit | −$1M |
| GFF Griffon Corporation | −$1M |
| DHI D.R. Horton, Inc.exit | −$1M |
| HEPS D-Market Elektronik Hizmetler exit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $131M | 109 | -1.55% | +17.59% | -19.15% | +0.05B |
| 2025-12-31 | $84M | 36 | +6.33% | +17.72% | -11.39% | +0.01B |
| 2025-09-30 | $70M | 29 | +2.80% | +17.52% | -14.71% | +0.01B |
| 2025-06-30 | $63M | 33 | +4.95% | +14.94% | -9.99% | -0.01B |
| 2025-03-31 | $75M | 42 | -4.52% | +8.30% | -12.82% | -0.01B |
| 2024-12-31 | $86M | 38 | +1.89% | +24.89% | -23.00% | -0.00B |
| 2024-09-30 | $90M | 39 | +3.03% | +5.75% | -2.73% | -0.00B |
| 2024-06-30 | $89M | 39 | -6.16% | +4.38% | -10.53% | -0.01B |
| 2024-03-31 | $102M | 42 | +5.21% | +10.39% | -5.18% | -0.01B |
| 2023-12-31 | $106M | 43 | — | — | — | — |