Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-12.50%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.69%
baseline attrition
Rally response
-7.54%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ERJEmbraer S.A. | $15M | 8.3% | — | 1.3 yr |
| BABAAlibaba Group Holding Li | $15M | 7.9% | -3.5% | 6.3 yr |
| LTMLATAM Airlines Group S.A | $14M | 7.8% | +66.5% | 1.3 yr |
| HTHTH World Group Limited | $14M | 7.5% | +43.2% | 2.0 yr |
| NUNu Holdings Ltd. | $12M | 6.3% | +40.3% | 1.0 yr |
| EDUNew Oriental Education & | $10M | 5.3% | +19.8% | 1.8 yr |
| LAURLaureate Education, Inc. | $9M | 5.0% | +70.4% | 0.8 yr |
| FIXComfort Systems USA, Inc | $6M | 3.0% | +329.0% | 3.0 yr |
| SNEXStoneX Group Inc. | $5M | 2.7% | +5.6% | 0.8 yr |
| IDCCInterDigital, Inc. | $5M | 2.7% | +47.2% | 2.0 yr |
| TSMTaiwan Semiconductor Man | $5M | 2.6% | +105.6% | 0.8 yr |
| SMSN.ILSamsung Electronics Co., | $5M | 2.6% | +192.7% | 0.5 yr |
| AVGOBroadcom Inc. | $4M | 2.3% | +86.0% | 2.8 yr |
| KRMNKarman Holdings Inc. | $4M | 2.2% | +139.5% | 0.5 yr |
| CCJCameco Corporation | $4M | 2.1% | +164.4% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Aerospace & Defense14.5%+9.1pp$27M
Education & Training Services10.3%$19M
Specialty Retail7.9%-19.1pp$15M
Airlines, Airports & Air Services7.8%+4.2pp$14M
Travel Lodging7.5%$14M
Semiconductors6.6%+4.0pp$12M
Engineering & Construction6.4%+2.6pp$12M
Banks - Diversified6.3%$12M
Financial - Capital Markets4.1%$8M
Software - Application4.0%-15.6pp$7M
Country
US43.2%+11.5pp
CN20.7%+12.2pp
BR14.6%+12.1pp
CL8.4%+4.9pp
CA3.9%+3.5pp
TW2.6%
KR2.6%
Unknown2.3%+1.8pp
Top 5: 37.8% · Top 10: 56.5% · Top 25: 87.1%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| FIX | $3M | +0.01B | 329.0% |
| LTM | $9M | +0.01B | 66.5% |
| AVGO | $3M | +0.00B | 86.0% |
| IDCC | $5M | +0.00B | 47.2% |
| NVDA | $3M | +0.00B | 60.9% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| BABA | $9M | -0.00B | -3.5% |
Top buys this quarter · 15
| EDU New Oriental Education & Techn | +$10M |
| TSM Taiwan Semiconductor Manufactu | +$4M |
| SMSN.IL Samsung Electronics Co., Ltd. | +$3M |
| DY Dycom Industries, Inc.new | +$3M |
| FCFS FirstCash Holdings, Incnew | +$2M |
| RBC RBC Bearings Incorporatednew | +$2M |
| PSMT PriceSmart, Inc.new | +$2M |
| SNEX StoneX Group Inc. | +$2M |
| LAUR Laureate Education, Inc. | +$1M |
| BABA Alibaba Group Holding Limited | +$15M |
Top sells this quarter · 15
| FUTU Futu Holdings Limitedexit | −$17M |
| GRAB Grab Holdings Limitedexit | −$11M |
| TCOM Trip.com Group Limitedexit | −$9M |
| BZ Kanzhun Limitedexit | −$7M |
| NU Nu Holdings Ltd. | −$4M |
| AVAV AeroVironment, Inc. | −$3M |
| SPOT Spotify Technology S.A.exit | −$3M |
| AXON Axon Enterprise, Inc.exit | −$3M |
| LTM LATAM Airlines Group S.A. | −$2M |
| PANW Palo Alto Networks, Inc.exit | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $186M | 50 | +27.08% | +17.59% | +9.49% | -0.06B |
| 2025-12-31 | $254M | 53 | +36.87% | +17.72% | +19.15% | -0.06B |
| 2025-09-30 | $317M | 52 | +45.22% | +17.52% | +27.71% | +0.01B |
| 2025-06-30 | $275M | 46 | +43.44% | +14.94% | +28.50% | -0.02B |
| 2025-03-31 | $249M | 52 | +23.15% | +8.30% | +14.84% | -0.02B |
| 2024-12-31 | $264M | 51 | +29.31% | +24.89% | +4.42% | -0.01B |
| 2024-09-30 | $259M | 60 | +38.20% | +36.04% | +2.16% | -0.01B |
| 2024-06-30 | $246M | 66 | +26.38% | +24.49% | +1.88% | -0.04B |
| 2024-03-31 | $282M | 65 | +18.18% | +29.62% | -11.44% | +0.03B |
| 2023-12-31 | $235M | 65 | +16.29% | +26.18% | -9.89% | +0.04B |
| 2023-09-30 | $174M | 57 | +9.02% | +21.57% | -12.55% | +0.02B |
| 2023-06-30 | $152M | 50 | -0.52% | +19.42% | -19.95% | -0.01B |
| 2023-03-31 | $172M | 48 | -21.53% | -7.82% | -13.71% | +0.04B |
| 2022-12-31 | $125M | 49 | +5.20% | +7.56% | -2.36% | +0.00B |
| 2022-09-30 | $117M | 49 | -7.72% | -4.93% | -2.79% | +0.01B |
| 2022-06-30 | $120M | 52 | -24.05% | -16.11% | -7.94% | -0.01B |