Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+7.56%
adds when stocks drop
when a holding falls −10%+
Middle response
-4.34%
baseline attrition
Rally response
-21.25%
trims into rallies
when a holding rises +10%+
Top positions · 14
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AERAerCap Holdings N.V. | $191M | 12.6% | +35.6% | 1.3 yr |
| NVDANVIDIA Corporation | $156M | 10.2% | +60.9% | 0.8 yr |
| — | $136M | 8.9% | — | 0.5 yr |
| STXSeagate Technology Holdi | $130M | 8.5% | +366.3% | 0.3 yr |
| FDXFedEx Corporation | $128M | 8.4% | +49.3% | 0.3 yr |
| GLNGGolar LNG Limited | $121M | 8.0% | +45.8% | 0.3 yr |
| MSGSMadison Square Garden Sp | $112M | 7.3% | +65.1% | 1.5 yr |
| TSMTaiwan Semiconductor Man | $111M | 7.3% | +105.6% | 2.0 yr |
| UALUnited Airlines Holdings | $110M | 7.2% | +33.3% | 0.8 yr |
| WBDWarner Bros. Discovery, | $107M | 7.0% | +155.9% | 0.3 yr |
| CRSCarpenter Technology Cor | $69M | 4.6% | +118.3% | 1.0 yr |
| WABWestinghouse Air Brake T | $68M | 4.5% | +38.5% | 0.3 yr |
| SYYSysco Corporation | $61M | 4.0% | -3.0% | 0.3 yr |
| FRFirst Industrial Realty | $22M | 1.4% | +10.0% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors17.5%+6.4pp$267M
Entertainment14.4%$219M
Rental & Leasing Services12.6%$191M
Unknown8.9%+5.8pp$136M
Computer Hardware8.5%$130M
Integrated Freight & Logistics8.4%$128M
Oil & Gas Midstream8.0%$121M
Airlines, Airports & Air Services7.2%$110M
Manufacturing - Metal Fabrication4.6%$69M
Railroads4.5%$68M
Country
US54.7%-31.2pp
IE12.6%
Unknown8.9%+5.8pp
SG8.5%
BM8.0%
TW7.3%-0.6pp
Top 5: 48.7% · Top 10: 85.5% · Top 25: 100.0%
Top buys this quarter · 10
| STX Seagate Technology Holdings plnew | +$130M |
| FDX FedEx Corporationnew | +$128M |
| GLNG Golar LNG Limitednew | +$121M |
| WBD Warner Bros. Discovery, Inc.new | +$107M |
| WAB Westinghouse Air Brake Technolnew | +$68M |
| SYY Sysco Corporationnew | +$60M |
| NVDA NVIDIA Corporation | +$35M |
| TSM Taiwan Semiconductor Manufactu | +$14M |
| MSGS Madison Square Garden Sports C | +$6M |
| — | +$0M |
Top sells this quarter · 10
| TGT Target Corporationexit | −$319M |
| UNP Union Pacific Corporationexit | −$231M |
| KMB Kimberly-Clark Corporationexit | −$88M |
| CRS Carpenter Technology Corporati | −$83M |
| FIS Fidelity National Information exit | −$78M |
| META Meta Platforms, Inc.exit | −$63M |
| APG APi Group Corporationexit | −$14M |
| UAL United Airlines Holdings, Inc. | −$9M |
| FR First Industrial Realty Trust, | −$3M |
| AER AerCap Holdings N.V. | −$134M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.52B | 14 | +27.71% | +17.59% | +10.12% | -0.04B |
| 2025-12-31 | $1.43B | 13 | +17.15% | +17.72% | -0.57% | +0.21B |
| 2025-09-30 | $1.13B | 11 | +9.71% | +17.52% | -7.80% | -0.22B |
| 2025-06-30 | $1.35B | 12 | +18.80% | +14.94% | +3.86% | -0.11B |
| 2025-03-31 | $1.35B | 13 | +10.31% | +8.30% | +2.01% | +0.49B |
| 2024-12-31 | $858M | 10 | +21.83% | +24.89% | -3.06% | -0.38B |
| 2024-09-30 | $1.22B | 19 | +30.74% | +36.04% | -5.30% | -0.23B |
| 2024-06-30 | $1.35B | 17 | +16.05% | +24.49% | -8.44% | -0.20B |
| 2024-03-31 | $1.54B | 15 | +25.67% | +29.62% | -3.95% | +0.18B |
| 2023-12-31 | $1.23B | 13 | +20.42% | +26.18% | -5.75% | +0.06B |
| 2023-09-30 | $1.07B | 15 | +25.29% | +21.57% | +3.72% | +0.10B |
| 2023-06-30 | $1.02B | 13 | +8.69% | +8.68% | +0.01% | +0.26B |
| 2023-03-31 | $699M | 11 | +5.77% | +7.46% | -1.69% | +0.32B |
| 2022-12-31 | $358M | 5 | +13.73% | +7.56% | +6.17% | -0.34B |
| 2022-09-30 | $610M | 7 | — | — | — | +0.53B |
| 2022-06-30 | $84M | 3 | -9.52% | -16.11% | +6.59% | -0.40B |