Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.26%
trims when stocks drop
when a holding falls −10%+
Middle response
-11.51%
baseline attrition
Rally response
-25.25%
trims into rallies
when a holding rises +10%+
Top positions · 20
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| WWayfair Inc. | $17M | 11.0% | +134.8% | 1.8 yr |
| UUnity Software Inc. | $15M | 9.6% | +12.0% | 1.0 yr |
| EQIXEquinix, Inc. | $14M | 9.4% | +23.0% | 0.3 yr |
| AMDAdvanced Micro Devices, | $12M | 7.7% | +98.0% | 0.8 yr |
| VNETVNET Group, Inc. | $11M | 7.4% | +2.3% | 1.8 yr |
| AKAMAkamai Technologies, Inc | $8M | 5.6% | +42.7% | 0.3 yr |
| ZMZoom Communications, Inc | $8M | 5.2% | +9.0% | 0.5 yr |
| TERTeradyne, Inc. | $8M | 5.1% | +260.2% | 0.8 yr |
| SESea Limited | $8M | 5.1% | -36.5% | 5.5 yr |
| TSEMTower Semiconductor Ltd. | $7M | 4.7% | +392.1% | 0.3 yr |
| ARMArm Holdings plc America | $7M | 4.5% | +41.7% | 0.5 yr |
| STMSTMicroelectronics N.V. | $7M | 4.4% | +58.7% | 0.3 yr |
| NETCloudflare, Inc. | $7M | 4.4% | +83.1% | 1.8 yr |
| GDSGDS Holdings Limited | $6M | 3.8% | +59.1% | 2.8 yr |
| WULFTeraWulf Inc. | $5M | 3.1% | +428.6% | 1.3 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors30.3%+20.0pp$46M
Specialty Retail16.1%-4.5pp$24M
Software - Application15.8%-5.9pp$24M
Information Technology Services11.2%+9.1pp$17M
Software - Infrastructure10.0%-2.2pp$15M
REIT - Specialty9.4%$14M
Financial - Capital Markets4.9%-2.0pp$7M
Electrical Equipment & Parts2.5%$4M
Country
US69.1%+6.4pp
CN11.2%+0.7pp
SG6.1%-8.7pp
IL4.7%
GB4.5%
NL4.4%
Top 5: 45.0% · Top 10: 70.7% · Top 25: 100.0%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| SE | $15M | -0.01B | -36.5% |
Top buys this quarter · 13
| W Wayfair Inc. | +$16M |
| EQIX Equinix, Inc.new | +$14M |
| U Unity Software Inc. | +$12M |
| AKAM Akamai Technologies, Inc.new | +$8M |
| TSEM Tower Semiconductor Ltd.new | +$7M |
| ZM Zoom Communications, Inc. | +$7M |
| STM STMicroelectronics N.V.new | +$7M |
| AMD Advanced Micro Devices, Inc. | +$7M |
| VNET VNET Group, Inc. | +$7M |
| AMAT Applied Materials, Inc.new | +$4M |
Top sells this quarter · 15
| AMZN Amazon.com, Inc.exit | −$23M |
| NVDA NVIDIA Corporationexit | −$15M |
| LITE Lumentum Holdings Inc.exit | −$11M |
| UPST Upstart Holdings, Inc.exit | −$8M |
| GRAB Grab Holdings Limited | −$7M |
| ETSY Etsy, Inc.exit | −$7M |
| BABA Alibaba Group Holding Limitedexit | −$6M |
| SATS EchoStar Corporationexit | −$6M |
| NET Cloudflare, Inc. | −$3M |
| HUT.TO Hut 8 Mining Corp.exit | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $151M | 20 | +57.64% | +17.59% | +40.05% | -0.04B |
| 2025-12-31 | $183M | 30 | +51.06% | +17.72% | +33.34% | -0.05B |
| 2025-09-30 | $250M | 37 | +107.57% | +17.52% | +90.05% | +0.00B |
| 2025-06-30 | $203M | 28 | +108.99% | +14.94% | +94.05% | +0.07B |
| 2025-03-31 | $101M | 25 | +73.09% | +8.30% | +64.78% | -0.04B |
| 2024-12-31 | $146M | 28 | +123.95% | +24.89% | +99.06% | -0.00B |
| 2024-09-30 | $113M | 24 | +88.97% | +36.04% | +52.93% | -0.03B |
| 2024-06-30 | $117M | 26 | +43.71% | +24.49% | +19.21% | -0.00B |
| 2024-03-31 | $106M | 18 | +21.54% | +29.62% | -8.08% | -0.01B |
| 2023-12-31 | $92M | 17 | +10.36% | +26.18% | -15.82% | +0.00B |
| 2023-09-30 | $84M | 8 | +0.94% | +21.57% | -20.63% | +0.02B |
| 2023-06-30 | $69M | 9 | +4.79% | +19.42% | -14.64% | -0.04B |
| 2023-03-31 | $118M | 14 | -22.36% | -7.82% | -14.54% | +0.03B |
| 2022-12-31 | $74M | 18 | +0.46% | +7.56% | -7.10% | -0.02B |
| 2022-09-30 | $94M | 18 | -2.67% | -4.93% | +2.26% | -0.00B |
| 2022-06-30 | $101M | 18 | -30.63% | -16.11% | -14.52% | -0.05B |