Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+8.37%
adds when stocks drop
when a holding falls −10%+
Middle response
+6.17%
steady accumulation
Rally response
-2.05%
trims into rallies
when a holding rises +10%+
Top positions · 25
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $131M | 6.2% | +60.9% | 5.5 yr |
| LITELumentum Holdings Inc. | $111M | 5.3% | +1027.3% | 1.8 yr |
| AVGOBroadcom Inc. | $110M | 5.2% | +86.0% | 5.5 yr |
| AKAMAkamai Technologies, Inc | $106M | 5.1% | +42.7% | 0.3 yr |
| AEISAdvanced Energy Industri | $105M | 5.0% | +239.4% | 0.8 yr |
| ARMArm Holdings plc America | $105M | 5.0% | +41.7% | 0.3 yr |
| TSMTaiwan Semiconductor Man | $102M | 4.9% | +105.6% | 3.5 yr |
| APHAmphenol Corporation | $99M | 4.7% | +93.6% | 1.8 yr |
| MTSIMACOM Technology Solutio | $97M | 4.6% | +121.2% | 5.5 yr |
| MSIMotorola Solutions, Inc. | $96M | 4.6% | +0.2% | 0.8 yr |
| CIENCiena Corporation | $96M | 4.6% | +542.4% | 5.3 yr |
| AMATApplied Materials, Inc. | $95M | 4.6% | +137.6% | 5.3 yr |
| VIAVViavi Solutions Inc. | $92M | 4.4% | +197.4% | 0.5 yr |
| FNFabrinet | $89M | 4.3% | +164.0% | 5.5 yr |
| HPEHewlett Packard Enterpri | $87M | 4.1% | +57.2% | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors47.9%-13.5pp$1.00B
Communication Equipment22.9%+13.9pp$480M
Hardware, Equipment & Parts15.0%+0.9pp$313M
Software - Infrastructure5.1%-0.4pp$106M
Electrical Equipment & Parts5.0%$105M
Computer Hardware4.1%+1.5pp$87M
Country
US71.2%-11.3pp
GB5.0%
TW4.9%-2.2pp
KY4.3%-1.0pp
FI4.0%
IL3.9%+1.6pp
NL3.9%+1.0pp
HK2.9%
Top 5: 26.9% · Top 10: 50.7% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| LITE | $60M | +0.62B | 1027.3% |
| CIEN | $51M | +0.28B | 542.4% |
| TSEM | $28M | +0.11B | 392.1% |
| FN | $65M | +0.11B | 164.0% |
| TSM | $88M | +0.09B | 105.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 13
| AKAM Akamai Technologies, Inc.new | +$106M |
| ARM Arm Holdings plc American Deponew | +$105M |
| VIAV Viavi Solutions Inc. | +$83M |
| SIMO Silicon Motion Technology Corp | +$57M |
| LFUS Littelfuse, Inc.new | +$52M |
| AVGO Broadcom Inc. | +$29M |
| HPE Hewlett Packard Enterprise Com | +$22M |
| ALAB Astera Labs, Inc. Common Stock | +$21M |
| SNDK Sandisk Corporationnew | +$21M |
| MSI Motorola Solutions, Inc. | +$16M |
Top sells this quarter · 15
| LITE Lumentum Holdings Inc. | −$124M |
| KLAC KLA Corporationexit | −$105M |
| CAMT Camtek Ltd.exit | −$105M |
| MPWR Monolithic Power Systems, Inc.exit | −$77M |
| MU Micron Technology, Inc. | −$73M |
| CIEN Ciena Corporation | −$70M |
| ON ON Semiconductor Corporationexit | −$67M |
| TEL TE Connectivity Ltd.exit | −$62M |
| TSEM Tower Semiconductor Ltd. | −$61M |
| ALGM Allegro MicroSystems, Inc.exit | −$60M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.09B | 25 | +161.94% | +17.59% | +144.34% | -0.37B |
| 2025-12-31 | $2.03B | 24 | +78.68% | +17.72% | +60.97% | -0.26B |
| 2025-09-30 | $1.86B | 23 | +61.63% | +17.52% | +44.12% | -0.21B |
| 2025-06-30 | $1.71B | 23 | +29.36% | +14.94% | +14.42% | -0.08B |
| 2025-03-31 | $1.23B | 23 | -2.78% | +8.30% | -11.08% | -0.00B |
| 2024-12-31 | $1.50B | 23 | +28.14% | +24.89% | +3.26% | -0.14B |
| 2024-09-30 | $1.47B | 23 | +31.53% | +36.04% | -4.51% | +0.49B |
| 2024-06-30 | $1.01B | 23 | +32.54% | +24.49% | +8.05% | +0.23B |
| 2024-03-31 | $717M | 24 | +32.55% | +29.62% | +2.93% | +0.25B |
| 2023-12-31 | $432M | 23 | +43.02% | +26.18% | +16.84% | +0.01B |
| 2023-09-30 | $373M | 20 | +40.50% | +21.57% | +18.93% | +0.02B |
| 2023-06-30 | $360M | 20 | +42.23% | +19.42% | +22.80% | +0.00B |
| 2023-03-31 | $330M | 20 | -0.77% | -7.82% | +7.05% | +0.06B |
| 2022-12-31 | $230M | 20 | +12.10% | +7.56% | +4.54% | +0.03B |
| 2022-09-30 | $178M | 18 | -0.82% | -4.93% | +4.11% | -0.00B |
| 2022-06-30 | $184M | 17 | -24.20% | -16.11% | -8.09% | -0.04B |