Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-13.39%
trims when stocks drop
when a holding falls −10%+
Middle response
-11.08%
baseline attrition
Rally response
-7.97%
trims into rallies
when a holding rises +10%+
Top positions · 16
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| JAZZJazz Pharmaceuticals plc | $14M | 37.1% | +52.3% | 2.8 yr |
| NWSANews Corporation | $9M | 25.1% | -7.7% | 0.8 yr |
| EFAiShares MSCI EAFE ETF | $5M | 13.3% | — | 0.5 yr |
| IONSIonis Pharmaceuticals, I | $2M | 5.6% | +148.9% | 0.3 yr |
| CRCLCircle Internet Group | $1M | 3.7% | — | 0.3 yr |
| GLDSPDR Gold Shares | $1M | 3.5% | — | 0.8 yr |
| SATSEchoStar Corporation | $1M | 2.6% | +357.7% | 0.3 yr |
| MSTRStrategy Inc | $1M | 2.2% | -56.7% | 1.0 yr |
| BAThe Boeing Company | $1M | 2.1% | +16.7% | 1.8 yr |
| DFDVDeFi Development Corp. | $1M | 1.4% | +360.6% | 0.8 yr |
| FDXFedEx Corporation | $0M | 0.8% | +49.3% | 0.5 yr |
| CCLCarnival Corporation & p | $0M | 0.7% | +33.1% | 0.3 yr |
| SYRESpyre Therapeutics, Inc. | $0M | 0.7% | +212.5% | 0.3 yr |
| OXYOccidental Petroleum Cor | $0M | 0.6% | +34.6% | 2.8 yr |
| ALLOAllogene Therapeutics, I | $0M | 0.4% | +67.1% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology44.1%+35.6pp$16M
Entertainment25.1%+23.9pp$9M
Asset Management16.8%+4.8pp$6M
Financial - Capital Markets3.7%$1M
Communication Equipment2.6%$1M
Software - Application2.2%-5.8pp$1M
Aerospace & Defense2.1%+1.2pp$1M
Software - Infrastructure1.4%-3.2pp$1M
Integrated Freight & Logistics0.8%$0M
Leisure0.7%+0.4pp$0M
Country
US62.9%-11.0pp
IE37.1%+30.5pp
Top 5: 84.8% · Top 10: 96.5% · Top 25: 100.0%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSTR | $2M | -0.00B | -56.7% |
Top buys this quarter · 10
| NWSA News Corporation | +$3M |
| IONS Ionis Pharmaceuticals, Inc.new | +$2M |
| CRCL Circle Internet Groupnew | +$1M |
| SATS EchoStar Corporationnew | +$1M |
| CCL Carnival Corporation & plcnew | +$0M |
| SYRE Spyre Therapeutics, Inc.new | +$0M |
| JAZZ Jazz Pharmaceuticals plc | +$0M |
| ALLO Allogene Therapeutics, Inc.new | +$0M |
| DFDV DeFi Development Corp. | +$1M |
| MSTR Strategy Inc | +$1M |
Top sells this quarter · 15
| FSLY Fastly, Inc.exit | −$7M |
| FDX FedEx Corporation | −$6M |
| CHKP Check Point Software Technologexit | −$2M |
| CORZ Core Scientific, Inc.exit | −$2M |
| NVST Envista Holdings Corpexit | −$2M |
| WULF TeraWulf Inc.exit | −$1M |
| OMER Omeros Corporation | −$1M |
| BCE BCE Inc.exit | −$1M |
| ARCC Ares Capital Corporationexit | −$0M |
| OXY Occidental Petroleum Corporati | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $37M | 16 | +54.89% | +17.59% | +37.30% | +0.00B |
| 2025-12-31 | $33M | 16 | +39.10% | +17.72% | +21.38% | -0.01B |
| 2025-09-30 | $46M | 20 | +37.35% | +17.52% | +19.84% | -0.06B |
| 2025-06-30 | $89M | 35 | +14.66% | +14.94% | -0.28% | -0.03B |
| 2025-03-31 | $98M | 40 | +0.56% | +8.30% | -7.74% | +0.05B |
| 2024-12-31 | $44M | 28 | +6.49% | +24.89% | -18.40% | +0.00B |
| 2024-09-30 | $41M | 24 | +23.70% | +36.04% | -12.33% | -0.02B |
| 2024-06-30 | $59M | 19 | +18.94% | +24.49% | -5.55% | -0.05B |
| 2024-03-31 | $110M | 21 | -8.29% | +29.62% | -37.92% | -0.01B |
| 2023-12-31 | $114M | 15 | -2.11% | +26.18% | -28.29% | +0.01B |
| 2023-09-30 | $89M | 19 | -4.67% | +21.57% | -26.24% | +0.02B |
| 2023-06-30 | $70M | 14 | -2.92% | +19.42% | -22.35% | -0.01B |
| 2023-03-31 | $98M | 18 | -12.52% | -7.82% | -4.71% | -0.04B |
| 2022-12-31 | $127M | 56 | -16.16% | -18.17% | +2.01% | -0.05B |
| 2022-09-30 | $163M | 98 | -20.92% | -15.51% | -5.41% | +0.05B |
| 2022-06-30 | $112M | 105 | -19.94% | -10.62% | -9.32% | -0.01B |