Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-13.88%
trims when stocks drop
when a holding falls −10%+
Middle response
-16.49%
baseline attrition
Rally response
-9.10%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| PDDPDD Holdings Inc. | $426M | 25.4% | -13.7% | 7.3 yr |
| BABAAlibaba Group Holding Li | $308M | 18.4% | -3.5% | 6.8 yr |
| ONCBeOne Medicines Ltd. | $307M | 18.4% | +9.1% | 7.5 yr |
| FUTUFutu Holdings Limited | $194M | 11.6% | +33.6% | 4.3 yr |
| LEGNLegend Biotech Corporati | $108M | 6.5% | -46.7% | 6.0 yr |
| AVBPArriVent BioPharma, Inc. | $91M | 5.4% | +24.8% | 2.3 yr |
| BEKEKE Holdings Inc. | $63M | 3.8% | -25.2% | 5.8 yr |
| CWANClearwater Analytics Hol | $32M | 1.9% | -11.8% | 1.0 yr |
| CTKBCytek Biosciences, Inc. | $29M | 1.7% | +9.0% | 4.8 yr |
| MRVLMarvell Technology, Inc. | $17M | 1.0% | +61.3% | 0.5 yr |
| — | $15M | 0.9% | — | 2.3 yr |
| IMABI-Mab | $15M | 0.9% | — | 5.8 yr |
| MAZEMaze Therapeutics, Inc. | $11M | 0.7% | +171.1% | 1.3 yr |
| CTNMContineum Therapeutics, | $9M | 0.5% | +87.1% | 2.0 yr |
| APIAgora, Inc. | $7M | 0.4% | -11.9% | 1.8 yr |
Portfolio composition (YoY)
Industry mix
Specialty Retail44.0%-1.1pp$735M
Medical - Pharmaceuticals18.4%+10.4pp$307M
Biotechnology14.3%+5.5pp$239M
Financial - Capital Markets11.6%-0.9pp$194M
Real Estate - Services3.8%-3.0pp$63M
Software - Application2.4%+0.6pp$40M
Medical - Devices1.8%+1.0pp$30M
Unknown1.5%-2.2pp$25M
Semiconductors1.5%+1.3pp$25M
Software - Infrastructure0.2%+0.1pp$4M
Country
US37.9%+18.7pp
IE25.4%+3.5pp
CN23.1%-17.7pp
HK11.6%-0.9pp
Unknown1.5%-2.2pp
TW0.3%+0.2pp
CA0.1%
BR0.0%
Top 5: 80.3% · Top 10: 94.2% · Top 25: 99.4%
Top buys this quarter · 9
| EWW iShares MSCI Mexico ETFnew | +$0M |
| MRVL Marvell Technology, Inc. | +$11M |
| TSM Taiwan Semiconductor Manufactu | +$1M |
| INTC Intel Corporationnew | +$1M |
| LITE Lumentum Holdings Inc.new | +$1M |
| GLW Corning Incorporatednew | +$1M |
| COHR Coherent, Inc.new | +$1M |
| DDL Dingdong (Cayman) Limitednew | +$1M |
| VNET VNET Group, Inc. | +$0M |
Top sells this quarter · 12
| — | −$0M |
| GOOGL Alphabet Inc.exit | −$0M |
| — exit | −$0M |
| IBIT iShares Bitcoin Trust ETFexit | −$0M |
| PDD PDD Holdings Inc. | −$670M |
| BABA Alibaba Group Holding Limited | −$373M |
| FUTU Futu Holdings Limited | −$29M |
| VIPS Vipshop Holdings Limited | −$15M |
| NVDA NVIDIA Corporation | −$12M |
| MAZE Maze Therapeutics, Inc. | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.67B | 38 | -2.11% | +17.59% | -19.70% | -1.10B |
| 2025-12-31 | $3.10B | 33 | +36.83% | +17.72% | +19.11% | -0.53B |
| 2025-09-30 | $4.09B | 33 | +27.70% | +17.52% | +10.18% | +0.21B |
| 2025-06-30 | $3.10B | 36 | +26.12% | +14.94% | +11.18% | -0.38B |
| 2025-03-31 | $3.54B | 49 | +28.96% | +8.30% | +20.66% | -0.07B |
| 2024-12-31 | $2.89B | 45 | -5.48% | +24.89% | -30.37% | -0.89B |
| 2024-09-30 | $4.56B | 48 | +26.55% | +36.04% | -9.49% | -0.45B |
| 2024-06-30 | $4.05B | 78 | +4.57% | +24.49% | -19.92% | -0.58B |
| 2024-03-31 | $4.60B | 63 | -2.76% | +29.62% | -32.38% | +0.06B |
| 2023-12-31 | $4.96B | 49 | +15.74% | +26.18% | -10.44% | -0.02B |
| 2023-09-30 | $4.48B | 60 | +18.58% | +21.57% | -2.99% | -0.31B |
| 2023-06-30 | $4.70B | 60 | -0.19% | +19.42% | -19.62% | -0.58B |
| 2023-03-31 | $5.64B | 70 | -2.86% | -7.82% | +4.96% | +0.47B |
| 2022-12-31 | $4.74B | 67 | +13.87% | +7.56% | +6.31% | +0.41B |
| 2022-09-30 | $3.80B | 61 | -14.13% | -4.93% | -9.20% | -0.20B |
| 2022-06-30 | $4.67B | 64 | -8.95% | -16.11% | +7.16% | +0.30B |