Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.01%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.81%
baseline attrition
Rally response
-3.58%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IVViShares Core S&P 500 ETF | $29M | 13.2% | — | 3.3 yr |
| PDDPDD Holdings Inc. | $29M | 13.0% | -13.7% | 6.0 yr |
| NVDANVIDIA Corporation | $11M | 5.2% | +60.9% | 3.8 yr |
| SPYState Street SPDR S&P 50 | $11M | 5.0% | +17.6% | 3.8 yr |
| AAPLApple Inc. | $7M | 3.3% | +14.7% | 3.0 yr |
| YUMCYum China Holdings, Inc. | $7M | 3.1% | -4.3% | 5.8 yr |
| MSFTMicrosoft Corporation | $6M | 2.7% | -0.6% | 4.5 yr |
| AMZNAmazon.com, Inc. | $5M | 2.1% | +9.5% | 4.0 yr |
| NEMNewmont Corporation | $4M | 2.0% | +127.1% | 0.8 yr |
| AVGOBroadcom Inc. | $4M | 1.9% | +86.0% | 2.0 yr |
| HTHTH World Group Limited | $4M | 1.8% | +43.2% | 6.0 yr |
| METAMeta Platforms, Inc. | $4M | 1.7% | -0.4% | 2.8 yr |
| AEMAgnico Eagle Mines Limit | $4M | 1.6% | +89.2% | 0.5 yr |
| GOOGAlphabet Inc. | $4M | 1.6% | +84.3% | 2.5 yr |
| GOOGLAlphabet Inc. | $3M | 1.5% | — | 2.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management19.0%-6.2pp$42M
Specialty Retail16.3%-16.2pp$36M
Semiconductors14.4%+12.5pp$32M
Gold7.5%$17M
Internet Content & Information7.3%-0.2pp$16M
Software - Infrastructure4.3%+3.6pp$9M
Restaurants3.3%-3.9pp$7M
Consumer Electronics3.3%+2.6pp$7M
Travel Lodging1.9%-1.8pp$4M
Discount Stores1.8%+1.7pp$4M
Country
US64.9%+28.6pp
IE13.1%-16.7pp
CN10.8%-20.4pp
CA5.0%+5.0pp
TW1.3%
ZA1.0%
Unknown0.9%+0.4pp
GB0.7%+0.6pp
Top 5: 39.6% · Top 10: 51.5% · Top 25: 69.6%
Top buys this quarter · 15
| GFI Gold Fields Limitednew | +$1M |
| NVDA NVIDIA Corporation | +$1M |
| MU Micron Technology, Inc. | +$1M |
| GLW Corning Incorporated | +$1M |
| LITE Lumentum Holdings Inc. | +$0M |
| LYB LyondellBasell Industries N.V. | +$0M |
| PSX Phillips 66 | +$0M |
| ZH Zhihu Inc. | +$0M |
| SPY State Street SPDR S&P 500 ETF | +$11M |
| FANG Diamondback Energy, Inc. | +$0M |
Top sells this quarter · 15
| ATO Atmos Energy Corporation | −$6M |
| NEM Newmont Corporation | −$3M |
| AEM Agnico Eagle Mines Limited | −$3M |
| AAPL Apple Inc. | −$2M |
| B Barrick Mining Corporation | −$2M |
| PDD PDD Holdings Inc. | −$1M |
| ATHM Autohome Inc. | −$1M |
| KGC Kinross Gold Corporation | −$1M |
| AMZN Amazon.com, Inc. | −$1M |
| YUMC Yum China Holdings, Inc. | −$7M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $220M | 490 | +4.72% | +17.59% | -12.87% | -0.01B |
| 2025-12-31 | $239M | 394 | +26.23% | +17.72% | +8.51% | +0.08B |
| 2025-09-30 | $164M | 355 | +10.99% | +17.52% | -6.53% | +0.04B |
| 2025-06-30 | $104M | 147 | +5.92% | +14.94% | -9.02% | -0.01B |
| 2025-03-31 | $112M | 158 | +15.48% | +8.30% | +7.18% | -0.03B |
| 2024-12-31 | $125M | 162 | -13.00% | +24.89% | -37.89% | -0.02B |
| 2024-09-30 | $168M | 118 | +18.60% | +36.04% | -17.43% | -0.01B |
| 2024-06-30 | $163M | 95 | +17.65% | +24.49% | -6.84% | -0.00B |
| 2024-03-31 | $153M | 75 | -0.78% | +29.62% | -30.41% | -0.01B |
| 2023-12-31 | $187M | 63 | +20.09% | +26.18% | -6.09% | +0.00B |
| 2023-09-30 | $159M | 50 | +13.57% | +21.57% | -8.00% | +0.01B |
| 2023-06-30 | $134M | 33 | -16.79% | +19.42% | -36.22% | -0.03B |
| 2023-03-31 | $179M | 29 | +5.32% | -7.82% | +13.14% | +0.06B |
| 2022-12-31 | $118M | 23 | -4.51% | -18.17% | +13.66% | -0.02B |
| 2022-09-30 | $126M | 31 | -20.03% | -4.93% | -15.10% | +0.01B |
| 2022-06-30 | $145M | 30 | +14.67% | -16.11% | +30.78% | -0.03B |