Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+2.03%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.88%
baseline attrition
Rally response
-26.57%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ALABAstera Labs, Inc. Common | $369M | 9.0% | +83.7% | 2.3 yr |
| UUnity Software Inc. | $272M | 6.6% | +12.0% | 1.5 yr |
| CIENCiena Corporation | $263M | 6.4% | +542.4% | 2.5 yr |
| MUMicron Technology, Inc. | $257M | 6.3% | +289.6% | 5.5 yr |
| NVDANVIDIA Corporation | $218M | 5.3% | +60.9% | 2.5 yr |
| AMZNAmazon.com, Inc. | $199M | 4.8% | +9.5% | 5.3 yr |
| LITELumentum Holdings Inc. | $188M | 4.6% | +1027.3% | 2.3 yr |
| GOOGLAlphabet Inc. | $160M | 3.9% | — | 4.5 yr |
| COHRCoherent, Inc. | $150M | 3.7% | +266.8% | 1.3 yr |
| SATSEchoStar Corporation | $117M | 2.9% | +357.7% | 0.5 yr |
| TWLOTwilio Inc. | $116M | 2.8% | +28.5% | 4.3 yr |
| WWayfair Inc. | $108M | 2.6% | +134.8% | 5.5 yr |
| ZMZoom Communications, Inc | $106M | 2.6% | +9.0% | 0.5 yr |
| CRDOCredo Technology Group H | $102M | 2.5% | +133.7% | 0.3 yr |
| PANWPalo Alto Networks, Inc. | $90M | 2.2% | -6.0% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors23.5%-2.0pp$965M
Communication Equipment16.8%+12.6pp$690M
Software - Infrastructure13.2%-3.1pp$543M
Software - Application12.7%-0.1pp$523M
Specialty Retail9.6%-3.1pp$396M
Hardware, Equipment & Parts4.1%$170M
Internet Content & Information4.1%-3.8pp$169M
Financial - Mortgages2.1%$87M
Independent Power Producers1.9%$79M
Electronic Gaming & Multimedia1.9%-2.4pp$78M
Country
US97.1%-0.8pp
IL1.4%
GB0.8%-0.8pp
FI0.5%
RU0.2%
Top 5: 33.6% · Top 10: 53.4% · Top 25: 83.6%
Top buys this quarter · 15
| ALAB Astera Labs, Inc. Common Stock | +$192M |
| U Unity Software Inc. | +$272M |
| CRDO Credo Technology Group Holdingnew | +$102M |
| ZM Zoom Communications, Inc. | +$94M |
| PANW Palo Alto Networks, Inc.new | +$90M |
| VST Vistra Corp.new | +$79M |
| AKAM Akamai Technologies, Inc.new | +$78M |
| RBLX Roblox Corporation | +$56M |
| AMZN Amazon.com, Inc. | +$55M |
| W Wayfair Inc. | +$42M |
Top sells this quarter · 15
| CIEN Ciena Corporation | −$292M |
| P Everpure, Inc.exit | −$247M |
| COHR Coherent, Inc. | −$144M |
| NVDA NVIDIA Corporation | −$118M |
| LITE Lumentum Holdings Inc. | −$141M |
| GTLB GitLab Inc.exit | −$69M |
| MSFT Microsoft Corporationexit | −$67M |
| PM Philip Morris International Inexit | −$67M |
| WIX Wix.com Ltd. | −$54M |
| SNOW Snowflake Inc. | −$50M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.10B | 51 | +68.70% | +17.59% | +51.11% | -0.31B |
| 2025-12-31 | $4.71B | 49 | +53.86% | +17.72% | +36.14% | +0.56B |
| 2025-09-30 | $3.85B | 56 | +75.68% | +17.52% | +58.16% | -0.57B |
| 2025-06-30 | $3.60B | 48 | +49.61% | +14.94% | +34.67% | -0.14B |
| 2025-03-31 | $2.75B | 41 | +13.66% | +8.30% | +5.35% | +0.03B |
| 2024-12-31 | $3.19B | 44 | +61.35% | +24.89% | +36.46% | -0.46B |
| 2024-09-30 | $2.96B | 35 | +44.68% | +36.04% | +8.64% | -0.24B |
| 2024-06-30 | $3.06B | 40 | +28.88% | +24.49% | +4.39% | -0.39B |
| 2024-03-31 | $3.33B | 34 | +44.95% | +29.62% | +15.33% | -0.04B |
| 2023-12-31 | $2.78B | 32 | +45.75% | +26.18% | +19.57% | -0.40B |
| 2023-09-30 | $2.88B | 27 | +28.18% | +21.57% | +6.61% | -0.19B |
| 2023-06-30 | $3.29B | 31 | +36.71% | +19.42% | +17.28% | +0.02B |
| 2023-03-31 | $2.82B | 30 | -20.88% | -7.82% | -13.06% | -0.27B |
| 2022-12-31 | $2.54B | 34 | -2.79% | +7.56% | -10.35% | -0.09B |
| 2022-09-30 | $2.70B | 37 | -0.72% | -4.93% | +4.21% | +0.30B |
| 2022-06-30 | $2.42B | 39 | -32.69% | -16.11% | -16.58% | +0.53B |