Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-28.49%
trims when stocks drop
when a holding falls −10%+
Middle response
-13.55%
baseline attrition
Rally response
-14.61%
trims into rallies
when a holding rises +10%+
Top positions · 19
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $117M | 17.0% | — | 1.5 yr |
| NNNextNav Inc. | $113M | 16.4% | +31.6% | 2.3 yr |
| CCThe Chemours Company | $81M | 11.8% | +67.0% | 0.5 yr |
| GLNGGolar LNG Limited | $81M | 11.8% | +45.8% | 1.3 yr |
| SIMOSilicon Motion Technolog | $65M | 9.5% | +127.9% | 0.5 yr |
| RKTRocket Companies, Inc. | $42M | 6.1% | +18.1% | 1.0 yr |
| HPEHewlett Packard Enterpri | $38M | 5.6% | +57.2% | 0.3 yr |
| CARTInstacart (Maplebear Inc | $27M | 3.9% | -6.1% | 1.0 yr |
| AXLAmerican Axle & Manufact | $21M | 3.1% | — | 0.3 yr |
| MBIMBIA Inc. | $15M | 2.2% | +18.7% | 3.8 yr |
| FNDFloor & Decor Holdings, | $14M | 2.0% | -36.9% | 1.0 yr |
| AMPXAmprius Technologies, In | $14M | 2.0% | +529.1% | 0.3 yr |
| NEXTNextDecade Corporation | $13M | 2.0% | -1.5% | 2.0 yr |
| ALKAlaska Air Group, Inc. | $12M | 1.8% | -25.3% | 0.3 yr |
| TFXTeleflex Incorporated | $11M | 1.6% | -12.4% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Unknown17.0%+11.6pp$117M
Internet Content & Information16.4%+12.0pp$113M
Chemicals - Specialty11.8%+11.3pp$81M
Oil & Gas Midstream11.8%+6.2pp$81M
Semiconductors9.5%$65M
Financial - Mortgages6.1%$42M
Computer Hardware5.6%$38M
Specialty Retail3.9%-0.1pp$27M
Insurance - Specialty3.2%+1.1pp$22M
Auto - Parts3.1%$21M
Country
US61.2%-23.9pp
Unknown17.0%+11.6pp
BM11.8%+4.8pp
HK9.5%
GB0.5%-1.9pp
Top 5: 66.6% · Top 10: 87.5% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| GLNG | $61M | +0.03B | 45.8% |
| NN | $50M | +0.02B | 31.6% |
| GSM | $27M | +0.00B | 12.0% |
| MBI | $17M | +0.00B | 18.7% |
| NEXT | $41M | -0.00B | -1.5% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NEXT | $41M | -0.00B | -1.5% |
Top buys this quarter · 10
| CC The Chemours Company | +$58M |
| HPE Hewlett Packard Enterprise Comnew | +$38M |
| NN NextNav Inc. | +$30M |
| CART Instacart (Maplebear Inc.) | +$20M |
| AMPX Amprius Technologies, Inc.new | +$14M |
| ALK Alaska Air Group, Inc.new | +$12M |
| TEX Terex Corporationnew | +$6M |
| CWH Camping World Holdings, Inc.new | +$5M |
| AXL American Axle & Manufacturing new | +$0M |
| — | +$0M |
Top sells this quarter · 15
| WDC Western Digital Corporationexit | −$160M |
| W Wayfair Inc.exit | −$96M |
| RKT Rocket Companies, Inc. | −$61M |
| CPNG Coupang, Inc.exit | −$36M |
| TFX Teleflex Incorporated | −$35M |
| GLNG Golar LNG Limited | −$79M |
| MTZ MasTec, Inc.exit | −$31M |
| SN SharkNinja, Inc.exit | −$19M |
| NEXT NextDecade Corporation | −$15M |
| FND Floor & Decor Holdings, Inc. | −$14M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $686M | 19 | +16.24% | +17.59% | -1.36% | -0.19B |
| 2025-12-31 | $859M | 22 | +6.77% | +17.72% | -10.95% | -0.22B |
| 2025-09-30 | $1.05B | 32 | +14.49% | +17.52% | -3.03% | -0.20B |
| 2025-06-30 | $1.20B | 38 | +21.80% | +14.94% | +6.86% | +0.04B |
| 2025-03-31 | $1.11B | 31 | +6.22% | +8.30% | -2.08% | -0.06B |
| 2024-12-31 | $1.24B | 32 | +19.63% | +24.89% | -5.25% | +0.08B |
| 2024-09-30 | $1.04B | 30 | +21.30% | +36.04% | -14.74% | -0.06B |
| 2024-06-30 | $995M | 24 | +0.63% | +24.49% | -23.86% | -0.40B |
| 2024-03-31 | $1.52B | 28 | +9.65% | +29.62% | -19.97% | +0.29B |
| 2023-12-31 | $1.16B | 27 | +7.27% | +26.18% | -18.91% | -0.06B |
| 2023-09-30 | $1.09B | 22 | +0.37% | +21.57% | -21.19% | -0.03B |
| 2023-06-30 | $1.22B | 20 | +17.40% | +19.42% | -2.02% | +0.28B |
| 2023-03-31 | $937M | 19 | +3.92% | -7.82% | +11.74% | +0.45B |
| 2022-12-31 | $472M | 16 | +5.07% | +7.56% | -2.50% | -0.01B |
| 2022-09-30 | $463M | 17 | +7.29% | -4.93% | +12.22% | -0.01B |
| 2022-06-30 | $444M | 21 | -11.10% | -16.11% | +5.01% | +0.04B |