Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-15.25%
trims when stocks drop
when a holding falls −10%+
Middle response
-22.47%
baseline attrition
Rally response
-33.42%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VSTVistra Corp. | $36M | 2.4% | +28.7% | 5.3 yr |
| VLOValero Energy Corporatio | $33M | 2.2% | +92.6% | 3.3 yr |
| FPSForgent Power Solutions, | $31M | 2.1% | — | 0.3 yr |
| HDThe Home Depot, Inc. | $27M | 1.8% | -8.0% | 3.3 yr |
| — | $26M | 1.7% | — | 2.8 yr |
| NVDANVIDIA Corporation | $25M | 1.6% | +60.9% | 3.8 yr |
| TGTTarget Corporation | $24M | 1.6% | +21.5% | 2.3 yr |
| CEGConstellation Energy Cor | $22M | 1.4% | +39.2% | 2.0 yr |
| ROSTRoss Stores, Inc. | $20M | 1.3% | +71.2% | 4.3 yr |
| WBDWarner Bros. Discovery, | $19M | 1.3% | +155.9% | 1.3 yr |
| SRESempra | $18M | 1.2% | +40.3% | 1.8 yr |
| — | $17M | 1.1% | — | 0.5 yr |
| NTRSNorthern Trust Corporati | $16M | 1.1% | +41.1% | 1.5 yr |
| WBIWaterBridge Infrastructu | $16M | 1.0% | — | 0.8 yr |
| NETCloudflare, Inc. | $15M | 1.0% | +83.1% | 2.0 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology11.8%+8.5pp$178M
Unknown6.5%+2.4pp$98M
Semiconductors4.5%-1.3pp$67M
Discount Stores3.9%+2.2pp$59M
Financial - Capital Markets3.7%+0.5pp$56M
Apparel - Retail3.3%+0.3pp$49M
Banks - Diversified3.1%-0.4pp$47M
Oil & Gas Refining & Marketing2.8%+1.4pp$43M
Restaurants2.7%+1.7pp$41M
Banks - Regional2.6%+1.0pp$39M
Country
US87.8%-3.6pp
Unknown6.5%+2.4pp
GB1.6%+0.6pp
CA1.5%+0.5pp
IE0.6%+0.0pp
CH0.6%+0.0pp
NL0.5%+0.2pp
BR0.3%
Top 5: 10.2% · Top 10: 17.4% · Top 25: 31.5%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| FIVE | $6M | +0.01B | 204.9% |
| CEG | $27M | +0.01B | 39.2% |
| VST | $30M | +0.01B | 28.7% |
| VLO | $9M | +0.01B | 92.6% |
| MS | $15M | +0.01B | 44.8% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| HD | $22M | -0.00B | -8.0% |
Top buys this quarter · 15
| FPS Forgent Power Solutions, Inc.new | +$31M |
| WBD Warner Bros. Discovery, Inc. | +$17M |
| HD The Home Depot, Inc. | +$15M |
| TPH Tri Pointe Homes, Inc.new | +$15M |
| OKE ONEOK, Inc. | +$11M |
| TGT Target Corporation | +$11M |
| BLDR Builders FirstSource, Inc. | +$10M |
| AMAT Applied Materials, Inc. | +$10M |
| NTHI Neonc Technologies Holdings, Inew | +$10M |
| DAWN Day One Biopharmaceuticals, Innew | +$10M |
Top sells this quarter · 15
| CVX Chevron Corporationexit | −$50M |
| EXAS Exact Sciences Corporationexit | −$34M |
| KMI Kinder Morgan, Inc.exit | −$32M |
| BAC Bank of America Corporationexit | −$19M |
| FFIV F5, Inc.exit | −$19M |
| CMI Cummins Inc. | −$18M |
| DDS Dillard's, Inc. | −$17M |
| DLTR Dollar Tree, Inc. | −$16M |
| HOLX Hologic, Inc.exit | −$16M |
| EXE Expand Energy Corporation | −$16M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.51B | 347 | +39.00% | +17.59% | +21.41% | -0.28B |
| 2025-12-31 | $1.73B | 377 | +35.79% | +17.72% | +18.07% | -0.41B |
| 2025-09-30 | $1.99B | 374 | +35.41% | +17.52% | +17.89% | -0.02B |
| 2025-06-30 | $1.79B | 338 | +31.96% | +14.94% | +17.02% | +0.39B |
| 2025-03-31 | $1.25B | 288 | +23.53% | +8.30% | +15.22% | -0.62B |
| 2024-12-31 | $1.86B | 324 | +34.72% | +24.89% | +9.84% | -0.01B |
| 2024-09-30 | $1.74B | 346 | +39.58% | +36.04% | +3.54% | -0.30B |
| 2024-06-30 | $1.85B | 357 | +27.21% | +24.49% | +2.72% | -0.17B |
| 2024-03-31 | $1.94B | 365 | +26.05% | +29.62% | -3.58% | +0.38B |
| 2023-12-31 | $1.42B | 339 | +20.86% | +26.18% | -5.31% | -0.59B |
| 2023-09-30 | $1.82B | 336 | +17.86% | +21.57% | -3.71% | -0.74B |
| 2023-06-30 | $2.55B | 324 | +14.56% | +19.42% | -4.86% | -0.22B |
| 2023-03-31 | $2.69B | 380 | -3.60% | -7.82% | +4.22% | +0.64B |
| 2022-12-31 | $1.94B | 366 | +8.15% | +7.56% | +0.59% | -0.41B |
| 2022-09-30 | $2.18B | 422 | -2.58% | -4.93% | +2.35% | +0.06B |
| 2022-06-30 | $2.17B | 463 | -13.23% | -16.11% | +2.88% | +0.26B |