Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-10.10%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.74%
baseline attrition
Rally response
-7.35%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| RBCRBC Bearings Incorporate | $1.24B | 12.7% | +68.8% | 6.3 yr |
| DASHDoorDash, Inc. | $642M | 6.6% | -17.8% | 4.0 yr |
| MELIMercadoLibre, Inc. | $607M | 6.2% | -11.4% | 1.3 yr |
| APGAPi Group Corporation | $599M | 6.2% | +70.0% | 1.8 yr |
| QQnity Electronics, Inc. | $587M | 6.0% | — | 0.5 yr |
| XPOXPO Logistics, Inc. | $571M | 5.9% | +80.8% | 1.5 yr |
| FERGFerguson plc | $511M | 5.3% | +47.8% | 1.0 yr |
| MDLNMedline Inc. | $323M | 3.3% | — | 0.5 yr |
| CVNACarvana Co. | $313M | 3.2% | +50.4% | 2.0 yr |
| CLHClean Harbors, Inc. | $301M | 3.1% | +45.5% | 0.8 yr |
| ULSUL Solutions Inc. | $282M | 2.9% | +53.1% | 0.5 yr |
| RKTRocket Companies, Inc. | $275M | 2.8% | +18.1% | 0.8 yr |
| FOURShift4 Payments, Inc. | $270M | 2.8% | -46.5% | 6.0 yr |
| VSECVSE Corporation | $259M | 2.7% | +54.1% | 2.0 yr |
| AFRMAffirm Holdings, Inc. | $259M | 2.7% | +1.4% | 3.0 yr |
Portfolio composition (YoY)
Industry mix
Manufacturing - Tools & Accessories12.7%+5.2pp$1.24B
Specialty Retail8.7%+2.5pp$850M
Software - Infrastructure7.3%-3.7pp$712M
Semiconductors7.2%+4.9pp$701M
Internet Content & Information6.6%+4.9pp$642M
Engineering & Construction6.2%+3.3pp$599M
Industrial - Distribution6.1%+5.0pp$590M
Integrated Freight & Logistics5.9%+4.0pp$571M
Medical - Instruments & Supplies4.7%-0.1pp$458M
Specialty Business Services3.4%$328M
Country
US79.2%+1.1pp
UY6.2%+5.2pp
GB5.3%+4.2pp
KR2.5%-2.0pp
CA2.1%-10.5pp
IL1.9%+0.6pp
IE1.6%
KY1.2%
Top 5: 37.8% · Top 10: 58.6% · Top 25: 92.5%
Top buys this quarter · 15
| Q Qnity Electronics, Inc. | +$264M |
| FERG Ferguson plc | +$147M |
| TECH Bio-Techne Corporation | +$124M |
| FN Fabrinetnew | +$113M |
| DASH DoorDash, Inc. | +$642M |
| VSEC VSE Corporation | +$97M |
| WIX Wix.com Ltd. | +$91M |
| AFRM Affirm Holdings, Inc. | +$259M |
| AIT Applied Industrial Technologienew | +$79M |
| MELI MercadoLibre, Inc. | +$607M |
Top sells this quarter · 15
| ENTG Entegris, Inc. | −$327M |
| CIGI Colliers International Group I | −$272M |
| CPNG Coupang, Inc. | −$219M |
| XPO XPO Logistics, Inc. | −$537M |
| ESAB ESAB Corporation | −$185M |
| VEEV Veeva Systems Inc.exit | −$167M |
| AYI Acuity Brands, Inc. | −$129M |
| SHOP Shopify Inc. | −$127M |
| DSGX The Descartes Systems Group Inexit | −$122M |
| TWLO Twilio Inc.exit | −$121M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $9.71B | 37 | +5.58% | +17.59% | -12.01% | -0.09B |
| 2025-12-31 | $10.57B | 40 | +6.33% | +17.72% | -11.39% | -2.09B |
| 2025-09-30 | $13.50B | 48 | +19.11% | +17.52% | +1.59% | -0.06B |
| 2025-06-30 | $13.21B | 44 | +29.42% | +14.94% | +14.48% | -0.03B |
| 2025-03-31 | $11.19B | 51 | +3.19% | +8.30% | -5.11% | -0.26B |
| 2024-12-31 | $12.26B | 46 | +14.63% | +24.89% | -10.26% | -2.10B |
| 2024-09-30 | $13.67B | 48 | +24.89% | +36.04% | -11.15% | +0.08B |
| 2024-06-30 | $12.18B | 49 | +10.67% | +24.49% | -13.82% | +0.01B |
| 2024-03-31 | $12.91B | 53 | +22.51% | +29.62% | -7.12% | -0.24B |
| 2023-12-31 | $12.67B | 52 | +34.60% | +26.18% | +8.42% | +0.14B |
| 2023-09-30 | $10.94B | 52 | +21.71% | +21.57% | +0.14% | -0.32B |
| 2023-06-30 | $11.39B | 50 | +25.46% | +19.42% | +6.03% | +0.28B |
| 2023-03-31 | $10.65B | 49 | -10.30% | -7.82% | -2.49% | -0.31B |
| 2022-12-31 | $9.62B | 51 | +41.93% | -18.17% | +60.11% | +0.20B |
| 2022-09-30 | $9.10B | 52 | +1.87% | -4.93% | +6.80% | +0.23B |
| 2022-06-30 | $8.71B | 53 | -25.37% | -16.11% | -9.26% | +0.21B |