Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-13.45%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.29%
baseline attrition
Rally response
-12.57%
trims into rallies
when a holding rises +10%+
Top positions · 26
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SNDKSandisk Corporation | $393M | 17.4% | +1234.5% | 1.0 yr |
| GHCGraham Holdings Company | $260M | 11.5% | +10.9% | 6.3 yr |
| CPNGCoupang, Inc. | $177M | 7.8% | -13.9% | 0.3 yr |
| MICCThe Magnum Ice Cream Com | $171M | 7.6% | — | 0.5 yr |
| MKLMarkel Corporation | $168M | 7.5% | +2.4% | 1.3 yr |
| TBPHTheravance Biopharma, In | $154M | 6.8% | +81.7% | 4.8 yr |
| ICLRICON Public Limited Comp | $142M | 6.3% | -36.8% | 0.3 yr |
| INDVIndivior Pharmaceuticals | $132M | 5.8% | — | 0.5 yr |
| SOLVSolventum Corporation | $122M | 5.4% | -14.1% | 2.0 yr |
| MOHMolina Healthcare, Inc. | $84M | 3.7% | -59.5% | 0.5 yr |
| GLPGGalapagos N.V. | $74M | 3.3% | +19.4% | 1.0 yr |
| BTIBritish American Tobacco | $66M | 2.9% | +47.5% | 0.8 yr |
| GMEDGlobus Medical, Inc. | $62M | 2.7% | +17.7% | 1.8 yr |
| STGWStagwell Inc. | $50M | 2.2% | +4.0% | 4.8 yr |
| — | $50M | 2.2% | — | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Hardware, Equipment & Parts17.4%$393M
Education & Training Services11.5%-8.5pp$260M
Biotechnology10.4%-1.2pp$235M
Specialty Retail7.8%$177M
Packaged Foods7.6%$171M
Insurance - Property & Casualty7.5%-7.0pp$168M
Medical - Diagnostics & Research6.3%$142M
Drug Manufacturers - Specialty & Generic5.8%$132M
Medical - Care Facilities5.4%-12.8pp$122M
Tobacco3.9%$87M
Country
US62.1%-24.3pp
KR7.8%
NL7.6%
KY6.8%-0.4pp
IE6.3%
BE3.3%
Unknown3.1%-3.2pp
GB2.9%
Top 5: 51.9% · Top 10: 80.0% · Top 25: 100.0%
Top buys this quarter · 9
| CPNG Coupang, Inc.new | +$177M |
| ICLR ICON Public Limited Companynew | +$142M |
| MICC The Magnum Ice Cream Company N | +$75M |
| PRMB Primo Brands Corporationnew | +$25M |
| DNOW Dnow Inc.new | +$16M |
| GLPG Galapagos N.V. | +$8M |
| PAR PAR Technology Corporationnew | +$6M |
| — | +$0M |
| — | +$0M |
Top sells this quarter · 13
| SNDK Sandisk Corporation | −$340M |
| SOLS Solstice Advanced Materials Inexit | −$212M |
| GMED Globus Medical, Inc. | −$164M |
| UNF UniFirst Corporationexit | −$76M |
| INDV Indivior Pharmaceuticals Inc | −$60M |
| WLY John Wiley & Sons, Inc. | −$18M |
| SOLV Solventum Corporation | −$7M |
| BTI British American Tobacco p.l.c | −$6M |
| WK Workiva Inc.exit | −$4M |
| KROS Keros Therapeutics, Inc. | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.25B | 26 | +78.90% | +17.59% | +61.31% | -0.43B |
| 2025-12-31 | $2.33B | 23 | +59.13% | +17.72% | +41.41% | +0.22B |
| 2025-09-30 | $1.68B | 20 | +22.69% | +17.52% | +5.17% | -0.21B |
| 2025-06-30 | $1.50B | 26 | +14.90% | +14.94% | -0.04% | +0.34B |
| 2025-03-31 | $1.18B | 22 | +14.52% | +8.30% | +6.21% | +0.21B |
| 2024-12-31 | $944M | 15 | +16.48% | +24.89% | -8.41% | -0.10B |
| 2024-09-30 | $1.08B | 25 | +43.87% | +36.04% | +7.83% | +0.15B |
| 2024-06-30 | $792M | 20 | +18.85% | +24.49% | -5.65% | +0.19B |
| 2024-03-31 | $620M | 18 | +24.32% | +29.62% | -5.31% | -0.12B |
| 2023-12-31 | $708M | 19 | +18.52% | +26.18% | -7.66% | -0.14B |
| 2023-09-30 | $705M | 20 | +6.80% | +21.57% | -14.77% | +0.26B |
| 2023-06-30 | $458M | 19 | +10.66% | +19.42% | -8.76% | -0.02B |
| 2023-03-31 | $465M | 18 | -7.91% | -7.82% | -0.09% | -0.10B |
| 2022-12-31 | $565M | 22 | +7.97% | +7.56% | +0.41% | +0.06B |
| 2022-09-30 | $466M | 18 | +0.85% | -4.93% | +5.78% | -0.03B |
| 2022-06-30 | $489M | 16 | -14.89% | -16.11% | +1.22% | +0.03B |