Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.64%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.19%
baseline attrition
Rally response
-5.65%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MUMicron Technology, Inc. | $51M | 19.1% | +289.6% | 6.5 yr |
| GOOGAlphabet Inc. | $16M | 6.2% | +84.3% | 6.5 yr |
| ARGXargenx SE | $11M | 4.0% | +23.4% | 6.5 yr |
| CRVSCorvus Pharmaceuticals, | $9M | 3.5% | +360.1% | 1.0 yr |
| TEVATeva Pharmaceutical Indu | $9M | 3.4% | +96.0% | 3.0 yr |
| IAUiShares Gold Trust | $9M | 3.3% | — | 5.0 yr |
| AMZNAmazon.com, Inc. | $8M | 3.0% | +9.5% | 2.8 yr |
| LLYEli Lilly and Company | $8M | 2.9% | +12.2% | 5.5 yr |
| REGNRegeneron Pharmaceutical | $7M | 2.7% | +22.5% | 6.5 yr |
| AMDAdvanced Micro Devices, | $6M | 2.2% | +98.0% | 6.5 yr |
| BACBank of America Corporat | $6M | 2.2% | +19.4% | 6.5 yr |
| ETEnergy Transfer LP | $6M | 2.2% | +12.1% | 5.5 yr |
| GDXVanEck Gold Miners ETF | $6M | 2.2% | — | 5.8 yr |
| GLDSPDR Gold Shares | $5M | 1.9% | — | 6.5 yr |
| — | $5M | 1.9% | — | 1.8 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors24.0%+10.2pp$64M
Biotechnology18.8%+1.7pp$50M
Asset Management12.0%-2.5pp$32M
Internet Content & Information8.7%+0.2pp$23M
Drug Manufacturers - Specialty & Generic5.0%+0.2pp$13M
Unknown4.9%-1.6pp$13M
Specialty Retail4.8%-1.4pp$13M
Drug Manufacturers - General4.6%-1.3pp$12M
Banks - Diversified3.7%-0.4pp$10M
Software - Application3.4%+0.0pp$9M
Country
US80.0%+4.1pp
Unknown4.9%-1.6pp
NL4.3%-0.2pp
CN4.0%-3.1pp
IL3.8%+2.3pp
CA1.3%+0.6pp
DE1.1%-0.3pp
IE0.3%-1.0pp
Top 5: 36.2% · Top 10: 50.3% · Top 25: 76.2%
Top buys this quarter · 15
| ZM Zoom Communications, Inc. | +$1M |
| AMZN Amazon.com, Inc. | +$1M |
| QURE uniQure N.V.new | +$1M |
| ARGX argenx SE | +$11M |
| ALLT Allot Ltd. | +$1M |
| SNPS Synopsys, Inc.new | +$0M |
| PINS Pinterest, Inc.new | +$0M |
| VRTX Vertex Pharmaceuticals Incorpo | +$0M |
| CSCO Cisco Systems, Inc. | +$0M |
| CMPS COMPASS Pathways plcnew | +$0M |
Top sells this quarter · 15
| MU Micron Technology, Inc. | −$48M |
| IONS Ionis Pharmaceuticals, Inc. | −$4M |
| HD The Home Depot, Inc.exit | −$3M |
| AMGN Amgen Inc. | −$3M |
| TEVA Teva Pharmaceutical Industries | −$3M |
| CRVS Corvus Pharmaceuticals, Inc. | −$6M |
| PFE Pfizer Inc.exit | −$1M |
| PRTA Prothena Corporation plc | −$1M |
| SNY Sanofiexit | −$1M |
| AAPL Apple Inc. | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $265M | 72 | +64.68% | +17.59% | +47.09% | -0.04B |
| 2025-12-31 | $303M | 75 | +59.47% | +17.72% | +41.75% | -0.02B |
| 2025-09-30 | $264M | 78 | +27.74% | +17.52% | +10.23% | +0.01B |
| 2025-06-30 | $208M | 74 | +9.06% | +14.94% | -5.88% | +0.00B |
| 2025-03-31 | $186M | 74 | +2.11% | +8.30% | -6.20% | -0.00B |
| 2024-12-31 | $198M | 78 | +17.48% | +24.89% | -7.41% | +0.01B |
| 2024-09-30 | $192M | 79 | +27.03% | +36.04% | -9.01% | -0.00B |
| 2024-06-30 | $188M | 81 | +24.76% | +24.49% | +0.27% | +0.02B |
| 2024-03-31 | $163M | 69 | +24.45% | +29.62% | -5.17% | +0.00B |
| 2023-12-31 | $146M | 69 | +16.83% | +26.18% | -9.35% | -0.01B |
| 2023-09-30 | $141M | 75 | +15.00% | +21.57% | -6.57% | -0.00B |
| 2023-06-30 | $143M | 73 | +11.73% | +19.42% | -7.70% | +0.00B |
| 2023-03-31 | $134M | 61 | -3.85% | -7.82% | +3.97% | -0.00B |
| 2022-12-31 | $129M | 58 | +5.74% | +7.56% | -1.82% | -0.01B |
| 2022-09-30 | $135M | 59 | -2.25% | -4.93% | +2.68% | -0.01B |
| 2022-06-30 | $149M | 59 | -10.54% | -16.11% | +5.57% | -0.00B |