Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+18.50%
adds when stocks drop
when a holding falls −10%+
Middle response
-3.62%
baseline attrition
Rally response
-15.72%
trims into rallies
when a holding rises +10%+
Top positions · 25
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NATLNCR Atleos Corporation | $88M | 14.5% | +65.2% | 0.5 yr |
| MELIMercadoLibre, Inc. | $57M | 9.4% | -11.4% | 0.5 yr |
| BCOThe Brink's Company | $43M | 7.1% | +21.5% | 0.8 yr |
| — | $31M | 5.1% | — | 1.0 yr |
| DLODLocal Limited | $29M | 4.8% | +63.1% | 2.5 yr |
| TEOTelecom Argentina S.A. | $29M | 4.8% | +17.8% | 0.8 yr |
| LOMALoma Negra CompañÃa In | $27M | 4.5% | +0.9% | 1.3 yr |
| TECKTeck Resources Limited | $26M | 4.2% | +43.3% | 0.5 yr |
| — | $25M | 4.1% | — | 1.0 yr |
| LILAKLiberty Latin America Lt | $24M | 4.0% | — | 2.0 yr |
| HRLHormel Foods Corporation | $23M | 3.8% | -23.5% | 0.8 yr |
| GPRKGeoPark Limited | $21M | 3.5% | +24.0% | 0.8 yr |
| CEPUCentral Puerto S.A. | $19M | 3.2% | +51.8% | 1.0 yr |
| MEOHMethanex Corporation | $19M | 3.2% | +72.7% | 0.3 yr |
| IFSIntercorp Financial Serv | $19M | 3.1% | +56.5% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Software - Application14.5%$88M
Telecommunications Services10.1%+2.7pp$61M
Specialty Retail9.4%$57M
Unknown9.2%-4.0pp$56M
Security & Protection Services7.1%$43M
Oil & Gas Exploration & Production6.5%$39M
Food Distribution5.2%$32M
Software - Infrastructure4.8%-7.0pp$29M
Construction Materials4.5%+1.1pp$27M
Industrial Materials4.2%-1.0pp$26M
Country
US34.7%+18.0pp
AR15.3%-0.7pp
UY14.2%+5.7pp
Unknown9.2%-4.0pp
CA7.4%+7.2pp
BM5.3%-0.5pp
CO3.5%
PE3.1%-5.6pp
Top 5: 40.9% · Top 10: 62.6% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| DLO | $10M | +0.01B | 63.1% |
| CPA | $19M | +0.01B | 29.6% |
| IFS | $9M | +0.00B | 56.5% |
| LILA | $9M | +0.00B | 36.5% |
| YPF | $5M | +0.00B | 31.9% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| GDYN | $16M | -0.01B | -63.6% |
Top buys this quarter · 15
| NATL NCR Atleos Corporation | +$50M |
| MELI MercadoLibre, Inc. | +$40M |
| TEO Telecom Argentina S.A. | +$24M |
| MEOH Methanex Corporationnew | +$19M |
| TECK Teck Resources Limited | +$18M |
| AVO Mission Produce, Inc. | +$14M |
| BCO The Brink's Company | +$14M |
| YPF YPF Sociedad Anónima | +$11M |
| IFS Intercorp Financial Services I | +$7M |
| DLO DLocal Limited | +$6M |
Top sells this quarter · 15
| BBAR Banco BBVA Argentina S.A.exit | −$46M |
| BAP Credicorp Ltd.exit | −$41M |
| ACN Accenture plcexit | −$28M |
| WU The Western Union Companyexit | −$23M |
| EZPW EZCORP, Inc.exit | −$22M |
| FCFS FirstCash Holdings, Incexit | −$21M |
| GDYN Grid Dynamics Holdings, Inc. | −$18M |
| STNE StoneCo Ltd.exit | −$17M |
| TGLS Tecnoglass Inc.exit | −$15M |
| GGAL Grupo Financiero Galicia S.A.exit | −$14M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $608M | 25 | +34.23% | +17.59% | +16.64% | -0.03B |
| 2025-12-31 | $623M | 30 | +18.14% | +17.72% | +0.42% | +0.13B |
| 2025-09-30 | $408M | 27 | +8.64% | +17.52% | -8.88% | -0.08B |
| 2025-06-30 | $483M | 26 | +11.02% | +14.94% | -3.92% | +0.03B |
| 2025-03-31 | $427M | 28 | -6.01% | +8.30% | -14.32% | +0.12B |
| 2024-12-31 | $336M | 21 | +3.87% | +24.89% | -21.01% | -0.10B |
| 2024-09-30 | $398M | 24 | +3.83% | +5.75% | -1.92% | -0.05B |
| 2024-06-30 | $436M | 22 | -9.32% | +4.38% | -13.70% | +0.13B |
| 2024-03-31 | $335M | 23 | -0.40% | +10.39% | -10.79% | +0.02B |
| 2023-12-31 | $316M | 23 | — | — | — | — |