Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.65%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.41%
baseline attrition
Rally response
-9.86%
trims into rallies
when a holding rises +10%+
Top positions · 6
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| INGMIngram Micro Holding Cor | $4.59B | 51.7% | +33.4% | 1.5 yr |
| MHMcGraw Hill, Inc. | $2.26B | 25.5% | — | 0.8 yr |
| CTOSCustom Truck One Source, | $1.03B | 11.6% | +55.7% | 5.0 yr |
| GPGIGPGI, Inc. | $903M | 10.2% | +57.3% | 0.3 yr |
| RYZRyerson Holding Corporat | $88M | 1.0% | +1.1% | 6.5 yr |
| IMXIInternational Money Expr | $1M | 0.0% | +25.2% | 4.8 yr |
Portfolio composition (YoY)
Industry mix
Information Technology Services51.7%-31.5pp$4.59B
Education & Training Services25.5%$2.26B
Rental & Leasing Services11.6%-3.1pp$1.03B
Manufacturing - Metal Fabrication10.2%$903M
Beverages - Wineries & Distilleries1.0%-1.0pp$88M
Software - Infrastructure0.0%-0.0pp$1M
Country
US100.0%+0.0pp
Top 5: 100.0% · Top 10: 100.0% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| INGM | $3.74B | +1.23B | 33.4% |
| CTOS | $661M | +0.37B | 55.7% |
| RYZ | $90M | +0.00B | 1.1% |
| IMXI | $0M | +0.00B | 25.2% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 1
| GPGI GPGI, Inc.new | +$903M |
Top sells this quarter · 1
| INGM Ingram Micro Holding Corporati | −$4.50B |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $8.88B | 6 | +35.57% | +17.59% | +17.98% | +0.62B |
| 2025-12-31 | $8.23B | 5 | +23.92% | +17.72% | +6.20% | -0.02B |
| 2025-09-30 | $7.70B | 5 | +54.58% | +17.52% | +37.07% | +2.05B |
| 2025-06-30 | $5.26B | 4 | +17.47% | +14.94% | +2.53% | -0.02B |
| 2025-03-31 | $4.49B | 4 | -27.15% | +8.30% | -35.46% | +0.02B |
| 2024-12-31 | $4.88B | 4 | -16.32% | +24.89% | -41.20% | +4.09B |
| 2024-09-30 | $591M | 3 | -32.41% | +36.04% | -68.45% | +0.00B |
| 2024-06-30 | $724M | 3 | -7.04% | +24.49% | -31.53% | -0.00B |
| 2024-03-31 | $997M | 3 | +58.41% | +29.62% | +28.78% | -0.52B |
| 2023-12-31 | $1.44B | 4 | +65.06% | +26.18% | +38.88% | +0.00B |
| 2023-09-30 | $1.33B | 4 | +80.57% | +21.57% | +59.00% | -1.29B |
| 2023-06-30 | $2.34B | 5 | +78.06% | +19.42% | +58.63% | -0.13B |
| 2023-03-31 | $1.99B | 4 | -7.57% | -7.82% | +0.25% | -0.14B |
| 2022-12-31 | $1.94B | 4 | +18.03% | +7.56% | +10.47% | -0.00B |
| 2022-09-30 | $1.65B | 5 | +10.84% | -4.93% | +15.76% | +0.00B |
| 2022-06-30 | $1.48B | 4 | -35.64% | -16.11% | -19.53% | -0.14B |