Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.13%
trims when stocks drop
when a holding falls −10%+
Middle response
-16.27%
baseline attrition
Rally response
-22.96%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BABAAlibaba Group Holding Li | $116M | 12.7% | -3.5% | 6.0 yr |
| ITUBItaú Unibanco Holding S | $80M | 8.7% | +64.3% | 1.0 yr |
| ARISAris Mining Corporation | $77M | 8.4% | +300.2% | 0.5 yr |
| VISTVista Energy, S.A.B. de | $74M | 8.1% | +62.1% | 3.8 yr |
| BIDUBaidu, Inc. | $70M | 7.6% | +21.1% | 1.0 yr |
| EGOEldorado Gold Corporatio | $68M | 7.4% | +104.5% | 0.8 yr |
| YPFYPF Sociedad Anónima | $60M | 6.5% | +31.9% | 2.5 yr |
| BAPCredicorp Ltd. | $54M | 5.9% | +92.5% | 0.8 yr |
| BTGB2Gold Corp. | $43M | 4.7% | +62.4% | 0.5 yr |
| GGALGrupo Financiero Galicia | $39M | 4.3% | -11.7% | 0.5 yr |
| BMABanco Macro S.A. | $37M | 4.1% | +7.5% | 2.0 yr |
| TSMTaiwan Semiconductor Man | $32M | 3.5% | +105.6% | 5.0 yr |
| PAMPampa EnergÃa S.A. | $30M | 3.3% | +14.6% | 2.5 yr |
| BSACBanco Santander-Chile | $27M | 2.9% | +52.7% | 1.0 yr |
| BCHBanco de Chile | $26M | 2.8% | +39.8% | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional23.6%+9.8pp$216M
Specialty Retail13.2%-3.8pp$120M
Gold12.1%$111M
Oil & Gas Integrated11.2%+6.4pp$103M
Other Precious Metals8.4%$77M
Oil & Gas Exploration & Production8.1%+1.3pp$74M
Internet Content & Information7.6%$70M
Banks - Diversified5.9%$54M
Semiconductors3.7%+3.1pp$34M
Independent Power Producers3.3%-12.0pp$30M
Country
CA20.6%
AR20.6%-10.7pp
CN20.4%-4.0pp
BR11.3%+8.7pp
MX8.1%+1.3pp
PE5.9%
CL5.7%
TW3.6%+3.4pp
Top 5: 45.6% · Top 10: 74.4% · Top 25: 97.9%
Top buys this quarter · 15
| ITUB Itaú Unibanco Holding S.A. | +$79M |
| VIST Vista Energy, S.A.B. de C.V. | +$72M |
| BABA Alibaba Group Holding Limited | +$63M |
| ARIS Aris Mining Corporation | +$62M |
| YPF YPF Sociedad Anónima | +$58M |
| BAP Credicorp Ltd. | +$54M |
| EGO Eldorado Gold Corporation | +$42M |
| BIDU Baidu, Inc. | +$41M |
| BTG B2Gold Corp. | +$29M |
| TSM Taiwan Semiconductor Manufactu | +$23M |
Top sells this quarter · 15
| MRVL Marvell Technology, Inc. | −$70M |
| PBR Petróleo Brasileiro S.A. - Pe | −$39M |
| ASX ASE Technology Holding Co., Lt | −$26M |
| EQX Equinox Gold Corp.exit | −$25M |
| NTES NetEase, Inc. | −$24M |
| KSPI Joint Stock Company Kaspi.kzexit | −$21M |
| MELI MercadoLibre, Inc.exit | −$17M |
| XPEV XPeng Inc.exit | −$12M |
| CX CEMEX, S.A.B. de C.V.exit | −$3M |
| IBN ICICI Bank Limited | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $916M | 48 | +37.36% | +17.59% | +19.77% | +0.42B |
| 2025-12-31 | $474M | 41 | +24.21% | +17.72% | +6.49% | -0.19B |
| 2025-09-30 | $504M | 36 | +13.14% | +17.52% | -4.38% | +0.01B |
| 2025-06-30 | $491M | 46 | +19.80% | +14.94% | +4.85% | -0.17B |
| 2025-03-31 | $667M | 53 | +28.43% | +8.30% | +20.13% | +0.01B |
| 2024-12-31 | $694M | 56 | +55.27% | +24.89% | +30.38% | -0.29B |
| 2024-09-30 | $815M | 57 | +48.08% | +36.04% | +12.05% | -0.03B |
| 2024-06-30 | $800M | 56 | +32.25% | +24.49% | +7.75% | -0.35B |
| 2024-03-31 | $1.08B | 44 | +23.46% | +29.62% | -6.16% | +0.20B |
| 2023-12-31 | $773M | 43 | +8.82% | +26.18% | -17.36% | +0.01B |
| 2023-09-30 | $669M | 42 | +7.37% | +21.57% | -14.20% | -0.13B |
| 2023-06-30 | $847M | 58 | -0.94% | +19.42% | -20.36% | -0.06B |
| 2023-03-31 | $913M | 51 | -12.81% | -7.82% | -4.99% | -0.11B |
| 2022-12-31 | $1.02B | 44 | +13.17% | +7.56% | +5.61% | +0.02B |
| 2022-09-30 | $886M | 35 | -12.54% | -4.93% | -7.61% | -0.12B |
| 2022-06-30 | $1.15B | 38 | -12.12% | -16.11% | +3.99% | -0.10B |