Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.90%
trims when stocks drop
when a holding falls −10%+
Middle response
+0.95%
steady accumulation
Rally response
-14.04%
trims into rallies
when a holding rises +10%+
Top positions · 25
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| PDDPDD Holdings Inc. | $117M | 65.8% | -13.7% | 5.3 yr |
| LEGNLegend Biotech Corporati | $15M | 8.2% | -46.7% | 1.8 yr |
| BABAAlibaba Group Holding Li | $12M | 6.8% | -3.5% | 2.5 yr |
| CRCLCircle Internet Group | $8M | 4.5% | — | 0.3 yr |
| IBITiShares Bitcoin Trust ET | $6M | 3.6% | — | 2.3 yr |
| BEKEKE Holdings Inc. | $5M | 3.0% | -25.2% | 0.3 yr |
| TSLATesla, Inc. | $5M | 2.8% | +43.4% | 3.3 yr |
| HUYAHUYA Inc. | $3M | 1.9% | +72.8% | 0.5 yr |
| GLDSPDR Gold Shares | $1M | 0.7% | — | 1.8 yr |
| ARWRArrowhead Pharmaceutical | $0M | 0.2% | +392.2% | 0.8 yr |
| URNMSprott Uranium Miners ET | $0M | 0.2% | — | 0.3 yr |
| COPXGlobal X - Copper Miners | $0M | 0.2% | — | 0.5 yr |
| MSFTMicrosoft Corporation | $0M | 0.2% | -0.6% | 3.0 yr |
| AVBPArriVent BioPharma, Inc. | $0M | 0.2% | +24.8% | 0.3 yr |
| CSCOCisco Systems, Inc. | $0M | 0.2% | +28.1% | 2.5 yr |
Portfolio composition (YoY)
Industry mix
Specialty Retail72.6%+13.2pp$129M
Biotechnology9.0%-5.3pp$16M
Asset Management4.7%-9.2pp$8M
Financial - Capital Markets4.5%+4.4pp$8M
Real Estate - Services3.0%$5M
Auto - Manufacturers2.8%$5M
Internet Content & Information2.1%$4M
Asset Management - Global0.4%$1M
Software - Infrastructure0.4%+0.2pp$1M
Communication Equipment0.2%-0.0pp$0M
Country
IE65.8%+17.7pp
US22.1%-6.7pp
CN11.8%-0.5pp
SG0.2%
BM0.1%
Top 5: 88.8% · Top 10: 97.6% · Top 25: 100.0%
Top buys this quarter · 12
| PDD PDD Holdings Inc. | +$16M |
| CRCL Circle Internet Groupnew | +$8M |
| BEKE KE Holdings Inc.new | +$5M |
| AVBP ArriVent BioPharma, Inc. Commonew | +$0M |
| JOYY JOYY, Inc. Sponsored ADR Classnew | +$0M |
| HUYA HUYA Inc. | +$0M |
| DHT DHT Holdings, Inc.new | +$0M |
| NTLA Intellia Therapeutics, Inc. | +$0M |
| COPX Global X - Copper Miners ETF | +$0M |
| SIL Global X - Silver Miners ETFnew | +$0M |
Top sells this quarter · 9
| TSLA Tesla, Inc. | −$5M |
| ALB Albemarle Corporationexit | −$2M |
| SY So-Young International Inc.exit | −$0M |
| ZLAB Zai Lab Limitedexit | −$0M |
| ARWR Arrowhead Pharmaceuticals, Inc | −$0M |
| IBIT iShares Bitcoin Trust ETF | −$0M |
| GOOGL Alphabet Inc.exit | −$0M |
| XBI State Street SPDR S&P Biotech exit | −$0M |
| OUNZ VanEck Merk Gold ETFexit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $178M | 25 | -9.34% | +17.59% | -26.94% | +0.01B |
| 2025-12-31 | $190M | 23 | +7.64% | +17.72% | -10.08% | -0.01B |
| 2025-09-30 | $233M | 20 | +11.54% | +17.52% | -5.98% | -0.03B |
| 2025-06-30 | $217M | 13 | +6.84% | +14.94% | -8.10% | +0.01B |
| 2025-03-31 | $213M | 17 | +20.03% | +8.30% | +11.73% | -0.03B |
| 2024-12-31 | $225M | 22 | +3.21% | +24.89% | -21.67% | +0.02B |
| 2024-09-30 | $228M | 22 | +46.79% | +36.04% | +10.75% | -0.05B |
| 2024-06-30 | $235M | 21 | +36.69% | +24.49% | +12.20% | +0.00B |
| 2024-03-31 | $215M | 20 | +29.26% | +29.62% | -0.36% | +0.03B |
| 2023-12-31 | $201M | 18 | +69.94% | +26.18% | +43.76% | -0.04B |
| 2023-09-30 | $192M | 16 | +19.47% | +21.57% | -2.10% | +0.00B |
| 2023-06-30 | $172M | 16 | +1.47% | +19.42% | -17.95% | -0.03B |
| 2023-03-31 | $195M | 18 | -23.45% | -7.82% | -15.63% | -0.02B |
| 2022-12-31 | $179M | 16 | -11.67% | +7.56% | -19.23% | +0.06B |
| 2022-09-30 | $129M | 12 | -7.05% | -4.93% | -2.12% | -0.02B |
| 2022-06-30 | $158M | 14 | -22.71% | -16.11% | -6.60% | +0.05B |