Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-20.59%
trims when stocks drop
when a holding falls −10%+
Middle response
-27.25%
baseline attrition
Rally response
-48.84%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVDANVIDIA Corporation | $72M | 20.8% | +60.9% | 2.0 yr |
| SPYState Street SPDR S&P 50 | $23M | 6.6% | +17.6% | 2.8 yr |
| BSMTInvesco BulletShares 202 | $22M | 6.4% | — | 0.8 yr |
| TLTiShares 20+ Year Treasur | $20M | 5.9% | — | 1.0 yr |
| CLOAiShares AAA CLO Active E | $13M | 3.6% | — | 1.0 yr |
| — | $12M | 3.5% | — | 0.5 yr |
| BSOLBitwise Solana Staking E | $9M | 2.7% | — | 0.5 yr |
| BITBBitwise Bitcoin ETF Trus | $8M | 2.4% | — | 2.3 yr |
| GCALGoldman Sachs Dynamic Ca | $8M | 2.4% | — | 0.3 yr |
| SCHYSchwab International Div | $8M | 2.3% | — | 0.3 yr |
| CGMUCapital Group Municipal | $7M | 2.1% | — | 2.0 yr |
| FEMBFirst Trust Emerging Mar | $7M | 1.9% | — | 1.0 yr |
| IBITiShares Bitcoin Trust ET | $6M | 1.8% | — | 2.3 yr |
| FBTCFidelity Wise Origin Bit | $6M | 1.6% | — | 1.8 yr |
| GSOLGrayscale Solana Staking | $5M | 1.5% | — | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management31.3%+17.2pp$108M
Semiconductors21.4%+15.5pp$74M
Asset Management - Bonds15.5%+4.4pp$54M
Unknown10.1%+8.7pp$35M
Asset Management - Cryptocurrency4.9%+1.4pp$17M
Asset Management - Income4.0%+1.9pp$14M
Aerospace & Defense1.5%+1.5pp$5M
Software - Application1.3%-1.2pp$4M
Financial - Data & Stock Exchanges1.2%+0.5pp$4M
Computer Hardware1.0%+0.1pp$3M
Country
US87.6%-9.7pp
Unknown10.1%+8.7pp
CA0.6%-0.6pp
CL0.4%
PE0.3%
GB0.3%+0.2pp
TW0.2%+0.1pp
CN0.1%
Top 5: 43.4% · Top 10: 56.7% · Top 25: 76.5%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NVDA | $22M | +0.01B | 60.9% |
| TSLA | $29M | +0.01B | 43.4% |
| SPY | $0M | +0.00B | 17.6% |
| COIN | $3M | +0.00B | 1.4% |
| MSTR | $9M | -0.01B | -56.7% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MSTR | $9M | -0.01B | -56.7% |
Top buys this quarter · 15
| BA The Boeing Company | +$2M |
| HIMS Hims & Hers Health, Inc. | +$2M |
| BMNR Bitmine Immersion Technologiesnew | +$2M |
| SMCI Super Micro Computer, Inc. | +$2M |
| VSEC VSE Corporationnew | +$1M |
| COIN Coinbase Global, Inc. | +$4M |
| SCCO Southern Copper Corporationnew | +$1M |
| JPM JPMorgan Chase & Co. | +$1M |
| BAP Credicorp Ltd.new | +$1M |
| RGTI Rigetti Computing, Inc.new | +$1M |
Top sells this quarter · 15
| TSLA Tesla, Inc. | −$96M |
| MSFT Microsoft Corporation | −$93M |
| MU Micron Technology, Inc. | −$50M |
| AMZN Amazon.com, Inc. | −$31M |
| AMD Advanced Micro Devices, Inc. | −$21M |
| AVGO Broadcom Inc. | −$15M |
| AAPL Apple Inc. | −$13M |
| NVDA NVIDIA Corporation | −$8M |
| SPY State Street SPDR S&P 500 ETF | −$6M |
| GNRC Generac Holdings Inc. | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $346M | 607 | +39.68% | +17.59% | +22.09% | -0.28B |
| 2025-12-31 | $655M | 387 | +31.95% | +17.72% | +14.23% | -0.20B |
| 2025-09-30 | $876M | 118 | +50.80% | +17.52% | +33.28% | +0.42B |
| 2025-06-30 | $357M | 310 | +30.39% | +14.94% | +15.45% | -0.10B |
| 2025-03-31 | $382M | 287 | +8.67% | +8.30% | +0.37% | -0.20B |
| 2024-12-31 | $646M | 487 | +24.20% | +24.89% | -0.68% | +0.48B |
| 2024-09-30 | $150M | 363 | +27.87% | +36.04% | -8.17% | -0.01B |
| 2024-06-30 | $147M | 186 | +20.11% | +24.49% | -4.38% | -1.01B |
| 2024-03-31 | $1.17B | 364 | +16.26% | +29.62% | -13.36% | +0.99B |
| 2023-12-31 | $177M | 356 | +13.33% | +26.18% | -12.84% | +0.07B |
| 2023-09-30 | $95M | 387 | +2.91% | +21.57% | -18.66% | -0.00B |
| 2023-06-30 | $97M | 521 | -6.82% | +19.42% | -26.24% | +0.05B |
| 2023-03-31 | $45M | 300 | -26.01% | -7.82% | -18.19% | -0.16B |
| 2022-12-31 | $204M | 611 | +4.16% | +7.56% | -3.40% | +0.01B |
| 2022-09-30 | $186M | 550 | -7.15% | -4.93% | -2.22% | -0.04B |
| 2022-06-30 | $243M | 385 | -23.82% | -16.11% | -7.71% | -0.15B |