Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-10.84%
trims when stocks drop
when a holding falls −10%+
Middle response
-8.12%
baseline attrition
Rally response
-16.48%
trims into rallies
when a holding rises +10%+
Top positions · 21
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AMZNAmazon.com, Inc. | $284M | 17.2% | +9.5% | 3.8 yr |
| GILGildan Activewear Inc. | $201M | 12.1% | +28.0% | 1.0 yr |
| DHRDanaher Corporation | $145M | 8.8% | -7.1% | 0.5 yr |
| SHAKShake Shack Inc. | $90M | 5.5% | +0.3% | 0.5 yr |
| CTVACorteva, Inc. | $88M | 5.4% | +34.3% | 2.0 yr |
| PANWPalo Alto Networks, Inc. | $85M | 5.1% | -6.0% | 4.5 yr |
| VVisa Inc. | $74M | 4.5% | -13.1% | 1.0 yr |
| GOOGLAlphabet Inc. | $74M | 4.5% | — | 3.5 yr |
| QQnity Electronics, Inc. | $74M | 4.5% | — | 0.3 yr |
| MTZMasTec, Inc. | $72M | 4.4% | +175.7% | 0.3 yr |
| ANETArista Networks, Inc. | $71M | 4.3% | +58.5% | 0.3 yr |
| GEHCGE HealthCare Technologi | $61M | 3.7% | -11.7% | 0.5 yr |
| PLDPrologis, Inc. | $53M | 3.2% | +22.3% | 2.0 yr |
| — | $51M | 3.1% | — | 0.3 yr |
| LINLinde plc | $51M | 3.1% | +7.9% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Specialty Retail19.3%-1.7pp$319M
Apparel - Manufacturers12.1%$201M
Medical - Diagnostics & Research8.8%$145M
Restaurants7.4%$123M
Unknown6.9%+2.3pp$113M
Agricultural Inputs5.4%-3.9pp$88M
Software - Infrastructure5.1%+2.3pp$85M
Financial - Credit Services4.5%+3.5pp$74M
Internet Content & Information4.5%+1.0pp$74M
Semiconductors4.5%$74M
Country
US77.9%-11.6pp
CA12.1%
Unknown6.9%+2.3pp
GB3.1%-1.9pp
Top 5: 48.9% · Top 10: 71.9% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| CTVA | $200M | +0.07B | 34.3% |
| PLD | $213M | +0.05B | 22.3% |
| AMZN | $211M | +0.02B | 9.5% |
| PANW | $61M | -0.00B | -6.0% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| PANW | $61M | -0.00B | -6.0% |
Top buys this quarter · 13
| DHR Danaher Corporation | +$79M |
| Q Qnity Electronics, Inc.new | +$74M |
| SHAK Shake Shack Inc. | +$73M |
| MTZ MasTec, Inc.new | +$72M |
| ANET Arista Networks, Inc.new | +$71M |
| LIN Linde plcnew | +$51M |
| CHRW C.H. Robinson Worldwide, Inc.new | +$36M |
| W Wayfair Inc.new | +$35M |
| GIL Gildan Activewear Inc. | +$28M |
| CMG Chipotle Mexican Grill, Inc. | +$20M |
Top sells this quarter · 15
| BURL Burlington Stores, Inc.exit | −$214M |
| CTVA Corteva, Inc. | −$158M |
| FTI TechnipFMC plcexit | −$147M |
| MSFT Microsoft Corporationexit | −$110M |
| UAL United Airlines Holdings, Inc.exit | −$94M |
| ATI ATI Inc. | −$82M |
| MCD McDonald's Corporationexit | −$78M |
| SE Sea Limitedexit | −$69M |
| SFM Sprouts Farmers Market, Inc.exit | −$67M |
| MTD Mettler-Toledo International Iexit | −$67M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.65B | 21 | +13.73% | +17.59% | -3.86% | -1.13B |
| 2025-12-31 | $2.78B | 32 | +4.74% | +17.72% | -12.97% | -0.68B |
| 2025-09-30 | $3.40B | 35 | +9.69% | +17.52% | -7.83% | +0.16B |
| 2025-06-30 | $3.15B | 33 | +22.43% | +14.94% | +7.48% | +0.81B |
| 2025-03-31 | $2.15B | 28 | +6.71% | +8.30% | -1.60% | -0.97B |
| 2024-12-31 | $3.38B | 36 | +30.73% | +24.89% | +5.84% | +0.40B |
| 2024-09-30 | $2.81B | 28 | +49.40% | +36.04% | +13.36% | -0.21B |
| 2024-06-30 | $2.63B | 29 | +18.64% | +24.49% | -5.85% | -0.06B |
| 2024-03-31 | $2.83B | 31 | +39.08% | +29.62% | +9.45% | +0.21B |
| 2023-12-31 | $2.32B | 32 | +34.81% | +26.18% | +8.64% | -0.34B |
| 2023-09-30 | $2.19B | 30 | +18.70% | +21.57% | -2.87% | -0.17B |
| 2023-06-30 | $2.59B | 35 | +25.63% | +19.42% | +6.20% | +0.07B |
| 2023-03-31 | $2.27B | 29 | -8.79% | -7.82% | -0.98% | -0.16B |
| 2022-12-31 | $2.22B | 32 | +7.15% | +7.56% | -0.41% | +0.23B |
| 2022-09-30 | $1.86B | 25 | -3.51% | -4.93% | +1.42% | +0.06B |
| 2022-06-30 | $1.86B | 25 | -19.41% | -16.11% | -3.30% | +0.13B |