Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-14.01%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.97%
baseline attrition
Rally response
-13.01%
trims into rallies
when a holding rises +10%+
Top positions · 4
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TSMTaiwan Semiconductor Man | $27M | 33.3% | +105.6% | 1.3 yr |
| BABAAlibaba Group Holding Li | $26M | 31.8% | -3.5% | 2.0 yr |
| MNSOMINISO Group Holding Lim | $15M | 18.9% | -9.6% | 1.5 yr |
| UVXYProShares - Ultra VIX Sh | $13M | 16.0% | — | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Specialty Retail50.7%+3.9pp$41M
Semiconductors33.3%+31.7pp$27M
Asset Management - Leveraged16.0%$13M
Country
CN50.7%-31.0pp
TW33.3%
US16.0%+14.4pp
Top 5: 100.0% · Top 10: 100.0% · Top 25: 100.0%
Top buys this quarter · 0
No buys this quarter
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $81M | 4 | +0.10% | +17.59% | -17.50% | -0.05B |
| 2025-12-31 | $123M | 4 | +23.78% | +17.72% | +6.07% | -0.03B |
| 2025-09-30 | $176M | 10 | +38.04% | +17.52% | +20.53% | +0.02B |
| 2025-06-30 | $124M | 9 | +25.49% | +14.94% | +10.55% | -0.03B |
| 2025-03-31 | $173M | 13 | +50.10% | +8.30% | +41.80% | +0.00B |
| 2024-12-31 | $125M | 9 | +1.24% | +24.89% | -23.64% | -0.14B |
| 2024-09-30 | $274M | 7 | +13.88% | +36.04% | -22.16% | -0.14B |
| 2024-06-30 | $373M | 9 | +9.67% | +24.49% | -14.83% | -0.19B |
| 2024-03-31 | $532M | 16 | -15.02% | +29.62% | -44.64% | +0.10B |
| 2023-12-31 | $480M | 16 | +15.43% | +26.18% | -10.75% | +0.07B |
| 2023-09-30 | $386M | 15 | +4.03% | +21.57% | -17.54% | -0.18B |
| 2023-06-30 | $527M | 12 | -10.43% | +19.42% | -29.85% | +0.11B |
| 2023-03-31 | $505M | 10 | +46.15% | -7.82% | +53.97% | +0.01B |
| 2022-12-31 | $400M | 7 | -3.65% | +7.56% | -11.21% | +0.28B |
| 2022-09-30 | $128M | 4 | -8.31% | -4.93% | -3.38% | -0.01B |
| 2022-06-30 | $148M | 5 | +34.21% | -16.11% | +50.32% | -0.06B |