Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-7.94%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.94%
baseline attrition
Rally response
-5.34%
trims into rallies
when a holding rises +10%+
Top positions · 12
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $15M | 26.4% | — | 2.8 yr |
| PBRPetróleo Brasileiro S.A | $8M | 14.2% | +54.2% | 4.3 yr |
| BBarrick Mining Corporati | $7M | 12.9% | +114.9% | 1.0 yr |
| ITUBItaú Unibanco Holding S | $6M | 11.3% | +64.3% | 4.8 yr |
| YPFYPF Sociedad Anónima | $5M | 8.9% | +31.9% | 1.8 yr |
| FCXFreeport-McMoRan Inc. | $4M | 7.8% | +57.4% | 4.8 yr |
| XPXP Inc. | $4M | 6.7% | +39.9% | 1.0 yr |
| HDBHDFC Bank Limited | $3M | 5.6% | -24.3% | 2.5 yr |
| ERJEmbraer S.A. | $2M | 2.9% | — | 0.3 yr |
| TXTernium S.A. | $2M | 2.7% | +40.9% | 4.0 yr |
| ALVOAlvotech | $0M | 0.5% | -64.5% | 4.0 yr |
| BTAIBioXcel Therapeutics, In | $0M | 0.1% | -34.0% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Unknown26.4%+3.6pp$15M
Oil & Gas Integrated23.0%+16.3pp$13M
Banks - Regional16.9%+6.7pp$10M
Gold12.9%$7M
Copper7.8%+0.1pp$4M
Financial - Capital Markets6.7%$4M
Aerospace & Defense2.9%$2M
Steel2.7%+0.4pp$2M
Drug Manufacturers - Specialty & Generic0.5%-1.0pp$0M
Biotechnology0.1%$0M
Country
BR35.1%+24.3pp
Unknown26.4%+3.6pp
CA12.9%
AR8.9%
US7.9%-18.3pp
IN5.6%-0.9pp
LU2.7%+0.4pp
IS0.5%-1.0pp
Top 5: 73.7% · Top 10: 99.4% · Top 25: 100.0%
Top buys this quarter · 5
| PBR Petróleo Brasileiro S.A. - Pe | +$4M |
| YPF YPF Sociedad Anónima | +$3M |
| ALVO Alvotech | +$0M |
| XP XP Inc. | +$0M |
| ERJ Embraer S.A.new | +$0M |
Top sells this quarter · 11
| NU Nu Holdings Ltd.exit | −$3M |
| GRAB Grab Holdings Limitedexit | −$2M |
| YMM Full Truck Alliance Co. Ltd.exit | −$2M |
| BZ Kanzhun Limitedexit | −$1M |
| INFY Infosys Limitedexit | −$1M |
| B Barrick Mining Corporation | −$0M |
| ITUB Itaú Unibanco Holding S.A. | −$6M |
| FCX Freeport-McMoRan Inc. | −$4M |
| HDB HDFC Bank Limited | −$0M |
| TX Ternium S.A. | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $56M | 12 | +22.86% | +17.59% | +5.27% | +0.00B |
| 2025-12-31 | $53M | 14 | +26.94% | +17.72% | +9.22% | -0.00B |
| 2025-09-30 | $54M | 15 | +12.10% | +17.52% | -5.42% | -0.01B |
| 2025-06-30 | $57M | 16 | +11.92% | +14.94% | -3.02% | -0.01B |
| 2025-03-31 | $68M | 21 | +0.83% | +8.30% | -7.47% | +0.01B |
| 2024-12-31 | $58M | 20 | -5.85% | +24.89% | -30.74% | -0.02B |
| 2024-09-30 | $88M | 23 | +15.75% | +36.04% | -20.29% | -0.03B |
| 2024-06-30 | $106M | 17 | -1.04% | +24.49% | -25.53% | +0.00B |
| 2024-03-31 | $110M | 19 | +1.44% | +29.62% | -28.18% | +0.00B |
| 2023-12-31 | $110M | 16 | +13.14% | +26.18% | -13.04% | +0.00B |
| 2023-09-30 | $98M | 15 | +16.90% | +21.57% | -4.67% | -0.01B |
| 2023-06-30 | $116M | 17 | +28.32% | +19.42% | +8.89% | +0.01B |
| 2023-03-31 | $104M | 15 | +0.46% | -7.82% | +8.28% | +0.03B |
| 2022-12-31 | $66M | 15 | +15.81% | +7.56% | +8.25% | -0.01B |
| 2022-09-30 | $64M | 15 | +5.01% | -4.93% | +9.93% | +0.00B |
| 2022-06-30 | $57M | 14 | -23.80% | -16.11% | -7.69% | +0.01B |