Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-17.90%
trims when stocks drop
when a holding falls −10%+
Middle response
-27.24%
baseline attrition
Rally response
-19.96%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MDLNMedline Inc. | $202M | 7.9% | — | 0.5 yr |
| XPEVXPeng Inc. | $128M | 5.0% | -17.4% | 2.3 yr |
| TSLATesla, Inc. | $102M | 4.0% | +43.4% | 0.3 yr |
| NVDANVIDIA Corporation | $96M | 3.7% | +60.9% | 1.0 yr |
| MSFTMicrosoft Corporation | $93M | 3.6% | -0.6% | 0.3 yr |
| GFSGLOBALFOUNDRIES Inc. | $80M | 3.1% | +20.5% | 3.5 yr |
| TTTrane Technologies plc | $73M | 2.8% | +24.8% | 0.3 yr |
| JCIJohnson Controls Interna | $72M | 2.8% | +65.7% | 0.3 yr |
| ORCLOracle Corporation | $67M | 2.6% | +5.9% | 0.3 yr |
| YNDXYandex N.V. | $60M | 2.3% | — | 0.8 yr |
| FPSForgent Power Solutions, | $54M | 2.1% | — | 0.3 yr |
| ULSUL Solutions Inc. | $43M | 1.7% | +53.1% | 2.0 yr |
| KTOSKratos Defense & Securit | $42M | 1.6% | +137.5% | 1.8 yr |
| ROLRollins, Inc. | $40M | 1.6% | +0.0% | 0.8 yr |
| — | $40M | 1.5% | — | 2.3 yr |
Portfolio composition (YoY)
Industry mix
Unknown10.9%-8.3pp$279M
Auto - Manufacturers9.9%+9.2pp$255M
Software - Infrastructure8.0%+7.0pp$204M
Medical - Instruments & Supplies7.9%+7.7pp$204M
Semiconductors7.2%+7.1pp$184M
Aerospace & Defense6.5%-1.8pp$166M
Shell Companies4.4%+1.7pp$113M
Industrial - Machinery3.3%$85M
Internet Content & Information3.1%+2.8pp$80M
Construction2.8%$73M
Country
US69.4%-6.0pp
Unknown10.7%-8.0pp
CN8.9%+7.4pp
IE5.7%
RU2.3%
KY1.0%
CL1.0%+0.6pp
CA0.6%-2.4pp
Top 5: 24.2% · Top 10: 38.0% · Top 25: 58.5%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| ULS | $54M | +0.03B | 53.1% |
| KGS | $18M | +0.01B | 64.4% |
| LTM | $3M | +0.00B | 66.5% |
| VSEC | $3M | +0.00B | 54.1% |
| SARO | $36M | -0.00B | -3.0% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| SARO | $36M | -0.00B | -3.0% |
Top buys this quarter · 15
| MDLN Medline Inc. | +$162M |
| TSLA Tesla, Inc.new | +$102M |
| MSFT Microsoft Corporationnew | +$93M |
| NVDA NVIDIA Corporation | +$87M |
| GFS GLOBALFOUNDRIES Inc. | +$73M |
| TT Trane Technologies plcnew | +$73M |
| JCI Johnson Controls Internationalnew | +$72M |
| ORCL Oracle Corporationnew | +$67M |
| FPS Forgent Power Solutions, Inc.new | +$54M |
| GEV GE Vernova Inc.new | +$35M |
Top sells this quarter · 15
| ITT ITT Inc.exit | −$86M |
| ULS UL Solutions Inc. | −$77M |
| SYM Symbotic Inc. | −$43M |
| KGS Kodiak Gas Services, Inc. | −$41M |
| NNE Nano Nuclear Energy Incexit | −$33M |
| NIO NIO Inc. | −$24M |
| NVTS Navitas Semiconductor Corporatexit | −$19M |
| SOFI SoFi Technologies, Inc.exit | −$18M |
| STC Stewart Information Services Cexit | −$17M |
| LTM LATAM Airlines Group S.A. | −$17M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.56B | 239 | +7.16% | +17.59% | -10.43% | +1.06B |
| 2025-12-31 | $1.53B | 176 | +12.83% | +17.72% | -4.89% | -0.41B |
| 2025-09-30 | $1.98B | 172 | +17.89% | +17.52% | +0.37% | -1.24B |
| 2025-06-30 | $3.04B | 151 | +17.83% | +14.94% | +2.89% | +2.12B |
| 2025-03-31 | $879M | 82 | +11.45% | +8.30% | +3.14% | -0.64B |
| 2024-12-31 | $1.46B | 84 | +23.17% | +24.89% | -1.72% | -0.33B |
| 2024-09-30 | $1.75B | 127 | +34.42% | +36.04% | -1.61% | +0.71B |
| 2024-06-30 | $984M | 116 | +19.30% | +24.49% | -5.19% | +0.18B |
| 2024-03-31 | $810M | 101 | +20.31% | +29.62% | -9.31% | -0.27B |
| 2023-12-31 | $947M | 116 | +7.25% | +26.18% | -18.93% | -0.14B |
| 2023-09-30 | $979M | 115 | -10.88% | +21.57% | -32.44% | +0.19B |
| 2023-06-30 | $838M | 119 | +79.77% | +19.42% | +60.34% | +0.42B |
| 2023-03-31 | $416M | 69 | +33.43% | -7.82% | +41.25% | -0.16B |
| 2022-12-31 | $562M | 131 | -7.41% | +7.56% | -14.97% | -0.13B |
| 2022-09-30 | $749M | 244 | +89.71% | -4.93% | +94.63% | -0.79B |
| 2022-06-30 | $810M | 273 | -25.48% | -16.11% | -9.37% | +0.12B |