Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.33%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.77%
baseline attrition
Rally response
-7.12%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NVMINova Ltd. | $21M | 6.3% | +135.6% | 5.5 yr |
| TECHBio-Techne Corporation | $18M | 5.3% | -10.4% | 5.3 yr |
| BCPCBalchem Corporation | $17M | 5.0% | +2.7% | 4.0 yr |
| HLIHoulihan Lokey, Inc. | $14M | 4.2% | -9.9% | 5.5 yr |
| BSYBentley Systems, Incorpo | $14M | 4.2% | -10.2% | 3.8 yr |
| EGPEastGroup Properties, In | $14M | 4.2% | +7.9% | 0.8 yr |
| FSSFederal Signal Corporati | $13M | 4.0% | +47.8% | 1.3 yr |
| CSWICSW Industrials, Inc. | $13M | 3.9% | — | 5.5 yr |
| EXPOExponent, Inc. | $13M | 3.7% | -18.2% | 5.5 yr |
| AWKAmerican Water Works Com | $12M | 3.7% | -5.4% | 4.5 yr |
| LRNStride, Inc. | $11M | 3.3% | -30.3% | 2.0 yr |
| ROLRollins, Inc. | $11M | 3.2% | +0.0% | 5.5 yr |
| MANHManhattan Associates, In | $11M | 3.2% | -23.1% | 1.8 yr |
| FNFabrinet | $10M | 3.1% | +164.0% | 3.0 yr |
| ENTGEntegris, Inc. | $10M | 2.9% | +34.6% | 5.0 yr |
Portfolio composition (YoY)
Industry mix
Software - Application12.0%-11.0pp$40M
Semiconductors11.7%+3.1pp$39M
Industrial - Machinery10.7%+5.4pp$36M
Chemicals - Specialty7.8%+3.6pp$26M
Financial - Capital Markets6.8%+1.0pp$23M
Consulting Services6.4%+1.3pp$21M
Biotechnology5.3%+0.9pp$18M
Hardware, Equipment & Parts4.5%-0.5pp$15M
REIT - Industrial4.2%$14M
Education & Training Services4.0%-1.2pp$13M
Country
US88.9%-4.6pp
IL6.3%+2.8pp
KY3.1%+1.2pp
CA1.0%
IT0.7%-0.3pp
Top 5: 25.0% · Top 10: 44.5% · Top 25: 85.1%
Top buys this quarter · 15
| VMI Valmont Industries, Inc.new | +$8M |
| WTS Watts Water Technologies, Inc.new | +$8M |
| FSS Federal Signal Corporation | +$6M |
| EGP EastGroup Properties, Inc. | +$5M |
| EXPO Exponent, Inc. | +$5M |
| HXL Hexcel Corporationnew | +$3M |
| MDA MDA Space Ltdnew | +$3M |
| SNEX StoneX Group Inc.new | +$2M |
| TTEK Tetra Tech, Inc.new | +$2M |
| GGG Graco Inc. | +$2M |
Top sells this quarter · 15
| TREX Trex Company, Inc.exit | −$11M |
| NVMI Nova Ltd. | −$21M |
| PAYC Paycom Software, Inc.exit | −$6M |
| ROL Rollins, Inc. | −$5M |
| FN Fabrinet | −$4M |
| SITM SiTime Corporation | −$3M |
| ENTG Entegris, Inc. | −$9M |
| TMDX TransMedics Group, Inc. | −$2M |
| BSY Bentley Systems, Incorporated | −$2M |
| MANH Manhattan Associates, Inc. | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $334M | 42 | -0.30% | +17.59% | -17.90% | -0.02B |
| 2025-12-31 | $359M | 41 | -4.30% | +17.72% | -22.02% | -0.00B |
| 2025-09-30 | $400M | 41 | -1.74% | +17.52% | -19.25% | +0.01B |
| 2025-06-30 | $388M | 39 | +1.35% | +14.94% | -13.59% | +0.01B |
| 2025-03-31 | $341M | 46 | -9.00% | +8.30% | -17.31% | -0.11B |
| 2024-12-31 | $484M | 47 | +2.95% | +24.89% | -21.94% | -0.04B |
| 2024-09-30 | $561M | 47 | +21.81% | +36.04% | -14.23% | +0.00B |
| 2024-06-30 | $536M | 46 | +3.88% | +24.49% | -20.62% | -0.02B |
| 2024-03-31 | $554M | 44 | +13.46% | +29.62% | -16.17% | -0.01B |
| 2023-12-31 | $532M | 43 | +16.96% | +26.18% | -9.22% | -0.09B |
| 2023-09-30 | $568M | 45 | +7.93% | +21.57% | -13.64% | +0.00B |
| 2023-06-30 | $632M | 45 | +20.59% | +19.42% | +1.16% | -0.07B |
| 2023-03-31 | $644M | 45 | -12.85% | -7.82% | -5.03% | -0.03B |
| 2022-12-31 | $614M | 47 | +1.53% | +7.56% | -6.03% | -0.05B |
| 2022-09-30 | $653M | 48 | -0.36% | -4.93% | +4.57% | -0.01B |
| 2022-06-30 | $665M | 48 | -21.24% | -16.11% | -5.13% | +0.03B |