Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-9.06%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.30%
baseline attrition
Rally response
-13.97%
trims into rallies
when a holding rises +10%+
Top positions · 14
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NUNu Holdings Ltd. | $259M | 45.4% | +40.3% | 4.0 yr |
| MELIMercadoLibre, Inc. | $54M | 9.5% | -11.4% | 6.0 yr |
| AMZNAmazon.com, Inc. | $48M | 8.3% | +9.5% | 5.0 yr |
| XPXP Inc. | $45M | 8.0% | +39.9% | 5.0 yr |
| MSFTMicrosoft Corporation | $45M | 7.8% | -0.6% | 3.3 yr |
| DLODLocal Limited | $27M | 4.7% | +63.1% | 2.0 yr |
| NVDANVIDIA Corporation | $15M | 2.6% | +60.9% | 0.8 yr |
| GOOGLAlphabet Inc. | $15M | 2.6% | — | 3.0 yr |
| TSMTaiwan Semiconductor Man | $14M | 2.5% | +105.6% | 1.0 yr |
| AAPLApple Inc. | $14M | 2.4% | +14.7% | 2.3 yr |
| ABNBAirbnb, Inc. | $13M | 2.2% | +5.7% | 0.5 yr |
| NFLXNetflix, Inc. | $12M | 2.2% | +3.1% | 1.0 yr |
| METAMeta Platforms, Inc. | $9M | 1.7% | -0.4% | 5.8 yr |
| VTEXVtex | $1M | 0.1% | -21.1% | 4.8 yr |
Portfolio composition (YoY)
Industry mix
Banks - Diversified45.4%+38.3pp$259M
Specialty Retail17.8%-4.0pp$101M
Software - Infrastructure12.5%-13.8pp$71M
Financial - Capital Markets8.0%-17.9pp$45M
Semiconductors5.1%$29M
Internet Content & Information4.2%-13.6pp$24M
Consumer Electronics2.4%$14M
Travel Services2.2%$13M
Entertainment2.2%$12M
Software - Application0.1%-0.1pp$1M
Country
BR53.4%+20.5pp
US29.8%+7.8pp
UY14.2%-4.3pp
TW2.5%
GB0.1%-0.1pp
Top 5: 79.0% · Top 10: 93.8% · Top 25: 100.0%
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $570M | 14 | +48.25% | +17.59% | +30.66% | -0.03B |
| 2025-12-31 | $660M | 15 | +81.99% | +17.72% | +64.28% | -0.03B |
| 2025-09-30 | $707M | 16 | +59.07% | +17.52% | +41.55% | -0.06B |
| 2025-06-30 | $645M | 10 | +43.55% | +14.94% | +28.61% | -0.02B |
| 2025-03-31 | $476M | 12 | -1.25% | +8.30% | -9.55% | -0.04B |
| 2024-12-31 | $461M | 12 | +2.76% | +24.89% | -22.13% | -0.13B |
| 2024-09-30 | $700M | 12 | +45.97% | +36.04% | +9.93% | -0.07B |
| 2024-06-30 | $714M | 14 | +38.50% | +24.49% | +14.01% | -0.08B |
| 2024-03-31 | $820M | 13 | +75.55% | +29.62% | +45.92% | -0.19B |
| 2023-12-31 | $871M | 15 | +96.92% | +26.18% | +70.75% | -0.09B |
| 2023-09-30 | $796M | 14 | +49.12% | +21.57% | +27.56% | +0.16B |
| 2023-06-30 | $625M | 12 | +48.70% | +19.42% | +29.27% | +0.20B |
| 2023-03-31 | $345M | 13 | -14.95% | -7.82% | -7.14% | -0.41B |
| 2022-12-31 | $575M | 20 | -8.71% | +7.56% | -16.27% | -0.03B |
| 2022-09-30 | $665M | 25 | +2.14% | -4.93% | +7.07% | -0.01B |
| 2022-06-30 | $658M | 24 | -30.12% | -16.11% | -14.01% | +0.26B |