Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-14.27%
trims when stocks drop
when a holding falls −10%+
Middle response
-9.96%
baseline attrition
Rally response
-8.98%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $23M | 11.9% | — | 4.3 yr |
| ANDEThe Andersons, Inc. | $19M | 10.2% | +69.9% | 0.8 yr |
| TPLTexas Pacific Land Corpo | $12M | 6.4% | +8.1% | 0.8 yr |
| SCHWThe Charles Schwab Corpo | $8M | 4.2% | +21.5% | 2.5 yr |
| AMZNAmazon.com, Inc. | $7M | 3.8% | +9.5% | 4.0 yr |
| NRGNRG Energy, Inc. | $7M | 3.5% | +55.0% | 1.0 yr |
| NVDANVIDIA Corporation | $6M | 3.2% | +60.9% | 0.3 yr |
| UTHRUnited Therapeutics Corp | $6M | 3.1% | +92.4% | 0.3 yr |
| CLHClean Harbors, Inc. | $6M | 3.0% | +45.5% | 0.3 yr |
| CEGConstellation Energy Cor | $6M | 2.9% | +39.2% | 2.0 yr |
| DARDarling Ingredients Inc. | $5M | 2.8% | +98.0% | 0.5 yr |
| CVXChevron Corporation | $5M | 2.7% | +29.2% | 1.5 yr |
| YSSYork Space Systems, Inc. | $5M | 2.4% | — | 0.3 yr |
| VSTVistra Corp. | $5M | 2.4% | +28.7% | 2.0 yr |
| ARMArm Holdings plc America | $4M | 2.2% | +41.7% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Unknown15.1%-5.1pp$29M
Food Distribution10.2%$19M
Oil & Gas Exploration & Production8.6%+6.2pp$16M
Independent Power Producers5.8%+3.7pp$11M
Biotechnology5.6%-0.7pp$11M
Semiconductors5.4%+3.1pp$10M
Financial - Capital Markets4.2%+2.9pp$8M
Specialty Retail3.8%-5.8pp$7M
Waste Management3.0%$6M
Renewable Utilities2.9%$6M
Country
US82.7%+18.7pp
Unknown15.1%-5.1pp
GB2.2%
Top 5: 36.4% · Top 10: 52.1% · Top 25: 84.5%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| DELL | $4M | +0.00B | 83.4% |
| APG | $5M | +0.00B | 70.0% |
| VST | $4M | +0.00B | 28.7% |
| AMZN | $10M | +0.00B | 9.5% |
| EQT | $3M | +0.00B | 20.5% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| NVDA NVIDIA Corporationnew | +$6M |
| UTHR United Therapeutics Corporationew | +$6M |
| CLH Clean Harbors, Inc.new | +$6M |
| YSS York Space Systems, Inc.new | +$5M |
| ARM Arm Holdings plc American Deponew | +$4M |
| KOD Kodiak Sciences Inc.new | +$4M |
| WMB The Williams Companies, Inc.new | +$4M |
| LTH Life Time Group Holdings, Inc.new | +$3M |
| CVX Chevron Corporation | +$3M |
| TDS Telephone and Data Systems, Innew | +$3M |
Top sells this quarter · 15
| TPL Texas Pacific Land Corporation | −$9M |
| CEG Constellation Energy Corporati | −$9M |
| GOOG Alphabet Inc.exit | −$9M |
| AMZN Amazon.com, Inc. | −$8M |
| JAZZ Jazz Pharmaceuticals plcexit | −$8M |
| ABVX Abivax S.A.exit | −$7M |
| MDGL Madrigal Pharmaceuticals, Inc.exit | −$6M |
| TMO Thermo Fisher Scientific Inc.exit | −$5M |
| GKOS Glaukos Corporationexit | −$4M |
| CYTK Cytokinetics, Incorporatedexit | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $190M | 41 | +47.84% | +17.59% | +30.25% | -0.04B |
| 2025-12-31 | $207M | 49 | +37.02% | +17.72% | +19.30% | +0.00B |
| 2025-09-30 | $191M | 44 | +34.57% | +17.52% | +17.05% | -0.02B |
| 2025-06-30 | $191M | 43 | +42.53% | +14.94% | +27.59% | -0.01B |
| 2025-03-31 | $178M | 41 | +30.43% | +8.30% | +22.13% | -0.01B |
| 2024-12-31 | $186M | 32 | +45.79% | +24.89% | +20.91% | -0.02B |
| 2024-09-30 | $192M | 33 | +53.34% | +36.04% | +17.30% | -0.01B |
| 2024-06-30 | $174M | 43 | +32.17% | +24.49% | +7.68% | -0.03B |
| 2024-03-31 | $191M | 44 | +37.28% | +29.62% | +7.66% | +0.02B |
| 2023-12-31 | $153M | 36 | +26.64% | +26.18% | +0.46% | -0.00B |
| 2023-09-30 | $142M | 33 | +17.55% | +21.57% | -4.02% | -0.00B |
| 2023-06-30 | $141M | 36 | +18.66% | +19.42% | -0.76% | -0.01B |
| 2023-03-31 | $137M | 37 | -3.56% | -7.82% | +4.26% | +0.02B |
| 2022-12-31 | $112M | 29 | +2.54% | +7.56% | -5.02% | -0.00B |
| 2022-09-30 | $111M | 40 | +1.70% | -4.93% | +6.63% | -0.03B |
| 2022-06-30 | $139M | 36 | -11.22% | -16.11% | +4.89% | +0.00B |