Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+6.03%
adds when stocks drop
when a holding falls −10%+
Middle response
-23.48%
baseline attrition
Rally response
-16.09%
trims into rallies
when a holding rises +10%+
Top positions · 18
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GLDSPDR Gold Shares | $140M | 67.9% | — | 1.3 yr |
| HONHoneywell International | $8M | 4.1% | +9.0% | 0.5 yr |
| AMZNAmazon.com, Inc. | $8M | 3.9% | +9.5% | 2.0 yr |
| TSMTaiwan Semiconductor Man | $8M | 3.7% | +105.6% | 2.5 yr |
| UNPUnion Pacific Corporatio | $8M | 3.7% | +5.1% | 1.3 yr |
| TLNTalen Energy Corporation | $7M | 3.3% | +59.9% | 0.8 yr |
| AERAerCap Holdings N.V. | $6M | 3.0% | +35.6% | 1.0 yr |
| NVDANVIDIA Corporation | $6M | 2.9% | +60.9% | 0.8 yr |
| HUT.TOHut 8 Mining Corp. | $3M | 1.5% | +290.2% | 0.3 yr |
| NAKNorthern Dynasty Mineral | $3M | 1.4% | +21.7% | 0.3 yr |
| YSSYork Space Systems, Inc. | $2M | 1.2% | — | 0.3 yr |
| SLViShares Silver Trust | $2M | 0.9% | — | 2.5 yr |
| TKOTKO Group Holdings, Inc. | $1M | 0.5% | +33.8% | 1.3 yr |
| IHAKiShares Cybersecurity an | $1M | 0.5% | — | 0.8 yr |
| BRK-BBerkshire Hathaway Inc. | $1M | 0.4% | — | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management69.9%+28.2pp$144M
Semiconductors6.6%-3.2pp$14M
Conglomerates4.1%$8M
Specialty Retail3.9%-1.3pp$8M
Railroads3.7%+1.5pp$8M
Independent Power Producers3.3%+1.6pp$7M
Rental & Leasing Services3.0%$6M
Financial - Capital Markets1.5%$3M
Industrial Materials1.4%$3M
Communication Equipment1.2%$2M
Country
US89.6%+2.8pp
TW3.7%-0.3pp
IE3.4%+1.3pp
CA3.3%+3.0pp
Top 5: 83.3% · Top 10: 95.4% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| TSM | $10M | +0.01B | 105.6% |
| TKO | $8M | +0.00B | 33.8% |
| TLN | $4M | +0.00B | 59.9% |
| NVDA | $3M | +0.00B | 60.9% |
| AMZN | $13M | +0.00B | 9.5% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 5
| IHAK iShares Cybersecurity and Tech | +$0M |
| HUT.TO Hut 8 Mining Corp.new | +$4M |
| TSM Taiwan Semiconductor Manufactu | +$4M |
| NAK Northern Dynasty Minerals Ltd.new | +$3M |
| YSS York Space Systems, Inc.new | +$2M |
Top sells this quarter · 13
| GLD SPDR Gold Shares | −$136M |
| CEF Sprott Physical Gold and Silve | −$0M |
| NVDA NVIDIA Corporation | −$5M |
| UNP Union Pacific Corporation | −$1M |
| MA Mastercard Incorporatedexit | −$1M |
| PCG PG&E Corporationexit | −$1M |
| MSFT Microsoft Corporationexit | −$1M |
| HLT Hilton Worldwide Holdings Inc.exit | −$0M |
| GE GE Aerospaceexit | −$0M |
| CME CME Group Inc.exit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $206M | 18 | +31.18% | +17.59% | +13.59% | +0.01B |
| 2025-12-31 | $200M | 23 | +13.89% | +2.66% | +11.23% | +0.00B |
| 2025-09-30 | $174M | 21 | +4.05% | +8.12% | -4.07% | -0.06B |
| 2025-06-30 | $229M | 24 | +14.07% | +10.78% | +3.29% | -0.05B |
| 2025-03-31 | $246M | 28 | — | — | — | +0.09B |
| 2021-12-31 | $153M | 22 | — | — | — | -0.00B |
| 2021-09-30 | $153M | 24 | — | — | — | -0.01B |
| 2021-06-30 | $163M | 26 | — | — | — | +0.02B |
| 2021-03-31 | $142M | 26 | — | — | — | +0.02B |
| 2020-12-31 | $119M | 22 | — | — | — | — |