Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.86%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.78%
baseline attrition
Rally response
-9.76%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| PDDPDD Holdings Inc. | $469M | 14.0% | -24.2% | 4.5 yr |
| NVDANVIDIA Corporation | $235M | 7.0% | +43.7% | 4.5 yr |
| AAPLApple Inc. | $182M | 5.4% | +9.6% | 4.5 yr |
| TSMTaiwan Semiconductor Man | $176M | 5.2% | +97.6% | 3.3 yr |
| LITELumentum Holdings Inc. | $147M | 4.4% | +1008.8% | 0.3 yr |
| MSFTMicrosoft Corporation | $127M | 3.8% | -13.0% | 4.5 yr |
| GOOGLAlphabet Inc. | $126M | 3.7% | — | 4.5 yr |
| GLWCorning Incorporated | $94M | 2.8% | +209.2% | 4.3 yr |
| AXTIAXT, Inc. | $72M | 2.1% | +2254.5% | 0.3 yr |
| AVGOBroadcom Inc. | $71M | 2.1% | +81.5% | 4.5 yr |
| TSEMTower Semiconductor Ltd. | $61M | 1.8% | +296.5% | 0.3 yr |
| MUMicron Technology, Inc. | $49M | 1.5% | +227.7% | 4.5 yr |
| AMZNAmazon.com, Inc. | $48M | 1.4% | +11.8% | 4.5 yr |
| GOOGAlphabet Inc. | $48M | 1.4% | +72.6% | 4.5 yr |
| ASMLASML Holding N.V. | $45M | 1.3% | +60.5% | 4.5 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors27.6%+12.8pp$930M
Specialty Retail16.2%-19.2pp$545M
Internet Content & Information7.6%+2.2pp$256M
Communication Equipment5.6%+5.2pp$188M
Software - Infrastructure5.4%-0.8pp$183M
Consumer Electronics5.4%+1.1pp$182M
Asset Management4.8%+2.6pp$162M
Hardware, Equipment & Parts4.5%+4.4pp$152M
Software - Application2.6%-1.4pp$88M
Biotechnology2.3%-0.9pp$77M
Country
US68.9%+27.7pp
IE14.2%-18.5pp
CN5.3%-12.0pp
TW5.3%+2.1pp
IL1.8%
NL1.4%-0.3pp
HK1.0%-1.4pp
GB0.6%+0.4pp
Top 5: 35.9% · Top 10: 50.5% · Top 25: 68.0%
Top buys this quarter · 15
| LITE Lumentum Holdings Inc.new | +$147M |
| PDD PDD Holdings Inc. | +$122M |
| TSM Taiwan Semiconductor Manufactu | +$111M |
| GLW Corning Incorporated | +$92M |
| AXTI AXT, Inc.new | +$72M |
| NVDA NVIDIA Corporation | +$68M |
| TSEM Tower Semiconductor Ltd.new | +$61M |
| AAPL Apple Inc. | +$45M |
| SNDK Sandisk Corporationnew | +$37M |
| MU Micron Technology, Inc. | +$27M |
Top sells this quarter · 15
| ASX ASE Technology Holding Co., Lt | −$33M |
| CLS Celestica Inc. | −$20M |
| KLAC KLA Corporation | −$29M |
| ASML ASML Holding N.V. | −$34M |
| AAOI Applied Optoelectronics, Inc.exit | −$10M |
| GM General Motors Company | −$9M |
| AVGO Broadcom Inc. | −$71M |
| APH Amphenol Corporation | −$5M |
| KYMR Kymera Therapeutics, Inc. | −$2M |
| IQ iQIYI, Inc.exit | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.36B | 487 | +10.88% | +3.94% | +6.94% | +1.09B |
| 2025-06-30 | $2.10B | 394 | +6.11% | +14.94% | -8.84% | -0.19B |
| 2025-03-31 | $2.09B | 398 | +5.95% | +8.30% | -2.36% | +0.04B |
| 2024-12-31 | $1.99B | 395 | -2.98% | +24.89% | -27.86% | +0.23B |
| 2024-09-30 | $1.95B | 353 | +31.59% | +36.04% | -4.45% | +0.07B |
| 2024-06-30 | $1.81B | 318 | +35.73% | +24.49% | +11.23% | +0.05B |
| 2024-03-31 | $1.61B | 368 | +18.49% | +29.62% | -11.14% | +0.12B |
| 2023-12-31 | $1.58B | 306 | +25.79% | +26.18% | -0.39% | -0.04B |
| 2023-09-30 | $1.31B | 292 | +13.66% | +21.57% | -7.91% | -0.04B |
| 2023-06-30 | $1.26B | 309 | -6.24% | +19.42% | -25.66% | -0.04B |
| 2023-03-31 | $1.37B | 332 | +5.43% | -7.82% | +13.25% | +0.16B |
| 2022-12-31 | $1.20B | 333 | +2.61% | -18.17% | +20.78% | +0.01B |
| 2022-09-30 | $1.07B | 334 | -11.66% | -4.93% | -6.73% | +0.10B |
| 2022-06-30 | $1.10B | 323 | +7.18% | -16.11% | +23.29% | -2.17B |
| 2022-03-31 | $3.06B | 325 | -2.31% | -4.62% | +2.31% | +0.29B |
| 2021-12-31 | $2.83B | 301 | — | — | — | +0.44B |