Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-14.14%
trims when stocks drop
when a holding falls −10%+
Middle response
-10.90%
baseline attrition
Rally response
-16.71%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AIRAAR Corp. | $59M | 6.9% | +95.5% | 1.5 yr |
| VVXV2X, Inc. | $58M | 6.8% | +39.7% | 2.0 yr |
| — | $56M | 6.5% | — | 0.5 yr |
| SXIStandex International Co | $50M | 5.8% | +58.9% | 0.3 yr |
| EZPWEZCORP, Inc. | $41M | 4.8% | +72.4% | 0.3 yr |
| SIMOSilicon Motion Technolog | $40M | 4.7% | +127.9% | 1.0 yr |
| TRNSTranscat, Inc. | $40M | 4.7% | -1.3% | 0.3 yr |
| IRTCiRhythm Technologies, In | $40M | 4.6% | +12.7% | 1.5 yr |
| DCODucommun Incorporated | $38M | 4.4% | +110.2% | 1.0 yr |
| PDFSPDF Solutions, Inc. | $37M | 4.3% | +71.2% | 1.5 yr |
| ANDEThe Andersons, Inc. | $37M | 4.3% | +69.9% | 0.5 yr |
| AORTArtivion, Inc. | $35M | 4.1% | +49.0% | 2.8 yr |
| CDNLCardinal Infrastructure | $32M | 3.7% | — | 0.5 yr |
| PENGPenguin Solutions, Inc. | $28M | 3.3% | — | 1.0 yr |
| PNTGThe Pennant Group, Inc. | $28M | 3.2% | +21.2% | 1.3 yr |
Portfolio composition (YoY)
Industry mix
Aerospace & Defense18.1%+6.7pp$155M
Medical - Devices8.7%-3.3pp$74M
Software - Application8.0%+1.1pp$68M
Hardware, Equipment & Parts7.3%+2.8pp$62M
Semiconductors7.2%+4.8pp$62M
Unknown6.5%$56M
Industrial - Machinery6.4%$55M
Financial - Credit Services4.8%$41M
Industrial - Distribution4.7%+4.6pp$40M
Food Distribution4.3%$37M
Country
US88.9%-1.9pp
Unknown6.5%
HK4.7%
Top 5: 30.7% · Top 10: 53.5% · Top 25: 94.4%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| AIR | $49M | +0.05B | 95.5% |
| IESC | $13M | +0.02B | 188.6% |
| AORT | $25M | +0.01B | 49.0% |
| VVX | $17M | +0.01B | 39.7% |
| IRTC | $40M | +0.01B | 12.7% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| CDNA | $29M | -0.00B | -2.2% |
Top buys this quarter · 15
| SXI Standex International Corporatnew | +$50M |
| EZPW EZCORP, Inc.new | +$41M |
| TRNS Transcat, Inc.new | +$40M |
| IRTC iRhythm Technologies, Inc. | +$25M |
| WDFC WD-40 Companynew | +$22M |
| TTMI TTM Technologies, Inc.new | +$20M |
| AORT Artivion, Inc. | +$20M |
| SYNA Synaptics Incorporated | +$18M |
| LYTS LSI Industries Inc.new | +$14M |
| PDFS PDF Solutions, Inc. | +$14M |
Top sells this quarter · 15
| LRN Stride, Inc.exit | −$47M |
| REZI Resideo Technologies, Inc.exit | −$38M |
| HURN Huron Consulting Group Inc.exit | −$31M |
| DSGX The Descartes Systems Group Inexit | −$24M |
| UNFI United Natural Foods, Inc.exit | −$24M |
| DFIN Donnelley Financial Solutions, | −$20M |
| NCNO nCino, Inc.exit | −$20M |
| GENI Genius Sports Limitedexit | −$17M |
| ANDE The Andersons, Inc. | −$15M |
| DCO Ducommun Incorporated | −$14M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $859M | 34 | +33.57% | +17.59% | +15.98% | -0.06B |
| 2025-12-31 | $892M | 32 | +23.01% | +17.72% | +5.29% | +0.11B |
| 2025-09-30 | $810M | 29 | +29.87% | +17.52% | +12.35% | +0.09B |
| 2025-06-30 | $629M | 27 | +24.29% | +14.94% | +9.34% | -0.04B |
| 2025-03-31 | $573M | 31 | +12.70% | +8.30% | +4.39% | -0.07B |
| 2024-12-31 | $672M | 30 | +30.93% | +24.89% | +6.04% | +0.01B |
| 2024-09-30 | $650M | 31 | +42.73% | +36.04% | +6.69% | +0.03B |
| 2024-06-30 | $564M | 33 | +18.55% | +24.49% | -5.94% | -0.04B |
| 2024-03-31 | $571M | 32 | +18.58% | +29.62% | -11.05% | +0.01B |
| 2023-12-31 | $504M | 30 | +15.17% | +26.18% | -11.01% | +0.03B |
| 2023-09-30 | $424M | 28 | +6.74% | +21.57% | -14.83% | -0.02B |
| 2023-06-30 | $480M | 24 | +25.29% | +19.42% | +5.86% | -0.09B |
| 2023-03-31 | $538M | 29 | -5.43% | -7.82% | +2.39% | -0.02B |
| 2022-12-31 | $520M | 27 | +2.75% | +7.56% | -4.81% | -0.04B |
| 2022-09-30 | $549M | 30 | +7.48% | -4.93% | +12.41% | +0.14B |
| 2022-06-30 | $379M | 21 | -20.19% | -16.11% | -4.08% | -0.14B |