Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+6.85%
adds when stocks drop
when a holding falls −10%+
Middle response
-2.27%
baseline attrition
Rally response
-10.85%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GOOGLAlphabet Inc. | $41M | 12.7% | — | 3.5 yr |
| AMZNAmazon.com, Inc. | $35M | 10.8% | +9.5% | 1.0 yr |
| METAMeta Platforms, Inc. | $30M | 9.3% | -0.4% | 3.5 yr |
| AXPAmerican Express Company | $30M | 9.1% | +13.3% | 5.0 yr |
| MSFTMicrosoft Corporation | $28M | 8.5% | -0.6% | 0.3 yr |
| UBERUber Technologies, Inc. | $19M | 5.9% | -1.3% | 1.3 yr |
| ADBEAdobe Inc. | $13M | 4.1% | -36.6% | 0.3 yr |
| ATHMAutohome Inc. | $12M | 3.8% | -32.6% | 1.3 yr |
| PBIPitney Bowes Inc. | $12M | 3.8% | +26.1% | 0.3 yr |
| NRPNatural Resource Partner | $12M | 3.7% | +20.0% | 0.3 yr |
| BSMBlack Stone Minerals, L. | $12M | 3.6% | +8.9% | 0.3 yr |
| RBLXRoblox Corporation | $11M | 3.4% | -3.0% | 1.3 yr |
| MCOMoody's Corporation | $9M | 2.7% | -5.6% | 0.3 yr |
| HSAIHesai Group | $9M | 2.6% | +29.2% | 0.8 yr |
| BMNRBitmine Immersion Techno | $8M | 2.6% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Internet Content & Information27.5%-6.8pp$90M
Software - Application12.9%-1.0pp$42M
Specialty Retail11.1%+7.1pp$36M
Financial - Credit Services9.1%-4.3pp$30M
Software - Infrastructure8.5%$28M
Integrated Freight & Logistics4.1%+2.6pp$14M
Financial - Data & Stock Exchanges4.1%$13M
Electronic Gaming & Multimedia4.0%-2.2pp$13M
Coal3.7%$12M
Oil & Gas Exploration & Production3.6%$12M
Country
US89.3%+6.5pp
CN10.7%-1.9pp
Top 5: 50.3% · Top 10: 71.6% · Top 25: 98.4%
Top buys this quarter · 15
| MSFT Microsoft Corporationnew | +$28M |
| AMZN Amazon.com, Inc. | +$24M |
| ADBE Adobe Inc.new | +$13M |
| PBI Pitney Bowes Inc.new | +$12M |
| NRP Natural Resource Partners L.P.new | +$12M |
| BSM Black Stone Minerals, L.P.new | +$12M |
| ATHM Autohome Inc. | +$10M |
| AXP American Express Company | +$9M |
| MCO Moody's Corporationnew | +$9M |
| BMNR Bitmine Immersion Technologiesnew | +$8M |
Top sells this quarter · 11
| CCL Carnival Corporation & plcexit | −$6M |
| FOX Fox Corporationexit | −$5M |
| EDU New Oriental Education & Techn | −$2M |
| MNSO MINISO Group Holding Limitedexit | −$2M |
| NTES NetEase, Inc. | −$1M |
| ZTO ZTO Express (Cayman) Inc. | −$1M |
| ZLAB Zai Lab Limitedexit | −$1M |
| JD JD.com, Inc. | −$1M |
| GDS GDS Holdings Limitedexit | −$1M |
| ONC BeOne Medicines Ltd. | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $327M | 32 | +7.52% | +17.59% | -10.08% | +0.17B |
| 2025-12-31 | $180M | 17 | +27.23% | +17.72% | +9.51% | -0.01B |
| 2025-09-30 | $198M | 20 | +33.62% | +17.52% | +16.11% | -0.03B |
| 2025-06-30 | $203M | 14 | +52.27% | +14.94% | +37.33% | +0.05B |
| 2025-03-31 | $131M | 17 | +30.73% | +8.30% | +22.43% | +0.01B |
| 2024-12-31 | $115M | 18 | +37.84% | +24.89% | +12.95% | +0.03B |
| 2024-09-30 | $89M | 18 | +43.71% | +36.04% | +7.68% | -0.02B |
| 2024-06-30 | $81M | 19 | +12.10% | +24.49% | -12.39% | +0.01B |
| 2024-03-31 | $69M | 10 | +4.09% | +29.62% | -25.53% | +0.00B |
| 2023-12-31 | $60M | 9 | +20.62% | +26.18% | -5.56% | +0.01B |
| 2023-09-30 | $52M | 12 | +24.11% | +21.57% | +2.55% | +0.00B |
| 2023-06-30 | $51M | 15 | +2.85% | +19.42% | -16.57% | +0.00B |
| 2023-03-31 | $51M | 14 | +11.12% | -7.82% | +18.94% | +0.00B |
| 2022-12-31 | $38M | 14 | +5.62% | +7.56% | -1.94% | -0.02B |
| 2022-09-30 | $54M | 10 | -17.50% | -4.93% | -12.58% | -0.01B |
| 2022-06-30 | $74M | 10 | +1.37% | -16.11% | +17.48% | +0.04B |