Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-14.38%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.29%
baseline attrition
Rally response
-4.12%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BSYBentley Systems, Incorpo | $28M | 10.2% | -10.2% | 0.3 yr |
| CLSCelestica Inc. | $20M | 7.3% | +257.4% | 2.0 yr |
| TLNTalen Energy Corporation | $18M | 6.5% | +59.9% | 1.8 yr |
| SQMSociedad QuÃmica y Mine | $15M | 5.6% | +104.1% | 2.0 yr |
| VTIVanguard Total Stock Mar | $14M | 5.2% | — | 4.5 yr |
| — | $12M | 4.6% | — | 0.8 yr |
| EQTEQT Corporation | $11M | 4.1% | +20.5% | 1.5 yr |
| VDCVanguard Consumer Staple | $11M | 3.9% | — | 4.5 yr |
| VTVanguard Total World Sto | $10M | 3.8% | — | 4.0 yr |
| INTCIntel Corporation | $10M | 3.7% | +94.3% | 1.3 yr |
| NUNu Holdings Ltd. | $10M | 3.6% | +40.3% | 2.5 yr |
| VEAVanguard FTSE Developed | $10M | 3.5% | — | 4.5 yr |
| TERTeradyne, Inc. | $8M | 3.0% | +260.2% | 0.8 yr |
| — | $8M | 2.8% | — | 1.0 yr |
| HUYAHUYA Inc. | $8M | 2.8% | +72.8% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management24.2%-12.3pp$66M
Software - Application12.3%+11.9pp$33M
Semiconductors8.7%+6.9pp$24M
Independent Power Producers8.6%-3.9pp$24M
Unknown7.5%$20M
Hardware, Equipment & Parts7.5%-3.5pp$20M
Chemicals - Specialty5.6%$15M
Oil & Gas Exploration & Production4.1%-0.1pp$11M
Internet Content & Information3.9%-1.9pp$11M
Banks - Diversified3.7%+1.6pp$10M
Country
US68.6%-6.5pp
Unknown7.5%
CA7.3%-3.6pp
CL5.6%
BR3.6%+1.6pp
CN2.8%-2.5pp
AR2.1%-0.1pp
IE1.9%-1.7pp
Top 5: 34.9% · Top 10: 55.1% · Top 25: 88.2%
Top buys this quarter · 10
| BSY Bentley Systems, Incorporatednew | +$28M |
| HUYA HUYA Inc. | +$7M |
| CF CF Industries Holdings, Inc.new | +$5M |
| FSLY Fastly, Inc.new | +$4M |
| EQT EQT Corporation | +$3M |
| LXU LSB Industries, Inc.new | +$2M |
| VRT Vertiv Holdings Co | +$0M |
| PDD PDD Holdings Inc. | +$5M |
| NU Nu Holdings Ltd. | +$10M |
| — | +$0M |
Top sells this quarter · 15
| VSCO Victoria's Secret & Co. | −$7M |
| PAM Pampa EnergÃa S.A. | −$7M |
| CLS Celestica Inc. | −$6M |
| TLN Talen Energy Corporation | −$5M |
| MUFG Mitsubishi UFJ Financial Group | −$4M |
| TER Teradyne, Inc. | −$7M |
| SQM Sociedad QuÃmica y Minera de | −$15M |
| RDDT Reddit, Inc.exit | −$2M |
| U Unity Software Inc. | −$1M |
| ACMR ACM Research, Inc.exit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $272M | 65 | +79.03% | +17.59% | +61.44% | -0.02B |
| 2025-12-31 | $289M | 65 | +50.75% | +17.72% | +33.03% | -0.02B |
| 2025-09-30 | $285M | 70 | +95.87% | +17.52% | +78.35% | -0.00B |
| 2025-06-30 | $230M | 67 | +65.16% | +14.94% | +50.22% | +0.02B |
| 2025-03-31 | $159M | 58 | +37.42% | +8.30% | +29.11% | -0.05B |
| 2024-12-31 | $244M | 67 | +81.90% | +24.89% | +57.01% | -0.00B |
| 2024-09-30 | $177M | 65 | +49.73% | +36.04% | +13.70% | -0.01B |
| 2024-06-30 | $183M | 61 | +61.41% | +24.49% | +36.91% | +0.00B |
| 2024-03-31 | $165M | 58 | +54.82% | +29.62% | +25.19% | +0.02B |
| 2023-12-31 | $130M | 52 | +49.19% | +26.18% | +23.01% | +0.01B |
| 2023-09-30 | $106M | 47 | +40.97% | +21.57% | +19.40% | +0.00B |
| 2023-06-30 | $91M | 44 | +17.54% | +19.42% | -1.89% | -0.02B |
| 2023-03-31 | $101M | 46 | -3.31% | -7.82% | +4.51% | -0.02B |
| 2022-12-31 | $112M | 259 | +9.08% | +7.56% | +1.52% | -0.04B |
| 2022-09-30 | $135M | 272 | -5.65% | -4.93% | -0.72% | -0.02B |
| 2022-06-30 | $169M | 283 | -12.72% | -16.11% | +3.39% | +0.03B |