Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+10.09%
adds when stocks drop
when a holding falls −10%+
Middle response
-2.35%
baseline attrition
Rally response
-18.44%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| DECDiversified Energy Compa | $29M | 9.6% | — | 0.5 yr |
| ESTAEstablishment Labs Holdi | $18M | 5.8% | +39.1% | 1.3 yr |
| DNOWDnow Inc. | $16M | 5.3% | -30.3% | 0.8 yr |
| TFXTeleflex Incorporated | $15M | 4.8% | -12.4% | 0.8 yr |
| GPNGlobal Payments Inc. | $11M | 3.5% | -30.4% | 0.8 yr |
| MRVIMaravai LifeSciences Hol | $10M | 3.3% | +28.1% | 1.3 yr |
| FISFidelity National Inform | $9M | 3.1% | -35.6% | 0.5 yr |
| CNRCore Natural Resources, | $9M | 3.0% | +36.6% | 1.3 yr |
| VTRSViatris Inc. | $8M | 2.7% | +62.4% | 3.5 yr |
| ARAntero Resources Corpora | $8M | 2.5% | +4.9% | 1.0 yr |
| NENoble Corporation Plc | $8M | 2.5% | +124.7% | 3.5 yr |
| CRDLCardiol Therapeutics Inc | $7M | 2.3% | +39.2% | 3.5 yr |
| EXEExpand Energy Corporatio | $7M | 2.2% | +1.7% | 0.8 yr |
| BLBlackLine, Inc. | $6M | 2.0% | -23.6% | 0.3 yr |
| SLBSLB N.V. | $5M | 1.7% | +26.7% | 2.8 yr |
Portfolio composition (YoY)
Industry mix
Software - Application16.5%+16.2pp$50M
Oil & Gas Exploration & Production14.3%+9.6pp$43M
Biotechnology8.7%-15.4pp$26M
Oil & Gas Equipment & Services8.4%-5.5pp$25M
Drug Manufacturers - Specialty & Generic7.2%+0.1pp$22M
Medical - Devices6.5%+4.5pp$20M
Medical - Instruments & Supplies6.1%+4.3pp$19M
Medical - Healthcare Information Services5.0%+3.7pp$15M
Unknown4.8%-4.4pp$14M
Information Technology Services4.5%$14M
Country
US82.2%+20.3pp
CR5.8%+4.6pp
Unknown4.8%-4.4pp
CA3.2%-1.7pp
AU1.5%
KY0.9%
NL0.7%
GB0.6%-8.2pp
Top 5: 29.0% · Top 10: 43.5% · Top 25: 69.3%
Top buys this quarter · 15
| ESTA Establishment Labs Holdings In | +$10M |
| GPN Global Payments Inc. | +$9M |
| FIS Fidelity National Information | +$8M |
| DNOW Dnow Inc. | +$8M |
| BL BlackLine, Inc.new | +$6M |
| TFX Teleflex Incorporated | +$5M |
| ESTC Elastic N.V.new | +$5M |
| TEAM Atlassian Corporationnew | +$5M |
| BILL Bill.com Holdings, Inc.new | +$5M |
| EPAM EPAM Systems, Inc.new | +$4M |
Top sells this quarter · 15
| GLNG Golar LNG Limitedexit | −$20M |
| PTEN Patterson-UTI Energy, Inc.exit | −$10M |
| NE Noble Corporation Plc | −$10M |
| ARQT Arcutis Biotherapeutics, Inc. | −$8M |
| STNG Scorpio Tankers Inc.exit | −$8M |
| OVV Ovintiv Inc.exit | −$6M |
| DEC Diversified Energy Company PLC | −$29M |
| TALO Talos Energy Inc.exit | −$4M |
| TDW Tidewater Inc.exit | −$4M |
| SLB SLB N.V. | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $303M | 73 | +13.75% | +17.59% | -3.85% | +0.06B |
| 2025-12-31 | $241M | 61 | +8.05% | +17.72% | -9.67% | +0.05B |
| 2025-09-30 | $182M | 46 | +3.71% | +17.52% | -13.81% | -0.06B |
| 2025-06-30 | $216M | 70 | -7.86% | +14.94% | -22.80% | +0.01B |
| 2025-03-31 | $203M | 74 | -10.93% | +8.30% | -19.24% | +0.06B |
| 2024-12-31 | $153M | 53 | +5.36% | +24.89% | -19.52% | -0.05B |
| 2024-09-30 | $210M | 54 | +16.29% | +36.04% | -19.75% | -0.06B |
| 2024-06-30 | $275M | 67 | +30.54% | +24.49% | +6.05% | +0.01B |
| 2024-03-31 | $270M | 71 | +37.61% | +29.62% | +7.99% | +0.00B |
| 2023-12-31 | $239M | 66 | +22.94% | +26.18% | -3.23% | +0.05B |
| 2023-09-30 | $176M | 63 | +10.16% | -3.22% | +13.39% | -0.05B |
| 2023-06-30 | $203M | 69 | +1.76% | +8.68% | -6.92% | +0.00B |
| 2023-03-31 | $195M | 80 | +0.71% | +7.46% | -6.75% | +0.02B |
| 2022-12-31 | $171M | 90 | — | — | — | — |