Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.52%
trims when stocks drop
when a holding falls −10%+
Middle response
+0.00%
baseline attrition
Rally response
-5.37%
trims into rallies
when a holding rises +10%+
Top positions · 4
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| FLYFirefly Aerospace Inc. | $1.00B | 61.6% | — | 0.8 yr |
| RDWRedwire Corporation | $286M | 17.5% | +2.5% | 1.5 yr |
| YSSYork Space Systems, Inc. | $250M | 15.4% | — | 0.3 yr |
| CTSHCognizant Technology Sol | $90M | 5.5% | -18.4% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Aerospace & Defense79.1%+8.5pp$1.29B
Communication Equipment15.4%$250M
Information Technology Services5.5%-23.8pp$90M
Country
US100.0%+0.0pp
Top 5: 100.0% · Top 10: 100.0% · Top 25: 100.0%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| CTSH | $113M | -0.02B | -18.4% |
Top buys this quarter · 1
| YSS York Space Systems, Inc.new | +$250M |
Top sells this quarter · 1
| RDW Redwire Corporation | −$493M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.63B | 4 | -6.15% | +17.59% | -23.75% | -0.24B |
| 2025-12-31 | $1.61B | 3 | -50.93% | +17.72% | -68.65% | -0.02B |
| 2025-09-30 | $1.99B | 3 | -42.13% | +8.12% | -50.25% | +0.97B |
| 2025-06-30 | $1.76B | 3 | +69.47% | +10.78% | +58.70% | +0.66B |
| 2025-03-31 | $650M | 4 | -39.05% | -4.27% | -34.78% | +0.02B |
| 2024-12-31 | $1.03B | 5 | — | — | — | — |