Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+5.80%
adds when stocks drop
when a holding falls −10%+
Middle response
+1.30%
steady accumulation
Rally response
+0.66%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IAUiShares Gold Trust | $35M | 13.9% | — | 6.8 yr |
| VEAVanguard FTSE Developed | $34M | 13.5% | — | 9.0 yr |
| GUNRFlexShares Morningstar G | $27M | 11.0% | — | 7.5 yr |
| EWCiShares MSCI Canada ETF | $17M | 6.8% | — | 5.8 yr |
| EWZiShares MSCI Brazil ETF | $15M | 6.0% | — | 9.0 yr |
| VTIVanguard Total Stock Mar | $15M | 5.8% | — | 8.8 yr |
| VIGVanguard Dividend Apprec | $11M | 4.5% | — | 9.0 yr |
| IEMGiShares Core MSCI Emergi | $9M | 3.5% | — | 9.0 yr |
| EMLCVanEck J.P. Morgan EM Lo | $8M | 3.2% | — | 6.3 yr |
| ACWIiShares MSCI ACWI ETF | $6M | 2.4% | — | 6.3 yr |
| GNRState Street SPDR S&P Gl | $6M | 2.3% | — | 8.5 yr |
| MELIMercadoLibre, Inc. | $6M | 2.2% | -11.4% | 3.5 yr |
| FCXFreeport-McMoRan Inc. | $5M | 1.9% | +57.4% | 3.8 yr |
| EWUiShares MSCI United King | $4M | 1.8% | — | 7.8 yr |
| NUNu Holdings Ltd. | $4M | 1.6% | +40.3% | 2.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management65.7%-7.0pp$164M
Asset Management - Global13.3%+1.3pp$33M
Oil & Gas Integrated4.5%+2.0pp$11M
Specialty Retail3.8%+2.3pp$9M
Industrial Materials2.0%+0.5pp$5M
Banks - Regional1.9%+0.2pp$5M
Copper1.9%+0.4pp$5M
Banks - Diversified1.6%+0.0pp$4M
Beverages - Non-Alcoholic1.0%-0.1pp$2M
Software - Infrastructure0.6%+0.5pp$2M
Country
US83.8%-3.1pp
BR9.3%+0.0pp
UY2.5%+1.1pp
MX1.0%-0.1pp
SG0.9%
GB0.8%+0.8pp
AU0.6%+0.5pp
Unknown0.5%+0.2pp
Top 5: 51.2% · Top 10: 70.7% · Top 25: 90.8%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| VALE | $3M | +0.00B | 72.7% |
| FCX | $3M | +0.00B | 57.4% |
| ITUB | $2M | +0.00B | 64.3% |
| NU | $3M | +0.00B | 40.3% |
| PBR | $2M | +0.00B | 54.2% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MELI | $3M | -0.00B | -11.4% |
Top buys this quarter · 15
| MELI MercadoLibre, Inc. | +$3M |
| SE Sea Limitednew | +$2M |
| CPNG Coupang, Inc.new | +$1M |
| DLO DLocal Limitednew | +$1M |
| PAGS PagSeguro Digital Ltd.new | +$1M |
| NVDA NVIDIA Corporationnew | +$1M |
| ARCC Ares Capital Corporation | +$0M |
| GOOG Alphabet Inc.new | +$0M |
| AMZN Amazon.com, Inc. | +$0M |
| SBS Companhia de Saneamento Básic | +$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $250M | 65 | +36.45% | +17.59% | +18.86% | +0.01B |
| 2025-12-31 | $224M | 63 | +39.23% | +17.72% | +21.51% | -0.01B |
| 2025-09-30 | $220M | 60 | +6.64% | +17.52% | -10.87% | -0.00B |
| 2025-06-30 | $213M | 60 | +12.19% | +14.94% | -2.76% | -0.02B |
| 2025-03-31 | $206M | 55 | -7.33% | +8.30% | -15.63% | -0.01B |
| 2024-12-31 | $192M | 55 | -18.94% | +24.89% | -43.83% | -0.04B |
| 2024-09-30 | $287M | 56 | +20.49% | +36.04% | -15.55% | -0.00B |
| 2024-06-30 | $268M | 51 | +4.53% | +24.49% | -19.96% | -0.07B |
| 2024-03-31 | $360M | 54 | +23.06% | +29.62% | -6.56% | -0.02B |
| 2023-12-31 | $385M | 53 | +42.59% | +26.18% | +16.41% | -0.07B |
| 2023-09-30 | $377M | 53 | +31.31% | +21.57% | +9.74% | +0.01B |
| 2023-06-30 | $393M | 53 | +21.56% | +19.42% | +2.14% | -0.14B |
| 2023-03-31 | $480M | 54 | -20.87% | -7.82% | -13.05% | -0.04B |
| 2022-12-31 | $463M | 53 | +10.42% | +7.56% | +2.86% | -0.03B |
| 2022-09-30 | $444M | 28 | -12.52% | -4.93% | -7.59% | +0.04B |
| 2022-06-30 | $458M | 27 | -27.48% | -16.11% | -11.37% | +0.10B |