Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+2.40%
adds when stocks drop
when a holding falls −10%+
Middle response
-22.35%
baseline attrition
Rally response
-26.84%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NSCNorfolk Southern Corpora | $53M | 5.5% | +23.6% | 0.5 yr |
| WBDWarner Bros. Discovery, | $46M | 4.7% | +155.9% | 3.3 yr |
| — | $32M | 3.3% | — | 1.5 yr |
| MASIMasimo Corporation | $30M | 3.2% | +6.8% | 0.5 yr |
| IMNMImmunome, Inc. | $28M | 3.0% | +225.0% | 1.3 yr |
| HSYThe Hershey Company | $27M | 2.8% | +25.3% | 1.0 yr |
| TXNMTXNM Energy, Inc. | $27M | 2.8% | +12.5% | 0.8 yr |
| ABVXAbivax S.A. | $22M | 2.3% | +1681.6% | 0.5 yr |
| EAElectronic Arts Inc. | $19M | 2.0% | +41.7% | 0.5 yr |
| KVUEKenvue Inc. | $18M | 1.9% | -25.0% | 1.0 yr |
| LBRDKLiberty Broadband Corpor | $18M | 1.9% | — | 2.3 yr |
| GTThe Goodyear Tire & Rubb | $17M | 1.8% | -28.2% | 3.5 yr |
| SHOPShopify Inc. | $14M | 1.5% | +24.2% | 1.0 yr |
| HASHasbro, Inc. | $14M | 1.5% | +57.7% | 0.3 yr |
| — | $14M | 1.4% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Unknown9.8%+2.4pp$94M
Biotechnology8.5%+1.6pp$82M
Entertainment6.1%+1.2pp$59M
Asset Management5.8%+1.9pp$55M
Railroads5.5%+5.4pp$53M
Software - Application5.3%+4.5pp$51M
Medical - Devices3.7%+3.0pp$35M
Oil & Gas Exploration & Production3.4%-0.6pp$33M
Food Confectioners2.8%-2.5pp$27M
Regulated Electric2.8%+1.6pp$27M
Country
US81.6%-8.6pp
Unknown9.8%+2.4pp
FR2.3%
CA2.3%+1.3pp
NL0.9%
GB0.7%+0.7pp
AU0.6%+0.5pp
NO0.5%
Top 5: 19.7% · Top 10: 31.5% · Top 25: 49.9%
Top buys this quarter · 15
| NSC Norfolk Southern Corporation | +$53M |
| WBD Warner Bros. Discovery, Inc. | +$37M |
| MASI Masimo Corporation | +$26M |
| EA Electronic Arts Inc. | +$19M |
| HAS Hasbro, Inc.new | +$14M |
| SHOP Shopify Inc. | +$14M |
| ABVX Abivax S.A. | +$12M |
| MDLN Medline Inc.new | +$11M |
| CVX Chevron Corporationnew | +$8M |
| KVUE Kenvue Inc. | +$8M |
Top sells this quarter · 15
| HSY The Hershey Company | −$55M |
| BMY Bristol-Myers Squibb Companyexit | −$47M |
| EXAS Exact Sciences Corporationexit | −$27M |
| REPL Replimune Group, Inc. | −$19M |
| KMB Kimberly-Clark Corporationexit | −$14M |
| RVMD Revolution Medicines, Inc. | −$13M |
| IMNM Immunome, Inc. | −$12M |
| CZR Caesars Entertainment, Inc. | −$12M |
| BILL Bill.com Holdings, Inc. | −$11M |
| JANX Janux Therapeutics, Inc. | −$11M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $962M | 372 | +27.93% | +17.59% | +10.34% | -0.33B |
| 2025-12-31 | $1.30B | 338 | +26.21% | +17.72% | +8.49% | +0.09B |
| 2025-09-30 | $1.09B | 307 | +17.13% | +17.52% | -0.39% | -0.45B |
| 2025-06-30 | $1.39B | 539 | +10.30% | +14.94% | -4.64% | +0.20B |
| 2025-03-31 | $1.14B | 341 | +5.49% | +8.30% | -2.82% | -0.23B |
| 2024-12-31 | $1.40B | 353 | +12.01% | +24.89% | -12.88% | +0.52B |
| 2024-09-30 | $853M | 227 | +19.19% | +36.04% | -16.85% | -0.44B |
| 2024-06-30 | $1.23B | 280 | +8.94% | +24.49% | -15.55% | -0.74B |
| 2024-03-31 | $1.98B | 178 | +16.22% | +29.62% | -13.41% | +1.08B |
| 2023-12-31 | $858M | 193 | +14.52% | +26.18% | -11.66% | +0.23B |
| 2023-09-30 | $569M | 161 | -4.12% | -3.22% | -0.90% | +0.11B |
| 2023-06-30 | $482M | 117 | +6.15% | +8.68% | -2.53% | +0.22B |
| 2023-03-31 | $248M | 60 | +2.73% | +7.46% | -4.73% | +0.13B |
| 2022-12-31 | $111M | 40 | — | — | — | — |