Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.30%
trims when stocks drop
when a holding falls −10%+
Middle response
-7.12%
baseline attrition
Rally response
-22.71%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CVNACarvana Co. | $30M | 4.7% | +50.4% | 0.3 yr |
| BACBank of America Corporat | $26M | 4.1% | +19.4% | 3.3 yr |
| — | $25M | 3.9% | — | 0.5 yr |
| AXGNAxoGen, Inc. | $23M | 3.6% | +79.1% | 0.3 yr |
| KKRKKR & Co. Inc. | $20M | 3.1% | -19.5% | 0.3 yr |
| NVSTEnvista Holdings Corp | $19M | 3.0% | +47.0% | 0.3 yr |
| KWYKingsway Corporation | $19M | 2.9% | — | 0.3 yr |
| ADPTAdaptive Biotechnologies | $18M | 2.8% | +86.8% | 0.3 yr |
| NSCNorfolk Southern Corpora | $18M | 2.7% | +23.6% | 0.5 yr |
| SKINThe Beauty Health Compan | $17M | 2.7% | -33.6% | 0.3 yr |
| PRIPrimerica, Inc. | $17M | 2.7% | -10.5% | 0.3 yr |
| EAElectronic Arts Inc. | $15M | 2.4% | +41.7% | 0.5 yr |
| PAHCPhibro Animal Health Cor | $15M | 2.3% | +162.4% | 0.8 yr |
| ELVNEnliven Therapeutics, In | $14M | 2.3% | +99.2% | 0.3 yr |
| KAROKarooooo Ltd. | $14M | 2.2% | +20.3% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology8.9%$57M
Medical - Devices7.4%$47M
Asset Management5.9%+5.4pp$38M
Unknown5.7%+2.9pp$37M
Auto - Dealerships4.7%$30M
Insurance - Diversified4.6%-0.0pp$29M
Banks - Diversified4.1%$26M
Software - Application3.9%+0.2pp$25M
Software - Infrastructure3.5%-4.3pp$22M
Medical - Equipment & Services3.0%$19M
Country
US84.2%+8.3pp
Unknown5.7%+2.9pp
SG2.2%-1.1pp
GB2.1%-7.1pp
KZ1.4%+0.5pp
DE1.3%-1.2pp
CA1.2%-3.4pp
CH0.7%
Top 5: 19.3% · Top 10: 33.4% · Top 25: 60.6%
Top buys this quarter · 15
| CVNA Carvana Co.new | +$30M |
| BAC Bank of America Corporation | +$25M |
| AXGN AxoGen, Inc.new | +$23M |
| KKR KKR & Co. Inc.new | +$20M |
| NVST Envista Holdings Corpnew | +$19M |
| ADPT Adaptive Biotechnologies Corponew | +$18M |
| SKIN The Beauty Health Companynew | +$17M |
| PRI Primerica, Inc.new | +$17M |
| ELVN Enliven Therapeutics, Inc.new | +$14M |
| BLND Blend Labs, Inc.new | +$11M |
Top sells this quarter · 15
| WAY Waystar Holding Corp. | −$17M |
| VERA Vera Therapeutics, Inc. | −$16M |
| GPCR Structure Therapeutics Inc.exit | −$12M |
| ROIV Roivant Sciences Ltd. | −$12M |
| EXAS Exact Sciences Corporationexit | −$10M |
| GH Guardant Health, Inc.exit | −$10M |
| OS OneStream, Inc. Class A Commonexit | −$9M |
| GOOG Alphabet Inc. | −$8M |
| BLFS BioLife Solutions, Inc.exit | −$7M |
| NUVB Nuvation Bio Inc.exit | −$7M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $641M | 114 | +21.39% | +17.59% | +3.80% | +0.25B |
| 2025-12-31 | $415M | 82 | +19.33% | +17.72% | +1.61% | +0.09B |
| 2025-09-30 | $298M | 59 | +18.82% | +17.52% | +1.31% | +0.06B |
| 2025-06-30 | $212M | 54 | +10.86% | +14.94% | -4.08% | +0.02B |
| 2025-03-31 | $187M | 49 | +9.29% | +8.30% | +0.98% | -0.02B |
| 2024-12-31 | $225M | 65 | +17.74% | +24.89% | -7.15% | +0.06B |
| 2024-09-30 | $148M | 53 | +12.65% | +36.04% | -23.39% | -0.00B |
| 2024-06-30 | $142M | 55 | +13.09% | +24.49% | -11.40% | -0.03B |
| 2024-03-31 | $166M | 56 | +14.28% | +29.62% | -15.34% | -0.02B |
| 2023-12-31 | $182M | 55 | +11.69% | +26.18% | -14.48% | -0.11B |
| 2023-09-30 | $288M | 82 | +21.91% | +21.57% | +0.35% | -0.01B |
| 2023-06-30 | $279M | 63 | +1.66% | +19.42% | -17.77% | -0.06B |
| 2023-03-31 | $327M | 104 | -12.11% | -7.82% | -4.29% | -0.06B |
| 2022-12-31 | $391M | 83 | +12.33% | +7.56% | +4.77% | +0.03B |
| 2022-09-30 | $318M | 85 | -11.45% | -4.93% | -6.52% | -0.17B |
| 2022-06-30 | $551M | 102 | -10.33% | -16.11% | +5.78% | +0.18B |