Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-35.08%
trims when stocks drop
when a holding falls −10%+
Middle response
-18.65%
baseline attrition
Rally response
+2.15%
adds into rallies
when a holding rises +10%+
Top positions · 27
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TSMTaiwan Semiconductor Man | $63M | 15.5% | +105.6% | 0.8 yr |
| ANETArista Networks, Inc. | $52M | 12.8% | +58.5% | 1.3 yr |
| BKNGBooking Holdings Inc. | $27M | 6.7% | -96.3% | 1.3 yr |
| NVSTEnvista Holdings Corp | $27M | 6.6% | +47.0% | 0.3 yr |
| ADIAnalog Devices, Inc. | $26M | 6.4% | +60.2% | 0.5 yr |
| TELTE Connectivity Ltd. | $25M | 6.3% | +50.0% | 0.8 yr |
| TAT&T Inc. | $24M | 6.0% | +5.9% | 0.3 yr |
| LLYEli Lilly and Company | $24M | 6.0% | +12.2% | 0.5 yr |
| APHAmphenol Corporation | $23M | 5.8% | +93.6% | 1.8 yr |
| GMEDGlobus Medical, Inc. | $20M | 5.1% | +17.7% | 0.3 yr |
| DECKDeckers Outdoor Corporat | $20M | 5.1% | -10.5% | 0.3 yr |
| MSFTMicrosoft Corporation | $19M | 4.8% | -0.6% | 1.3 yr |
| GXOGXO Logistics, Inc. | $8M | 2.1% | +32.7% | 0.3 yr |
| JCIJohnson Controls Interna | $7M | 1.6% | +65.7% | 0.3 yr |
| GEVGE Vernova Inc. | $6M | 1.4% | +186.8% | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors23.7%+18.6pp$96M
Computer Hardware12.8%-0.9pp$52M
Hardware, Equipment & Parts12.1%+6.8pp$49M
Travel Services6.7%$27M
Medical - Equipment & Services6.6%$27M
Telecommunications Services6.0%$24M
Drug Manufacturers - General6.0%$24M
Medical - Devices5.1%$20M
Apparel - Footwear & Accessories5.1%$20M
Software - Infrastructure4.8%$19M
Country
US76.5%-14.9pp
TW15.5%
IE7.9%+2.8pp
Top 5: 48.1% · Top 10: 77.3% · Top 25: 99.8%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| NVST Envista Holdings Corpnew | +$27M |
| T AT&T Inc.new | +$24M |
| GMED Globus Medical, Inc.new | +$20M |
| DECK Deckers Outdoor Corporationnew | +$20M |
| GXO GXO Logistics, Inc.new | +$8M |
| JCI Johnson Controls Internationalnew | +$7M |
| FOLD Amicus Therapeutics, Inc.new | +$3M |
| ADI Analog Devices, Inc. | +$2M |
| OS OneStream, Inc. Class A Commonnew | +$2M |
| CWAN Clearwater Analytics Holdings,new | +$2M |
Top sells this quarter · 13
| WAB Westinghouse Air Brake Technol | −$61M |
| TEL TE Connectivity Ltd. | −$34M |
| GLW Corning Incorporatedexit | −$33M |
| XYL Xylem Inc.exit | −$24M |
| NFLX Netflix, Inc.exit | −$23M |
| UBER Uber Technologies, Inc.exit | −$20M |
| ADSK Autodesk, Inc.exit | −$18M |
| UHS Universal Health Services, Incexit | −$6M |
| ANET Arista Networks, Inc. | −$3M |
| GEV GE Vernova Inc. | −$5M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $403M | 27 | +38.04% | +17.59% | +20.44% | -0.08B |
| 2025-12-31 | $481M | 24 | +24.00% | +17.72% | +6.28% | -0.02B |
| 2025-09-30 | $474M | 21 | +22.26% | +17.52% | +4.75% | +0.03B |
| 2025-06-30 | $396M | 15 | +12.53% | +14.94% | -2.41% | +0.08B |
| 2025-03-31 | $271M | 15 | -4.97% | +8.30% | -13.28% | -0.03B |
| 2024-12-31 | $333M | 15 | +26.10% | +24.89% | +1.21% | -0.20B |
| 2024-09-30 | $514M | 13 | +43.52% | +36.04% | +7.48% | +0.15B |
| 2024-06-30 | $354M | 14 | +33.49% | +24.49% | +9.00% | -0.22B |
| 2024-03-31 | $576M | 16 | +27.78% | +29.62% | -1.84% | +0.30B |
| 2023-12-31 | $234M | 17 | +2.60% | +26.18% | -23.57% | +0.17B |
| 2023-09-30 | $57M | 7 | -7.01% | +21.57% | -28.58% | -0.14B |
| 2023-06-30 | $207M | 10 | -7.33% | +19.42% | -26.75% | -0.07B |
| 2023-03-31 | $299M | 9 | -12.21% | -7.82% | -4.39% | +0.17B |
| 2022-12-31 | $136M | 6 | +6.51% | +7.56% | -1.05% | -0.10B |
| 2022-09-30 | $217M | 9 | -4.26% | -4.93% | +0.67% | -0.10B |
| 2022-06-30 | $331M | 12 | -10.48% | -16.11% | +5.63% | -0.11B |