Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-7.80%
trims when stocks drop
when a holding falls −10%+
Middle response
-7.89%
baseline attrition
Rally response
-5.98%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| LFSTLifeStance Health Group, | $892M | 26.9% | -4.4% | 4.5 yr |
| JXNJackson Financial Inc. | $499M | 15.0% | +30.6% | 0.3 yr |
| LTHLife Time Group Holdings | $480M | 14.5% | -10.8% | 4.5 yr |
| SIONSionna Therapeutics, Inc | $260M | 7.8% | +283.3% | 1.3 yr |
| BETABETA Technologies, Inc. | $241M | 7.3% | — | 0.5 yr |
| AMRXAmneal Pharmaceuticals, | $153M | 4.6% | +48.3% | 4.5 yr |
| NGLNGL Energy Partners LP | $73M | 2.2% | +171.6% | 0.3 yr |
| CBLLCeriBell, Inc. | $73M | 2.2% | -4.6% | 1.5 yr |
| NVRIEnviri Corporation | $71M | 2.1% | +195.0% | 0.3 yr |
| — | $68M | 2.0% | — | 0.3 yr |
| BCAXBicara Therapeutics Inc. | $60M | 1.8% | +52.6% | 1.8 yr |
| — | $47M | 1.4% | — | 0.3 yr |
| ALLOAllogene Therapeutics, I | $46M | 1.4% | +67.1% | 4.5 yr |
| — | $37M | 1.1% | — | 0.3 yr |
| NXQuanex Building Products | $37M | 1.1% | -1.5% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Medical - Care Facilities26.9%+5.3pp$892M
Insurance - Life15.0%$499M
Leisure14.5%-3.7pp$480M
Biotechnology11.2%+8.4pp$372M
Unknown8.7%-9.2pp$290M
Aerospace & Defense7.3%$241M
Drug Manufacturers - Specialty & Generic4.6%+2.5pp$153M
Medical - Devices2.5%+1.0pp$84M
Oil & Gas Midstream2.2%-0.1pp$73M
Waste Management2.1%$71M
Country
US91.3%+11.5pp
Unknown8.7%-9.2pp
KY0.0%
GB0.0%-2.3pp
CN0.0%
Top 5: 71.5% · Top 10: 84.6% · Top 25: 97.5%
Top buys this quarter · 15
| JXN Jackson Financial Inc.new | +$499M |
| NGL NGL Energy Partners LPnew | +$73M |
| NVRI Enviri Corporationnew | +$71M |
| NX Quanex Building Products Corponew | +$37M |
| PPLC PPL Corporation Corporate Unitnew | +$19M |
| EA Electronic Arts Inc.new | +$13M |
| NSC Norfolk Southern Corporationnew | +$11M |
| CWAN Clearwater Analytics Holdings,new | +$9M |
| WBD Warner Bros. Discovery, Inc.new | +$8M |
| OS OneStream, Inc. Class A Commonnew | +$8M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.32B | 59 | +10.51% | +17.59% | -7.08% | +0.90B |
| 2025-12-31 | $2.69B | 10 | +24.19% | +17.72% | +6.47% | +0.46B |
| 2025-09-30 | $1.84B | 9 | +3.21% | +17.52% | -14.30% | -0.14B |
| 2025-06-30 | $1.88B | 9 | +13.36% | +14.94% | -1.58% | -2.89B |
| 2025-03-31 | $4.96B | 27 | +9.25% | +8.30% | +0.95% | -1.32B |
| 2024-12-31 | $6.20B | 31 | +6.62% | +24.89% | -18.27% | +0.29B |
| 2024-09-30 | $5.87B | 35 | +17.35% | +36.04% | -18.69% | -1.57B |
| 2024-06-30 | $6.43B | 34 | -13.19% | +24.49% | -37.68% | +1.04B |
| 2024-03-31 | $5.81B | 36 | +7.68% | +29.62% | -21.94% | -0.31B |
| 2023-12-31 | $6.20B | 36 | +29.98% | +26.18% | +3.80% | -0.16B |
| 2023-09-30 | $5.74B | 36 | +5.35% | +21.57% | -16.21% | -0.04B |
| 2023-06-30 | $6.75B | 40 | +31.19% | +19.42% | +11.76% | -0.27B |
| 2023-03-31 | $6.11B | 38 | -20.63% | -7.82% | -12.81% | +0.03B |
| 2022-12-31 | $5.10B | 37 | -10.17% | +7.56% | -17.73% | -0.39B |
| 2022-09-30 | $6.11B | 38 | +6.56% | -4.93% | +11.49% | -0.79B |
| 2022-06-30 | $6.47B | 40 | -30.45% | -16.11% | -14.34% | +0.85B |