Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-9.83%
trims when stocks drop
when a holding falls −10%+
Middle response
-7.45%
baseline attrition
Rally response
-14.86%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GDXJVanEck Junior Gold Miner | $25M | 25.2% | — | 4.3 yr |
| IAUXi-80 Gold Corp. | $14M | 13.6% | +161.3% | 1.8 yr |
| NEMNewmont Corporation | $11M | 10.8% | +127.1% | 2.5 yr |
| GOOGAlphabet Inc. | $9M | 8.5% | +84.3% | 2.0 yr |
| VXUSVanguard Total Internati | $5M | 4.8% | — | 0.5 yr |
| BEBloom Energy Corporation | $5M | 4.7% | +589.2% | 0.8 yr |
| VOOVanguard S&P 500 ETF | $5M | 4.5% | — | 0.5 yr |
| BZKanzhun Limited | $3M | 3.3% | -29.6% | 1.0 yr |
| METAMeta Platforms, Inc. | $3M | 3.1% | -0.4% | 4.5 yr |
| IMCRImmunocore Holdings plc | $2M | 2.4% | +1.6% | 3.0 yr |
| KSPIJoint Stock Company Kasp | $2M | 2.3% | -20.2% | 1.3 yr |
| FUTUFutu Holdings Limited | $2M | 1.5% | +33.6% | 1.0 yr |
| VALValaris Limited | $1M | 1.4% | +149.7% | 2.0 yr |
| MELIMercadoLibre, Inc. | $1M | 1.3% | -11.4% | 1.8 yr |
| HCAHCA Healthcare, Inc. | $1M | 1.1% | +37.9% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management35.7%+27.4pp$36M
Gold24.4%+8.3pp$25M
Internet Content & Information11.5%-5.4pp$12M
Electrical Equipment & Parts4.7%$5M
Staffing & Employment Services3.3%$3M
Biotechnology2.4%+0.4pp$2M
Specialty Retail2.4%-9.6pp$2M
Software - Infrastructure2.3%$2M
Financial - Capital Markets1.5%-3.1pp$2M
Oil & Gas Equipment & Services1.4%-0.3pp$1M
Country
US84.3%+30.9pp
CN4.6%-4.0pp
GB2.4%-8.8pp
KZ2.3%
HK1.5%
BM1.4%-0.3pp
UY1.3%-1.3pp
BR1.0%
Top 5: 62.9% · Top 10: 80.9% · Top 25: 97.1%
Top buys this quarter · 11
| BE Bloom Energy Corporation | +$4M |
| GOOG Alphabet Inc. | +$4M |
| IAUX i-80 Gold Corp. | +$2M |
| BZ Kanzhun Limited | +$1M |
| KSPI Joint Stock Company Kaspi.kz | +$1M |
| IPI Intrepid Potash, Inc.new | +$1M |
| NOW ServiceNow, Inc.new | +$1M |
| MELI MercadoLibre, Inc. | +$1M |
| RERE ATRenew Inc. | +$0M |
| HCA HCA Healthcare, Inc. | +$0M |
Top sells this quarter · 15
| AGI Alamos Gold Inc.exit | −$23M |
| NEM Newmont Corporation | −$8M |
| HL Hecla Mining Companyexit | −$5M |
| SSRM SSR Mining Inc.exit | −$3M |
| SBSW Sibanye Stillwater Limitedexit | −$3M |
| CDE Coeur Mining, Inc.exit | −$2M |
| BTG B2Gold Corp.exit | −$2M |
| NVDA NVIDIA Corporation | −$2M |
| AVGO Broadcom Inc.exit | −$2M |
| IAG IAMGOLD Corporationexit | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $100M | 33 | +121.89% | +17.59% | +104.29% | -0.05B |
| 2025-12-31 | $143M | 54 | +134.79% | +17.72% | +117.07% | -0.00B |
| 2025-09-30 | $135M | 67 | +140.08% | +17.52% | +122.57% | -0.07B |
| 2025-06-30 | $133M | 57 | +73.67% | +14.94% | +58.73% | +0.08B |
| 2025-03-31 | $40M | 41 | +33.85% | +8.30% | +25.54% | -0.01B |
| 2024-12-31 | $43M | 49 | +31.05% | +24.89% | +6.17% | -0.03B |
| 2024-09-30 | $67M | 65 | +35.25% | +36.04% | -0.78% | -0.08B |
| 2024-06-30 | $127M | 50 | +15.85% | +24.49% | -8.64% | -0.03B |
| 2024-03-31 | $155M | 100 | +12.35% | +29.62% | -17.27% | +0.02B |
| 2023-12-31 | $126M | 72 | +21.88% | +26.18% | -4.30% | +0.03B |
| 2023-09-30 | $86M | 70 | +11.15% | +21.57% | -10.42% | +0.02B |
| 2023-06-30 | $70M | 44 | -10.61% | +19.42% | -30.04% | -0.05B |
| 2023-03-31 | $127M | 64 | -28.65% | -7.82% | -20.83% | +0.07B |
| 2022-12-31 | $53M | 55 | +3.66% | +7.56% | -3.90% | +0.01B |
| 2022-09-30 | $45M | 38 | -22.78% | -4.93% | -17.86% | +0.01B |
| 2022-06-30 | $47M | 46 | -21.92% | -16.11% | -5.81% | -0.04B |