Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.63%
adds when stocks drop
when a holding falls −10%+
Middle response
-9.63%
baseline attrition
Rally response
-6.84%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BTGB2Gold Corp. | $316M | 27.8% | +62.4% | 2.0 yr |
| DOLEDole plc | $135M | 11.8% | +1.3% | 3.5 yr |
| GRPNGroupon, Inc. | $121M | 10.6% | -36.6% | 3.5 yr |
| JCOMZiff Davis, Inc. | $117M | 10.3% | — | 1.3 yr |
| PHRPhreesia, Inc. | $72M | 6.4% | -67.2% | 0.3 yr |
| COURCoursera, Inc. | $61M | 5.4% | -12.6% | 0.5 yr |
| LSPDLightspeed Commerce Inc. | $50M | 4.3% | +2.4% | 0.3 yr |
| CARSCars.com Inc. | $32M | 2.8% | -28.0% | 0.5 yr |
| IAUXi-80 Gold Corp. | $32M | 2.8% | +161.3% | 2.0 yr |
| ANGIVAngi Inc. Class A Common | $27M | 2.4% | — | 1.3 yr |
| PTONPeloton Interactive, Inc | $27M | 2.4% | -32.1% | 0.3 yr |
| BAXBaxter International Inc | $27M | 2.3% | -50.2% | 0.5 yr |
| TDOCTeladoc Health, Inc. | $19M | 1.6% | -31.5% | 1.8 yr |
| LQDALiquidia Corporation | $15M | 1.3% | +155.9% | 1.0 yr |
| GAUGaliano Gold Inc. | $10M | 0.9% | +102.4% | 1.3 yr |
Portfolio composition (YoY)
Industry mix
Gold31.4%-1.6pp$358M
Internet Content & Information16.0%-8.0pp$182M
Agricultural Farm Products11.8%+0.9pp$135M
Software - Infrastructure10.3%+9.2pp$118M
Medical - Healthcare Information Services8.0%$91M
Software - Application5.9%+5.7pp$68M
Education & Training Services5.9%+5.9pp$67M
Biotechnology5.3%+3.1pp$60M
Leisure2.4%$27M
Medical - Instruments & Supplies2.3%$27M
Country
US55.0%+16.1pp
CA33.1%+2.6pp
IE11.8%+0.9pp
Unknown0.1%-17.7pp
KZ0.0%
CO0.0%
DE0.0%-0.0pp
Top 5: 66.9% · Top 10: 84.6% · Top 25: 98.4%
Top buys this quarter · 15
| BTG B2Gold Corp. | +$138M |
| PHR Phreesia, Inc.new | +$72M |
| COUR Coursera, Inc. | +$61M |
| LSPD Lightspeed Commerce Inc.new | +$50M |
| CARS Cars.com Inc. | +$27M |
| PTON Peloton Interactive, Inc.new | +$27M |
| MLYS Mineralys Therapeutics, Inc. | +$10M |
| TDOC Teladoc Health, Inc. | +$8M |
| WEAV Weave Communications, Inc.new | +$7M |
| UDMY Udemy, Inc.new | +$6M |
Top sells this quarter · 15
| DAWN Day One Biopharmaceuticals, Inexit | −$12M |
| CGAU Centerra Gold Inc.exit | −$11M |
| GAU Galiano Gold Inc. | −$10M |
| BAX Baxter International Inc. | −$8M |
| TECX Tectonic Therapeutic, Inc.exit | −$8M |
| WIX Wix.com Ltd.exit | −$3M |
| IAC IAC InterActive Corp. | −$2M |
| AGRO Adecoagro S.A.exit | −$1M |
| CRTO Criteo S.A.exit | −$0M |
| ANNX Annexon, Inc.exit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.14B | 60 | +23.84% | +17.59% | +6.24% | +0.48B |
| 2025-12-31 | $776M | 55 | +76.51% | +17.72% | +58.79% | -0.12B |
| 2025-09-30 | $912M | 52 | +73.77% | +17.52% | +56.25% | -0.16B |
| 2025-06-30 | $958M | 59 | +58.33% | +14.94% | +43.38% | -0.16B |
| 2025-03-31 | $830M | 61 | +27.94% | +8.30% | +19.64% | +0.32B |
| 2024-12-31 | $427M | 50 | +12.86% | +24.89% | -12.03% | -0.19B |
| 2024-09-30 | $638M | 54 | +17.23% | +36.04% | -18.81% | -0.26B |
| 2024-06-30 | $887M | 43 | +30.12% | +24.49% | +5.63% | +0.11B |
| 2024-03-31 | $717M | 46 | +29.47% | +29.62% | -0.15% | +0.04B |
| 2023-12-31 | $639M | 68 | +16.06% | +26.18% | -10.12% | -0.36B |
| 2023-09-30 | $995M | 73 | +12.98% | -3.22% | +16.20% | -0.14B |
| 2023-06-30 | $1.00B | 48 | +7.92% | +8.68% | -0.76% | +0.82B |
| 2023-03-31 | $173M | 17 | -5.12% | +7.46% | -12.57% | +0.02B |
| 2022-12-31 | $159M | 9 | — | — | — | — |