Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.46%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.69%
baseline attrition
Rally response
-6.87%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SNAPSnap Inc. | $138M | 13.2% | -47.2% | 0.3 yr |
| ITGRInteger Holdings Corpora | $111M | 10.6% | -25.4% | 0.5 yr |
| TFXTeleflex Incorporated | $104M | 9.9% | -12.4% | 0.3 yr |
| RALRalliant Corp. | $72M | 6.9% | — | 0.5 yr |
| SHCSotera Health Company | $63M | 6.0% | +23.0% | 3.5 yr |
| RSVRReservoir Media, Inc. | $61M | 5.8% | +28.3% | 3.0 yr |
| TBPHTheravance Biopharma, In | $45M | 4.3% | +81.7% | 3.5 yr |
| ALKTAlkami Technology, Inc. | $42M | 4.0% | -40.3% | 0.8 yr |
| SNDASonida Senior Living, In | $39M | 3.8% | +38.5% | 0.5 yr |
| — | $36M | 3.5% | — | 2.8 yr |
| CMPCompass Minerals Interna | $34M | 3.2% | +151.3% | 0.3 yr |
| SPSCSPS Commerce, Inc. | $33M | 3.2% | -58.1% | 0.5 yr |
| WKWorkiva Inc. | $33M | 3.1% | -21.4% | 0.8 yr |
| FWRDForward Air Corporation | $21M | 2.0% | -16.8% | 1.0 yr |
| — | $20M | 2.0% | — | 2.8 yr |
Portfolio composition (YoY)
Industry mix
Internet Content & Information13.2%$138M
Medical - Devices10.6%$111M
Medical - Instruments & Supplies9.9%$104M
Software - Application8.0%+7.8pp$83M
Entertainment7.4%-2.7pp$77M
Unknown7.2%-45.8pp$76M
Aerospace & Defense6.9%-8.3pp$72M
Medical - Diagnostics & Research6.0%+0.2pp$63M
Biotechnology5.8%+1.9pp$60M
Medical - Care Facilities4.6%+3.9pp$48M
Country
US88.3%+45.3pp
Unknown7.2%-45.8pp
KY4.3%+0.4pp
NL0.2%
Top 5: 46.6% · Top 10: 67.9% · Top 25: 96.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| TBPH | $25M | +0.02B | 81.7% |
| RSVR | $41M | +0.01B | 28.3% |
| SHC | $36M | +0.01B | 23.0% |
| NWS | $23M | -0.00B | -5.5% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NWS | $23M | -0.00B | -5.5% |
Top buys this quarter · 15
| SNAP Snap Inc.new | +$138M |
| TFX Teleflex Incorporatednew | +$104M |
| RAL Ralliant Corp. | +$59M |
| SNDA Sonida Senior Living, Inc. | +$36M |
| CMP Compass Minerals Internationalnew | +$34M |
| AHRT AH Realty Trust, Inc.new | +$19M |
| HPE Hewlett Packard Enterprise Comnew | +$19M |
| WSR Whitestone REIT | +$15M |
| RYAM Rayonier Advanced Materials Innew | +$15M |
| FSLR First Solar, Inc. | +$13M |
Top sells this quarter · 15
| PZZA Papa John's International, Incexit | −$11M |
| DH Definitive Healthcare Corp. | −$9M |
| TASK TaskUs, Inc.exit | −$6M |
| CWAN Clearwater Analytics Holdings,exit | −$6M |
| MLAB Mesa Laboratories, Inc.exit | −$2M |
| BLND Blend Labs, Inc. | −$2M |
| 0I3I.L The Cooper Companies, Inc.exit | −$1M |
| WEAV Weave Communications, Inc.exit | −$1M |
| AIN Albany International Corp.exit | −$1M |
| ICLR ICON Public Limited Companyexit | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.05B | 39 | -3.07% | +17.59% | -20.66% | +0.44B |
| 2025-12-31 | $723M | 43 | +5.44% | +17.72% | -12.28% | +0.28B |
| 2025-09-30 | $472M | 18 | +10.91% | +17.52% | -6.61% | -0.03B |
| 2025-06-30 | $432M | 18 | -0.01% | +14.94% | -14.95% | -0.23B |
| 2025-03-31 | $632M | 19 | -5.03% | +8.30% | -13.33% | +0.06B |
| 2024-12-31 | $629M | 17 | +3.25% | +24.89% | -21.64% | +0.09B |
| 2024-09-30 | $539M | 14 | +26.84% | +36.04% | -9.19% | +0.14B |
| 2024-06-30 | $382M | 15 | +19.17% | +24.49% | -5.32% | +0.02B |
| 2024-03-31 | $364M | 16 | +30.97% | +29.62% | +1.35% | -0.07B |
| 2023-12-31 | $435M | 16 | +32.09% | +26.18% | +5.91% | +0.09B |
| 2023-09-30 | $280M | 16 | -0.88% | -3.22% | +2.34% | +0.03B |
| 2023-06-30 | $249M | 8 | +9.03% | +8.68% | +0.35% | +0.01B |
| 2023-03-31 | $219M | 10 | +0.09% | +7.46% | -7.37% | +0.04B |
| 2022-12-31 | $181M | 9 | — | — | — | — |