Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-20.19%
trims when stocks drop
when a holding falls −10%+
Middle response
-17.04%
baseline attrition
Rally response
-35.69%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| YUMCYum China Holdings, Inc. | $9M | 9.7% | -4.3% | 2.3 yr |
| MUFGMitsubishi UFJ Financial | $7M | 7.6% | +25.9% | 2.0 yr |
| BABAAlibaba Group Holding Li | $5M | 5.8% | -3.5% | 1.8 yr |
| HDBHDFC Bank Limited | $5M | 5.8% | -24.3% | 0.5 yr |
| — | $5M | 5.0% | — | 0.3 yr |
| INFYInfosys Limited | $4M | 4.7% | -23.8% | 0.5 yr |
| KCKingsoft Cloud Holdings | $4M | 4.0% | -7.0% | 2.0 yr |
| SMFGSumitomo Mitsui Financia | $3M | 3.8% | +32.1% | 2.3 yr |
| TMETencent Music Entertainm | $3M | 3.4% | -36.5% | 0.5 yr |
| IBNICICI Bank Limited | $3M | 3.3% | -17.3% | 0.8 yr |
| MFGMizuho Financial Group, | $3M | 3.2% | +46.2% | 1.0 yr |
| HTHTH World Group Limited | $3M | 3.1% | +43.2% | 2.3 yr |
| MNSOMINISO Group Holding Lim | $3M | 3.1% | -9.6% | 1.8 yr |
| EDUNew Oriental Education & | $3M | 3.0% | +19.8% | 1.8 yr |
| NATLNCR Atleos Corporation | $3M | 3.0% | +65.2% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Banks - Diversified13.1%+12.6pp$12M
Banks - Regional12.3%$11M
Restaurants10.0%+9.9pp$9M
Specialty Retail8.9%+6.3pp$8M
Software - Application7.0%+3.5pp$6M
Auto - Manufacturers6.2%+1.2pp$6M
Unknown5.3%+3.5pp$5M
Internet Content & Information5.2%-0.3pp$5M
Information Technology Services4.7%+2.3pp$4M
Travel Lodging3.1%$3M
Country
CN42.6%-17.4pp
JP14.6%+6.7pp
IN13.8%+13.0pp
US13.1%-7.2pp
Unknown5.3%+3.5pp
SE2.3%+1.4pp
CH2.2%
GB1.8%
Top 5: 34.0% · Top 10: 53.2% · Top 25: 90.8%
Top buys this quarter · 15
| MUFG Mitsubishi UFJ Financial Group | +$6M |
| HDB HDFC Bank Limited | +$4M |
| INFY Infosys Limited | +$4M |
| NATL NCR Atleos Corporationnew | +$3M |
| NSC Norfolk Southern Corporationnew | +$2M |
| TME Tencent Music Entertainment Gr | +$2M |
| IBN ICICI Bank Limited | +$2M |
| AMWD American Woodmark Corporationnew | +$2M |
| MFG Mizuho Financial Group, Inc. | +$2M |
| KC Kingsoft Cloud Holdings Limite | +$2M |
Top sells this quarter · 15
| BABA Alibaba Group Holding Limited | −$6M |
| BEKE KE Holdings Inc.exit | −$6M |
| RMD ResMed Inc.exit | −$5M |
| ASML ASML Holding N.V.exit | −$4M |
| LIF Life360, Inc.exit | −$4M |
| ZLAB Zai Lab Limitedexit | −$4M |
| BIDU Baidu, Inc.exit | −$4M |
| WDS Woodside Energy Group Ltdexit | −$4M |
| SHEL Shell plc | −$3M |
| BUD Anheuser-Busch InBev SA/NVexit | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $91M | 50 | +5.63% | +17.59% | -11.96% | -0.01B |
| 2025-12-31 | $98M | 87 | +13.35% | +17.72% | -4.37% | -0.02B |
| 2025-09-30 | $120M | 67 | +15.02% | +17.52% | -2.49% | -0.04B |
| 2025-06-30 | $145M | 38 | +24.49% | +14.94% | +9.55% | -0.01B |
| 2025-03-31 | $152M | 82 | +24.97% | +8.30% | +16.67% | +0.06B |
| 2024-12-31 | $90M | 84 | +19.35% | +24.89% | -5.54% | -0.09B |
| 2024-09-30 | $185M | 39 | +25.89% | +36.04% | -10.14% | +0.08B |
| 2024-06-30 | $88M | 25 | +10.77% | +24.49% | -13.72% | -0.03B |
| 2024-03-31 | $118M | 33 | +13.11% | +29.62% | -16.51% | +0.02B |
| 2023-12-31 | $98M | 24 | +18.87% | +26.18% | -7.31% | -0.01B |
| 2023-09-30 | $109M | 47 | +5.28% | -3.22% | +8.50% | +0.05B |
| 2023-06-30 | $52M | 33 | +2.14% | +8.68% | -6.55% | -0.07B |
| 2023-03-31 | $118M | 38 | +7.31% | +7.46% | -0.14% | -0.01B |
| 2022-12-31 | $122M | 47 | — | — | — | — |