Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+17.04%
adds when stocks drop
when a holding falls −10%+
Middle response
-18.46%
baseline attrition
Rally response
-26.77%
trims into rallies
when a holding rises +10%+
Top positions · 18
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| LITELumentum Holdings Inc. | $26M | 19.3% | +1027.3% | 0.8 yr |
| SNDKSandisk Corporation | $13M | 10.1% | +1234.5% | 0.3 yr |
| MUMicron Technology, Inc. | $13M | 9.5% | +289.6% | 1.3 yr |
| AMDAdvanced Micro Devices, | $11M | 8.6% | +98.0% | 1.3 yr |
| ATATAtour Lifestyle Holdings | $11M | 8.2% | +32.6% | 2.5 yr |
| BIDUBaidu, Inc. | $7M | 5.4% | +21.1% | 0.8 yr |
| DOCNDigitalOcean Holdings, I | $7M | 5.3% | +156.9% | 0.3 yr |
| NVDANVIDIA Corporation | $7M | 5.2% | +60.9% | 1.8 yr |
| VNETVNET Group, Inc. | $5M | 3.9% | +2.3% | 1.5 yr |
| TCOMTrip.com Group Limited | $5M | 3.6% | -21.7% | 1.0 yr |
| FUTUFutu Holdings Limited | $5M | 3.5% | +33.6% | 1.8 yr |
| TERTeradyne, Inc. | $5M | 3.5% | +260.2% | 0.3 yr |
| TSMTaiwan Semiconductor Man | $5M | 3.4% | +105.6% | 1.8 yr |
| GDSGDS Holdings Limited | $4M | 3.2% | +59.1% | 1.0 yr |
| RMBSRambus Inc. | $4M | 3.2% | +66.1% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors33.5%-1.0pp$44M
Communication Equipment19.3%+17.2pp$26M
Hardware, Equipment & Parts10.1%$13M
Travel Lodging8.2%+0.9pp$11M
Internet Content & Information7.2%-3.1pp$9M
Information Technology Services7.1%$9M
Software - Infrastructure7.0%+2.1pp$9M
Travel Services3.6%$5M
Financial - Capital Markets3.5%-2.1pp$5M
Specialty Retail0.5%-8.3pp$1M
Country
US68.2%+30.5pp
CN21.3%-8.2pp
SG3.6%-6.7pp
HK3.5%-2.1pp
TW3.4%-9.2pp
Top 5: 55.8% · Top 10: 79.2% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| MU | $14M | +0.04B | 289.6% |
| LITE | $2M | +0.02B | 1027.3% |
| TSM | $10M | +0.01B | 105.6% |
| NVDA | $3M | +0.00B | 60.9% |
| ATAT | $6M | +0.00B | 32.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| BABA | $5M | -0.00B | -3.5% |
Top buys this quarter · 14
| LITE Lumentum Holdings Inc. | +$17M |
| SNDK Sandisk Corporationnew | +$13M |
| MU Micron Technology, Inc. | +$11M |
| DOCN DigitalOcean Holdings, Inc.new | +$7M |
| ATAT Atour Lifestyle Holdings Limit | +$6M |
| TER Teradyne, Inc.new | +$5M |
| RMBS Rambus Inc.new | +$4M |
| AMD Advanced Micro Devices, Inc. | +$4M |
| META Meta Platforms, Inc.new | +$2M |
| SNPS Synopsys, Inc.new | +$2M |
Top sells this quarter · 13
| TSM Taiwan Semiconductor Manufactu | −$5M |
| SEI Solaris Energy Infrastructure,exit | −$5M |
| AMKR Amkor Technology, Inc.exit | −$4M |
| INTC Intel Corporationexit | −$4M |
| CSIQ Canadian Solar Inc.exit | −$4M |
| BIDU Baidu, Inc. | −$4M |
| PDD PDD Holdings Inc.exit | −$3M |
| AVGO Broadcom Inc.exit | −$3M |
| GDS GDS Holdings Limited | −$2M |
| BABA Alibaba Group Holding Limited | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $132M | 18 | +97.76% | +17.59% | +80.17% | +0.04B |
| 2025-12-31 | $86M | 18 | +98.30% | +17.72% | +80.58% | -0.04B |
| 2025-09-30 | $96M | 20 | +47.82% | +17.52% | +30.31% | +0.07B |
| 2025-06-30 | $22M | 6 | +24.89% | +14.94% | +9.95% | -0.06B |
| 2025-03-31 | $76M | 15 | +20.26% | +8.30% | +11.96% | -0.03B |
| 2024-12-31 | $98M | 20 | +7.87% | +24.89% | -17.02% | +0.01B |
| 2024-09-30 | $87M | 23 | +7.75% | +5.75% | +2.00% | -0.03B |
| 2024-06-30 | $110M | 23 | +8.53% | +4.38% | +4.16% | -0.01B |
| 2024-03-31 | $109M | 17 | -3.73% | +10.39% | -14.12% | +0.03B |
| 2023-12-31 | $78M | 16 | — | — | — | — |