Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-8.90%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.52%
baseline attrition
Rally response
-13.36%
trims into rallies
when a holding rises +10%+
Top positions · 22
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| KRMNKarman Holdings Inc. | $266M | 29.5% | +139.5% | 0.8 yr |
| CEGConstellation Energy Cor | $245M | 27.2% | +39.2% | 0.3 yr |
| CARTInstacart (Maplebear Inc | $155M | 17.2% | -6.1% | 2.8 yr |
| SHENShenandoah Telecommunica | $63M | 7.0% | +23.9% | 2.0 yr |
| AMZNAmazon.com, Inc. | $27M | 3.0% | +9.5% | 4.0 yr |
| — | $18M | 2.0% | — | 0.5 yr |
| OTFBlue Owl Technology Fina | $17M | 1.9% | — | 0.5 yr |
| CLHClean Harbors, Inc. | $15M | 1.7% | +45.5% | 0.8 yr |
| — | $12M | 1.3% | — | 1.8 yr |
| LINELineage, Inc. | $10M | 1.1% | -41.8% | 1.0 yr |
| TSMTaiwan Semiconductor Man | $10M | 1.1% | +105.6% | 0.8 yr |
| SCHWThe Charles Schwab Corpo | $10M | 1.1% | +21.5% | 1.3 yr |
| NTRANatera, Inc. | $7M | 0.8% | +41.4% | 3.0 yr |
| CNMCore & Main, Inc. | $7M | 0.8% | +2.3% | 1.8 yr |
| ABGAsbury Automotive Group, | $6M | 0.7% | -11.5% | 2.3 yr |
Portfolio composition (YoY)
Industry mix
Aerospace & Defense29.5%$266M
Renewable Utilities27.2%$245M
Specialty Retail20.2%-43.2pp$182M
Telecommunications Services7.0%-0.9pp$63M
Unknown3.3%+1.3pp$30M
Asset Management1.9%$17M
Waste Management1.7%$15M
REIT - Industrial1.1%$10M
Semiconductors1.1%$10M
Financial - Capital Markets1.1%-1.5pp$10M
Country
US93.6%+2.8pp
Unknown3.3%+1.3pp
TW1.1%
BR0.6%-0.7pp
IE0.6%-2.0pp
IN0.6%-1.6pp
GB0.3%-0.9pp
Top 5: 83.9% · Top 10: 92.0% · Top 25: 100.0%
Top buys this quarter · 4
| CEG Constellation Energy Corporatinew | +$245M |
| OTF Blue Owl Technology Finance Co | +$12M |
| SHEN Shenandoah Telecommunications | +$0M |
| — | +$18M |
Top sells this quarter · 15
| XPO XPO Logistics, Inc.exit | −$11M |
| AMZN Amazon.com, Inc. | −$10M |
| CLH Clean Harbors, Inc. | −$6M |
| TSM Taiwan Semiconductor Manufactu | −$4M |
| SCHW The Charles Schwab Corporation | −$4M |
| NTRA Natera, Inc. | −$3M |
| CNM Core & Main, Inc. | −$3M |
| ABG Asbury Automotive Group, Inc. | −$2M |
| TRU TransUnion | −$2M |
| NU Nu Holdings Ltd. | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $901M | 22 | +7.88% | +17.59% | -9.71% | +0.23B |
| 2025-12-31 | $705M | 22 | +8.45% | +17.72% | -9.27% | +0.01B |
| 2025-09-30 | $658M | 22 | +5.70% | +17.52% | -11.82% | -0.00B |
| 2025-06-30 | $697M | 19 | +25.15% | +14.94% | +10.21% | -0.03B |
| 2025-03-31 | $646M | 19 | +3.98% | +8.30% | -4.33% | -0.03B |
| 2024-12-31 | $699M | 18 | +38.08% | +24.89% | +13.19% | +0.02B |
| 2024-09-30 | $658M | 23 | +24.38% | +36.04% | -11.66% | -0.11B |
| 2024-06-30 | $683M | 21 | +15.03% | +24.49% | -9.46% | +0.07B |
| 2024-03-31 | $656M | 20 | +35.84% | +29.62% | +6.21% | -0.07B |
| 2023-12-31 | $566M | 19 | +14.94% | +26.18% | -11.24% | +0.10B |
| 2023-09-30 | $502M | 16 | +1.13% | +21.57% | -20.44% | +0.26B |
| 2023-06-30 | $231M | 18 | +2.75% | +19.42% | -16.68% | -0.18B |
| 2023-03-31 | $372M | 17 | +8.08% | +7.46% | +0.62% | -0.05B |
| 2022-12-31 | $392M | 18 | -18.19% | +7.56% | -25.75% | +0.05B |
| 2022-09-30 | $422M | 13 | +5.64% | -4.93% | +10.57% | -0.05B |
| 2022-06-30 | $442M | 14 | — | — | — | — |