Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.34%
adds when stocks drop
when a holding falls −10%+
Middle response
-2.88%
baseline attrition
Rally response
-2.77%
trims into rallies
when a holding rises +10%+
Top positions · 13
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPYState Street SPDR S&P 50 | $119M | 33.0% | +17.6% | 2.3 yr |
| RSPInvesco S&P 500 Equal We | $82M | 22.8% | — | 1.8 yr |
| UGPUltrapar Participações | $64M | 17.7% | +89.3% | 5.5 yr |
| EZUiShares MSCI Eurozone ET | $28M | 7.9% | — | 1.3 yr |
| BRK-BBerkshire Hathaway Inc. | $11M | 3.1% | — | 7.5 yr |
| GOOGLAlphabet Inc. | $10M | 2.7% | — | 2.0 yr |
| VVisa Inc. | $9M | 2.5% | -13.1% | 1.0 yr |
| GOOGAlphabet Inc. | $9M | 2.5% | +84.3% | 6.0 yr |
| EWYiShares MSCI South Korea | $9M | 2.4% | — | 0.3 yr |
| MSFTMicrosoft Corporation | $8M | 2.1% | -0.6% | 6.3 yr |
| BRK-ABerkshire Hathaway Inc. | $7M | 2.0% | — | 7.3 yr |
| SUZSuzano S.A. | $3M | 1.0% | +9.9% | 3.8 yr |
| CSANCosan S.A. | $1M | 0.3% | -21.1% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management66.1%+3.7pp$238M
Oil & Gas Refining & Marketing18.0%+0.4pp$65M
Internet Content & Information5.2%+0.7pp$19M
Insurance - Diversified5.1%-4.6pp$18M
Financial - Credit Services2.5%$9M
Software - Infrastructure2.1%-1.5pp$8M
Paper, Lumber & Forest Products1.0%-0.3pp$3M
Country
US81.0%-0.1pp
BR19.0%+0.1pp
Top 5: 84.5% · Top 10: 96.7% · Top 25: 100.0%
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $360M | 13 | +35.27% | +17.59% | +17.68% | -0.02B |
| 2025-12-31 | $356M | 12 | +27.73% | +17.72% | +10.01% | -0.01B |
| 2025-09-30 | $356M | 12 | +17.77% | +17.52% | +0.25% | +0.01B |
| 2025-06-30 | $308M | 13 | +7.64% | +14.94% | -7.30% | +0.03B |
| 2025-03-31 | $255M | 12 | -9.90% | +8.30% | -18.20% | +0.09B |
| 2024-12-31 | $167M | 12 | -5.01% | +24.89% | -29.90% | -0.08B |
| 2024-09-30 | $261M | 11 | +31.60% | +36.04% | -4.44% | +0.02B |
| 2024-06-30 | $236M | 10 | +22.97% | +24.49% | -1.52% | -0.00B |
| 2024-03-31 | $256M | 9 | +72.85% | +29.62% | +43.23% | +0.09B |
| 2023-12-31 | $157M | 11 | +79.93% | +26.18% | +53.75% | -0.01B |
| 2023-09-30 | $125M | 10 | +50.58% | +21.57% | +29.01% | -0.02B |
| 2023-06-30 | $147M | 11 | +44.06% | +19.42% | +24.64% | -0.01B |
| 2023-03-31 | $122M | 11 | -3.90% | -7.82% | +3.91% | -0.00B |
| 2022-12-31 | $112M | 11 | +8.37% | +7.56% | +0.81% | -0.04B |
| 2022-09-30 | $144M | 19 | -7.32% | -4.93% | -2.39% | +0.01B |
| 2022-06-30 | $140M | 17 | -13.72% | -16.11% | +2.39% | +0.01B |