Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+50.68%
adds when stocks drop
when a holding falls −10%+
Middle response
-11.99%
baseline attrition
Rally response
—
—
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NSCNorfolk Southern Corpora | $62M | 16.1% | +23.6% | 0.5 yr |
| PENPenumbra, Inc. | $55M | 14.3% | +22.8% | 0.3 yr |
| EAElectronic Arts Inc. | $27M | 7.1% | +41.7% | 0.3 yr |
| CWANClearwater Analytics Hol | $27M | 7.0% | -11.8% | 0.3 yr |
| HOLXHologic, Inc. | $21M | 5.4% | +22.4% | 0.5 yr |
| MCWMister Car Wash, Inc. | $20M | 5.3% | -11.7% | 0.3 yr |
| — | $15M | 3.9% | — | 0.3 yr |
| MBCMasterBrand, Inc. | $13M | 3.3% | -36.4% | 0.5 yr |
| GTLSChart Industries, Inc. | $11M | 2.8% | +43.2% | 0.5 yr |
| — | $11M | 2.8% | — | 1.5 yr |
| — | $10M | 2.6% | — | 0.3 yr |
| — | $10M | 2.6% | — | 0.3 yr |
| — | $10M | 2.6% | — | 0.3 yr |
| NWAXNew America Acquisition | $9M | 2.3% | — | 0.3 yr |
| MEVOM Evo Global Acquisition | $9M | 2.3% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Unknown30.1%-5.8pp$116M
Railroads16.1%$62M
Medical - Devices14.3%$55M
Electronic Gaming & Multimedia7.1%$27M
Software - Application7.0%$27M
Medical - Instruments & Supplies5.4%$21M
Personal Products & Services5.3%$20M
Financial - Conglomerates4.6%$18M
Furnishings, Fixtures & Appliances3.3%$13M
Industrial - Machinery2.8%$11M
Country
US66.2%+6.0pp
Unknown30.1%-5.8pp
KY3.7%+2.5pp
SG0.0%
Top 5: 49.9% · Top 10: 68.0% · Top 25: 96.5%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| PEN Penumbra, Inc.new | +$55M |
| NSC Norfolk Southern Corporation | +$29M |
| EA Electronic Arts Inc.new | +$27M |
| CWAN Clearwater Analytics Holdings,new | +$27M |
| MCW Mister Car Wash, Inc.new | +$20M |
| NWAX New America Acquisition I Corpnew | +$9M |
| MEVO M Evo Global Acquisition Corp new | +$9M |
| HLXC Helix Acquisition Corp. III Clnew | +$8M |
| MBC MasterBrand, Inc. | +$7M |
| KCHV Kochav Defense Acquisition Cor | +$1M |
Top sells this quarter · 15
| EXAS Exact Sciences Corporationexit | −$36M |
| GTLS Chart Industries, Inc. | −$18M |
| HOLX Hologic, Inc. | −$17M |
| MLAC Mountain Lake Acquisition Corpexit | −$7M |
| AEXA American Exceptionalism Acquisexit | −$0M |
| IBACR IB Acquisition Corp. Right | −$0M |
| SBCWW SBC Medical Group Holdings Inc | −$0M |
| — | −$0M |
| TVACW Texas Ventures Acquisition III | −$0M |
| NWAX-UN New America Acquisition I Corpexit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $385M | 74 | +22.13% | +17.59% | +4.54% | +0.14B |
| 2025-12-31 | $237M | 50 | +29.48% | +17.72% | +11.76% | +0.03B |
| 2025-09-30 | $189M | 56 | +13.77% | +8.12% | +5.65% | +0.04B |
| 2025-06-30 | $128M | 50 | -1.72% | +10.78% | -12.49% | +0.02B |
| 2025-03-31 | $110M | 40 | +7.53% | -4.27% | +11.79% | -0.30B |
| 2024-12-31 | $379M | 40 | — | — | — | — |