Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.07%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.87%
baseline attrition
Rally response
-4.35%
trims into rallies
when a holding rises +10%+
Top positions · 11
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| UBSUBS Group AG | $50M | 37.9% | +31.6% | 1.3 yr |
| AMRAlpha Metallurgical Reso | $41M | 31.4% | +63.9% | 2.8 yr |
| IBKRInteractive Brokers Grou | $12M | 9.2% | +62.8% | 0.5 yr |
| AMZNAmazon.com, Inc. | $12M | 8.8% | +9.5% | 0.5 yr |
| CRESYCresud Sociedad Anónima | $10M | 7.4% | — | 1.5 yr |
| BNTXBioNTech SE | $3M | 2.2% | -2.4% | 3.0 yr |
| LOMALoma Negra CompañÃa In | $1M | 1.0% | +0.9% | 1.0 yr |
| TGSTransportadora de Gas de | $1M | 0.6% | +35.4% | 0.5 yr |
| BBARBanco BBVA Argentina S.A | $1M | 0.6% | -9.6% | 1.5 yr |
| — | $1M | 0.5% | — | 1.5 yr |
| GGALGrupo Financiero Galicia | $1M | 0.4% | -11.7% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Banks - Diversified37.9%+13.2pp$50M
Coal31.4%$41M
Investment - Banking & Investment Services9.2%$12M
Specialty Retail8.8%$12M
Conglomerates7.4%+6.2pp$10M
Biotechnology2.2%-1.7pp$3M
Construction Materials1.0%$1M
Banks - Regional1.0%-1.6pp$1M
Oil & Gas Integrated0.6%-4.3pp$1M
Unknown0.5%-48.3pp$1M
Country
US49.4%+35.5pp
CH37.9%+13.2pp
AR10.0%+4.6pp
DE2.2%-1.7pp
Unknown0.5%-48.3pp
Top 5: 94.8% · Top 10: 99.6% · Top 25: 100.0%
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $131M | 11 | +65.11% | +17.59% | +47.52% | -0.03B |
| 2025-12-31 | $167M | 15 | +77.96% | +17.72% | +60.24% | +0.02B |
| 2025-09-30 | $123M | 12 | +33.47% | +17.52% | +15.95% | +0.05B |
| 2025-06-30 | $60M | 11 | +1.37% | +14.94% | -13.57% | -0.02B |
| 2025-03-31 | $71M | 12 | -13.72% | +8.30% | -22.02% | +0.03B |
| 2024-12-31 | $36M | 10 | -16.09% | +24.89% | -40.98% | -0.03B |
| 2024-09-30 | $71M | 7 | +4.58% | +36.04% | -31.45% | +0.01B |
| 2024-06-30 | $63M | 7 | +33.77% | +24.49% | +9.28% | -0.01B |
| 2024-03-31 | $73M | 7 | +51.37% | +29.62% | +21.74% | -0.01B |
| 2023-12-31 | $84M | 7 | +55.58% | +26.18% | +29.40% | -0.04B |
| 2023-09-30 | $106M | 5 | +24.14% | -3.22% | +27.36% | -0.02B |
| 2023-06-30 | $98M | 6 | +7.77% | +8.68% | -0.91% | -0.06B |
| 2023-03-31 | $148M | 6 | +2.13% | +7.46% | -5.32% | +0.02B |
| 2022-12-31 | $126M | 6 | — | — | — | — |