Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+5.28%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.28%
baseline attrition
Rally response
-3.48%
trims into rallies
when a holding rises +10%+
Top positions · 14
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CRSCarpenter Technology Cor | $472M | 15.8% | +118.3% | 1.8 yr |
| GOOGAlphabet Inc. | $427M | 14.3% | +84.3% | 0.8 yr |
| TSMTaiwan Semiconductor Man | $374M | 12.5% | +105.6% | 0.8 yr |
| LPLALPL Financial Holdings I | $307M | 10.3% | -7.7% | 2.5 yr |
| MCKMcKesson Corporation | $302M | 10.1% | +29.1% | 2.5 yr |
| MDLNMedline Inc. | $270M | 9.0% | — | 0.3 yr |
| NVDANVIDIA Corporation | $176M | 5.9% | +60.9% | 1.5 yr |
| ISRGIntuitive Surgical, Inc. | $154M | 5.1% | -6.9% | 0.8 yr |
| NUNu Holdings Ltd. | $142M | 4.7% | +40.3% | 2.5 yr |
| GLWCorning Incorporated | $117M | 3.9% | +201.5% | 0.3 yr |
| VVisa Inc. | $87M | 2.9% | -13.1% | 0.3 yr |
| — | $67M | 2.2% | — | 0.8 yr |
| SHOPShopify Inc. | $61M | 2.0% | +24.2% | 0.5 yr |
| FIGFigma, Inc. | $39M | 1.3% | — | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors18.4%$550M
Manufacturing - Metal Fabrication15.8%+1.3pp$472M
Internet Content & Information14.3%+8.3pp$427M
Financial - Capital Markets10.3%-4.4pp$307M
Medical - Distribution10.1%+0.3pp$302M
Medical - Instruments & Supplies9.0%$270M
Medical - Devices5.1%-8.1pp$154M
Banks - Diversified4.7%+1.8pp$142M
Hardware, Equipment & Parts3.9%$117M
Software - Application3.4%-6.1pp$101M
Country
US78.5%-18.6pp
TW12.5%
BR4.7%+1.8pp
Unknown2.2%
CA2.0%
Top 5: 62.8% · Top 10: 91.5% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| CRS | $292M | +0.34B | 118.3% |
| MCK | $198M | +0.06B | 29.1% |
| NU | $58M | +0.02B | 40.3% |
| LPLA | $297M | -0.02B | -7.7% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| LPLA | $297M | -0.02B | -7.7% |
Top buys this quarter · 9
| MDLN Medline Inc.new | +$270M |
| GLW Corning Incorporatednew | +$117M |
| V Visa Inc.new | +$87M |
| GOOG Alphabet Inc. | +$68M |
| NVDA NVIDIA Corporation | +$67M |
| ISRG Intuitive Surgical, Inc. | +$32M |
| SHOP Shopify Inc. | +$20M |
| CRS Carpenter Technology Corporati | +$17M |
| LPLA LPL Financial Holdings Inc. | +$307M |
Top sells this quarter · 9
| BX Blackstone Inc.exit | −$238M |
| AVGO Broadcom Inc.exit | −$207M |
| BSX Boston Scientific Corporationexit | −$161M |
| HLT Hilton Worldwide Holdings Inc.exit | −$153M |
| GWRE Guidewire Software, Inc.exit | −$108M |
| AWI Armstrong World Industries, Inexit | −$62M |
| MCK McKesson Corporation | −$61M |
| NU Nu Holdings Ltd. | −$9M |
| TSM Taiwan Semiconductor Manufactu | −$337M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.99B | 14 | +25.21% | +17.59% | +7.62% | -0.49B |
| 2025-12-31 | $3.61B | 17 | +33.31% | +17.72% | +15.59% | -0.17B |
| 2025-09-30 | $3.52B | 15 | +33.67% | +17.52% | +16.16% | +0.87B |
| 2025-06-30 | $2.61B | 12 | +44.69% | +14.94% | +29.75% | +0.20B |
| 2025-03-31 | $2.02B | 12 | +26.68% | +8.30% | +18.37% | +0.25B |
| 2024-12-31 | $1.73B | 10 | +44.36% | +24.89% | +19.47% | -0.29B |
| 2024-09-30 | $1.88B | 11 | +9.95% | +5.75% | +4.20% | -0.00B |
| 2024-06-30 | $1.71B | 13 | +4.22% | +4.38% | -0.16% | -0.23B |
| 2024-03-31 | $1.86B | 14 | +16.93% | +10.39% | +6.54% | +0.21B |
| 2023-12-31 | $1.42B | 14 | — | — | — | — |