Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-26.16%
trims when stocks drop
when a holding falls −10%+
Middle response
-22.31%
baseline attrition
Rally response
-28.53%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CLMCornerstone Strategic Va | $25M | 5.3% | — | 2.8 yr |
| CRFCornerstone Total Return | $18M | 3.6% | — | 2.3 yr |
| GTLSChart Industries, Inc. | $17M | 3.5% | +43.2% | 2.5 yr |
| CWANClearwater Analytics Hol | $17M | 3.4% | -11.8% | 1.5 yr |
| NSCNorfolk Southern Corpora | $16M | 3.3% | +23.6% | 2.5 yr |
| WBDWarner Bros. Discovery, | $15M | 3.1% | +155.9% | 3.0 yr |
| — | $13M | 2.7% | — | 0.3 yr |
| PENPenumbra, Inc. | $13M | 2.7% | +22.8% | 1.8 yr |
| CAEPCantor Equity Partners I | $11M | 2.4% | — | 1.0 yr |
| PSLVSprott Physical Silver T | $10M | 2.1% | — | 0.3 yr |
| KVUEKenvue Inc. | $10M | 2.0% | -25.0% | 2.0 yr |
| IPCXUInflection Point Acquisi | $9M | 1.9% | — | 0.5 yr |
| QRVOQorvo, Inc. | $7M | 1.5% | +6.9% | 2.8 yr |
| NXGNXG NextGen Infrastructu | $6M | 1.3% | — | 1.0 yr |
| USALiberty All-Star Equity | $6M | 1.2% | — | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management25.4%+17.7pp$123M
Unknown15.1%-0.8pp$73M
Shell Companies11.1%+4.0pp$54M
Asset Management - Income5.6%+0.4pp$27M
Industrial - Machinery4.2%+3.1pp$20M
Software - Application4.0%+2.2pp$19M
Biotechnology3.6%+2.3pp$18M
Railroads3.6%+3.3pp$17M
Entertainment3.1%+2.6pp$15M
Medical - Devices2.9%+2.4pp$14M
Country
US77.8%-1.5pp
Unknown15.1%-0.8pp
KY3.8%+3.5pp
CA2.4%+1.9pp
AU0.3%-0.7pp
GB0.2%-1.2pp
IE0.2%-0.4pp
CH0.1%+0.0pp
Top 5: 19.1% · Top 10: 32.0% · Top 25: 49.5%
Top buys this quarter · 15
| CWAN Clearwater Analytics Holdings, | +$17M |
| WBD Warner Bros. Discovery, Inc. | +$15M |
| PEN Penumbra, Inc. | +$13M |
| GTLS Chart Industries, Inc. | +$10M |
| KVUE Kenvue Inc. | +$10M |
| QRVO Qorvo, Inc. | +$7M |
| RVMD Revolution Medicines, Inc. | +$6M |
| UNF UniFirst Corporation | +$5M |
| NSC Norfolk Southern Corporation | +$3M |
| CAEP Cantor Equity Partners III, In | +$3M |
Top sells this quarter · 15
| AMZN Amazon.com, Inc. | −$47M |
| NVDA NVIDIA Corporation | −$44M |
| EA Electronic Arts Inc. | −$11M |
| EXAS Exact Sciences Corporationexit | −$7M |
| TXNM TXNM Energy, Inc. | −$6M |
| AES The AES Corporation | −$6M |
| ANSC Agriculture & Natural Solution | −$3M |
| BE Bloom Energy Corporation | −$2M |
| TDS Telephone and Data Systems, In | −$2M |
| DMII Drugs Made In America Acquisitexit | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $483M | 1343 | +25.39% | +17.59% | +7.80% | -0.09B |
| 2025-12-31 | $584M | 2047 | +11.33% | +17.72% | -6.39% | +0.15B |
| 2025-09-30 | $382M | 2087 | +1.34% | +17.52% | -16.18% | -0.06B |
| 2025-06-30 | $414M | 1674 | +0.40% | +14.94% | -14.54% | +0.02B |
| 2025-03-31 | $374M | 1574 | -7.13% | +8.30% | -15.43% | -0.06B |
| 2024-12-31 | $495M | 1562 | +9.99% | +24.89% | -14.89% | +0.17B |
| 2024-09-30 | $315M | 1560 | +20.63% | +36.04% | -15.40% | +0.07B |
| 2024-06-30 | $235M | 1740 | +1.15% | +24.49% | -23.34% | +0.00B |
| 2024-03-31 | $236M | 1567 | -2.90% | +29.62% | -32.52% | +0.01B |
| 2023-12-31 | $217M | 1342 | +4.90% | +26.18% | -21.28% | +0.04B |
| 2023-09-30 | $155M | 1007 | -11.68% | -3.22% | -8.46% | +0.02B |
| 2023-06-30 | $154M | 976 | -5.99% | +8.68% | -14.68% | -0.01B |
| 2023-03-31 | $180M | 936 | +12.21% | +7.46% | +4.76% | +0.08B |
| 2022-12-31 | $91M | 878 | — | — | — | — |