Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.40%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.85%
baseline attrition
Rally response
-2.90%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TSMTaiwan Semiconductor Man | $52M | 6.2% | +105.6% | 2.8 yr |
| — | $30M | 3.6% | — | 1.0 yr |
| KBKB Financial Group Inc. | $24M | 2.9% | +88.9% | 2.8 yr |
| ITUBItaú Unibanco Holding S | $20M | 2.4% | +64.3% | 2.5 yr |
| ENGIYEngie S.A. | $20M | 2.4% | — | 2.3 yr |
| CCJCameco Corporation | $16M | 1.9% | +164.4% | 1.8 yr |
| GBOOYGrupo Financiero Banorte | $15M | 1.8% | — | 2.8 yr |
| SHGShinhan Financial Group | $15M | 1.8% | +95.3% | 2.8 yr |
| KOFCoca-Cola FEMSA, S.A.B. | $15M | 1.8% | +11.4% | 1.8 yr |
| CXCEMEX, S.A.B. de C.V. | $13M | 1.6% | +106.1% | 2.0 yr |
| AXAHYAXA S.A. | $13M | 1.6% | — | 2.5 yr |
| — | $13M | 1.5% | — | 1.3 yr |
| MARUYMarubeni Corporation | $12M | 1.4% | — | 2.5 yr |
| LINLinde plc | $12M | 1.4% | +7.9% | 2.8 yr |
| DTEGYDeutsche Telekom AG | $11M | 1.4% | — | 2.8 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional12.6%+2.1pp$104M
Semiconductors10.5%-1.2pp$88M
Unknown10.3%+5.9pp$85M
Telecommunications Services4.7%+0.6pp$39M
Banks - Diversified4.5%-0.0pp$37M
Internet Content & Information3.5%-1.6pp$29M
Diversified Utilities2.9%+1.1pp$24M
Aerospace & Defense2.8%-1.9pp$23M
Specialty Retail2.6%-3.3pp$22M
Industrial - Machinery2.4%+0.4pp$20M
Country
US22.2%-7.4pp
Unknown10.3%+5.9pp
TW7.5%+1.1pp
KR7.3%+1.3pp
FR7.1%+2.2pp
JP6.7%-1.6pp
BR6.5%-0.6pp
MX5.5%+0.3pp
Top 5: 17.4% · Top 10: 26.3% · Top 25: 45.1%
Top buys this quarter · 15
| RACE Ferrari N.V.new | +$8M |
| SPOT Spotify Technology S.A.new | +$8M |
| SONY Sony Group Corporationnew | +$7M |
| GRAB Grab Holdings Limited | +$7M |
| SAP SAP SE | +$6M |
| LIN Linde plc | +$6M |
| AZN AstraZeneca PLCnew | +$5M |
| SE Sea Limited | +$5M |
| TSM Taiwan Semiconductor Manufactu | +$5M |
| CPNG Coupang, Inc. | +$4M |
Top sells this quarter · 15
| MUFG Mitsubishi UFJ Financial Group | −$8M |
| SMFG Sumitomo Mitsui Financial Grou | −$6M |
| SCCO Southern Copper Corporation | −$5M |
| EQIX Equinix, Inc. | −$1M |
| TCOM Trip.com Group Limited | −$1M |
| XEL Xcel Energy Inc. | −$1M |
| AMP Ameriprise Financial, Inc. | −$1M |
| KLAC KLA Corporation | −$1M |
| AMAT Applied Materials, Inc. | −$1M |
| NVDA NVIDIA Corporation | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $832M | 347 | +41.01% | +17.59% | +23.41% | +0.05B |
| 2025-12-31 | $758M | 382 | +36.10% | +17.72% | +18.38% | -0.00B |
| 2025-09-30 | $720M | 355 | +22.77% | +17.52% | +5.25% | -0.01B |
| 2025-06-30 | $661M | 342 | +14.84% | +14.94% | -0.11% | +0.10B |
| 2025-03-31 | $481M | 376 | +1.43% | +8.30% | -6.87% | -0.01B |
| 2024-12-31 | $496M | 382 | +11.65% | +24.89% | -13.24% | -0.00B |
| 2024-09-30 | $521M | 389 | +28.65% | +36.04% | -7.39% | +0.01B |
| 2024-06-30 | $491M | 394 | +3.28% | +4.38% | -1.10% | -0.02B |
| 2024-03-31 | $496M | 388 | +9.26% | +10.39% | -1.13% | -0.04B |
| 2023-12-31 | $493M | 380 | +9.97% | +11.64% | -1.67% | -0.02B |
| 2023-09-30 | $465M | 381 | — | — | — | — |