Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+26.68%
adds when stocks drop
when a holding falls −10%+
Middle response
-11.79%
baseline attrition
Rally response
+2.12%
adds into rallies
when a holding rises +10%+
Top positions · 23
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VODVodafone Group Public Li | $57M | 35.3% | +67.6% | 1.5 yr |
| RACEFerrari N.V. | $23M | 13.9% | -20.3% | 1.3 yr |
| AZNAstraZeneca PLC | $18M | 11.3% | +36.2% | 0.3 yr |
| BUDAnheuser-Busch InBev SA/ | $11M | 6.6% | +14.7% | 0.8 yr |
| NVSNovartis AG | $10M | 6.3% | +39.7% | 0.3 yr |
| NVONovo Nordisk A/S | $9M | 5.8% | -46.7% | 1.0 yr |
| NOKNokia Oyj | $9M | 5.3% | +57.0% | 0.5 yr |
| BTIBritish American Tobacco | $6M | 3.4% | +47.5% | 1.0 yr |
| STMSTMicroelectronics N.V. | $4M | 2.7% | +58.7% | 1.0 yr |
| DEODiageo plc | $2M | 1.5% | -27.1% | 0.8 yr |
| ERICTelefonaktiebolaget LM E | $2M | 1.4% | +46.5% | 0.5 yr |
| FROFrontline Ltd. | $2M | 1.3% | +150.6% | 1.3 yr |
| SAPSAP SE | $1M | 0.7% | -35.8% | 0.5 yr |
| STLAStellantis N.V. | $1M | 0.7% | -31.0% | 0.5 yr |
| MTArcelorMittal S.A. | $1M | 0.6% | +83.0% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Telecommunications Services35.3%+34.3pp$57M
Drug Manufacturers - General17.6%+14.3pp$29M
Auto - Manufacturers14.5%+2.6pp$24M
Communication Equipment6.7%$11M
Beverages - Alcoholic6.6%$11M
Biotechnology6.0%+2.8pp$10M
Tobacco3.4%+3.1pp$6M
Semiconductors3.3%-30.8pp$5M
Beverages - Wineries & Distilleries1.5%$2M
Oil & Gas Midstream1.3%+1.0pp$2M
Country
GB52.2%+25.5pp
IT13.9%+2.0pp
CH6.8%-15.5pp
BE6.6%
DK5.8%+3.2pp
FI5.3%
NL4.1%-30.5pp
SE1.4%
Top 5: 73.3% · Top 10: 91.9% · Top 25: 100.0%
Top buys this quarter · 8
| AZN AstraZeneca PLCnew | +$18M |
| NVS Novartis AGnew | +$10M |
| NVO Novo Nordisk A/S | +$9M |
| BUD Anheuser-Busch InBev SA/NV | +$3M |
| STM STMicroelectronics N.V. | +$2M |
| FRO Frontline Ltd. | +$2M |
| BP BP p.l.c.new | +$0M |
| SAP SAP SE | +$1M |
Top sells this quarter · 2
| ASML ASML Holding N.V. | −$72M |
| — exit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $163M | 23 | +49.75% | +17.59% | +32.16% | +0.00B |
| 2025-12-31 | $127M | 19 | +16.63% | +17.72% | -1.09% | +0.04B |
| 2025-09-30 | $79M | 13 | +4.33% | +8.12% | -3.79% | +0.01B |
| 2025-06-30 | $65M | 7 | +7.29% | +10.78% | -3.49% | -0.05B |
| 2025-03-31 | $108M | 12 | +0.00% | -4.27% | +4.27% | +0.03B |
| 2024-12-31 | $79M | 11 | — | — | — | — |