Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+14.54%
adds when stocks drop
when a holding falls −10%+
Middle response
-12.28%
baseline attrition
Rally response
-18.72%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BABAAlibaba Group Holding Li | $617M | 19.0% | -3.5% | 2.3 yr |
| RACEFerrari N.V. | $197M | 6.1% | -20.3% | 1.5 yr |
| EEMiShares MSCI Emerging Ma | $132M | 4.1% | — | 0.8 yr |
| EWYiShares MSCI South Korea | $131M | 4.0% | — | 0.5 yr |
| STLAStellantis N.V. | $128M | 4.0% | -31.0% | 1.5 yr |
| UBSUBS Group AG | $121M | 3.7% | +31.6% | 1.5 yr |
| BHPBHP Group Limited | $111M | 3.4% | +56.1% | 2.5 yr |
| FXIiShares China Large-Cap | $108M | 3.3% | — | 1.8 yr |
| JDJD.com, Inc. | $100M | 3.1% | -28.5% | 2.0 yr |
| KWEBKraneShares CSI China In | $93M | 2.9% | — | 1.0 yr |
| NVDANVIDIA Corporation | $84M | 2.6% | +60.9% | 1.5 yr |
| — | $75M | 2.3% | — | 1.0 yr |
| LILi Auto Inc. | $61M | 1.9% | -29.2% | 2.5 yr |
| NTESNetEase, Inc. | $57M | 1.8% | +11.4% | 2.0 yr |
| DBDeutsche Bank AG | $50M | 1.5% | +28.4% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Specialty Retail22.5%+19.7pp$732M
Asset Management20.1%-1.4pp$652M
Auto - Manufacturers13.8%-17.4pp$448M
Semiconductors10.0%+8.3pp$324M
Banks - Diversified4.0%-7.5pp$131M
Unknown4.0%+0.9pp$129M
Industrial Materials3.5%+2.0pp$113M
Electronic Gaming & Multimedia3.2%-0.1pp$104M
Software - Infrastructure2.2%+1.3pp$71M
Internet Content & Information1.9%+1.2pp$60M
Country
US41.4%+4.4pp
CN29.5%+21.8pp
IT6.1%+3.6pp
CH5.5%-5.9pp
NL4.5%-22.8pp
Unknown4.0%+0.9pp
AU3.4%+1.8pp
DE1.6%-0.1pp
Top 5: 37.1% · Top 10: 53.5% · Top 25: 75.6%
Top buys this quarter · 15
| BABA Alibaba Group Holding Limited | +$471M |
| RACE Ferrari N.V. | +$110M |
| BHP BHP Group Limited | +$88M |
| STLA Stellantis N.V. | +$69M |
| MSFT Microsoft Corporation | +$46M |
| DB Deutsche Bank AG | +$41M |
| MU Micron Technology, Inc. | +$36M |
| TXN Texas Instruments Incorporatednew | +$30M |
| NTES NetEase, Inc. | +$28M |
| ADI Analog Devices, Inc. | +$26M |
Top sells this quarter · 15
| SPY State Street SPDR S&P 500 ETF | −$286M |
| TOTB.DE TotalEnergies SE | −$49M |
| JD JD.com, Inc. | −$46M |
| TSEM Tower Semiconductor Ltd. | −$24M |
| WMT Walmart Inc.exit | −$24M |
| BIDU Baidu, Inc. | −$23M |
| ASML ASML Holding N.V. | −$19M |
| VMC Vulcan Materials Companyexit | −$15M |
| NFLX Netflix, Inc.exit | −$14M |
| GILD Gilead Sciences, Inc. | −$14M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.25B | 255 | +20.17% | +17.59% | +2.58% | +1.55B |
| 2025-12-31 | $1.72B | 175 | +18.69% | +17.72% | +0.97% | +0.57B |
| 2025-09-30 | $1.14B | 197 | +11.36% | +17.52% | -6.16% | -0.07B |
| 2025-06-30 | $1.05B | 127 | +27.72% | +14.94% | +12.78% | -0.15B |
| 2025-03-31 | $1.14B | 237 | +8.88% | +8.30% | +0.58% | -0.25B |
| 2024-12-31 | $1.43B | 95 | -2.84% | +24.89% | -27.73% | +1.27B |
| 2024-09-30 | $167M | 29 | +31.75% | +5.75% | +26.00% | +0.03B |
| 2024-06-30 | $103M | 20 | -9.95% | +4.38% | -14.33% | -0.02B |
| 2024-03-31 | $136M | 16 | -13.11% | +10.39% | -23.50% | +0.03B |
| 2023-12-31 | $125M | 15 | — | — | — | — |