Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+17.26%
adds when stocks drop
when a holding falls −10%+
Middle response
+8.79%
steady accumulation
Rally response
-1.57%
trims into rallies
when a holding rises +10%+
Top positions · 12
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| LRNStride, Inc. | $49M | 15.9% | -30.3% | 2.0 yr |
| — | $37M | 12.2% | — | 2.5 yr |
| HGVHilton Grand Vacations I | $36M | 11.9% | +4.6% | 2.5 yr |
| PRGPROG Holdings, Inc. | $29M | 9.5% | +9.8% | 2.5 yr |
| DAKTDaktronics, Inc. | $29M | 9.4% | +60.5% | 2.5 yr |
| NATLNCR Atleos Corporation | $24M | 7.8% | +65.2% | 0.8 yr |
| FTDRFrontdoor, Inc. | $22M | 7.2% | +37.6% | 0.5 yr |
| MANUManchester United plc | $21M | 6.8% | +28.5% | 2.0 yr |
| BURBurford Capital Limited | $20M | 6.7% | -65.4% | 1.5 yr |
| CARSCars.com Inc. | $17M | 5.7% | -28.0% | 0.5 yr |
| — | $11M | 3.7% | — | 0.5 yr |
| CARGCarGurus, Inc. | $10M | 3.3% | +16.9% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Education & Training Services15.9%+10.7pp$49M
Unknown15.9%+3.2pp$48M
Gambling, Resorts & Casinos11.9%-5.2pp$36M
Rental & Leasing Services9.5%-1.2pp$29M
Hardware, Equipment & Parts9.4%-2.1pp$29M
Software - Application7.8%$24M
Personal Products & Services7.2%$22M
Entertainment6.8%+0.4pp$21M
Asset Management6.7%-3.6pp$20M
Internet Content & Information5.7%$17M
Country
US70.7%+0.1pp
Unknown15.9%+3.2pp
GB6.8%+0.4pp
GG6.7%-3.6pp
Top 5: 58.9% · Top 10: 93.0% · Top 25: 100.0%
Top buys this quarter · 11
| — | +$0M |
| — | +$0M |
| LRN Stride, Inc. | +$27M |
| FTDR Frontdoor, Inc. | +$13M |
| BUR Burford Capital Limited | +$11M |
| CARS Cars.com Inc. | +$11M |
| CARG CarGurus, Inc.new | +$10M |
| NATL NCR Atleos Corporation | +$8M |
| PRG PROG Holdings, Inc. | +$7M |
| DAKT Daktronics, Inc. | +$4M |
Top sells this quarter · 1
| MCW Mister Car Wash, Inc.exit | −$12M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $305M | 12 | -6.18% | +17.59% | -23.77% | +0.10B |
| 2025-12-31 | $212M | 12 | -12.99% | +17.72% | -30.71% | +0.04B |
| 2025-09-30 | $203M | 9 | +12.88% | +17.52% | -4.63% | -0.01B |
| 2025-06-30 | $204M | 8 | +11.35% | +14.94% | -3.59% | +0.01B |
| 2025-03-31 | $175M | 11 | +3.14% | +8.30% | -5.16% | +0.05B |
| 2024-12-31 | $141M | 11 | +27.94% | +24.89% | +3.05% | +0.02B |
| 2024-09-30 | $111M | 10 | +2.15% | +5.75% | -3.61% | -0.01B |
| 2024-06-30 | $122M | 11 | +3.13% | +4.38% | -1.25% | +0.01B |
| 2024-03-31 | $112M | 11 | +9.78% | +10.39% | -0.61% | -0.01B |
| 2023-12-31 | $111M | 11 | — | — | — | — |