Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.63%
trims when stocks drop
when a holding falls −10%+
Middle response
-10.57%
baseline attrition
Rally response
-10.32%
trims into rallies
when a holding rises +10%+
Top positions · 16
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NAVNNavan, Inc. | $78M | 33.4% | — | 0.5 yr |
| HOODRobinhood Markets, Inc. | $73M | 31.2% | +66.5% | 2.5 yr |
| BLLNBillionToOne, Inc. | $18M | 7.9% | — | 0.5 yr |
| TSMTaiwan Semiconductor Man | $14M | 5.9% | +105.6% | 1.3 yr |
| LRCXLam Research Corporation | $12M | 5.4% | +196.1% | 1.5 yr |
| COHRCoherent, Inc. | $10M | 4.5% | +266.8% | 0.8 yr |
| ONON Semiconductor Corpora | $8M | 3.4% | +52.2% | 0.8 yr |
| ANETArista Networks, Inc. | $4M | 1.7% | +58.5% | 1.5 yr |
| LSCCLattice Semiconductor Co | $3M | 1.3% | +76.9% | 1.8 yr |
| SNPSSynopsys, Inc. | $3M | 1.3% | -7.5% | 2.5 yr |
| BEBloom Energy Corporation | $3M | 1.1% | +589.2% | 2.0 yr |
| BCAXBicara Therapeutics Inc. | $2M | 1.0% | +52.6% | 1.3 yr |
| AVGOBroadcom Inc. | $2M | 0.7% | +86.0% | 2.0 yr |
| PCORProcore Technologies, In | $2M | 0.7% | -13.7% | 0.5 yr |
| NVDANVIDIA Corporation | $1M | 0.6% | +60.9% | 2.5 yr |
Portfolio composition (YoY)
Industry mix
Software - Application34.0%+25.5pp$79M
Financial - Capital Markets31.2%+12.1pp$73M
Semiconductors17.2%+4.9pp$40M
Medical - Diagnostics & Research7.9%+2.6pp$18M
Hardware, Equipment & Parts4.5%$10M
Computer Hardware1.7%+0.4pp$4M
Software - Infrastructure1.3%-5.3pp$3M
Electrical Equipment & Parts1.1%-0.2pp$3M
Biotechnology1.0%-0.1pp$2M
Banks - Regional0.1%$0M
Country
US94.1%-2.2pp
TW5.9%+5.3pp
Top 5: 83.7% · Top 10: 95.9% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| HOOD | $66M | +0.04B | 66.5% |
| LRCX | $14M | +0.03B | 196.1% |
| BE | $4M | +0.03B | 589.2% |
| AVGO | $13M | +0.01B | 86.0% |
| NVDA | $8M | +0.01B | 60.9% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| SNPS | $9M | -0.00B | -7.5% |
Top buys this quarter · 0
No buys this quarter
Top sells this quarter · 15
| AVGO Broadcom Inc. | −$17M |
| MA Mastercard Incorporatedexit | −$15M |
| TJX The TJX Companies, Inc.exit | −$14M |
| MCK McKesson Corporationexit | −$13M |
| NVDA NVIDIA Corporation | −$12M |
| DHR Danaher Corporationexit | −$11M |
| AMZN Amazon.com, Inc.exit | −$10M |
| LRCX Lam Research Corporation | −$10M |
| SNPS Synopsys, Inc. | −$9M |
| AZO AutoZone, Inc.exit | −$9M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $233M | 16 | +38.98% | +17.59% | +21.39% | -0.21B |
| 2025-12-31 | $514M | 37 | +55.13% | +17.72% | +37.42% | +0.02B |
| 2025-09-30 | $514M | 35 | +78.15% | +17.52% | +60.63% | +0.05B |
| 2025-06-30 | $377M | 34 | +47.81% | +14.94% | +32.87% | -0.10B |
| 2025-03-31 | $343M | 35 | +10.11% | +8.30% | +1.81% | -0.05B |
| 2024-12-31 | $404M | 35 | +29.07% | +24.89% | +4.19% | -0.05B |
| 2024-09-30 | $410M | 38 | +1.16% | +5.75% | -4.59% | -0.02B |
| 2024-06-30 | $420M | 42 | +2.91% | +4.38% | -1.47% | -0.00B |
| 2024-03-31 | $409M | 46 | +12.53% | +10.39% | +2.14% | -0.01B |
| 2023-12-31 | $370M | 40 | — | — | — | — |