Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.43%
trims when stocks drop
when a holding falls −10%+
Middle response
-10.46%
baseline attrition
Rally response
-16.17%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TSMTaiwan Semiconductor Man | $49M | 5.6% | +105.6% | 1.5 yr |
| AVGOBroadcom Inc. | $46M | 5.3% | +86.0% | 1.0 yr |
| SATSEchoStar Corporation | $46M | 5.3% | +357.7% | 0.5 yr |
| — | $38M | 4.4% | — | 1.5 yr |
| SPOTSpotify Technology S.A. | $36M | 4.1% | -11.8% | 0.5 yr |
| HHyatt Hotels Corporation | $35M | 4.1% | +17.9% | 0.5 yr |
| EQIXEquinix, Inc. | $34M | 3.9% | +23.0% | 0.5 yr |
| GOOGLAlphabet Inc. | $33M | 3.9% | — | 0.8 yr |
| ADIAnalog Devices, Inc. | $33M | 3.9% | +60.2% | 0.3 yr |
| BURLBurlington Stores, Inc. | $32M | 3.7% | +36.5% | 1.3 yr |
| ASMLASML Holding N.V. | $30M | 3.5% | +100.9% | 0.5 yr |
| AMATApplied Materials, Inc. | $30M | 3.4% | +137.6% | 0.8 yr |
| SNPSSynopsys, Inc. | $29M | 3.4% | -7.5% | 0.8 yr |
| AKAMAkamai Technologies, Inc | $25M | 2.9% | +42.7% | 0.3 yr |
| LYVLive Nation Entertainmen | $25M | 2.9% | +16.8% | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors22.1%+12.9pp$190M
Internet Content & Information11.2%+4.9pp$96M
Software - Infrastructure8.3%$71M
Apparel - Retail7.6%+4.4pp$65M
Communication Equipment7.3%$63M
Travel Lodging6.6%+0.5pp$57M
Unknown6.2%-1.8pp$53M
Entertainment5.4%-1.0pp$46M
Software - Application4.5%-16.7pp$38M
Discount Stores4.4%+0.7pp$38M
Country
US80.5%+2.3pp
Unknown6.2%-1.8pp
TW5.6%+1.2pp
LU4.1%
NL3.5%
Top 5: 24.8% · Top 10: 44.2% · Top 25: 83.3%
Top buys this quarter · 15
| ADI Analog Devices, Inc.new | +$33M |
| AVGO Broadcom Inc. | +$28M |
| SPOT Spotify Technology S.A. | +$27M |
| SATS EchoStar Corporation | +$26M |
| AKAM Akamai Technologies, Inc.new | +$25M |
| TGT Target Corporationnew | +$23M |
| ROKU Roku, Inc.new | +$21M |
| ZM Zoom Communications, Inc.new | +$18M |
| H Hyatt Hotels Corporation | +$18M |
| CSCO Cisco Systems, Inc.new | +$18M |
Top sells this quarter · 15
| ONTO Onto Innovation Inc. | −$27M |
| META Meta Platforms, Inc. | −$26M |
| AMZN Amazon.com, Inc. | −$22M |
| SHOP Shopify Inc.exit | −$19M |
| DIS The Walt Disney Companyexit | −$19M |
| TXN Texas Instruments Incorporatedexit | −$18M |
| WMT Walmart Inc. | −$17M |
| W Wayfair Inc.exit | −$17M |
| TSEM Tower Semiconductor Ltd.exit | −$17M |
| CRM Salesforce, Inc.exit | −$17M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $860M | 38 | +21.89% | +17.59% | +4.30% | +0.00B |
| 2025-12-31 | $888M | 43 | +18.02% | +17.72% | +0.30% | +0.10B |
| 2025-09-30 | $733M | 27 | +4.91% | +8.12% | -3.22% | -0.46B |
| 2025-06-30 | $1.13B | 35 | +12.29% | +10.78% | +1.51% | +0.08B |
| 2025-03-31 | $941M | 35 | -6.80% | -4.27% | -2.53% | +0.04B |
| 2024-12-31 | $967M | 36 | — | — | — | — |