Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+9.13%
adds when stocks drop
when a holding falls −10%+
Middle response
+1.11%
steady accumulation
Rally response
+20.12%
adds into rallies
when a holding rises +10%+
Top positions · 9
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VEAVanguard FTSE Developed | $75M | 38.2% | — | 1.3 yr |
| IEMGiShares Core MSCI Emergi | $29M | 14.7% | — | 1.5 yr |
| NEENextEra Energy, Inc. | $26M | 13.4% | +34.9% | 1.5 yr |
| SHCSotera Health Company | $24M | 12.1% | +23.0% | 1.5 yr |
| TDGTransDigm Group Incorpor | $12M | 5.9% | -10.5% | 0.5 yr |
| STEPStepStone Group Inc. | $11M | 5.7% | -6.2% | 0.3 yr |
| URTHiShares MSCI World ETF | $11M | 5.5% | — | 1.3 yr |
| EVTLVertical Aerospace Ltd. | $5M | 2.5% | -34.2% | 1.3 yr |
| PXP10, Inc. | $4M | 2.0% | -37.3% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management66.1%+22.4pp$130M
Regulated Electric13.4%+2.2pp$26M
Medical - Diagnostics & Research12.1%+7.9pp$24M
Aerospace & Defense8.3%+7.7pp$16M
Country
US97.5%+13.3pp
GB2.5%+1.8pp
Top 5: 84.3% · Top 10: 100.0% · Top 25: 100.0%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| EVTL | $1M | -0.00B | -34.2% |
Top buys this quarter · 6
| STEP StepStone Group Inc.new | +$11M |
| SHC Sotera Health Company | +$7M |
| PX P10, Inc.new | +$4M |
| TDG TransDigm Group Incorporated | +$3M |
| NEE NextEra Energy, Inc. | +$2M |
| EVTL Vertical Aerospace Ltd. | +$5M |
Top sells this quarter · 1
| PAX Patria Investments Limitedexit | −$19M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $197M | 9 | -0.23% | +17.59% | -17.82% | +0.02B |
| 2025-12-31 | $195M | 8 | +1.30% | +17.72% | -16.42% | +0.01B |
| 2025-09-30 | $174M | 8 | +4.07% | +8.12% | -4.05% | -0.03B |
| 2025-06-30 | $197M | 10 | +2.05% | +10.78% | -8.73% | +0.03B |
| 2025-03-31 | $164M | 11 | -10.36% | -4.27% | -6.09% | +0.05B |
| 2024-12-31 | $124M | 8 | — | — | — | — |