Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+7.92%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.50%
baseline attrition
Rally response
-4.04%
trims into rallies
when a holding rises +10%+
Top positions · 29
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IBNICICI Bank Limited | $219M | 19.6% | -17.3% | 1.8 yr |
| YPFYPF Sociedad Anónima | $163M | 14.6% | +31.9% | 2.0 yr |
| TSMTaiwan Semiconductor Man | $138M | 12.4% | +105.6% | 2.0 yr |
| JDJD.com, Inc. | $130M | 11.7% | -28.5% | 2.0 yr |
| YMMFull Truck Alliance Co. | $92M | 8.3% | -35.0% | 1.8 yr |
| BIDUBaidu, Inc. | $82M | 7.4% | +21.1% | 2.0 yr |
| ATHMAutohome Inc. | $64M | 5.8% | -32.6% | 2.0 yr |
| PAASPan American Silver Corp | $63M | 5.6% | +114.7% | 1.0 yr |
| LAURLaureate Education, Inc. | $53M | 4.8% | +70.4% | 1.5 yr |
| KSPIJoint Stock Company Kasp | $42M | 3.8% | -20.2% | 0.8 yr |
| TGSTransportadora de Gas de | $22M | 2.0% | +35.4% | 0.8 yr |
| INDAiShares MSCI India ETF | $10M | 0.9% | — | 0.3 yr |
| PBRPetróleo Brasileiro S.A | $5M | 0.4% | +54.2% | 2.0 yr |
| BABAAlibaba Group Holding Li | $5M | 0.4% | -3.5% | 2.0 yr |
| UMCUnited Microelectronics | $4M | 0.3% | +31.5% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional19.7%+19.4pp$219M
Oil & Gas Integrated17.1%+11.3pp$190M
Internet Content & Information13.2%+1.4pp$147M
Semiconductors12.7%+4.5pp$141M
Specialty Retail12.1%-37.1pp$135M
Software - Application8.3%-0.5pp$92M
Silver5.6%$63M
Education & Training Services4.8%+1.9pp$53M
Software - Infrastructure3.8%$42M
Asset Management0.9%$10M
Country
CN33.6%-36.2pp
IN19.6%+19.5pp
AR16.8%+11.3pp
TW12.7%+4.5pp
US5.8%+2.9pp
CA5.7%
KZ3.8%
BR0.6%-2.1pp
Top 5: 66.7% · Top 10: 94.0% · Top 25: 99.8%
Top buys this quarter · 15
| YPF YPF Sociedad Anónima | +$86M |
| KSPI Joint Stock Company Kaspi.kz | +$41M |
| BIDU Baidu, Inc. | +$35M |
| IBN ICICI Bank Limited | +$219M |
| ATHM Autohome Inc. | +$25M |
| TGS Transportadora de Gas del Sur | +$21M |
| JD JD.com, Inc. | +$5M |
| VIST Vista Energy, S.A.B. de C.V.new | +$3M |
| YMM Full Truck Alliance Co. Ltd. | +$92M |
| UMC United Microelectronics Corpor | +$2M |
Top sells this quarter · 12
| KT KT Corporation | −$95M |
| PAAS Pan American Silver Corp. | −$54M |
| VIPS Vipshop Holdings Limitedexit | −$34M |
| VLRS Controladora Vuela CompañÃa exit | −$29M |
| TSM Taiwan Semiconductor Manufactu | −$16M |
| TIGO Millicom International Cellulaexit | −$2M |
| AUGO Aura Minerals | −$2M |
| BAP Credicorp Ltd. | −$1M |
| PBR Petróleo Brasileiro S.A. - Pe | −$3M |
| BABA Alibaba Group Holding Limited | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.11B | 29 | +19.94% | +17.59% | +2.35% | +0.03B |
| 2025-12-31 | $1.11B | 27 | +41.20% | +17.72% | +23.48% | +0.06B |
| 2025-09-30 | $1.04B | 23 | +32.42% | +17.52% | +14.90% | -0.16B |
| 2025-06-30 | $951M | 21 | +25.87% | +14.94% | +10.93% | +0.09B |
| 2025-03-31 | $895M | 20 | +14.95% | -4.27% | +19.22% | -0.05B |
| 2024-12-31 | $823M | 18 | -4.91% | +2.49% | -7.39% | +0.20B |
| 2024-09-30 | $659M | 17 | +19.56% | +5.75% | +13.80% | +0.20B |
| 2024-06-30 | $386M | 17 | — | — | — | — |