Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-19.77%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.54%
baseline attrition
Rally response
-11.59%
trims into rallies
when a holding rises +10%+
Top positions · 23
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| WDCWestern Digital Corporat | $47M | 8.0% | +571.9% | 1.0 yr |
| ASMLASML Holding N.V. | $41M | 7.1% | +100.9% | 1.3 yr |
| KEYSKeysight Technologies, I | $37M | 6.3% | +88.5% | 1.0 yr |
| FFIVF5, Inc. | $35M | 5.9% | +8.7% | 0.5 yr |
| ONTOOnto Innovation Inc. | $34M | 5.8% | +69.0% | 0.3 yr |
| SNDKSandisk Corporation | $33M | 5.7% | +1234.5% | 0.8 yr |
| APHAmphenol Corporation | $33M | 5.7% | +93.6% | 1.5 yr |
| VRTVertiv Holdings Co | $30M | 5.1% | +247.5% | 0.8 yr |
| ADIAnalog Devices, Inc. | $30M | 5.1% | +60.2% | 1.0 yr |
| LITELumentum Holdings Inc. | $27M | 4.6% | +1027.3% | 0.5 yr |
| MKSIMKS Inc. | $26M | 4.5% | +188.8% | 0.3 yr |
| QQnity Electronics, Inc. | $25M | 4.3% | — | 0.3 yr |
| AKAMAkamai Technologies, Inc | $22M | 3.7% | +42.7% | 0.3 yr |
| NOKNokia Oyj | $21M | 3.7% | +57.0% | 0.8 yr |
| MSIMotorola Solutions, Inc. | $21M | 3.5% | +0.2% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors33.4%-25.1pp$195M
Hardware, Equipment & Parts25.5%+13.3pp$149M
Communication Equipment13.2%+1.6pp$77M
Computer Hardware9.7%+3.2pp$57M
Software - Infrastructure9.7%$57M
Electrical Equipment & Parts5.1%$30M
Software - Application3.4%-7.7pp$20M
Country
US82.6%-0.3pp
NL10.6%+4.0pp
FI3.7%-0.3pp
GB3.1%
Top 5: 33.1% · Top 10: 59.3% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| GLW | $19M | +0.04B | 201.5% |
| ASML | $16M | +0.02B | 100.9% |
| ADI | $12M | +0.01B | 60.2% |
| NOK | $9M | +0.01B | 57.0% |
| APH | $5M | +0.00B | 93.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| ONTO Onto Innovation Inc.new | +$34M |
| MKSI MKS Inc.new | +$26M |
| Q Qnity Electronics, Inc.new | +$25M |
| APH Amphenol Corporation | +$23M |
| AKAM Akamai Technologies, Inc.new | +$22M |
| MSI Motorola Solutions, Inc.new | +$21M |
| STM STMicroelectronics N.V.new | +$20M |
| ARM Arm Holdings plc American Deponew | +$18M |
| FFIV F5, Inc. | +$14M |
| KEYS Keysight Technologies, Inc. | +$11M |
Top sells this quarter · 15
| SNDK Sandisk Corporation | −$28M |
| ANET Arista Networks, Inc.exit | −$89M |
| AMAT Applied Materials, Inc.exit | −$54M |
| STX Seagate Technology Holdings plexit | −$41M |
| NVDA NVIDIA Corporationexit | −$38M |
| TER Teradyne, Inc.exit | −$28M |
| MU Micron Technology, Inc.exit | −$27M |
| ON ON Semiconductor Corporationexit | −$21M |
| CIEN Ciena Corporationexit | −$18M |
| MRVL Marvell Technology, Inc.exit | −$17M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $585M | 23 | +146.33% | +17.59% | +128.74% | -0.19B |
| 2025-12-31 | $565M | 24 | +61.39% | +17.72% | +43.67% | -0.03B |
| 2025-09-30 | $520M | 20 | +29.66% | +8.12% | +21.54% | -0.02B |
| 2025-06-30 | $417M | 17 | +21.86% | +10.78% | +11.08% | +0.13B |
| 2025-03-31 | $236M | 16 | -10.08% | -4.27% | -5.81% | -0.14B |
| 2024-12-31 | $423M | 21 | — | — | — | — |