Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-10.63%
trims when stocks drop
when a holding falls −10%+
Middle response
-9.04%
baseline attrition
Rally response
-13.11%
trims into rallies
when a holding rises +10%+
Top positions · 7
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| FNVFranco-Nevada Corporatio | $46M | 38.1% | +58.0% | 1.5 yr |
| FMXFomento Económico Mexic | $31M | 25.7% | +22.7% | 0.8 yr |
| KOFCoca-Cola FEMSA, S.A.B. | $28M | 23.2% | +11.4% | 0.8 yr |
| MELIMercadoLibre, Inc. | $12M | 9.6% | -11.4% | 1.5 yr |
| WPMWheaton Precious Metals | $3M | 2.2% | +70.0% | 1.5 yr |
| HDBHDFC Bank Limited | $1M | 0.8% | -24.3% | 1.5 yr |
| INFYInfosys Limited | $0M | 0.3% | -23.8% | 1.3 yr |
Portfolio composition (YoY)
Industry mix
Gold40.3%-11.0pp$48M
Beverages - Alcoholic25.7%+11.4pp$31M
Beverages - Non-Alcoholic23.2%$28M
Specialty Retail9.6%-11.9pp$12M
Banks - Regional0.8%-9.8pp$1M
Information Technology Services0.3%-2.0pp$0M
Country
MX48.9%
CA40.3%-11.0pp
UY9.6%-11.9pp
IN1.1%-11.8pp
Top 5: 98.9% · Top 10: 100.0% · Top 25: 100.0%
Top buys this quarter · 1
| HDB HDFC Bank Limited | +$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $120M | 7 | +29.37% | +17.59% | +11.78% | -0.02B |
| 2025-12-31 | $128M | 7 | +50.43% | +17.72% | +32.71% | -0.01B |
| 2025-09-30 | $143M | 6 | +9.30% | +8.12% | +1.18% | +0.01B |
| 2025-06-30 | $124M | 6 | +9.39% | +10.78% | -1.38% | -0.01B |
| 2025-03-31 | $123M | 6 | +26.67% | -4.27% | +30.94% | -0.00B |
| 2024-12-31 | $98M | 6 | — | — | — | — |