Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-11.99%
trims when stocks drop
when a holding falls −10%+
Middle response
-29.92%
baseline attrition
Rally response
-17.21%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| INVAInnoviva, Inc. | $3M | 8.0% | +28.5% | 0.5 yr |
| FEMYFemasys Inc. | $3M | 7.1% | — | 1.3 yr |
| — | $3M | 7.1% | — | 1.3 yr |
| AEONAEON Biopharma, Inc. | $2M | 7.0% | — | 1.3 yr |
| LINCLincoln Educational Serv | $2M | 6.8% | +156.3% | 1.5 yr |
| JOEThe St. Joe Company | $2M | 5.7% | +35.3% | 1.5 yr |
| PROFProfound Medical Corp. | $2M | 4.4% | +11.3% | 0.5 yr |
| TOIThe Oncology Institute, | $1M | 4.0% | +169.3% | 0.3 yr |
| QNRXQuoin Pharmaceuticals, L | $1M | 3.6% | +5.4% | 0.3 yr |
| PPCPilgrim's Pride Corporat | $1M | 3.3% | -18.2% | 0.3 yr |
| CALMCal-Maine Foods, Inc. | $1M | 3.2% | -5.4% | 0.3 yr |
| MPCMarathon Petroleum Corpo | $1M | 2.9% | +71.2% | 0.5 yr |
| UNCYUnicycive Therapeutics, | $1M | 2.7% | — | 0.5 yr |
| ARMPArmata Pharmaceuticals, | $1M | 2.6% | +601.4% | 0.5 yr |
| — | $1M | 2.5% | — | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology34.4%+12.9pp$12M
Unknown12.1%-4.1pp$4M
Education & Training Services9.7%+4.1pp$3M
Medical - Instruments & Supplies8.2%+0.9pp$3M
Medical - Devices5.9%+2.7pp$2M
Real Estate - Diversified5.7%+3.3pp$2M
Agricultural Farm Products5.0%+1.4pp$2M
Medical - Care Facilities4.0%$1M
Packaged Foods3.3%$1M
Oil & Gas Refining & Marketing2.9%$1M
Country
US74.4%+17.7pp
Unknown12.1%-4.1pp
CA4.5%-5.0pp
AU1.7%
CR1.5%
PA1.4%
IE1.3%
BR1.1%-2.7pp
Top 5: 36.1% · Top 10: 57.1% · Top 25: 85.8%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| COUR | $0M | -0.00B | -12.6% |
Top buys this quarter · 15
| INVA Innoviva, Inc. | +$3M |
| QNRX Quoin Pharmaceuticals, Ltd.new | +$2M |
| TOI The Oncology Institute, Inc.new | +$1M |
| PPC Pilgrim's Pride Corporationnew | +$1M |
| CALM Cal-Maine Foods, Inc.new | +$1M |
| PROF Profound Medical Corp. | +$1M |
| ARMP Armata Pharmaceuticals, Inc. | +$1M |
| TRAW Traws Pharma, Inc.new | +$1M |
| KZIA Kazia Therapeutics Limited | +$1M |
| CPA Copa Holdings, S.A.new | +$0M |
Top sells this quarter · 15
| AGRO Adecoagro S.A. | −$3M |
| PBF PBF Energy Inc.exit | −$1M |
| VLO Valero Energy Corporationexit | −$1M |
| ALB Albemarle Corporationexit | −$1M |
| JOE The St. Joe Company | −$1M |
| XP XP Inc. | −$1M |
| MPC Marathon Petroleum Corporation | −$1M |
| DOLE Dole plc | −$0M |
| TVA Texas Ventures Acquisition III | −$0M |
| MUFG Mitsubishi UFJ Financial Groupexit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $36M | 61 | +31.02% | +17.59% | +13.43% | +0.01B |
| 2025-12-31 | $27M | 53 | +29.76% | +17.72% | +12.04% | -0.01B |
| 2025-09-30 | $38M | 42 | +11.80% | +8.12% | +3.68% | +0.02B |
| 2025-06-30 | $20M | 60 | +5.20% | +10.78% | -5.58% | -0.01B |
| 2025-03-31 | $27M | 46 | +8.62% | -4.27% | +12.89% | +0.00B |
| 2024-12-31 | $24M | 50 | — | — | — | — |