Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.50%
trims when stocks drop
when a holding falls −10%+
Middle response
+26.57%
steady accumulation
Rally response
+17.11%
adds into rallies
when a holding rises +10%+
Top positions · 14
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NUNu Holdings Ltd. | $58M | 25.9% | — | 0.5 yr |
| MELIMercadoLibre, Inc. | $52M | 23.6% | — | 0.5 yr |
| XPXP Inc. | $51M | 22.9% | — | 0.5 yr |
| STNEStoneCo Ltd. | $29M | 13.0% | — | 0.5 yr |
| PBR-APetróleo Brasileiro S.A | $16M | 7.2% | — | 0.5 yr |
| PBRPetróleo Brasileiro S.A | $6M | 2.5% | — | 0.5 yr |
| SUZSuzano S.A. | $4M | 1.6% | — | 0.5 yr |
| — | $2M | 1.1% | — | 0.5 yr |
| GGBGerdau S.A. | $2M | 0.9% | — | 0.5 yr |
| LTMLATAM Airlines Group S.A | $1M | 0.5% | — | 0.3 yr |
| AXIAAXIA Energia S.A. | $1M | 0.4% | — | 0.5 yr |
| ERJEmbraer S.A. | $1M | 0.3% | — | 0.3 yr |
| BBDBanco Bradesco S.A. | $0M | 0.1% | — | 0.5 yr |
| ITUBItaú Unibanco Holding S | $0M | 0.1% | — | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Banks - Diversified25.9%$58M
Specialty Retail23.6%$52M
Financial - Capital Markets22.9%$51M
Software - Infrastructure13.0%$29M
Oil & Gas Integrated9.6%$21M
Paper, Lumber & Forest Products1.6%$4M
Unknown1.1%$2M
Steel0.9%$2M
Airlines, Airports & Air Services0.5%$1M
Renewable Utilities0.4%$1M
Country
BR61.9%
UY23.6%
KY13.0%
Unknown1.1%
CL0.5%
Top 5: 92.6% · Top 10: 99.1% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 6
| ERJ Embraer S.A.new | +$0M |
| NU Nu Holdings Ltd. | +$50M |
| XP XP Inc. | +$40M |
| STNE StoneCo Ltd. | +$12M |
| LTM LATAM Airlines Group S.A.new | +$1M |
| AXIA AXIA Energia S.A. | +$0M |
Top sells this quarter · 10
| — | −$2M |
| PBR-A Petróleo Brasileiro S.A. - Pe | −$11M |
| — exit | −$0M |
| EWW iShares MSCI Mexico ETFexit | −$0M |
| EEM iShares MSCI Emerging Markets exit | −$0M |
| IWM iShares Russell 2000 ETFexit | −$0M |
| MELI MercadoLibre, Inc. | −$8M |
| PBR Petróleo Brasileiro S.A. - Pe | −$8M |
| BBD Banco Bradesco S.A. | −$1M |
| EVEX Eve Holding, Inc.exit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $222M | 14 | -3.58% | -4.37% | +0.79% | +0.07B |
| 2025-12-31 | $158M | 17 | — | — | — | — |