Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.59%
adds when stocks drop
when a holding falls −10%+
Middle response
+2.25%
steady accumulation
Rally response
-2.83%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TSMTaiwan Semiconductor Man | $33M | 6.0% | +105.6% | 1.5 yr |
| NVDANVIDIA Corporation | $12M | 2.1% | +60.9% | 1.0 yr |
| SANBanco Santander, S.A. | $9M | 1.6% | +73.5% | 1.3 yr |
| AAPLApple Inc. | $8M | 1.5% | +14.7% | 1.0 yr |
| SHELShell plc | $8M | 1.4% | +32.0% | 1.3 yr |
| BBVABanco Bilbao Vizcaya Arg | $7M | 1.3% | +64.4% | 1.3 yr |
| GOOGLAlphabet Inc. | $7M | 1.3% | — | 1.0 yr |
| INGING Groep N.V. | $7M | 1.3% | +40.5% | 1.0 yr |
| GSKGSK plc | $7M | 1.2% | +48.1% | 1.0 yr |
| MFGMizuho Financial Group, | $7M | 1.2% | +46.2% | 1.0 yr |
| BABAAlibaba Group Holding Li | $6M | 1.1% | -3.5% | 1.5 yr |
| MSFTMicrosoft Corporation | $6M | 1.0% | -0.6% | 1.0 yr |
| AVGOBroadcom Inc. | $5M | 0.9% | +86.0% | 1.0 yr |
| LYGLloyds Banking Group plc | $5M | 0.8% | +34.5% | 0.5 yr |
| TMToyota Motor Corporation | $4M | 0.7% | +18.6% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional13.4%+10.4pp$74M
Semiconductors12.5%+8.3pp$69M
Banks - Diversified7.7%+3.5pp$43M
Engineering & Construction4.2%+0.9pp$23M
Gold3.8%$21M
Hardware, Equipment & Parts3.6%+0.0pp$20M
Communication Equipment2.5%-0.4pp$14M
Software - Infrastructure2.3%-1.6pp$13M
Financial - Credit Services2.2%-2.5pp$12M
Drug Manufacturers - General2.1%+1.7pp$12M
Country
US70.4%-0.8pp
TW6.0%+2.0pp
GB4.2%+0.2pp
JP3.1%+1.5pp
ES3.0%-0.2pp
CA2.5%
CN1.6%-0.8pp
IE1.4%-1.6pp
Top 5: 12.7% · Top 10: 19.1% · Top 25: 30.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| TSM | $8M | +0.01B | 105.6% |
| SAN | $3M | +0.00B | 73.5% |
| BBVA | $3M | +0.00B | 64.4% |
| SHEL | $5M | +0.00B | 32.0% |
| ERIC | $2M | +0.00B | 46.5% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| BABA | $4M | -0.00B | -3.5% |
Top buys this quarter · 15
| ING ING Groep N.V. | +$7M |
| SAN Banco Santander, S.A. | +$4M |
| LYG Lloyds Banking Group plc | +$4M |
| BBVA Banco Bilbao Vizcaya Argentari | +$4M |
| CGAU Centerra Gold Inc.new | +$3M |
| ORLA Orla Mining Ltd.new | +$3M |
| MFG Mizuho Financial Group, Inc. | +$3M |
| NMR Nomura Holdings, Inc. | +$3M |
| TEL TE Connectivity Ltd.new | +$3M |
| TSM Taiwan Semiconductor Manufactu | +$3M |
Top sells this quarter · 15
| THR Thermon Group Holdings, Inc.exit | −$3M |
| JXN Jackson Financial Inc.exit | −$3M |
| BWA BorgWarner Inc.exit | −$2M |
| MSFT Microsoft Corporation | −$2M |
| DOCN DigitalOcean Holdings, Inc.exit | −$2M |
| YOU Clear Secure, Inc.exit | −$2M |
| NFLX Netflix, Inc. | −$2M |
| ESE ESCO Technologies Inc.exit | −$2M |
| MA Mastercard Incorporated | −$2M |
| DY Dycom Industries, Inc.exit | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $551M | 384 | +25.58% | +17.59% | +7.99% | +0.08B |
| 2025-12-31 | $465M | 386 | +19.19% | +17.72% | +1.47% | +0.10B |
| 2025-09-30 | $352M | 347 | +9.79% | +8.12% | +1.67% | -0.02B |
| 2025-06-30 | $340M | 361 | +10.71% | +10.78% | -0.07% | +0.12B |
| 2025-03-31 | $203M | 279 | -4.37% | -4.27% | -0.11% | +0.01B |
| 2024-12-31 | $202M | 287 | — | — | — | — |