Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+2.84%
adds when stocks drop
when a holding falls −10%+
Middle response
+7.21%
steady accumulation
Rally response
-21.39%
trims into rallies
when a holding rises +10%+
Top positions · 4
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| DRVNDriven Brands Holdings I | $50M | 76.3% | -26.4% | 1.5 yr |
| BURBurford Capital Limited | $7M | 9.9% | -65.4% | 1.5 yr |
| FOURShift4 Payments, Inc. | $5M | 7.1% | -46.5% | 0.3 yr |
| SEATVivid Seats Inc. | $4M | 6.7% | — | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Auto - Dealerships76.3%+39.0pp$50M
Asset Management9.9%-27.0pp$7M
Software - Infrastructure7.1%$5M
Internet Content & Information6.7%$4M
Country
US90.1%+52.8pp
GG9.9%-7.4pp
Top 5: 100.0% · Top 10: 100.0% · Top 25: 100.0%
Top buys this quarter · 4
| FOUR Shift4 Payments, Inc.new | +$5M |
| DRVN Driven Brands Holdings Inc. | +$50M |
| SEAT Vivid Seats Inc. | +$1M |
| BUR Burford Capital Limited | +$7M |
Top sells this quarter · 1
| ARCO Arcos Dorados Holdings Inc.exit | −$9M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $66M | 4 | -28.34% | +17.59% | -45.93% | +0.00B |
| 2025-12-31 | $81M | 4 | -8.49% | +17.72% | -26.21% | -0.01B |
| 2025-09-30 | $103M | 5 | -7.46% | +8.12% | -15.59% | -0.00B |
| 2025-06-30 | $112M | 5 | +5.95% | +10.78% | -4.83% | -0.01B |
| 2025-03-31 | $112M | 5 | +3.70% | -4.27% | +7.97% | -0.02B |
| 2024-12-31 | $124M | 6 | — | — | — | — |