Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-32.66%
trims when stocks drop
when a holding falls −10%+
Middle response
-22.10%
baseline attrition
Rally response
-31.33%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SATSEchoStar Corporation | $220M | 12.5% | +357.7% | 0.8 yr |
| TSLATesla, Inc. | $208M | 11.8% | +43.4% | 1.5 yr |
| BTIBritish American Tobacco | $165M | 9.3% | +47.5% | 0.3 yr |
| PMPhilip Morris Internatio | $136M | 7.7% | +7.9% | 1.5 yr |
| KHCThe Kraft Heinz Company | $95M | 5.4% | -21.4% | 0.3 yr |
| GOOGLAlphabet Inc. | $86M | 4.9% | — | 1.5 yr |
| MDLZMondelez International, | $85M | 4.8% | -13.0% | 0.5 yr |
| TAPMolson Coors Beverage Co | $85M | 4.8% | -26.4% | 0.5 yr |
| MOAltria Group, Inc. | $84M | 4.8% | +15.8% | 1.3 yr |
| KDPKeurig Dr Pepper Inc. | $73M | 4.2% | -21.2% | 0.3 yr |
| PEPPepsiCo, Inc. | $73M | 4.2% | +7.7% | 0.5 yr |
| PSKYParamount Skydance Corpo | $71M | 4.0% | — | 0.8 yr |
| WBDWarner Bros. Discovery, | $41M | 2.3% | +155.9% | 1.3 yr |
| STZConstellation Brands, In | $28M | 1.6% | -16.1% | 0.3 yr |
| BIDUBaidu, Inc. | $26M | 1.5% | +21.1% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Tobacco21.8%+21.2pp$385M
Communication Equipment12.5%$220M
Auto - Manufacturers11.8%+0.9pp$208M
Beverages - Non-Alcoholic8.3%+6.7pp$147M
Entertainment6.4%-21.3pp$113M
Internet Content & Information6.3%+0.2pp$112M
Packaged Foods5.4%$95M
Food Confectioners4.8%$85M
Beverages - Alcoholic4.8%+4.1pp$85M
Biotechnology2.6%+0.7pp$46M
Country
US82.8%-2.7pp
GB9.3%
CN3.8%-2.6pp
CA1.2%
Unknown1.1%-3.0pp
CH0.9%+0.2pp
DK0.5%
TW0.4%
Top 5: 46.7% · Top 10: 70.2% · Top 25: 93.8%
Top buys this quarter · 15
| BTI British American Tobacco p.l.cnew | +$165M |
| PM Philip Morris International In | +$128M |
| KHC The Kraft Heinz Companynew | +$95M |
| MO Altria Group, Inc. | +$81M |
| KDP Keurig Dr Pepper Inc.new | +$73M |
| MDLZ Mondelez International, Inc. | +$67M |
| PEP PepsiCo, Inc. | +$64M |
| TAP Molson Coors Beverage Company | +$54M |
| STZ Constellation Brands, Inc.new | +$28M |
| NTLA Intellia Therapeutics, Inc. | +$15M |
Top sells this quarter · 15
| WBD Warner Bros. Discovery, Inc. | −$283M |
| MU Micron Technology, Inc.exit | −$139M |
| ORCL Oracle Corporation | −$126M |
| DELL Dell Technologies Inc.exit | −$114M |
| FOX Fox Corporationexit | −$78M |
| NVDA NVIDIA Corporationexit | −$76M |
| PSKY Paramount Skydance Corporation | −$65M |
| LULU Lululemon Athletica Inc.exit | −$64M |
| TSM Taiwan Semiconductor Manufactu | −$60M |
| CRCL Circle Internet Group | −$37M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.77B | 39 | +45.61% | +17.59% | +28.02% | -0.25B |
| 2025-12-31 | $2.06B | 44 | +41.14% | +17.72% | +23.42% | -0.15B |
| 2025-09-30 | $2.21B | 52 | +27.34% | +8.12% | +19.22% | -0.05B |
| 2025-06-30 | $1.77B | 57 | +16.71% | +10.78% | +5.94% | +0.06B |
| 2025-03-31 | $1.46B | 49 | -5.28% | -4.27% | -1.01% | -0.08B |
| 2024-12-31 | $1.63B | 42 | — | — | — | — |