Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.36%
trims when stocks drop
when a holding falls −10%+
Middle response
-15.86%
baseline attrition
Rally response
-16.29%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| LITELumentum Holdings Inc. | $15M | 5.6% | +1027.3% | 0.5 yr |
| AXTIAXT, Inc. | $13M | 5.2% | +3941.1% | 0.5 yr |
| INTCIntel Corporation | $12M | 4.7% | +94.3% | 1.3 yr |
| TSEMTower Semiconductor Ltd. | $12M | 4.6% | +392.1% | 0.3 yr |
| SNDKSandisk Corporation | $9M | 3.5% | +1234.5% | 0.5 yr |
| GLWCorning Incorporated | $8M | 3.1% | +201.5% | 0.5 yr |
| NVDANVIDIA Corporation | $7M | 2.7% | +60.9% | 0.8 yr |
| MUMicron Technology, Inc. | $6M | 2.2% | +289.6% | 0.5 yr |
| CIENCiena Corporation | $5M | 1.8% | +542.4% | 0.3 yr |
| VKTXViking Therapeutics, Inc | $4M | 1.7% | +34.7% | 1.3 yr |
| TSMTaiwan Semiconductor Man | $4M | 1.6% | +105.6% | 0.5 yr |
| UTHRUnited Therapeutics Corp | $4M | 1.6% | +92.4% | 0.5 yr |
| ALABAstera Labs, Inc. Common | $4M | 1.4% | +83.7% | 0.3 yr |
| COGTCogent Biosciences, Inc. | $4M | 1.4% | +542.6% | 1.5 yr |
| MTSIMACOM Technology Solutio | $3M | 1.4% | +121.2% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors27.7%+27.5pp$71M
Biotechnology23.2%+3.7pp$60M
Hardware, Equipment & Parts9.1%$23M
Communication Equipment7.4%$19M
Banks - Regional6.0%-10.8pp$15M
Unknown3.4%+0.8pp$9M
Drug Manufacturers - General2.9%-0.4pp$7M
Internet Content & Information2.5%+2.1pp$7M
Gold1.4%-0.0pp$4M
Medical - Devices1.3%+1.3pp$3M
Country
US76.2%-9.6pp
IL4.8%
IE4.0%+0.3pp
CA3.7%-0.7pp
Unknown3.4%+0.8pp
TW1.6%
FR1.5%
GB1.0%-0.3pp
Top 5: 23.7% · Top 10: 35.1% · Top 25: 53.8%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| COGT | $1M | +0.00B | 542.6% |
| NXE | $1M | +0.00B | 158.4% |
| JAZZ | $2M | +0.00B | 52.3% |
| INTC | $0M | +0.00B | 94.3% |
| VKTX | $1M | +0.00B | 34.7% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| BMRN | $1M | -0.00B | -20.1% |
Top buys this quarter · 15
| TSEM Tower Semiconductor Ltd.new | +$12M |
| LITE Lumentum Holdings Inc. | +$11M |
| GLW Corning Incorporated | +$7M |
| INTC Intel Corporation | +$6M |
| CIEN Ciena Corporationnew | +$5M |
| NVDA NVIDIA Corporation | +$4M |
| MU Micron Technology, Inc. | +$4M |
| TSM Taiwan Semiconductor Manufactu | +$4M |
| ALAB Astera Labs, Inc. Common Stocknew | +$4M |
| MTSI MACOM Technology Solutions Holnew | +$3M |
Top sells this quarter · 15
| CNC Centene Corporationexit | −$7M |
| MOH Molina Healthcare, Inc.exit | −$7M |
| AXTI AXT, Inc. | −$5M |
| BTSG BrightSpring Health Services, exit | −$4M |
| EHAB Enhabit, Inc.exit | −$3M |
| HUM Humana Inc. | −$3M |
| SNDK Sandisk Corporation | −$4M |
| GLNG Golar LNG Limitedexit | −$2M |
| REGN Regeneron Pharmaceuticals, Inc | −$2M |
| CNTA Centessa Pharmaceuticals plcexit | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $257M | 238 | +34.29% | +17.59% | +16.70% | +0.03B |
| 2025-12-31 | $207M | 274 | +20.81% | +17.72% | +3.09% | +0.05B |
| 2025-09-30 | $138M | 149 | +6.59% | +8.12% | -1.53% | +0.02B |
| 2025-06-30 | $114M | 115 | +1.07% | +10.78% | -9.70% | -0.00B |
| 2025-03-31 | $113M | 110 | -0.09% | -4.27% | +4.17% | -0.00B |
| 2024-12-31 | $116M | 95 | — | — | — | — |