Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-13.56%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.18%
baseline attrition
Rally response
-6.29%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $260M | 2.7% | — | 3.5 yr |
| DARDarling Ingredients Inc. | $152M | 1.6% | +98.0% | 8.0 yr |
| UTHRUnited Therapeutics Corp | $150M | 1.6% | +92.4% | 7.5 yr |
| CRCLCircle Internet Group | $148M | 1.5% | — | 0.5 yr |
| GVAGranite Construction Inc | $142M | 1.5% | +59.6% | 10.0 yr |
| LRNStride, Inc. | $137M | 1.4% | -30.3% | 1.8 yr |
| AMTMAmentum Holdings, Inc. | $129M | 1.3% | +43.3% | 1.3 yr |
| XPOXPO Logistics, Inc. | $127M | 1.3% | +80.8% | 5.0 yr |
| ALKAlaska Air Group, Inc. | $124M | 1.3% | -25.3% | 7.0 yr |
| KNXKnight-Swift Transportat | $120M | 1.2% | +34.4% | 8.5 yr |
| AKAMAkamai Technologies, Inc | $119M | 1.2% | +42.7% | 3.5 yr |
| EXPEagle Materials Inc. | $116M | 1.2% | -14.2% | 10.3 yr |
| UCTTUltra Clean Holdings, In | $111M | 1.2% | +190.4% | 5.8 yr |
| BPOPPopular, Inc. | $107M | 1.1% | +48.9% | 10.3 yr |
| ASHAshland Inc. | $106M | 1.1% | -3.4% | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors8.5%+2.7pp$820M
Biotechnology7.0%+4.9pp$680M
Banks - Regional6.7%+1.0pp$645M
Unknown5.4%+2.3pp$517M
Aerospace & Defense3.8%+1.9pp$367M
Engineering & Construction3.1%+0.3pp$297M
Hardware, Equipment & Parts2.8%-0.2pp$274M
Financial - Capital Markets2.8%+2.3pp$268M
Software - Infrastructure2.8%-2.9pp$266M
Oil & Gas Equipment & Services2.6%+1.1pp$248M
Country
US90.5%-2.4pp
Unknown5.4%+2.3pp
IE1.5%-0.1pp
CA0.9%+0.4pp
CH0.6%-0.2pp
HK0.3%-0.0pp
GB0.3%
SG0.2%+0.0pp
Top 5: 8.8% · Top 10: 15.4% · Top 25: 30.3%
Top buys this quarter · 15
| LRN Stride, Inc. | +$122M |
| KEX Kirby Corporation | +$68M |
| LBRT Liberty Energy Inc. | +$67M |
| AKAM Akamai Technologies, Inc. | +$67M |
| JAZZ Jazz Pharmaceuticals plc | +$63M |
| AR Antero Resources Corporationnew | +$57M |
| GPOR Gulfport Energy Corporationnew | +$47M |
| PVLA Palvella Therapeutics, Inc.new | +$47M |
| UTHR United Therapeutics Corporatio | +$42M |
| LMND Lemonade, Inc.new | +$42M |
Top sells this quarter · 15
| TER Teradyne, Inc. | −$115M |
| UCTT Ultra Clean Holdings, Inc. | −$89M |
| BWA BorgWarner Inc. | −$92M |
| MKSI MKS Inc. | −$90M |
| ATI ATI Inc. | −$78M |
| COHR Coherent, Inc. | −$66M |
| WBS Webster Financial Corporationexit | −$56M |
| NTRA Natera, Inc. | −$45M |
| SNCY Sun Country Airlines Holdings, | −$45M |
| DOCN DigitalOcean Holdings, Inc. | −$42M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $9.65B | 290 | +28.28% | +17.59% | +10.69% | -0.10B |
| 2025-12-31 | $9.37B | 294 | +10.49% | +17.72% | -7.23% | -2.04B |
| 2025-09-30 | $11.11B | 296 | +8.43% | +17.52% | -9.09% | -0.35B |
| 2025-06-30 | $10.79B | 293 | +10.26% | +14.94% | -4.68% | +0.50B |
| 2025-03-31 | $9.10B | 282 | -5.87% | +8.30% | -14.17% | -0.30B |
| 2024-12-31 | $10.49B | 284 | +13.60% | +24.89% | -11.28% | -0.18B |
| 2024-09-30 | $10.58B | 280 | +25.16% | +36.04% | -10.87% | -0.27B |
| 2024-06-30 | $10.05B | 278 | +10.21% | +24.49% | -14.28% | -0.25B |
| 2024-03-31 | $10.68B | 268 | +23.25% | +29.62% | -6.37% | -0.03B |
| 2023-12-31 | $9.90B | 263 | +22.03% | +26.18% | -4.14% | -0.21B |
| 2023-09-30 | $9.10B | 267 | +21.21% | +21.57% | -0.36% | -0.83B |
| 2023-06-30 | $10.44B | 261 | +24.60% | +19.42% | +5.17% | +0.01B |
| 2023-03-31 | $9.67B | 257 | -5.74% | -7.82% | +2.07% | -0.16B |
| 2022-12-31 | $9.18B | 262 | +10.35% | +7.56% | +2.79% | -0.23B |
| 2022-09-30 | $8.53B | 268 | -2.26% | -4.93% | +2.67% | +0.04B |
| 2022-06-30 | $8.69B | 274 | -18.40% | -16.11% | -2.28% | -0.32B |