Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.22%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.25%
baseline attrition
Rally response
-1.16%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GOOGLAlphabet Inc. | $31M | 9.0% | — | 6.8 yr |
| STLDSteel Dynamics, Inc. | $30M | 8.8% | +45.4% | 6.8 yr |
| LRCXLam Research Corporation | $23M | 6.7% | +196.1% | 1.5 yr |
| IAGIAMGOLD Corporation | $22M | 6.5% | +201.1% | 1.3 yr |
| IBKRInteractive Brokers Grou | $22M | 6.3% | +62.8% | 2.5 yr |
| WSMWilliams-Sonoma, Inc. | $20M | 5.9% | +17.1% | 6.8 yr |
| MLIMueller Industries, Inc. | $19M | 5.4% | +47.2% | 3.0 yr |
| NMIHNMI Holdings, Inc. | $15M | 4.3% | +4.0% | 4.5 yr |
| YOUClear Secure, Inc. | $14M | 4.0% | +90.4% | 2.3 yr |
| LPLALPL Financial Holdings I | $14M | 4.0% | -7.7% | 2.8 yr |
| PGRThe Progressive Corporat | $13M | 3.7% | -25.5% | 0.8 yr |
| ESNTEssent Group Ltd. | $13M | 3.6% | +3.4% | 6.8 yr |
| HCAHCA Healthcare, Inc. | $13M | 3.6% | +37.9% | 0.8 yr |
| DDSDillard's, Inc. | $12M | 3.6% | +67.0% | 3.0 yr |
| URIUnited Rentals, Inc. | $11M | 3.2% | +17.3% | 3.8 yr |
Portfolio composition (YoY)
Industry mix
Gold11.2%+1.1pp$39M
Internet Content & Information9.3%+4.0pp$32M
Steel8.8%+2.3pp$30M
Insurance - Specialty7.9%-0.4pp$27M
Semiconductors6.7%+4.3pp$23M
Investment - Banking & Investment Services6.3%+2.2pp$22M
Specialty Retail6.1%-7.7pp$21M
Software - Application5.6%+3.3pp$19M
Manufacturing - Metal Fabrication5.4%+1.5pp$19M
Financial - Capital Markets4.0%-4.1pp$14M
Country
US86.1%+1.0pp
CA10.3%+0.6pp
BM3.6%-0.3pp
Top 5: 37.2% · Top 10: 60.9% · Top 25: 92.1%
Top buys this quarter · 10
| QLYS Qualys, Inc.new | +$8M |
| NUTX Nutex Health, Inc.new | +$6M |
| ALRM Alarm.com Holdings, Inc.new | +$5M |
| MUX McEwen Mining Inc. | +$1M |
| BTG B2Gold Corp. | +$1M |
| EVER EverQuote, Inc.new | +$0M |
| SSRM SSR Mining Inc. | +$0M |
| NEM Newmont Corporation | +$0M |
| WPM Wheaton Precious Metals Corp. | +$0M |
| SPE Special Opportunities Fund, In | +$0M |
Top sells this quarter · 14
| AZO AutoZone, Inc.exit | −$24M |
| DFIN Donnelley Financial Solutions,exit | −$9M |
| MTDR Matador Resources Companyexit | −$7M |
| PYPL PayPal Holdings, Inc.exit | −$6M |
| AEM Agnico Eagle Mines Limited | −$3M |
| FNV Franco-Nevada Corporationexit | −$2M |
| EGO Eldorado Gold Corporationexit | −$1M |
| UNH UnitedHealth Group Incorporate | −$1M |
| LPLA LPL Financial Holdings Inc. | −$1M |
| ESNT Essent Group Ltd. | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $347M | 54 | +26.41% | +17.59% | +8.82% | -0.03B |
| 2025-12-31 | $375M | 56 | +27.95% | +17.72% | +10.23% | -0.05B |
| 2025-09-30 | $412M | 55 | +21.76% | +17.52% | +4.24% | +0.00B |
| 2025-06-30 | $360M | 55 | +16.18% | +14.94% | +1.24% | +0.01B |
| 2025-03-31 | $329M | 57 | +0.97% | +8.30% | -7.33% | +0.01B |
| 2024-12-31 | $309M | 55 | +10.38% | +24.89% | -14.50% | +0.02B |
| 2024-09-30 | $297M | 55 | +26.83% | +36.04% | -9.21% | -0.02B |
| 2024-06-30 | $293M | 58 | +14.08% | +24.49% | -10.41% | -0.04B |
| 2024-03-31 | $351M | 64 | +27.88% | +29.62% | -1.74% | +0.01B |
| 2023-12-31 | $310M | 67 | +17.92% | +26.18% | -8.26% | +0.01B |
| 2023-09-30 | $271M | 68 | +17.47% | +21.57% | -4.10% | +0.00B |
| 2023-06-30 | $277M | 72 | +10.72% | +19.42% | -8.70% | -0.00B |
| 2023-03-31 | $265M | 71 | -6.65% | -7.82% | +1.16% | -0.01B |
| 2022-12-31 | $272M | 74 | +11.73% | +7.56% | +4.17% | -0.01B |
| 2022-09-30 | $251M | 74 | -8.18% | -4.93% | -3.25% | -0.00B |
| 2022-06-30 | $276M | 75 | -11.66% | -16.11% | +4.45% | -0.01B |