Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.20%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.31%
baseline attrition
Rally response
-7.88%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AMZNAmazon.com, Inc. | $107M | 4.0% | +9.5% | 9.8 yr |
| GOOGLAlphabet Inc. | $103M | 3.8% | — | 9.8 yr |
| NETCloudflare, Inc. | $83M | 3.1% | +83.1% | 4.3 yr |
| ARESAres Management Corporat | $64M | 2.4% | -23.1% | 6.5 yr |
| NOWServiceNow, Inc. | $55M | 2.1% | -34.3% | 9.0 yr |
| CRWDCrowdStrike Holdings, In | $55M | 2.0% | +10.7% | 4.3 yr |
| UBERUber Technologies, Inc. | $50M | 1.8% | -1.3% | 3.8 yr |
| VVisa Inc. | $48M | 1.8% | -13.1% | 9.8 yr |
| ISRGIntuitive Surgical, Inc. | $46M | 1.7% | -6.9% | 9.8 yr |
| MAMastercard Incorporated | $46M | 1.7% | -8.5% | 9.8 yr |
| PCORProcore Technologies, In | $46M | 1.7% | -13.7% | 1.5 yr |
| SNOWSnowflake Inc. | $45M | 1.7% | +3.2% | 3.5 yr |
| LLYEli Lilly and Company | $42M | 1.6% | +12.2% | 0.8 yr |
| DXCMDexCom, Inc. | $39M | 1.4% | -8.0% | 9.8 yr |
| VEEVVeeva Systems Inc. | $36M | 1.4% | -24.2% | 8.3 yr |
Portfolio composition (YoY)
Industry mix
Software - Application13.4%-3.5pp$361M
Software - Infrastructure7.4%+0.0pp$201M
Medical - Devices5.1%+0.8pp$136M
Internet Content & Information5.0%+1.1pp$134M
Banks - Regional4.7%-0.1pp$128M
Specialty Retail4.4%-0.2pp$119M
Financial - Credit Services4.3%+0.3pp$117M
Biotechnology3.9%+0.8pp$104M
Industrial - Machinery3.6%+1.4pp$98M
Unknown2.7%-0.1pp$72M
Country
US92.5%-1.0pp
Unknown2.7%-0.1pp
CA1.5%+1.3pp
GB0.9%+0.1pp
BM0.8%+0.3pp
IL0.4%+0.0pp
CH0.4%+0.1pp
IE0.3%-0.0pp
Top 5: 15.3% · Top 10: 24.4% · Top 25: 41.1%
Top buys this quarter · 15
| NFLX Netflix, Inc.new | +$25M |
| SHOP Shopify Inc. | +$25M |
| DOCN DigitalOcean Holdings, Inc.new | +$14M |
| VIAV Viavi Solutions Inc.new | +$12M |
| EVLV Evolv Technologies Holdings, Inew | +$10M |
| RDDT Reddit, Inc. | +$29M |
| DSGX The Descartes Systems Group Innew | +$9M |
| RRX Regal Rexnord Corporationnew | +$9M |
| NOW ServiceNow, Inc. | +$55M |
| BMRN BioMarin Pharmaceutical Inc.new | +$8M |
Top sells this quarter · 15
| EXAS Exact Sciences Corporationexit | −$44M |
| SFBS ServisFirst Bancshares, Inc. | −$35M |
| LITE Lumentum Holdings Inc.exit | −$25M |
| CIEN Ciena Corporationexit | −$24M |
| TER Teradyne, Inc.exit | −$15M |
| CWAN Clearwater Analytics Holdings,exit | −$14M |
| DUOL Duolingo, Inc. | −$13M |
| AMZN Amazon.com, Inc. | −$12M |
| TTD The Trade Desk, Inc.exit | −$12M |
| BOX Box, Inc.exit | −$11M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.70B | 290 | +6.31% | +17.59% | -11.28% | -0.26B |
| 2025-12-31 | $3.26B | 293 | +6.40% | +17.72% | -11.32% | -0.09B |
| 2025-09-30 | $3.32B | 338 | +10.46% | +17.52% | -7.06% | -0.05B |
| 2025-06-30 | $3.32B | 330 | +12.11% | +14.94% | -2.83% | -0.13B |
| 2025-03-31 | $3.01B | 327 | -5.46% | +8.30% | -13.77% | -0.05B |
| 2024-12-31 | $3.38B | 330 | +11.49% | +24.89% | -13.40% | -0.09B |
| 2024-09-30 | $3.31B | 323 | +22.50% | +36.04% | -13.54% | -0.22B |
| 2024-06-30 | $3.42B | 325 | +13.04% | +24.49% | -11.46% | +0.06B |
| 2024-03-31 | $3.49B | 319 | +26.09% | +29.62% | -3.54% | -0.07B |
| 2023-12-31 | $3.33B | 318 | +26.64% | +26.18% | +0.46% | -0.53B |
| 2023-09-30 | $3.35B | 318 | +16.40% | +21.57% | -5.16% | -0.15B |
| 2023-06-30 | $3.68B | 320 | +19.31% | +19.42% | -0.12% | -0.05B |
| 2023-03-31 | $3.47B | 317 | -9.87% | -7.82% | -2.05% | +0.04B |
| 2022-12-31 | $3.19B | 317 | +5.92% | +7.56% | -1.65% | -0.08B |
| 2022-09-30 | $3.09B | 323 | -2.49% | -4.93% | +2.44% | -0.15B |
| 2022-06-30 | $3.32B | 330 | -18.80% | -16.11% | -2.69% | -0.11B |