Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.84%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.69%
baseline attrition
Rally response
-6.80%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VMIValmont Industries, Inc. | $57M | 1.2% | +40.8% | 9.8 yr |
| QCRHQCR Holdings, Inc. | $57M | 1.2% | +20.2% | 9.8 yr |
| MRCYMercury Systems, Inc. | $43M | 0.9% | +69.2% | 9.0 yr |
| CHEFThe Chefs' Warehouse, In | $40M | 0.9% | +9.2% | 6.8 yr |
| GMEDGlobus Medical, Inc. | $40M | 0.8% | +17.7% | 7.5 yr |
| DINOHF Sinclair Corporation | $39M | 0.8% | +98.2% | 4.3 yr |
| ICHRIchor Holdings, Ltd. | $38M | 0.8% | +106.1% | 9.5 yr |
| FULH.B. Fuller Company | $37M | 0.8% | +11.7% | 10.5 yr |
| GTESGates Industrial Corpora | $36M | 0.8% | +22.8% | 7.5 yr |
| SFStifel Financial Corp. | $36M | 0.8% | +20.2% | 10.5 yr |
| ENSEnerSys | $35M | 0.7% | +91.3% | 10.5 yr |
| TEXTerex Corporation | $34M | 0.7% | +58.6% | 3.5 yr |
| ALGAlamo Group Inc. | $33M | 0.7% | -6.8% | 10.5 yr |
| ONTOOnto Innovation Inc. | $33M | 0.7% | +69.0% | 2.8 yr |
| WTFCWintrust Financial Corpo | $32M | 0.7% | +25.5% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional14.0%+0.1pp$661M
Biotechnology7.1%+2.5pp$337M
Industrial - Machinery5.0%+0.6pp$234M
Semiconductors4.5%+1.9pp$214M
Aerospace & Defense3.8%+1.1pp$180M
Medical - Devices3.8%+0.7pp$178M
Hardware, Equipment & Parts3.0%+0.4pp$144M
Oil & Gas Exploration & Production2.6%+0.4pp$124M
Unknown2.5%+0.6pp$117M
Agricultural - Machinery2.2%+0.3pp$106M
Country
US95.6%-0.6pp
Unknown2.5%+0.6pp
GB0.9%+0.4pp
KY0.2%+0.1pp
CA0.2%-0.2pp
IE0.2%+0.1pp
CH0.1%+0.1pp
SG0.1%
Top 5: 5.0% · Top 10: 9.0% · Top 25: 18.9%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| DINO | $15M | +0.01B | 98.2% |
| ICHR | $12M | +0.01B | 106.1% |
| VMI | $28M | +0.01B | 40.8% |
| AZZ | $21M | +0.01B | 50.8% |
| MRCY | $15M | +0.01B | 69.2% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| ALG | $30M | -0.00B | -6.8% |
Top buys this quarter · 15
| TEX Terex Corporation | +$33M |
| RAL Ralliant Corp.new | +$31M |
| ALGM Allegro MicroSystems, Inc. | +$27M |
| PIPR Piper Sandler Companiesnew | +$27M |
| MCB Metropolitan Bank Holding Corp | +$14M |
| RXO RXO, Inc. | +$14M |
| ANF Abercrombie & Fitch Co. | +$10M |
| CLDX Celldex Therapeutics, Inc. | +$10M |
| CHRD Chord Energy Corporation | +$10M |
| SM SM Energy Company | +$10M |
Top sells this quarter · 15
| ABVX Abivax S.A. | −$26M |
| MKSI MKS Inc. | −$25M |
| REZI Resideo Technologies, Inc.exit | −$22M |
| LRN Stride, Inc.exit | −$16M |
| NSIT Insight Enterprises, Inc. | −$15M |
| HLIO Helios Technologies, Inc. | −$15M |
| AAOI Applied Optoelectronics, Inc. | −$16M |
| MOD Modine Manufacturing Company | −$11M |
| TRS TriMas Corporation | −$11M |
| ENS EnerSys | −$11M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $4.72B | 535 | +20.42% | +17.59% | +2.83% | -0.14B |
| 2025-12-31 | $4.72B | 531 | +9.56% | +17.72% | -8.15% | +0.08B |
| 2025-09-30 | $4.52B | 555 | +6.79% | +17.52% | -10.73% | +0.01B |
| 2025-06-30 | $4.19B | 581 | +8.10% | +14.94% | -6.84% | -0.24B |
| 2025-03-31 | $4.19B | 642 | -1.62% | +8.30% | -9.92% | -0.03B |
| 2024-12-31 | $4.50B | 669 | +12.12% | +24.89% | -12.77% | -0.03B |
| 2024-09-30 | $4.53B | 687 | +27.70% | +36.04% | -8.34% | -0.56B |
| 2024-06-30 | $4.68B | 694 | +10.54% | +24.49% | -13.95% | -0.01B |
| 2024-03-31 | $4.86B | 723 | +20.15% | +29.62% | -9.47% | -0.03B |
| 2023-12-31 | $4.58B | 682 | +13.96% | +26.18% | -12.22% | -0.10B |
| 2023-09-30 | $4.10B | 671 | +7.62% | +21.57% | -13.95% | +0.06B |
| 2023-06-30 | $4.29B | 664 | +10.70% | +19.42% | -8.72% | +0.73B |
| 2023-03-31 | $3.40B | 618 | -16.63% | -7.82% | -8.81% | -0.19B |
| 2022-12-31 | $3.54B | 612 | +7.60% | +7.56% | +0.04% | -0.11B |
| 2022-09-30 | $3.40B | 605 | -3.06% | -4.93% | +1.87% | -0.06B |
| 2022-06-30 | $3.57B | 600 | -21.03% | -16.11% | -4.92% | +0.23B |