Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-8.70%
trims when stocks drop
when a holding falls −10%+
Middle response
-13.84%
baseline attrition
Rally response
-14.78%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CAMTCamtek Ltd. | $94M | 13.5% | +158.6% | 1.5 yr |
| GLBEGlobal-e Online Ltd. | $43M | 6.2% | -13.5% | 2.3 yr |
| CLBTCellebrite DI Ltd. | $37M | 5.3% | -29.1% | 0.3 yr |
| GKOSGlaukos Corporation | $25M | 3.6% | +9.4% | 7.5 yr |
| MELIMercadoLibre, Inc. | $24M | 3.5% | -11.4% | 10.5 yr |
| SHOPShopify Inc. | $24M | 3.4% | +24.2% | 7.5 yr |
| DDOGDatadog, Inc. | $21M | 3.0% | +19.0% | 6.3 yr |
| CGNXCognex Corporation | $20M | 2.9% | +65.5% | 10.5 yr |
| VEEVVeeva Systems Inc. | $20M | 2.9% | -24.2% | 10.5 yr |
| RGENRepligen Corporation | $20M | 2.9% | -7.4% | 5.3 yr |
| GWREGuidewire Software, Inc. | $20M | 2.8% | -20.2% | 10.5 yr |
| VCELVericel Corporation | $19M | 2.7% | -27.9% | 6.0 yr |
| TYLTyler Technologies, Inc. | $18M | 2.6% | -41.1% | 10.5 yr |
| MANHManhattan Associates, In | $18M | 2.6% | -23.1% | 10.5 yr |
| ICLRICON Public Limited Comp | $17M | 2.5% | -36.8% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Software - Application33.3%-15.0pp$233M
Semiconductors13.7%+11.7pp$96M
Medical - Devices10.3%-0.1pp$72M
Specialty Retail9.7%+5.6pp$68M
Software - Infrastructure6.9%-0.9pp$48M
Biotechnology6.4%-0.4pp$45M
Hardware, Equipment & Parts4.5%+0.5pp$31M
Medical - Healthcare Information Services2.9%-1.7pp$20M
Medical - Instruments & Supplies2.9%-0.5pp$20M
Medical - Diagnostics & Research2.5%+1.5pp$17M
Country
US62.0%-20.0pp
IL25.7%+14.0pp
UY3.5%+1.9pp
CA3.4%+2.2pp
IE2.5%+1.5pp
Unknown1.6%-0.3pp
AU1.3%+0.6pp
Top 5: 32.1% · Top 10: 47.2% · Top 25: 80.1%
Top buys this quarter · 7
| CLBT Cellebrite DI Ltd.new | +$37M |
| TEAM Atlassian Corporation | +$9M |
| ICLR ICON Public Limited Company | +$17M |
| KRYS Krystal Biotech, Inc.new | +$2M |
| XPEL XPEL, Inc.new | +$2M |
| SITM SiTime Corporationnew | +$2M |
| CRDO Credo Technology Group Holdingnew | +$1M |
Top sells this quarter · 15
| CAMT Camtek Ltd. | −$69M |
| GLBE Global-e Online Ltd. | −$31M |
| CWAN Clearwater Analytics Holdings, | −$17M |
| RGEN Repligen Corporation | −$12M |
| XMTR Xometry, Inc. | −$11M |
| CGNX Cognex Corporation | −$11M |
| GKOS Glaukos Corporation | −$10M |
| DDOG Datadog, Inc. | −$8M |
| VEEV Veeva Systems Inc. | −$8M |
| GWRE Guidewire Software, Inc. | −$8M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $698M | 55 | -8.91% | +17.59% | -26.50% | -0.33B |
| 2025-12-31 | $1.21B | 54 | -10.46% | +17.72% | -28.18% | -1.16B |
| 2025-09-30 | $2.40B | 53 | -2.09% | +17.52% | -19.60% | -0.98B |
| 2025-06-30 | $3.41B | 82 | +7.35% | +14.94% | -7.60% | -0.20B |
| 2025-03-31 | $3.29B | 104 | -7.05% | +8.30% | -15.36% | -0.28B |
| 2024-12-31 | $4.28B | 117 | +14.80% | +24.89% | -10.08% | -0.69B |
| 2024-09-30 | $4.61B | 132 | +17.07% | +36.04% | -18.97% | -0.73B |
| 2024-06-30 | $4.91B | 129 | +1.36% | +24.49% | -23.13% | -0.34B |
| 2024-03-31 | $5.53B | 132 | +20.05% | +29.62% | -9.57% | -1.23B |
| 2023-12-31 | $6.56B | 127 | +24.47% | +26.18% | -1.70% | -0.50B |
| 2023-09-30 | $6.42B | 125 | +6.47% | +21.57% | -15.10% | -0.10B |
| 2023-06-30 | $6.92B | 125 | +10.43% | +19.42% | -9.00% | -0.40B |
| 2023-03-31 | $6.51B | 123 | -24.61% | -7.82% | -16.80% | +0.17B |
| 2022-12-31 | $5.92B | 127 | -5.93% | +7.56% | -13.49% | -0.65B |
| 2022-09-30 | $6.99B | 123 | -2.34% | -4.93% | +2.59% | -0.17B |
| 2022-06-30 | $7.33B | 123 | -23.28% | -16.11% | -7.17% | -0.30B |