Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-7.12%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.99%
baseline attrition
Rally response
-2.91%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GSATGlobalstar, Inc. | $60M | 7.4% | +218.4% | 1.3 yr |
| LGNDLigand Pharmaceuticals I | $41M | 5.1% | +89.9% | 7.5 yr |
| SNEXStoneX Group Inc. | $38M | 4.7% | +5.6% | 3.3 yr |
| SUPNSupernus Pharmaceuticals | $33M | 4.1% | +57.8% | 10.5 yr |
| VTIVanguard Total Stock Mar | $31M | 3.8% | — | 9.8 yr |
| YOUClear Secure, Inc. | $26M | 3.2% | +90.4% | 0.5 yr |
| CLBTCellebrite DI Ltd. | $24M | 3.0% | -29.1% | 2.5 yr |
| RDVTRed Violet, Inc. | $24M | 2.9% | -8.0% | 4.8 yr |
| EQIXEquinix, Inc. | $23M | 2.8% | +23.0% | 9.5 yr |
| HQYHealthEquity, Inc. | $22M | 2.8% | -5.4% | 8.0 yr |
| UFPTUFP Technologies, Inc. | $21M | 2.6% | -4.0% | 1.0 yr |
| FNVFranco-Nevada Corporatio | $20M | 2.5% | +58.0% | 10.5 yr |
| VOXCFVox Royalty Corp. | $19M | 2.3% | — | 0.8 yr |
| VICRVicor Corporation | $18M | 2.3% | +244.2% | 10.5 yr |
| AYIAcuity Brands, Inc. | $18M | 2.2% | +6.7% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Software - Application13.9%+3.5pp$112M
Asset Management9.8%-0.3pp$79M
Biotechnology8.0%+1.9pp$65M
Telecommunications Services7.7%+3.9pp$62M
Software - Infrastructure4.8%-5.2pp$39M
Financial - Capital Markets4.7%+0.2pp$38M
Insurance - Property & Casualty4.3%-1.3pp$35M
Medical - Healthcare Information Services4.1%-0.1pp$33M
Drug Manufacturers - Specialty & Generic4.1%+1.7pp$33M
REIT - Specialty3.5%+0.1pp$29M
Country
US89.0%+2.1pp
CA5.2%+1.9pp
IL3.0%-2.2pp
CH1.5%
Unknown1.1%-2.9pp
UY0.3%+0.0pp
Top 5: 25.1% · Top 10: 39.8% · Top 25: 70.8%
Top buys this quarter · 15
| LB LandBridge Company LLCnew | +$17M |
| VNOM Viper Energy, Inc.new | +$16M |
| SNEX StoneX Group Inc. | +$14M |
| YOU Clear Secure, Inc. | +$13M |
| IDCC InterDigital, Inc. | +$8M |
| ABX Abacus Global Management, Inc.new | +$7M |
| PANW Palo Alto Networks, Inc.new | +$5M |
| ADMA ADMA Biologics, Inc.new | +$3M |
| SRAD Sportradar Group AG | +$12M |
| RDVT Red Violet, Inc. | +$24M |
Top sells this quarter · 15
| VICR Vicor Corporation | −$39M |
| CWAN Clearwater Analytics Holdings,exit | −$12M |
| S SentinelOne, Inc.exit | −$8M |
| AVPT AvePoint, Inc.exit | −$8M |
| NCNO nCino, Inc.exit | −$6M |
| GSAT Globalstar, Inc. | −$6M |
| CSGP CoStar Group, Inc. | −$6M |
| TYL Tyler Technologies, Inc. | −$4M |
| MOD Modine Manufacturing Companyexit | −$3M |
| VIA Via Transportation, Inc.exit | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $809M | 99 | +11.76% | +17.59% | -5.83% | -0.03B |
| 2025-12-31 | $898M | 109 | +14.52% | +17.72% | -3.20% | -0.05B |
| 2025-09-30 | $898M | 110 | +18.76% | +17.52% | +1.25% | -0.01B |
| 2025-06-30 | $851M | 102 | +23.26% | +14.94% | +8.32% | +0.02B |
| 2025-03-31 | $776M | 99 | +9.66% | +8.30% | +1.36% | -0.04B |
| 2024-12-31 | $848M | 101 | +20.00% | +24.89% | -4.89% | -0.03B |
| 2024-09-30 | $801M | 102 | +19.99% | +36.04% | -16.05% | -0.02B |
| 2024-06-30 | $741M | 97 | +2.99% | +24.49% | -21.50% | +0.04B |
| 2024-03-31 | $739M | 91 | +14.26% | +29.62% | -15.36% | -0.04B |
| 2023-12-31 | $746M | 93 | +14.46% | +26.18% | -11.72% | +0.01B |
| 2023-09-30 | $679M | 91 | +11.95% | +21.57% | -9.61% | +0.00B |
| 2023-06-30 | $716M | 90 | +14.00% | +19.42% | -5.42% | +0.01B |
| 2023-03-31 | $668M | 90 | -14.11% | -7.82% | -6.29% | -0.01B |
| 2022-12-31 | $645M | 90 | -22.15% | -18.17% | -3.97% | -0.05B |
| 2022-09-30 | $656M | 92 | -18.87% | -15.51% | -3.36% | -0.02B |
| 2022-06-30 | $704M | 92 | -15.59% | -10.62% | -4.97% | -0.03B |