Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.49%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.29%
baseline attrition
Rally response
-9.48%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| APOApollo Global Management | $33M | 5.5% | -17.4% | 4.3 yr |
| NVDANVIDIA Corporation | $31M | 5.1% | +60.9% | 5.3 yr |
| AONAon plc | $30M | 5.0% | -18.4% | 6.0 yr |
| MSFTMicrosoft Corporation | $30M | 5.0% | -0.6% | 10.0 yr |
| GOOGLAlphabet Inc. | $28M | 4.7% | — | 10.3 yr |
| AAPLApple Inc. | $27M | 4.5% | +14.7% | 10.5 yr |
| AMZNAmazon.com, Inc. | $22M | 3.6% | +9.5% | 7.0 yr |
| UBERUber Technologies, Inc. | $20M | 3.3% | -1.3% | 4.3 yr |
| METAMeta Platforms, Inc. | $18M | 2.9% | -0.4% | 7.0 yr |
| SPGIS&P Global Inc. | $17M | 2.8% | -15.6% | 6.8 yr |
| WWayfair Inc. | $16M | 2.6% | +134.8% | 1.8 yr |
| ARMKAramark | $15M | 2.5% | +18.8% | 6.3 yr |
| AVGOBroadcom Inc. | $15M | 2.4% | +86.0% | 5.3 yr |
| BRK-ABerkshire Hathaway Inc. | $14M | 2.3% | — | 9.3 yr |
| — | $13M | 2.1% | — | 3.0 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors10.1%+5.1pp$61M
Internet Content & Information9.1%+2.0pp$55M
Specialty Retail7.4%+3.2pp$44M
Insurance - Brokers5.7%-2.3pp$34M
Asset Management5.5%-2.7pp$33M
Software - Infrastructure5.0%+1.3pp$30M
Software - Application4.6%-2.0pp$28M
Consumer Electronics4.5%+1.2pp$27M
Specialty Business Services4.2%+1.1pp$25M
Financial - Data & Stock Exchanges3.8%-0.6pp$23M
Country
US91.2%+18.9pp
IE5.1%-1.8pp
Unknown2.1%-1.8pp
CA1.4%-10.3pp
SG0.2%-0.0pp
Top 5: 25.3% · Top 10: 42.4% · Top 25: 69.6%
Top buys this quarter · 15
| W Wayfair Inc. | +$16M |
| SHC Sotera Health Company | +$3M |
| MSFT Microsoft Corporation | +$30M |
| CARR Carrier Global Corporationnew | +$2M |
| LHX L3Harris Technologies, Inc.new | +$2M |
| TDUP ThredUp Inc. | +$3M |
| AMAT Applied Materials, Inc.new | +$1M |
| WAT Waters Corporationnew | +$1M |
| RTX RTX Corporationnew | +$1M |
| META Meta Platforms, Inc. | +$18M |
Top sells this quarter · 15
| PWR Quanta Services, Inc. | −$2M |
| VST Vistra Corp. | −$23M |
| AON Aon plc | −$9M |
| GOOG Alphabet Inc. | −$7M |
| GIL Gildan Activewear Inc. | −$5M |
| MASI Masimo Corporationexit | −$5M |
| BUR Burford Capital Limitedexit | −$3M |
| APO Apollo Global Management, Inc. | −$3M |
| GPK Graphic Packaging Holding Compexit | −$3M |
| HLT Hilton Worldwide Holdings Inc. | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $601M | 78 | +10.40% | +17.59% | -7.19% | -0.08B |
| 2025-12-31 | $720M | 72 | +13.83% | +17.72% | -3.88% | -0.08B |
| 2025-09-30 | $792M | 70 | +12.96% | +17.52% | -4.56% | -0.07B |
| 2025-06-30 | $820M | 118 | +16.00% | +14.94% | +1.05% | -0.03B |
| 2025-03-31 | $776M | 116 | +5.50% | +8.30% | -2.80% | -0.04B |
| 2024-12-31 | $834M | 111 | +17.24% | +24.89% | -7.65% | -0.03B |
| 2024-09-30 | $855M | 110 | +30.29% | +36.04% | -5.74% | -0.10B |
| 2024-06-30 | $878M | 110 | +14.28% | +24.49% | -10.21% | -0.11B |
| 2024-03-31 | $1.00B | 114 | +23.71% | +29.62% | -5.92% | -0.10B |
| 2023-12-31 | $1.01B | 123 | +22.50% | +26.18% | -3.68% | -0.45B |
| 2023-09-30 | $1.31B | 129 | +17.42% | +21.57% | -4.15% | -0.27B |
| 2023-06-30 | $1.65B | 140 | +15.87% | +19.42% | -3.55% | -0.32B |
| 2023-03-31 | $1.84B | 146 | -6.82% | -7.82% | +0.99% | -0.07B |
| 2022-12-31 | $1.78B | 140 | -17.04% | -18.17% | +1.14% | -0.02B |
| 2022-09-30 | $1.68B | 130 | -14.32% | -15.51% | +1.19% | -0.04B |
| 2022-06-30 | $1.83B | 137 | -8.14% | -10.62% | +2.48% | -0.15B |