Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.86%
adds when stocks drop
when a holding falls −10%+
Middle response
+4.91%
steady accumulation
Rally response
-10.69%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| EAElectronic Arts Inc. | $111M | 9.9% | +41.7% | 2.0 yr |
| HOLXHologic, Inc. | $62M | 5.6% | +22.4% | 3.0 yr |
| — | $40M | 3.6% | — | 0.3 yr |
| WIXWix.com Ltd. | $38M | 3.4% | -44.9% | 1.0 yr |
| CWANClearwater Analytics Hol | $38M | 3.4% | -11.8% | 0.3 yr |
| NVRIEnviri Corporation | $34M | 3.1% | +195.0% | 2.8 yr |
| BHFBrighthouse Financial, I | $26M | 2.4% | +3.3% | 0.8 yr |
| BELFABel Fuse Inc. | $25M | 2.2% | — | 0.3 yr |
| IACIAC InterActive Corp. | $22M | 2.0% | +6.3% | 2.5 yr |
| CGCTCartesian Growth Corpora | $21M | 1.9% | — | 0.8 yr |
| KVUEKenvue Inc. | $20M | 1.8% | -25.0% | 0.8 yr |
| NWENorthwestern Energy Grou | $19M | 1.7% | +19.1% | 0.5 yr |
| AESThe AES Corporation | $19M | 1.7% | +19.9% | 1.3 yr |
| — | $18M | 1.7% | — | 1.0 yr |
| — | $18M | 1.6% | — | 1.3 yr |
Portfolio composition (YoY)
Industry mix
Unknown40.4%+23.7pp$451M
Electronic Gaming & Multimedia9.9%$111M
Shell Companies9.7%+6.8pp$108M
Medical - Instruments & Supplies5.6%$62M
Software - Application3.6%+3.4pp$40M
Software - Infrastructure3.5%+3.0pp$39M
Waste Management3.1%$34M
Asset Management2.9%-10.6pp$33M
Insurance - Life2.4%$26M
Hardware, Equipment & Parts2.2%+2.2pp$25M
Country
US52.7%-26.3pp
Unknown39.5%+22.7pp
IL3.4%
KY3.3%+3.3pp
SG0.5%
CA0.4%
HK0.1%
MX0.1%
Top 5: 25.9% · Top 10: 37.4% · Top 25: 59.5%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| IAC | $11M | +0.00B | 6.3% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| CWAN Clearwater Analytics Holdings,new | +$38M |
| WIX Wix.com Ltd. | +$37M |
| NWE Northwestern Energy Group Inc | +$16M |
| HOLX Hologic, Inc. | +$16M |
| WBD Warner Bros. Discovery, Inc.new | +$15M |
| AES The AES Corporation | +$12M |
| CRAN Crane Harbor Acquisition Corp.new | +$12M |
| CCIX Churchill Capital Corp IX Ordi | +$11M |
| BHF Brighthouse Financial, Inc. | +$10M |
| AEXA American Exceptionalism Acquis | +$10M |
Top sells this quarter · 15
| NGD New Gold Inc.exit | −$57M |
| EXAS Exact Sciences Corporationexit | −$50M |
| FOX Fox Corporationexit | −$47M |
| NBR Nabors Industries Ltd.exit | −$36M |
| NWSA News Corporationexit | −$18M |
| 0JUJ.L Formula One Groupexit | −$17M |
| CEPT Cantor Equity Partners II, Inc | −$8M |
| ZTS Zoetis Inc.exit | −$7M |
| NSC Norfolk Southern Corporationexit | −$5M |
| CFLT Confluent, Inc.exit | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.12B | 335 | +6.29% | +17.59% | -11.30% | -0.17B |
| 2025-12-31 | $1.29B | 258 | -1.21% | +17.72% | -18.93% | +0.52B |
| 2025-09-30 | $750M | 255 | -16.20% | +17.52% | -33.71% | -0.02B |
| 2025-06-30 | $725M | 239 | -30.85% | +14.94% | -45.79% | +0.04B |
| 2025-03-31 | $704M | 204 | -45.25% | +8.30% | -53.56% | -0.20B |
| 2024-12-31 | $979M | 245 | -41.79% | +24.89% | -66.67% | +0.07B |
| 2024-09-30 | $1.03B | 262 | -26.78% | +36.04% | -62.82% | +0.26B |
| 2024-06-30 | $885M | 264 | -32.84% | +24.49% | -57.33% | -1.00B |
| 2024-03-31 | $2.46B | 260 | -16.41% | +29.62% | -46.03% | -0.66B |
| 2023-12-31 | $3.16B | 274 | -15.09% | +26.18% | -41.26% | +0.26B |
| 2023-09-30 | $2.63B | 341 | -19.73% | +21.57% | -41.30% | +1.90B |
| 2023-06-30 | $908M | 335 | -3.31% | +19.42% | -22.74% | +0.09B |
| 2023-03-31 | $857M | 376 | -18.38% | -7.82% | -10.56% | -1.10B |
| 2022-12-31 | $1.96B | 441 | +4.17% | +7.56% | -3.39% | -1.35B |
| 2022-09-30 | $3.17B | 648 | -3.04% | -4.93% | +1.89% | +0.46B |
| 2022-06-30 | $2.80B | 633 | -19.35% | -16.11% | -3.24% | +0.51B |