Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.73%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.60%
baseline attrition
Rally response
-4.23%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IFSIntercorp Financial Serv | $22M | 3.3% | +56.5% | 1.3 yr |
| PAHCPhibro Animal Health Cor | $12M | 1.8% | +162.4% | 9.3 yr |
| BLBDBlue Bird Corporation | $11M | 1.7% | +75.4% | 2.3 yr |
| EXELExelixis, Inc. | $11M | 1.7% | +16.2% | 8.8 yr |
| CPRXCatalyst Pharmaceuticals | $11M | 1.7% | +2.1% | 5.5 yr |
| CRUSCirrus Logic, Inc. | $10M | 1.6% | +45.1% | 8.0 yr |
| YPFYPF Sociedad Anónima | $10M | 1.5% | +31.9% | 7.8 yr |
| ATIATI Inc. | $10M | 1.5% | +179.6% | 1.3 yr |
| CPACopa Holdings, S.A. | $10M | 1.5% | +29.6% | 10.5 yr |
| ENSEnerSys | $10M | 1.5% | +91.3% | 3.0 yr |
| — | $9M | 1.4% | — | 0.8 yr |
| BAPCredicorp Ltd. | $9M | 1.4% | +92.5% | 0.8 yr |
| ESEESCO Technologies Inc. | $9M | 1.4% | +77.1% | 1.8 yr |
| MKSIMKS Inc. | $8M | 1.2% | +188.8% | 3.8 yr |
| CMRE-PCCostamare Inc. | $8M | 1.2% | — | 9.3 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional8.5%+6.2pp$56M
Biotechnology6.8%+0.4pp$45M
Hardware, Equipment & Parts4.7%+3.3pp$31M
Semiconductors4.5%+1.9pp$30M
Unknown4.1%+3.3pp$27M
Software - Application4.0%-0.0pp$26M
Medical - Care Facilities3.9%-0.1pp$26M
Drug Manufacturers - Specialty & Generic3.6%+2.5pp$24M
Engineering & Construction2.9%+2.2pp$19M
Electrical Equipment & Parts2.7%+1.2pp$18M
Country
US78.5%-11.7pp
PE4.7%+4.6pp
Unknown4.1%+3.3pp
BM2.1%+0.2pp
AR1.5%+0.7pp
PA1.5%+0.8pp
MC1.2%+0.2pp
GB1.0%+0.9pp
Top 5: 10.1% · Top 10: 17.7% · Top 25: 35.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| SNX | $14M | +0.01B | 64.5% |
| ENS | $8M | +0.01B | 91.3% |
| PAHC | $4M | +0.01B | 162.4% |
| EXEL | $34M | +0.01B | 16.2% |
| NXT | $2M | +0.00B | 186.1% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| UHS | $7M | -0.00B | -4.4% |
Top buys this quarter · 15
| ESE ESCO Technologies Inc. | +$9M |
| AA Alcoa Corporation | +$6M |
| CPRX Catalyst Pharmaceuticals, Inc. | +$4M |
| DT Dynatrace, Inc. | +$4M |
| AFRM Affirm Holdings, Inc.new | +$3M |
| HST Host Hotels & Resorts, Inc. | +$2M |
| ANIP ANI Pharmaceuticals, Inc. | +$2M |
| PRCH Porch Group, Inc. | +$2M |
| RSI Rush Street Interactive, Inc. | +$2M |
| GOLD Gold.com, Inc. | +$1M |
Top sells this quarter · 15
| AVT Avnet, Inc. | −$15M |
| CNC Centene Corporation | −$11M |
| NATL NCR Atleos Corporationexit | −$11M |
| UTHR United Therapeutics Corporatioexit | −$8M |
| PRIM Primoris Services Corporation | −$7M |
| RMBS Rambus Inc. | −$5M |
| PK Park Hotels & Resorts Inc. | −$5M |
| TOL Toll Brothers, Inc.exit | −$4M |
| MANH Manhattan Associates, Inc.exit | −$3M |
| UPWK Upwork Inc.exit | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $661M | 387 | +21.35% | +17.59% | +3.75% | -0.00B |
| 2025-12-31 | $653M | 400 | +12.43% | +17.72% | -5.28% | -0.02B |
| 2025-09-30 | $650M | 406 | +8.35% | +17.52% | -9.17% | -0.65B |
| 2025-06-30 | $1.21B | 418 | +9.87% | +14.94% | -5.07% | +0.05B |
| 2025-03-31 | $1.08B | 424 | +0.41% | +8.30% | -7.89% | -0.03B |
| 2024-12-31 | $1.18B | 429 | +16.84% | +24.89% | -8.04% | +0.14B |
| 2024-09-30 | $1.04B | 464 | +32.19% | +36.04% | -3.85% | +0.00B |
| 2024-06-30 | $957M | 466 | +15.72% | +24.49% | -8.77% | -0.05B |
| 2024-03-31 | $1.03B | 478 | +28.87% | +29.62% | -0.75% | -0.05B |
| 2023-12-31 | $980M | 471 | +24.03% | +26.18% | -2.15% | +0.02B |
| 2023-09-30 | $854M | 463 | +24.22% | +21.57% | +2.66% | -0.00B |
| 2023-06-30 | $896M | 466 | +25.38% | +19.42% | +5.96% | +0.00B |
| 2023-03-31 | $819M | 470 | +0.19% | -7.82% | +8.00% | -0.01B |
| 2022-12-31 | $790M | 476 | +12.91% | +7.56% | +5.35% | +0.13B |
| 2022-09-30 | $582M | 490 | -3.69% | -4.93% | +1.24% | +0.19B |
| 2022-06-30 | $410M | 478 | -12.79% | -16.11% | +3.32% | -0.02B |