Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-20.06%
trims when stocks drop
when a holding falls −10%+
Middle response
-25.08%
baseline attrition
Rally response
-25.37%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| URAGlobal X - Uranium ETF | $85M | 2.8% | — | 1.5 yr |
| SILJAmplify Junior Silver Mi | $72M | 2.4% | — | 1.3 yr |
| MUMicron Technology, Inc. | $53M | 1.7% | +289.6% | 9.0 yr |
| TSMTaiwan Semiconductor Man | $47M | 1.5% | +105.6% | 8.3 yr |
| AGFirst Majestic Silver Co | $42M | 1.4% | +221.6% | 9.3 yr |
| URNMSprott Uranium Miners ET | $37M | 1.2% | — | 3.0 yr |
| MARMarriott International, | $35M | 1.1% | +38.6% | 9.3 yr |
| PBRPetróleo Brasileiro S.A | $33M | 1.1% | +54.2% | 1.5 yr |
| EWYiShares MSCI South Korea | $31M | 1.0% | — | 1.0 yr |
| KKRKKR & Co. Inc. | $31M | 1.0% | -19.5% | 3.0 yr |
| CYTKCytokinetics, Incorporat | $24M | 0.8% | +64.0% | 7.3 yr |
| COPXGlobal X - Copper Miners | $23M | 0.8% | — | 1.3 yr |
| CDECoeur Mining, Inc. | $23M | 0.8% | +217.1% | 9.0 yr |
| KWEBKraneShares CSI China In | $22M | 0.7% | — | 1.8 yr |
| EWZiShares MSCI Brazil ETF | $22M | 0.7% | — | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management15.7%+8.5pp$474M
Semiconductors6.3%-2.2pp$190M
Biotechnology4.3%-0.5pp$131M
Asset Management - Global4.3%+3.6pp$130M
Financial - Capital Markets2.9%-3.2pp$88M
Software - Infrastructure2.6%+0.2pp$80M
Silver2.5%+2.1pp$77M
Gold2.5%+0.4pp$76M
Unknown2.3%-0.5pp$70M
Medical - Healthcare Plans1.9%-1.3pp$57M
Country
US79.8%+6.7pp
CA6.0%+3.2pp
Unknown2.3%-0.5pp
TW1.6%+0.9pp
BR1.6%+0.7pp
CN1.5%-2.1pp
SG0.7%-0.1pp
AU0.7%-1.3pp
Top 5: 9.8% · Top 10: 15.3% · Top 25: 25.5%
Top buys this quarter · 15
| TSM Taiwan Semiconductor Manufactu | +$40M |
| MU Micron Technology, Inc. | +$32M |
| KKR KKR & Co. Inc. | +$30M |
| VST Vistra Corp. | +$19M |
| GS The Goldman Sachs Group, Inc. | +$14M |
| BX Blackstone Inc. | +$14M |
| QCOM QUALCOMM Incorporated | +$13M |
| CDE Coeur Mining, Inc. | +$12M |
| VFC V.F. Corporation | +$12M |
| PFE Pfizer Inc. | +$12M |
Top sells this quarter · 15
| WBD Warner Bros. Discovery, Inc. | −$37M |
| AMD Advanced Micro Devices, Inc.exit | −$31M |
| SATS EchoStar Corporation | −$29M |
| TIGR UP Fintech Holding Ltd. Sponso | −$26M |
| CAR Avis Budget Group, Inc. | −$24M |
| ASTS AST SpaceMobile, Inc. | −$22M |
| SNDK Sandisk Corporationexit | −$21M |
| IREN IREN Limited | −$21M |
| MMM 3M Company | −$20M |
| WDC Western Digital Corporationexit | −$19M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.02B | 2161 | +48.41% | +17.59% | +30.82% | -0.33B |
| 2025-12-31 | $3.37B | 2288 | +37.01% | +17.72% | +19.29% | -0.06B |
| 2025-09-30 | $3.34B | 2236 | +48.39% | +17.52% | +30.87% | -0.36B |
| 2025-06-30 | $3.05B | 1996 | +18.82% | +14.94% | +3.88% | +0.18B |
| 2025-03-31 | $2.40B | 1912 | -0.54% | +8.30% | -8.85% | -0.30B |
| 2024-12-31 | $2.94B | 1986 | +4.09% | +24.89% | -20.79% | +0.13B |
| 2024-09-30 | $2.52B | 1672 | +1.58% | +36.04% | -34.46% | -0.57B |
| 2024-06-30 | $3.17B | 1700 | +4.47% | +24.49% | -20.02% | +0.36B |
| 2024-03-31 | $2.81B | 1713 | +16.42% | +29.62% | -13.21% | -0.24B |
| 2023-12-31 | $3.18B | 1830 | +29.35% | +26.18% | +3.17% | +0.44B |
| 2023-09-30 | $2.52B | 1875 | +13.79% | +21.57% | -7.78% | +0.18B |
| 2023-06-30 | $2.34B | 1744 | +3.14% | +19.42% | -16.29% | -0.01B |
| 2023-03-31 | $2.10B | 1786 | -32.03% | -7.82% | -24.21% | -1.05B |
| 2022-12-31 | $2.96B | 1867 | -4.34% | +7.56% | -11.90% | +0.03B |
| 2022-09-30 | $3.06B | 1893 | -9.43% | -4.93% | -4.51% | -0.11B |
| 2022-06-30 | $3.50B | 1917 | -26.45% | -16.11% | -10.34% | +0.13B |