Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-23.86%
trims when stocks drop
when a holding falls −10%+
Middle response
-8.25%
baseline attrition
Rally response
+0.42%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TSMTaiwan Semiconductor Man | $427M | 3.1% | +105.6% | 10.3 yr |
| — | $306M | 2.2% | — | 2.3 yr |
| XENEXenon Pharmaceuticals In | $261M | 1.9% | +73.3% | 6.3 yr |
| CRNXCrinetics Pharmaceutical | $232M | 1.7% | +8.3% | 6.0 yr |
| PLPlanet Labs PBC | $221M | 1.6% | +726.9% | 1.0 yr |
| FNFabrinet | $204M | 1.5% | +164.0% | 4.0 yr |
| — | $162M | 1.2% | — | 2.8 yr |
| LITELumentum Holdings Inc. | $161M | 1.2% | +1027.3% | 2.8 yr |
| CWCurtiss-Wright Corporati | $154M | 1.1% | +115.0% | 4.3 yr |
| BAPCredicorp Ltd. | $153M | 1.1% | +92.5% | 6.5 yr |
| — | $142M | 1.0% | — | 3.3 yr |
| EWTXEdgewise Therapeutics, I | $141M | 1.0% | +43.2% | 2.5 yr |
| GHGuardant Health, Inc. | $141M | 1.0% | +116.8% | 4.0 yr |
| SYRESpyre Therapeutics, Inc. | $141M | 1.0% | +212.5% | 2.8 yr |
| IDCCInterDigital, Inc. | $126M | 0.9% | +47.2% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Biotechnology18.6%+3.4pp$2.53B
Semiconductors9.3%+4.7pp$1.27B
Unknown6.1%+1.8pp$824M
Aerospace & Defense5.7%+0.9pp$774M
Engineering & Construction4.1%+3.1pp$552M
Hardware, Equipment & Parts4.0%+3.0pp$550M
Oil & Gas Equipment & Services2.8%+1.4pp$388M
Electrical Equipment & Parts2.8%+2.1pp$378M
Industrial - Machinery2.5%-1.0pp$339M
Banks - Regional2.3%-2.2pp$312M
Country
US72.7%+2.5pp
CA6.2%+2.5pp
Unknown6.1%+1.8pp
TW3.1%-1.2pp
BR1.6%-1.0pp
KY1.5%
MX1.4%+1.3pp
PE1.2%+0.1pp
Top 5: 10.6% · Top 10: 16.8% · Top 25: 30.3%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| TSM | $448M | +0.47B | 105.6% |
| CCJ | $81M | +0.13B | 164.4% |
| BE | $21M | +0.12B | 589.2% |
| CRS | $104M | +0.12B | 118.3% |
| XENE | $154M | +0.11B | 73.3% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| IBN | $221M | -0.04B | -17.3% |
Top buys this quarter · 15
| FN Fabrinet | +$78M |
| LASR nLIGHT, Inc. | +$59M |
| MEOH Methanex Corporationnew | +$58M |
| CGON CG Oncology, Inc. Common stock | +$54M |
| TDW Tidewater Inc. | +$51M |
| UTI Universal Technical Institute, | +$50M |
| BE Bloom Energy Corporation | +$45M |
| KNX Knight-Swift Transportation Ho | +$43M |
| FCFS FirstCash Holdings, Incnew | +$42M |
| BKU BankUnited, Inc.new | +$41M |
Top sells this quarter · 15
| TSM Taiwan Semiconductor Manufactu | −$304M |
| WFRD Weatherford International plcexit | −$131M |
| CMI Cummins Inc. | −$93M |
| HDB HDFC Bank Limitedexit | −$93M |
| VICR Vicor Corporation | −$88M |
| LITE Lumentum Holdings Inc. | −$126M |
| PI Impinj, Inc.exit | −$76M |
| CPA Copa Holdings, S.A. | −$74M |
| RYTM Rhythm Pharmaceuticals, Inc. | −$74M |
| CVNA Carvana Co.exit | −$71M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $13.60B | 355 | +54.18% | +17.59% | +36.59% | -1.67B |
| 2025-12-31 | $14.72B | 404 | +30.11% | +17.72% | +12.39% | -0.47B |
| 2025-09-30 | $13.96B | 431 | +22.91% | +17.52% | +5.39% | -0.72B |
| 2025-06-30 | $12.50B | 415 | +13.77% | +14.94% | -1.17% | +0.43B |
| 2025-03-31 | $10.37B | 392 | +2.34% | +8.30% | -5.96% | -0.23B |
| 2024-12-31 | $12.12B | 380 | +24.04% | +24.89% | -0.85% | +0.14B |
| 2024-09-30 | $11.65B | 375 | +17.98% | +36.04% | -18.06% | +0.39B |
| 2024-06-30 | $10.35B | 362 | -0.23% | +24.49% | -24.72% | -0.15B |
| 2024-03-31 | $10.04B | 379 | -5.17% | +29.62% | -34.79% | +1.23B |
| 2023-12-31 | $8.30B | 376 | -3.00% | +26.18% | -29.18% | +0.78B |
| 2023-09-30 | $7.69B | 389 | +6.52% | +21.57% | -15.05% | +0.41B |
| 2023-06-30 | $7.92B | 380 | +26.77% | +19.42% | +7.35% | +0.84B |
| 2023-03-31 | $7.12B | 378 | +5.85% | -7.82% | +13.67% | -0.15B |
| 2022-12-31 | $6.71B | 345 | -6.97% | -18.17% | +11.21% | -0.37B |
| 2022-09-30 | $6.59B | 342 | -3.76% | -15.51% | +11.75% | -0.16B |
| 2022-06-30 | $6.16B | 350 | -11.55% | -10.62% | -0.93% | -0.60B |