Please rotate device horizontally or visit this page on a desktop for optimal viewing experience.

Explore our past allocations

We believe that differentiated outcomes in public equities are driven less by individual stock selection in isolation and more by how those stocks are combined and sized within a portfolio. Our approach to portfolio construction is designed to strike what we view as a deliberate balance: portfolios that are concentrated enough to potentially generate alpha, yet diversified across underlying risk factors through systematic analysis of how stocks have historically behaved relative to one another.

We believe the most intuitive way to understand how this philosophy translates into practice is by examining what our portfolios have actually looked like over time. Reviewing prior allocations provides context around how the strategy has historically expressed risk, rotated across sectors and companies, and constructed differentiated portfolios in varying market environments. These historical snapshots are not intended to predict future outcomes, but rather to illustrate how our systematic framework has been applied in real market conditions.
‍

Night Sky US Large Cap Strategy

Q4 2025 Holdings:

AutoZone (AZO) -- 12.0% weight

Consumer Discretionary | Specialty Retail

Northrop Grumman (NOC) -- 12.0% weight

Industrials | Aerospace & Defense

Las Vegas Sands (LVS) -- 10.6% weight

Consumer Discretionary | Hotels, Restaurants & Leisure

Insmed (INSM) -- 7.1% weight

Health Care | Biotechnology

Regeneron Pharmaceuticals (REGN) -- 7.1% weight

Health Care | Biotechnology

AppFolio (APPF) -- 5.7% weight

Information Technology | Software

Alnylam Pharmaceuticals (ALNY) -- 5.5% weight

Health Care | Biotechnology

PepsiCo (PEP) -- 4.6% weight

Consumer Staples | Beverages

Synopsys (SNPS) -- 4.6% weight

Information Technology | Software

MongoDB (MDB) -- 4.4% weight

Information Technology | IT Services

Western Digital (WDC) -- 4.0% weight

Information Technology | Tech Hardware, Storage & Peripherals

Kratos Defense (KTOS) -- 3.2% weight

Industrials | Aerospace & Defense

EchoStar (SATS) -- 3.0% weight

Communication Services | Diversified Telecommunication Services

Neurocrine Biosciences (NBIX) -- 2.6% weight

Health Care | Biotechnology

Barrick Gold (B) -- 2.5% weight

Materials | Metals & Mining

Q4 2025 Performance Summary:
NSCM US Large Cap net return: +5.39%
S&P 500 Index return: +2.65%

NSCM US Large Cap net alpha: +2.74%

Night Sky US Small Cap Strategy

Q4 2025 Holdings:

ANI Pharmaceuticals (ANIP) -- 5.0% weight

Health Care | Pharmaceuticals

Argan (AGX) -- 5.0% weight

Industrials | Construction & Engineering

Ashland Global (ASH) -- 5.0% weight

Materials | Chemicals

Celcuity (CELC) -- 5.0% weight

Health Care | Biotechnology

Cidara Therapeutics (CDTX) -- 5.0% weight

Health Care | Biotechnology

Grocery Outlet (GO) -- 5.0% weight

Consumer Staples | Food & Staples Retailing

Huron Consulting (HURN) -- 5.0% weight

Industrials | Professional Services

Liquidia (LQDA) -- 5.0% weight

Health Care | Pharmaceuticals

Precigen (PGEN) -- 5.0% weight

Health Care | Biotechnology

Ramaco Resources (METC) -- 5.0% weight

Materials | Metals & Mining

Wendy's (WEN) -- 5.0% weight

Consumer Discretionary | Hotels, Restaurants & Leisure

Turning Point Brands (TPB) -- 5.0% weight

Consumer Staples | Tobacco

Vital Farms (VITL) -- 5.0% weight

Consumer Staples | Food Products

Willdan (WLDN) -- 5.0% weight

Industrials | Professional Services

Winmark (WINA) -- 5.0% weight

Consumer Discretionary | Specialty Retail

Q4 2025 Performance Summary:
NSCM US Small Cap net return: +10.72%
Russell 2000 Index return: +2.19%

NSCM US Small Cap net alpha: +8.53%

Q3 2025 Holdings:

Huntington Ingalls Industries (HII) -- 12.0% weight

Industrials | Aerospace & Defense

Broadcom (AVGO) -- 9.8% weight

Information Technology | Semiconductors & Semiconductor Equipment

Mosaic (MOS) -- 9.4% weight

Materials | Chemicals

Philip Morris International (PM) -- 9.0% weight

Consumer Staples | Tobacco

W. R. Berkley (WRB) -- 7.8% weight

Financials | Insurance

Zscaler (ZS) -- 7.1% weight

Information Technology | Software

Alnylam Pharmaceuticals (ALNY) -- 6.7% weight

Health Care | Biotechnology

CACI International (CACI) -- 6.0% weight

Information Technology | IT Services

Monster Beverage (MNST) -- 5.0% weight

Consumer Staples | Beverages

Axon Enterprise (AXON) -- 4.0% weight

Industrials | Aerospace & Defense

Verizon Communications (VZ) -- 3.9% weight

Communication Services | Diversified Telecommunication Services

Exelixis (EXEL) -- 2.9% weight

Health Care | Biotechnology

Kimberly-Clark (KMB) -- 2.6% weight

Consumer Staples | Household Products

Royal Gold (RGLD) -- 2.5% weight

Materials | Metals & Mining

AutoZone (AZO) -- 2.4% weight

Consumer Discretionary | Specialty Retail

Q3 2025 Performance Summary:
NSCM US Large Cap net return: +6.40%
S&P 500 Index return: +8.11%

NSCM US Large Cap net alpha: -1.71%

Q3 2025 Holdings:

NSCM US Small Cap Strategy

Argan (AGX) -- 5.0% weight

Industrials | Construction & Engineering

Avista (AVA) -- 5.0% weight

Utilities | Multi-Utilities

Catalyst Pharmaceuticals (CPRX) -- 5.0% weight

Health Care | Biotechnology

Grocery Outlet (GO) -- 5.0% weight

Consumer Staples | Food & Staples Retailing

Groupon (GRPN) -- 5.0% weight

Consumer Discretionary | Internet & Direct Marketing Retail

Huron Consulting (HURN) -- 5.0% weight

Industrials | Professional Services

Premier (PINC) -- 5.0% weight

Health Care | Health Care Providers & Services

Progress Software (PRGS) -- 5.0% weight

Information Technology | Software

Silicon Motion Technology (SIMO) -- 5.0% weight

Information Technology | Semiconductors & Semiconductor Equipment

SSR Mining (SSRM) -- 5.0% weight

Materials | Metals & Mining

Winmark (WINA) -- 5.0% weight

Consumer Discretionary | Specialty Retail

Teekay Tankers (TNK) -- 4.8% weight

Energy | Oil, Gas & Consumable Fuels

Agilysys (AGYS) -- 4.6% weight

Information Technology | Software

Limbach (LMB) -- 4.4% weight

Industrials | Construction & Engineering

Liquidia (LQDA) -- 4.3% weight

Health Care | Pharmaceuticals

Q3 2025 Performance Summary:
NSCM US Small Cap net return: +18.91%
Russell 2000 Index return: +12.39%

NSCM US Small Cap net alpha: +6.52%

Q2 2025 Holdings:

Broadcom (AVGO) -- 12.0% weight

Information Technology | Semiconductors & Semiconductor Equipment

Gilead Sciences (GILD) -- 12.0% weight

Health Care | Biotechnology

Philip Morris International (PM) -- 9.0% weight

Consumer Staples | Tobacco

Republic Services (RSG) -- 8.2% weight

Industrials | Commercial Services & Supplies

VeriSign (VRSN) -- 6.0% weight

Information Technology | IT Services

Eli Lilly and Co. (LLY) -- 5.5% weight

Health Care | Pharmaceuticals

Coca-Cola (KO) -- 5.0% weight

Consumer Staples | Beverages

LPL Financial (LPLA) -- 4.3% weight

Financials | Capital Markets

AT&T (T) -- 4.0% weight

Communication Services | Diversified Telecommunication Services

Progressive (PGR) -- 4.0% weight

Financials | Insurance

Penumbra (PEN) -- 3.9% weight

Health Care | Health Care Equipment & Supplies

CVS Health (CVS) -- 3.5% weight

Health Care | Health Care Providers & Services

HealthEquity (HQY) -- 3.1% weight

Health Care | Health Care Providers & Services

EchoStar (SATS) -- 3.0% weight

Communication Services | Diversified Telecommunication Services

BioMarin Pharmaceutical (BMRN) -- 2.7% weight

Health Care | Biotechnology

Q2 2025 Performance Summary:
NSCM US Large Cap net return: +11.28%
S&P 500 Index return: +10.94%

NSCM US Small Cap net alpha: +0.34%

Q2 2025 Holdings:

ACM Research (ACMR) -- 5.0% weight

Information Technology | Semiconductors & Semiconductor Equipment

AMN Healthcare Services (AMN) -- 5.0% weight

Health Care | Health Care Providers & Services

AZZ (AZZ) -- 5.0% weight

Industrials | Electrical Equipment

BlackBerry (BB) -- 5.0% weight

Information Technology | Software

Cheesecake Factory (CAKE) -- 5.0% weight

Consumer Discretionary | Hotels, Restaurants & Leisure

The Chefs' Warehouse (CHEF) -- 5.0% weight

Consumer Staples | Food & Staples Retailing

Hawaiian Electric Industries (HE) -- 5.0% weight

Utilities | Electric Utilities

Himax Technologies (HIMX) -- 5.0% weight

Information Technology | Semiconductors & Semiconductor Equipment

Herbalife (HLF) -- 5.0% weight

Consumer Staples | Personal Products

JetBlue Airways (JBLU) -- 5.0% weight

Industrials | Airlines

Mirum Pharmaceuticals (MIRM) -- 5.0% weight

Health Care | Biotechnology

Mercury Systems (MRCY) -- 5.0% weight

Industrials | Aerospace & Defense

Pitney Bowes (PBI) -- 5.0% weight

Industrials | Commercial Services & Supplies

Progyny (PGNY) -- 5.0% weight

Health Care | Health Care Providers & Services

RealReal (REAL) -- 5.0% weight

Consumer Discretionary | Internet & Direct Marketing Retail

Q2 2025 Performance Summary:
NSCM US Small Cap net return: +12.01%
Russell 2000 Index return: +8.50%

NSCM US Small Cap net alpha: +3.51%

Q1 2025 Holdings:

Gilead Sciences (GILD) -- 12.0% weight

Health Care | Biotechnology

Exelixis (EXEL) -- 10.6% weight

Health Care | Biotechnology

Procter & Gamble (PG) -- 9.8% weight

Consumer Staples | Household Products

Axon Enterprise (AXON) -- 9.2% weight

Industrials | Aerospace & Defense

Las Vegas Sands (LVS) -- 7.6% weight

Consumer Discretionary | Hotels, Restaurants & Leisure

Bristol-Myers Squibb (BMY) -- 6.7% weight

Health Care | Pharmaceuticals

LPL Financial (LPLA) -- 12.0% weight

Financials | Capital Markets

McKesson (MCK) -- 3.7% weight

Health Care | Health Care Providers & Services

AAON (AAON) -- 3.5% weight

Industrials | Building Products

Elastic (ESTC) -- 3.2% weight

Information Technology | Software

Zoom Communications (ZM) -- 3.1% weight

Information Technology | Software

Twilio (TWLO) -- 3.0% weight

Information Technology | IT Services

Ubiquiti (UI) -- 3.0% weight

Information Technology | Communications Equipment

Unum (UNM) -- 3.0% weight

Financials | Insurance

Oracle (ORCL) -- 2.9% weight

Information Technology | Software

Q1 2025 Performance Summary:
NSCM US Large Cap net return: +1.85%
S&P 500 Index return: -4.28%

NSCM US Large Cap net alpha: +6.13%

Q1 2025 Holdings:

Applied Optoelectronics (AAOI) -- 5.0% weight

Information Technology | Communications Equipment

Argan (AGX) -- 5.0% weight

Industrials | Construction & Engineering

Allegiant Travel (ALGT) -- 5.0% weight

Industrials | Airlines

Cracker Barrel Old Country Store (CBRL) -- 5.0% weight

Consumer Discretionary | Hotels, Restaurants & Leisure

Catalyst Pharmaceuticals (CPRX) -- 5.0% weight

Health Care | Biotechnology

Grocery Outlet (GO) -- 5.0% weight

Consumer Staples | Food & Staples Retailing

Hanesbrands (HBI) -- 5.0% weight

Consumer Discretionary | Textiles, Apparel & Luxury Goods

Helen of Troy (HELE) -- 5.0% weight

Consumer Discretionary | Household Durables

Innodata (INOD) -- 5.0% weight

Information Technology | IT Services

Centrus Energy (LEU) -- 5.0% weight

Energy | Oil, Gas & Consumable Fuels

MYR Group (MYRG) -- 5.0% weight

Industrials | Construction & Engineering

OSI Systems (OSIS) -- 5.0% weight

Information Technology | Electronic Equipment, Instruments & Components

Progress Software (PRGS) -- 5.0% weight

Information Technology | Software

Teladoc Health (TDOC) -- 5.0% weight

Health Care | Health Care Technology

Tegna (TGNA) -- 5.0% weight

Communication Services | Media

Q1 2025 Performance Summary:
NSCM US Small Cap net return: -12.90%
Russell 2000 Index return: -9.48%

NSCM US Small Cap net alpha: -3.42%

Q4 2024 Holdings:

Alnylam Pharmaceuticals (ALNY) -- 12.0% weight

Health Care | Biotechnology

Bristol-Myers Squibb (BMY) -- 12.0% weight

Health Care | Pharmaceuticals

Tyler Technologies (TYL) -- 12.0% weight

Information Technology | Software

Lockheed Martin (LMT) -- 10.1% weight

Industrials | Aerospace & Defense

Erie Indemnity (ERIE) -- 9.0% weight

Financials | Insurance

Philip Morris International (PM) -- 9.0% weight

Consumer Staples | Tobacco

Regeneron Pharmaceuticals (REGN) -- 7.0% weight

Health Care | Biotechnology

United Therapeutics (UTHR) -- 6.8% weight

Health Care | Biotechnology

Coca-Cola Consolidated (COKE) -- 4.9% weight

Consumer Staples | Beverages

Zoom Communications (ZM) -- 3.6% weight

Information Technology | Software

Clorox (CLX) -- 2.6% weight

Consumer Staples | Household Products

Northrop Grumman (NOC) -- 2.2% weight

Industrials | Aerospace & Defense

Pilgrim's Pride (PPC) -- 2.0% weight

Consumer Staples | Food Products

Sprouts Farmers Market (SFM) -- 2.0% weight

Consumer Staples | Food & Staples Retailing

Check Point Software Technologies (CHKP) -- 1.0% weight

Information Technology | Software

Q4 2024 Performance Summary:
NSCM US Large Cap net return: -7.73%
S&P 500 Index return: +2.39%

NSCM US Large Cap net alpha: -10.12%

Q4 2024 Holdings:

CareDx (CDNA) -- 5.0% weight

Health Care | Biotechnology

DHT (DHT) -- 5.0% weight

Energy | Oil, Gas & Consumable Fuels

Forward Air (FWRD) -- 5.0% weight

Industrials | Air Freight & Logistics

Geron (GERN) -- 5.0% weight

Health Care | Biotechnology

Harrow Health (HROW) -- 5.0% weight

Health Care | Pharmaceuticals

Mercury Systems (MRCY) -- 5.0% weight

Industrials | Aerospace & Defense

Omnicell (OMCL) -- 5.0% weight

Health Care | Health Care Technology

PetIQ (PETQ) -- 5.0% weight

Health Care | Health Care Providers & Services

Revance Therapeutics (RVNC) -- 5.0% weight

Health Care | Pharmaceuticals

SIGA Technologies (SIGA) -- 5.0% weight

Health Care | Pharmaceuticals

Bancorp (TBBK) -- 5.0% weight

Financials | Banks

Veracyte (VCYT) -- 5.0% weight

Health Care | Biotechnology

Vector Group (VGR) -- 5.0% weight

Consumer Staples | Tobacco

Verona Pharma (VRNA) -- 5.0% weight

Health Care | Pharmaceuticals

Vista Outdoor (VSTO) -- 5.0% weight

Consumer Discretionary | Leisure Products

Q4 2024 Performance Summary:
NSCM US Small Cap net return: -7.89%
Russell 2000 Index return: +0.33%

NSCM US Small Cap net alpha: -8.22%

Q3 2024 Holdings:

Dell Technologies (DELL) -- 12.0% weight

Information Technology | Technology Hardware, Storage & Peripherals

Insmed (INSM) -- 12.0% weight

Health Care | Biotechnology

Kimberly-Clark (KMB) -- 12.0% weight

Consumer Staples | Household Products

Lockheed Martin (LMT) -- 10.8% weight

Industrials | Aerospace & Defense

Progressive (PGR) -- 9.0% weight

Financials | Insurance

Resmed (RMD) -- 6.8% weight

Health Care | Health Care Equipment & Supplies

Micron Technology (MU) -- 6.3% weight

Information Technology | Semiconductors & Semiconductor Equipment

First Solar (FSLR) -- 6.2% weight

Information Technology | Semiconductors & Semiconductor Equipment

Biogen (BIIB) -- 5.5% weight

Health Care | Biotechnology

Eli Lilly and Co. (LLY) -- 5.5% weight

Health Care | Pharmaceuticals

United Therapeutics (UTHR) -- 3.1% weight

Health Care | Biotechnology

Newmont (NEM) -- 2.5% weight

Materials | Metals & Mining

BJ's Wholesale Club (BJ) -- 2.0% weight

Consumer Staples | Food & Staples Retailing

Colgate-Palmolive (CL) -- 2.0% weight

Consumer Staples | Household Products

General Mills (GIS) -- 2.0% weight

Consumer Staples | Food Products

Q3 2024 Performance Summary:
NSCM US Large Cap net return: +7.70%
S&P 500 Index return: +5.89%

NSCM US Large Cap net alpha: +1.81%

Q3 2024 Holdings:

ADMA Biologics (ADMA) -- 5.0% weight

Health Care | Biotechnology

AMN Healthcare Services (AMN) -- 5.0% weight

Health Care | Health Care Providers & Services

Adtalem Global Education (ATGE) -- 5.0% weight

Consumer Discretionary | Diversified Consumer Services

Atlantica Sustainable Infrastructure (AY) -- 5.0% weight

Utilities | Independent Power and Renewable Electricity Producers

Blue Bird (BLBD) -- 5.0% weight

Industrials | Machinery

Cal-Maine Foods (CALM) -- 5.0% weight

Consumer Staples | Food Products

Coeur Mining (CDE) -- 5.0% weight

Materials | Metals & Mining

Geron (GERN) -- 5.0% weight

Health Care | Biotechnology

Stride (LRN) -- 5.0% weight

Consumer Discretionary | Diversified Consumer Services

Novavax (NVAX) -- 5.0% weight

Health Care | Biotechnology

Novocure (NVCR) -- 5.0% weight

Health Care | Health Care Equipment & Supplies

Primoris Services (PRIM) -- 5.0% weight

Industrials | Construction & Engineering

PTC Therapeutics (PTCT) -- 5.0% weight

Health Care | Biotechnology

Silicon Motion Technology (SIMO) -- 5.0% weight

Information Technology | Semiconductors & Semiconductor Equipment

Semtech (SMTC) -- 5.0% weight

Information Technology | Semiconductors & Semiconductor Equipment

Q3 2024 Performance Summary:
NSCM US Small Cap net return: +8.33%
Russell 2000 Index return: +9.27%

NSCM US Small Cap net alpha: -0.94%

Q2 2024 Holdings:

Merck & Co. (MRK) -- 12.0% weight

Health Care | Pharmaceuticals

Regeneron Pharmaceuticals (REGN) -- 12.0% weight

Health Care | Biotechnology

Super Micro Computer (SMCI) -- 12.0% weight

Information Technology | Technology Hardware, Storage & Peripherals

Colgate-Palmolive (CL) -- 9.9% weight

Consumer Staples | Household Products

Erie Indemnity (ERIE) -- 9.0% weight

Financials | Insurance

Elastic (ESTC) -- 7.3% weight

Information Technology | Software

Tapestry (TPR) -- 7.2% weight

Consumer Discretionary | Textiles, Apparel & Luxury Goods

Eli Lilly and Co. (LLY) -- 6.4% weight

Health Care | Pharmaceuticals

Vertex Pharmaceuticals (VRTX) -- 6.4% weight

Health Care | Biotechnology

Verizon Communications (VZ) -- 4.0% weight

Communication Services | Diversified Telecommunication Services

Okta (OKTA) -- 2.2% weight

Information Technology | IT Services

BJ's Wholesale Club (BJ) -- 2.0% weight

Consumer Staples | Food & Staples Retailing

J.M. Smucker (SJM) -- 2.0% weight

Consumer Staples | Food Products

Shockwave Medical (SWAV) -- 1.8% weight

Health Care | Health Care Equipment & Supplies

Cigna (CI) -- 1.5% weight

Health Care | Health Care Providers & Services

Q2 2024 Performance Summary:
NSCM US Large Cap net return: +0.41%
S&P 500 Index return: +4.28%

NSCM US Large Cap net alpha: -3.87%

Q2 2024 Holdings:

ACM Research (ACMR) -- 5.0% weight

Information Technology | Semiconductors & Semiconductor Equipment

Agios Pharmaceuticals (AGIO) -- 5.0% weight

Health Care | Biotechnology

Alpine Immune Sciences (ALPN) -- 5.0% weight

Health Care | Biotechnology

Altimmune (ALT) -- 5.0% weight

Health Care | Biotechnology

Ardelyx (ARDX) -- 5.0% weight

Health Care | Biotechnology

EyePoint Pharmaceuticals (EYPT) -- 5.0% weight

Health Care | Pharmaceuticals

Hanesbrands (HBI) -- 5.0% weight

Consumer Discretionary | Textiles, Apparel & Luxury Goods

Harmonic (HLIT) -- 5.0% weight

Information Technology | Communications Equipment

Hub Group (HUBG) -- 5.0% weight

Industrials | Air Freight & Logistics

ICU Medical (ICUI) -- 5.0% weight

Health Care | Health Care Equipment & Supplies

International Seaways (INSW) -- 5.0% weight

Energy | Oil, Gas & Consumable Fuels

Ironwood Pharmaceuticals (IRWD) -- 5.0% weight

Health Care | Biotechnology

Premier (PINC) -- 5.0% weight

Health Care | Health Care Providers & Services

Powell Industries (POWL) -- 5.0% weight

Industrials | Electrical Equipment

Progress Software (PRGS) -- 5.0% weight

Information Technology | Software

Q2 2024 Performance Summary:
NSCM US Small Cap net return: -2.86%
Russell 2000 Index return: -3.28%

NSCM US Small Cap net alpha: +0.42%

Q1 2024 Holdings:

Deckers Outdoor (DECK) -- 12.0% weight

Consumer Discretionary | Textiles, Apparel & Luxury Goods

Dell Technologies (DELL) -- 12.0% weight

Information Technology | Technology Hardware, Storage & Peripherals

Intel (INTC) -- 12.0% weight

Information Technology | Semiconductors & Semiconductor Equipment

Northrop Grumman (NOC) -- 10.6% weight

Industrials | Aerospace & Defense

Allstate (ALL) -- 9.0% weight

Financials | Insurance

Centene (CNC) -- 7.0% weight

Health Care | Health Care Providers & Services

Republic Services (RSG) -- 6.4% weight

Industrials | Commercial Services & Supplies

Godaddy (GDDY) -- 6.0% weight

Information Technology | IT Services

Zscaler (ZS) -- 6.0% weight

Information Technology | Software

Verizon Communications (VZ) -- 4.0% weight

Communication Services | Diversified Telecommunication Services

Nutanix (NTNX) -- 3.2% weight

Information Technology | Software

Colgate-Palmolive (CL) -- 3.0% weight

Consumer Staples | Household Products

Regeneron Pharmaceuticals (REGN) -- 2.6% weight

Health Care | Biotechnology

Barrick Gold (GOLD) -- 2.5% weight

Materials | Metals & Mining

Roku (ROKU) -- 1.2% weight

Communication Services | Entertainment

Q1 2024 Performance Summary:
NSCM US Large Cap net return: +14.19%
S&P 500 Index return: +10.55%

NSCM US Large Cap net alpha: +3.64%

Q1 2024 Holdings:

ACI Worldwide (ACIW) -- 5.0% weight

Information Technology | Software

Amphastar Pharmaceuticals (AMPH) -- 5.0% weight

Health Care | Pharmaceuticals

ArcBest (ARCB) -- 5.0% weight

Industrials | Road & Rail

Associated Banc-Corp (ASB) -- 5.0% weight

Financials | Banks

Alteryx (AYX) -- 5.0% weight

Information Technology | Software

Cal-Maine Foods (CALM) -- 5.0% weight

Consumer Staples | Food Products

Camtek (CAMT) -- 5.0% weight

Information Technology | Semiconductors & Semiconductor Equipment

CymaBay Therapeutics (CBAY) -- 5.0% weight

Health Care | Pharmaceuticals

Foot Locker (FL) -- 5.0% weight

Consumer Discretionary | Specialty Retail

Frontdoor (FTDR) -- 5.0% weight

Consumer Discretionary | Diversified Consumer Services

Warrior Met Coal (HCC) -- 5.0% weight

Materials | Metals & Mining

InterDigital (IDCC) -- 5.0% weight

Information Technology | Communications Equipment

Iovance Biotherapeutics (IOVA) -- 5.0% weight

Health Care | Biotechnology

Dorian LPG (LPG) -- 5.0% weight

Energy | Oil, Gas & Consumable Fuels

Stride (LRN) -- 5.0% weight

Consumer Discretionary | Diversified Consumer Services

Q1 2024 Performance Summary:
NSCM US Small Cap net return: +12.14%
Russell 2000 Index return: +5.17%

NSCM US Small Cap net alpha: +6.97%

Note: Beginning in Q3 2023 and Q1 2024, we introduced explicit maximum position size constraints for the US Large Cap and US Small Cap strategies, respetively, in response to investor feedback expressing a preference for defined concentration limits. The maximum position size was set at 12% for the US Large Cap Strategy and 5% for the US Small Cap Strategy. Prior to this change, the algorithm did not operate under a hard maximum position size constraint.

Q4 2023 Holdings:

Carvana (CVNA) -- 12.0% weight

Consumer Discretionary | Specialty Retail

Eli Lilly and Co. (LLY) -- 12.0% weight

Health Care | Pharmaceuticals

Procter & Gamble (PG) -- 12.0% weight

Consumer Staples | Household Products

Domino's Pizza (DPZ) -- 9.0% weight

Consumer Discretionary | Hotels, Restaurants & Leisure

Erie Indemnity (ERIE) -- 9.0% weight

Financials | Insurance

VMware (VMW) -- 8.4% weight

Information Technology | Software

Leidos (LDOS) -- 6.0% weight

Information Technology | IT Services

Lennox International (LII) -- 6.0% weight

Industrials | Building Products

Regeneron Pharmaceuticals (REGN) -- 5.9% weight

Health Care | Biotechnology

Neurocrine Biosciences (NBIX) -- 5.1% weight

Health Care | Biotechnology

CF Industries (CF) -- 4.2% weight

Materials | Chemicals

Caterpillar (CAT) -- 4.0% weight

Industrials | Machinery

Coterra Energy (CTRA) -- 2.5% weight

Energy | Metals & Mining

Bunge Global (BG) -- 2.0% weight

Consumer Staples | Food Products

Old Dominion Freight Line (ODFL) -- 1.0% weight

Industrials | Road & Rail

Q4 2023 Performance Summary:
NSCM US Large Cap net return: +12.92%
S&P 500 Index return: +11.68%

NSCM US Large Cap net alpha: +1.24%

Q4 2023 Holdings:

ANI Pharmaceuticals (ANIP) -- 12.2% weight

Health Care | Pharmaceuticals

Kiniksa Pharmaceuticals (KNSA) -- 9.2% weight

Health Care | Biotechnology

Cal-Maine Foods (CALM) -- 8.2% weight

Consumer Staples | Food Products

ACM Research (ACMR) -- 6.1% weight

Information Technology | Semiconductors & Semiconductor Equipment

Amneal Pharmaceuticals (AMRX) -- 6.1% weight

Health Care | Pharmaceuticals

Andersons (ANDE) -- 6.1% weight

Consumer Staples | Food & Staples Retailing

CymaBay Therapeutics (CBAY) -- 6.1% weight

Health Care | Pharmaceuticals

National HealthCare (NHC) -- 5.1% weight

Health Care | Health Care Providers & Services

Powell Industries (POWL) -- 5.1% weight

Industrials | Electrical Equipment

Central Garden & Pet (CENT) -- 4.1% weight

Consumer Staples | Household Products

Shenandoah Telecommunications (SHEN) -- 4.1% weight

Communication Services | Wireless Telecommunication Services

Catalyst Pharmaceuticals (CPRX) -- 3.1% weight

Health Care | Biotechnology

Nikola (NKLA) -- 3.1% weight

Industrials | Automobiles

EchoStar (SATS) -- 3.1% weight

Communication Services | Communications Equipment

HNI (HNI) -- 2.0% weight

Industrials | Commercial Services & Supplies

Q4 2023 Performance Summary:
NSCM US Small Cap net return: +8.06%
Russell 2000 Index return: +14.02%

NSCM US Small Cap net alpha: -5.96%

Q3 2023 Holdings:

Eli Lilly and Co. (LLY) -- 12.0% weight

Health Care | Pharmaceuticals

Microsoft (MSFT) -- 12.0% weight

Information Technology | Software

Procter & Gamble (PG) -- 12.0% weight

Consumer Staples | Household Products

Super Micro Computer (SMCI) -- 12.0% weight

Information Technology | Technology Hardware, Storage & Peripherals

Biogen (BIIB) -- 10.0% weight

Health Care | Biotechnology

Take-Two Interactive Software (TTWO) -- 6.0% weight

Communication Services | Entertainment

Verisk Analytics (VRSK) -- 6.0% weight

Information Technology | Professional Services

VMware (VMW) -- 4.0% weight

Information Technology | Software

Penumbra (PEN) -- 3.5% weight

Health Care | Health Care Equipment & Supplies

Salesforce (CRM) -- 2.8% weight

Information Technology | Software

Barrick Gold (GOLD) -- 2.5% weight

Materials | Metals & Mining

Church & Dwight (CHD) -- 2.0% weight

Consumer Staples | Household Products

Alphabet (GOOG) -- 2.0% weight

Communication Services | Interactive Media & Services

Hershey (HSY) -- 2.0% weight

Consumer Staples | Food Products

Sanofi (SNY) -- 2.0% weight

Health Care | Pharmaceuticals

Q3 2023 Performance Summary:
NSCM US Large Cap net return: +0.03%
S&P 500 Index return: -3.27%

NSCM US Large Cap net alpha: +3.30%

Q3 2023 Holdings:

Amphastar Pharmaceuticals (AMPH) -- 12.1% weight

Health Care | Pharmaceuticals

Open Lending (LPRO) -- 12.1% weight

Financials | Divserisfied Financial Services

Viking Therapeutics (VKTX) -- 12.1% weight

Health Care | Biotechnology

John B. Sanfilippo & Son (JBSS) -- 8.1% weight

Consumer Staples | Food Products

Harmonic (HLIT) -- 7.1% weight

Information Technology | Communications Equipment

Quanterix (QTRX) -- 7.1% weight

Health Care | Life Sciences Tools & Services

Atlanta Braves (BATRA) -- 5.1% weight

Communication Services | Entertainment

Healthcare Services Group (HCSG) -- 5.1% weight

Industrials | Commercial Services & Supplies

Preformed Line Products (PLPC) -- 5.1% weight

Industrials | Electrical Equipment

Kiniksa Pharmaceuticals (KNSA) -- 4.0% weight

Health Care | Biotechnology

Owens & Minor (OMI) -- 4.0% weight

Health Care | Health Care Providers & Services

SGH (SGH) -- 3.0% weight

Information Technology | Semiconductors & Semiconductor Equipment

Huron Consulting (HURN) -- 2.0% weight

Industrials | Professional Services

Photronics (PLAB) -- 2.0% weight

Information Technology | Semiconductors & Semiconductor Equipment

Universal (UVV) -- 2.0% weight

Consumer Staples | Tobacco

Q3 2023 Performance Summary:
NSCM US Small Cap net return: -14.03%
Russell 2000 Index return: -5.14%

NSCM US Small Cap net alpha: -8.89%

Q2 2023 Holdings:

Catalent (CTLT) -- 20.0% weight

Health Care | Pharmaceuticals

Las Vegas Sands (LVS) -- 10.2% weight

Consumer Discretionary | Hotels, Restaurants & Leisure

Nvidia (NVDA) -- 8.2% weight

Information Technology | Semiconductors & Semiconductor Equipment

Clorox (CLX) -- 7.1% weight

Consumer Staples | Household Products

Seagate Technology (STX) -- 7.1% weight

Information Technology | Technology Hardware, Storage & Peripherals (

Exact Sciences (EXAS) -- 6.8% weight

Health Care | Biotechnology

MongoDB (MDB) -- 6.0% weight

Information Technology | IT Services

MarketAxess (MKTX) -- 5.0% weight

Financials | Capital Markets

Splunk (SPLK) -- 4.4% weight

Information Technology | Software

West Pharmaceutical Services (WST) -- 4.3% weight

Health Care | Health Care Equipment & Supplies

Cincinnati Financial (CINF) -- 4.0% weight

Financials | Insurance

Coty (COTY) -- 3.6% weight

Consumer Staples | Personal Products

Aligh Technology (ALGN) -- 3.2% weight

Health Care | Health Care Equipment & Supplies

Reliance (RS) -- 2.5% weight

Materials | Metals & Mining

Five Below (FIVE) -- 2.2% weight

Consumer Discretionary | Specialty Retail

Q2 2023 Performance Summary:
NSCM US Large Cap net return: +3.79%
S&P 500 Index return: +8.74%

NSCM US Large Cap net alpha: -4.95%

Q2 2023 Holdings:

CymaBay Therapeutics (CBAY) -- 12.2% weight

Health Care | Pharmaceuticals

Viking Therapeutics (VKTX) -- 10.2% weight

Health Care | Biotechnology

Amphastar Pharmaceuticals (AMPH) -- 9.2% weight

Health Care | Pharmaceuticals

Aurinia Pharmaceuticals (AUPH) -- 8.2% weight

Health Care | Biotechnology

John B. Sanfilippo & Son (JBSS) -- 7.1% weight

Consumer Staples | Food Products

Matthews International (MATW) -- 7.1% weight

Industrials | Commercial Services & Supplies

NeoGenomics (NEO) -- 7.1% weight

Health Care | Life Sciences Tools & Services

Andersons (ANDE) -- 6.1% weight

Consumer Staples | Food & Staples Retailing

InterDigital (IDCC) -- 4.1% weight

Information Technology | Communications Equipment

Phibro Animal Health (PAHC) -- 4.1% weight

Health Care | Pharmaceuticals

Thermon Group (THR) -- 4.1% weight

Industrials | Electrical Equipment

Ribbon Communications (RBBN) -- 3.1% weight

Information Technology | Communications Equipment

Community Health Systems (CYH) -- 2.0% weight

Health Care | Health Care Providers & Services

Materion (MTRN) -- 2.0% weight

Materials | Metals & Mining

Vector Group (VGR) -- 2.0% weight

Consumer Staples | Tobacco

Q2 2023 Performance Summary:
NSCM US Small Cap net return: +9.83%
Russell 2000 Index return: +5.19%

NSCM US Small Cap net alpha: +4.64%

Q1 2023 Holdings:

Biogen (BIIB) -- 16.5% weight

Health Care | Biotechnology

Merck & Co. (MRK) -- 13.4% weight

Health Care | Pharmaceuticals

Proctor & Gamble (PG) -- 11.5% weight

Consumer Staples | Household Products

Gilead Sciences (GILD) -- 10.1% weight

Health Care | Biotechnology

Axon Enterprise (AXON) -- 9.8% weight

Industrials | Aerospace & Defense

Burlington Stores (BURL) -- 8.6% weight

Consumer Discretionary | Specialty Retail

Erie Indemnity (ERIE) -- 7.9% weight

Financials | Insurance

Toro (TTC) -- 4.0% weight

Industrials | Machinery

Rollins (ROL) -- 3.2% weight

Industrials | Commercial Services & Supplies

Starbucks (SBUX) -- 3.0% weight

Consumer Discretionary | Hotels, Restaurants & Leisure

Newmont (NEM) -- 2.5% weight

Materials | Metals & Mining

Lattice Semiconductor (LSCC) -- 2.0% weight

Information Technology | Semiconductors & Semiconductor Equipment

J.M. Smucker (SJM) -- 2.0% weight

Consumer Staples | Food Products

Interactive Brokers (IBKR) -- 1.1% weight

Financials | Capital Markets

America Movil (AMOV) -- 1.0% weight

Communication Services | Wireless Telecommunication Services

Q1 2023 Performance Summary:
NSCM US Large Cap net return: +1.61%
S&P 500 Index return: +7.48%

NSCM US Large Cap net alpha: -5.87%

Q1 2023 Holdings:

AnaptysBio (ANAB) -- 11.2% weight

Health Care | Biotechnology

Collegium Pharmaceutical (COLL) -- 11.2% weight

Health Care | Pharmaceuticals

Aehr Test Systems (AEHR) -- 7.1% weight

Information Technology | Semiconductors & Semiconductor Equipment

Harmonic (HLIT) -- 7.1% weight

Information Technology | Communications Equipment

John B. Sanfilippo & Son (JBSS) -- 7.1% weight

Consumer Staples | Food Products

Matthews International (MATW) -- 7.1% weight

Industrials | Commercial Services & Supplies

Ingles Markets (IMKTA) -- 6.1% weight

Consumer Staples | Food & Staples Retailing

Veracyte (VCYT) -- 6.1% weight

Health Care | Biotechnology

Revance Therapeutics (RVNC) -- 5.1% weight

Health Care | Pharmaceuticals

Reata Pharmaceuticals (RETA) -- 4.1% weight

Health Care | Pharmaceuticals

ADMA Biologics (ADMA) -- 3.1% weight

Health Care | Biotechnology

Heartland Express (HTLD) -- 3.1% weight

Industrials | Road & Rail

National Research (NRC) -- 3.1% weight

Health Care | Health Care Providers & Services

Huron Consulting (HURN) -- 2.0% weight

Industrials | Professional Services

NovaGold Resources (NG) -- 2.0% weight

Materials | Metals & Mining

Q1 2023 Performance Summary:
NSCM US Small Cap net return: +13.06%
Russell 2000 Index return: +2.73%

NSCM US Small Cap net alpha: +10.33%

Q4 2022 Holdings:

First Solar (FSLR) -- 26.0% weight

Information Technology | Semiconductors & Semiconductor Equipment

Alnylam Pharmaceuticals (ALNY) -- 25.0% weight

Health Care | Biotechnology

Erie Indemnity (ERIE) -- 9.0% weight

Financials | Insurance

Cardinal Health (CAH) -- 7.0% weight

Health Care | Health Care Providers & Services

Thomson Reuters (TRI) -- 6.0% weight

Industrials | Professional Services

BioMarin Pharmaceutical (BMRN) -- 4.3% weight

Health Care | Biotechnology

Keurig Dr. Pepper (KDP) -- 4.3% weight

Consumer Staples | Beverages

T-Mobile US (TMUS) -- 4.0% weight

Communication Services | Wireless Telecommunication Services

Booz Allen Hamilton (BAH) -- 3.2% weight

Industrials | Professional Services

Costco Wholesale (COST) -- 2.0% weight

Consumer Staples | Food & Staples Retailing

Genuine Parts (GPC) -- 2.0% weight

Consumer Discretionary | Auto Parts

Lamb Weston (LW) -- 2.0% weight

Consumer Staples | Food Products

Repligen (RGEN) -- 1.3% weight

Health Care | Life Sciences Tools & Services

NextEra Energy (NEE) -- 1.0% weight

Utilities | Electric Utilities

Brown-Forman (BF-A) -- 0.7% weight

Consumer Staples | Beverages

Q4 2022 Performance Summary:
NSCM US Large Cap net return: +13.00%
S&P 500 Index return: +7.55%

NSCM US Large Cap net alpha: +5.45%

Q4 2022 Holdings:

Altimmune (ALT) -- 9.2% weight

Health Care | Biotechnology

Catalyst Pharmaceuticals (CPRX) -- 9.2% weight

Health Care | Biotechnology

G1 Therapeutics (GTHX) -- 9.2% weight

Health Care | Biotechnology

SIGA Technologies (SIGA) -- 9.2% weight

Health Care | Pharmaceuticals

Clearfield (CLFD) -- 7.1% weight

Information Technology | Communications Equipment

Revance Therapeutics (RVNC) -- 7.1% weight

Health Care | Pharmaceuticals

Weis Markets (WMK) -- 6.1% weight

Consumer Staples | Food & Staples Retailing

Fresh Del Monte Produce (FDP) -- 5.1% weight

Consumer Staples | Food Products

PAM Transportation Services (PTSI) -- 4.1% weight

Industrials | Road & Rail

Relmada Therapeutics (RLMD) -- 4.1% weight

Health Care | Pharmaceuticals

Enanta Pharmaceuticals (ENTA) -- 3.1% weight

Health Care | Biotechnology

Iovance Biotherapeutics (IOVA) -- 3.1% weight

Health Care | Biotechnology

Heartland Express (HTLD) -- 2.0% weight

Industrials | Road & Rail

Huron Consulting (HURN) -- 2.0% weight

Industrials | Professional Services

John B. Sanfilippo & Son (JBSS) -- 2.0% weight

Consumer Staples | Professional Services

Q4 2022 Performance Summary:
NSCM US Small Cap net return: -10.48%
Russell 2000 Index return: +6.20%

NSCM US Small Cap net alpha: -16.68%

Q3 2022 Holdings:

United Therapeutics (UTHR) -- 16.1% weight

Health Care | Biotechnology

Merck & Co. (MRK) -- 13.3% weight

Health Care | Pharmaceuticals

CF Industries (CF) -- 7.8% weight

Materials | Chemicals

Eli Lilly and Co. (LLY) --6.7% weight

Health Care | Pharmaceuticals

Black Knight (BKI) -- 6.0% weight

Information Technology | IT Services

Nielsen (NLSN) -- 6.0% weight

Communication Services | Professional Services

Kimberly-Clark (KMB) -- 5.3% weight

Consumer Staples | Household Products

Progressive (PGR) -- 5.1% weight

Financials | Insurance

Constellation Brands (STZ-B) -- 5.0% weight

Consumer Staples | Beverages

Rollins (ROL) -- 4.1% weight

Industrials | Commercial Services & Supplies

AT&T (T) -- 4.0% weight

Communication Services | Diversified Telecommunication Services

W. R. Berkley (WRB) -- 3.9% weight

Financials | Insurance

Gilead Sciences (GILD) -- 3.1% weight

Health Care | Biotechnology

Coterra Energy (CTRA) -- 2.5% weight

Energy | Oil, Gas & Consumable Fuels

T-Mobile US (TMUS) -- 2.5% weight

Communication Services | Wireless Telecommunication Services

Q3 2022 Performance Summary:
NSCM US Large Cap net return: -3.31%
S&P 500 Index return: -4.89%

NSCM US Large Cap net alpha: +1.58%

Q3 2022 Holdings:

SIGA Technologies (SIGA) -- 26.5% weight

Health Care | Pharmaceuticals

CTI BioPharma (CTIC) -- 19.4% weight

Health Care | Biotechnology

Universal Logistics (ULH) -- 9.2% weight

Industrials | Road & Rail

Bellus Health (BLU) -- 6.1% weight

Health Care | Biotechnology

Weis Markets (WMK) -- 6.1% weight

Consumer Staples | Food & Staples Retailing

National Healthcare (NHC) -- 5.1% weight

Health Care | Health Care Providers & Services

John B. Sanfilippo & Son (JBSS) -- 4.1% weight

Consumer Staples | Food Products

SunOpta (STKL) -- 4.1% weight

Consumer Staples | Food Products

Harmonic (HLIT) -- 2.0% weight

Information Technology | Communications Equipment

Huron Consulting (HURN) -- 2.0% weight

Industrials | Professional Services

Northwest Natural (NWN) -- 2.0% weight

Utilities | Gas Utilities

Shenandoah Telecommunications (SHEN) -- 2.0% weight

Communication Services | Wireless Telecommunication Services

Veru (VERU) -- 2.0% weight

Health Care | Biotechnology

Vector Group (VGR) -- 2.0% weight

Consumer Staples | Tobacco

American Vanguard (AVD) -- 1.0% weight

Materials | Chemicals

Q3 2022 Performance Summary:
NSCM US Small Cap net return: -0.33%
Russell 2000 Index return: -2.18%

NSCM US Small Cap net alpha: +1.85%

Q2 2022 Holdings:

Bristol-Myers Squibb (BMY) -- 19.7% weight

Health Care | Pharmaceuticals

Lockheed Martin (LMT) -- 11.5% weight

Industrials | Aerospace & Defense

Altria Group (MO) -- 9.0% weight

Consumer Staples | Tobacco

AmerisourceBergen (ABC) -- 7.0% weight

Health Care | Health Care Providers & Services

AbbVie (ABBV) -- 6.9% weight

Health Care | Biotechnology

Jack Henry & Associates (JKHY) -- 6.0% weight

Information Technology | IT Services

Progressive (PGR) -- 5.3% weight

Financials | Insurance

Coca-Cola (KO) -- 5.0% weight

Consumer Staples | Beverages

Northrop Grumman (NOC) -- 4.8% weight

Industrials | Aerospace & Defense

Mosaic (MOS) -- 3.7% weight

Materials | Chemicals

CF Industries (CF) -- 3.6% weight

Materials | Chemicals

MarketAxess (MKTX) -- 2.7% weight

Financials | Capital Markets

Procter & Gamble (PG) -- 2.6% weight

Consumer Staples | Household Products

Coterra Energy (CTRA) -- 2.5% weight

Energy | Oil, Gas & Consumable Fuels

Lamb Weston (LW) -- 2.0% weight

Consumer Staples | Food Products

Q2 2022 Performance Summary:
NSCM US Large Cap net return: -6.28%
S&P 500 Index return: -16.10%

NSCM US Large Cap net alpha: +9.82%

Q2 2022 Holdings:

Amphastar Pharmaceuticals (AMPH) -- 25.3% weight

Health Care | Pharmaceuticals

Photronics (PLAB) -- 16.2% weight

Information Technology | Semiconductors & Semiconductor Equipment

Karyopharm Therapeutics (KPTI) -- 13.1% weight

Health Care | Biotechnology

Albireo Pharma (ALBO) -- 9.1% weight

Health Care | Biotechnology

Cal-Maine Foods (CALM) -- 8.1% weight

Consumer Staples | Food Products

Sierra Oncology (SRRA) -- 7.1% weight

Health Care | Biotechnology

Andersons (ANDE) -- 6.1% weight

Consumer Staples | Food & Staples Retailing

Northwest Natural (NWN) -- 3.0% weight

Utilities | Gas Utilities

Bellus Health (BLU) -- 1.0% weight

Health Care | Biotechnology

BlueLinx (BXC) -- 1.0% weight

Industrials | Trading Companies & Distributors

Century Aluminum (CENX) -- 1.0% weight

Materials | Metals & Mining

Genco Shipping & Trading (GNK) -- 1.0% weight

Industrials | Marine

Gogo (GOGO) -- 1.0% weight

Communication Services | Wireless Telecommunication Services

International Money Express (IMXI) -- 1.0% weight

Financials | Diversified Financial Services

LSB Industries (LXU) -- 1.0% weight

Materials | Chemicals

Q2 2022 Performance Summary:
NSCM US Small Cap net return: -8.10%
Russell 2000 Index return: -17.20%

NSCM US Small Cap net alpha: +9.10%

Q1 2022 Holdings:

Ford (F) -- 17.2% weight

Consumer Discretionary | Automobiles

Synaptics (SYNA) -- 12.0% weight

Information Technology | Semiconductors & Semiconductor Equipment

Nvidia (NVDA) -- 11.9% weight

Information Technology | Semiconductors & Semiconductor Equipment

Pfizer (PFE) -- 8.8% weight

Health Care | Pharmaceuticals

Avis Budget Group (CAR) -- 7.0% weight

Industrials | Ground Transportation

Centene (CNC) -- 7.0% weight

Health Care | Health Care Providers & Services

CF Industries (CF) -- 5.2% weight

Materials | Chemicals

FactSet Research Systems (FDS) -- 5.0% weight

Financials | Capital Markets

Tetra Tech (TTEK) -- 4.9% weight

Industrials | Commercial Services & Supplies

Home Depot (HD) -- 3.9% weight

Consumer Discretionary | Specialty Retail

Arista Networks (ANET) -- 3.0% weight

Information Technology | Communications Equipment

Coterra Energy (CTRA) -- 2.5% weight

Energy | Oil, Gas & Consumable Fuels

Enphase Energy (ENPH) -- 2.1% weight

Information Technology | Semiconductors & Semiconductor Equipment

Tandem Diabetes Care (TNDM) -- 2.1% weight

Health Care | Health Care Equipment & Supplies

Costco Wholesale (COST) -- 2.0% weight

Consumer Staples | Food & Staples Retailing

Q1 2022 Performance Summary:
NSCM US Large Cap net return: -8.32%
S&P 500 Index return: -4.60%

NSCM US Large Cap net alpha: -3.72%

Q1 2022 Holdings:

Enanta Pharmaceuticals (ENTA) -- 23.5% weight

Health Care | Biotechnology

SIGA Technologies (SIGA) -- 15.3% weight

Health Care | Pharmaceuticals

NeoPhotonics (NPTN) -- 14.3% weight

Information Technology | Semiconductors & Semiconductor Equipment

PAM Transportation Services (PTSI) -- 9.2% weight

Industrials | Road & Rail

Clearfield (CLFD) -- 7.1% weight

Information Technology | Communications Equipment

Enochian Biosciences (ENOB) -- 6.1% weight

Health Care | Biotechnology

Xenon Pharmaceuticals (XENE) -- 6.1% weight

Health Care | Biotechnology

RR Donnelley & Sons (RRD) -- 4.1% weight

Industrials | Commercial Services & Supplies

Avid Technology (AVID) -- 3.1% weight

Information Technology | Technology Hardware, Storage & Peripherals

Catalyst Pharmaceuticals (CPRX) -- 2.0% weight

Health Care | Biotechnology

Iveric Bio (ISEE) -- 2.0% weight

Health Care | Biotechnology

Standard Motor Products (SMP) -- 2.0% weight

Consumer Discretionary | Auto Components

Gorman-Rupp (GRC) -- 1.0% weight

Industrials | Machinery

Loop Industries (LOOP) -- 1.0% weight

Materials | Chemicals

Partner Communications (PTNR) -- 1.0% weight

Communication Services | Wireless Telecommunication Services

Q1 2022 Performance Summary:
NSCM US Small Cap net return: -2.75%
Russell 2000 Index return: -7.53%

NSCM US Small Cap net alpha: +4.78%

Q4 2021 Holdings:

Eli Lilly & Co. (LLY) -- 17.1% weight

Health Care | Pharmaceuticals

Monolithic Power Systems (MPWR) -- 14.9% weight

Information Technology | Semiconductors & Semiconductor Equipment

ResMed (RMD) -- 10.0% weight

Health Care | Health Care Equipment & Supplies

Domino's Pizza (DPZ) -- 7.9% weight

Consumer Discretionary | Hotels, Restaurants & Leisure

Republic Services (RSG) -- 6.7% weight

Industrials | Commercial Services & Supplies

Thomson Reuters (TRI) -- 6.0% weight

Industrials | Professional Services

Regeneron Pharmaceuticals (REGN) -- 5.5% weight

Health Care | Biotechnology

Ares Management (ARES) -- 5.0% weight

Financials | Capital Markets

Synaptics (SYNA) -- 3.7% weight

Information Technology | Semiconductors & Semiconductor Equipment

Intellia Therapeutics (NTLA) -- 3.4% weight

Health Care | Biotechnology

Paylocity (PCTY) -- 3.2% weight

Information Technology | Software

ServiceNow (NOW) -- 2.9% weight

Information Technology | Software

Tetra Tech (TTEK) -- 2.6% weight

Industrials | Commercial Services & Supplies

Pfizer (PFE) -- 2.3% weight

Health Care | Pharmaceuticals

Kroger (KR) -- 2.0% weight

Consumer Staples | Food & Staples Retailing

Q4 2021 Performance Summary:
NSCM US Large Cap net return: +11.97%
S&P 500 Index return: +11.02%

NSCM US Large Cap net alpha: +0.95%

Q4 2021 Holdings:

Innoviva (INVA) -- 13.4% weight

Health Care | Pharmaceuticals

Anavex Life Sciences (AVXL) -- 10.3% weight

Health Care | Biotechnology

Enanta Pharmaceuticals (ENTA) -- 9.3% weight

Health Care | Biotechnology

Cal-Maine Foods (CALM) -- 8.2% weight

Consumer Staples | Food Products

Harmonic (HLIT) -- 7.2% weight

Information Technology | Communications Equipment

Weis Markets (WMK) -- 6.2% weight

Consumer Staples | Food & Staples Retailing

Joint (JYNT) -- 5.2% weight

Health Care | Health Care Providers & Services

Arcturus Therapeutics (ARCT) -- 4.1% weight

Health Care | Biotechnology

Agenus (AGEN) -- 3.1% weight

Health Care | Biotechnology

Coherus Oncology (CHRS) -- 3.1% weight

Health Care | Biotechnology

Shenandoah Telecommunications (SHEN) -- 3.1% weight

Communication Services | Wireless Telecommunication Services

Vistagen Therapeutics (VTGN) -- 3.1% weight

Health Care | Biotechnology

Franklin Covey (FC) -- 2.1% weight

Industrials | Professional Services

Fluidigm (FLDM) -- 2.1% weight

Health Care | Life Sciences Tools & Services

Iveric Bio (ISEE) -- 2.1% weight

Health Care | Biotechnology

Q4 2021 Performance Summary:
NSCM US Small Cap net return: +0.02%
Russell 2000 Index return: +2.12%

NSCM US Small Cap net alpha: -2.10%

Q3 2021 Holdings:

NortonLifeLock (NLOK) -- 10.7% weight

Information Technology | Software

Olin (OLN) -- 9.7% weight

Materials | Chemicals

Domino's Pizza (DPZ) -- 9.6% weight

Consumer Discretionary | Hotels, Restaurants & Leisure

Waste Management (WM) -- 9.1% weight

Industrials | Commercial Services & Supplies

Kansas City Southern (KSU) -- 5.9% weight

Industrials | Road & Rail

Proofpoint (PFPT) -- 5.9% weight

Information Technology | Software

Akamai Technologies (AKAM) -- 5.8% weight

Information Technology | IT Services

ResMed (RMD) -- 5.0% weight

Health Care | Health Care Equipment & Supplies

Centene (CNC) -- 4.5% weight

Health Care | Health Care Providers & Services

Old Republic International (ORI) -- 3.6% weight

Financials | Insurance

Assurant (AIZ) -- 3.3% weight

Financials | Insurance

PPG Industries (PPG) -- 2.6% weight

Materials | Chemicals

Newmont (NEM) -- 2.5% weight

Materials | Metals & Mining

Procter & Gamble (PG) -- 2.5% weight

Consumer Staples | Household Products

UnitedHealth Group (UNH) -- 2.5% weight

Health Care | Health Care Providers & Services

Q3 2021 Performance Summary:
NSCM US Large Cap net return: -3.48%
S&P 500 Index return: +0.58%

NSCM US Large Cap net alpha: -4.06%

Q3 2021 Holdings:

Phibro Animal Health (PAHC) -- 18.9% weight

Health Care | Pharmaceuticals

Anika Therapeutics (ANIK) -- 8.4% weight

Health Care | Biotechnology

Fresh Del Monte Produce (FDP) -- 8.4% weight

Consumer Staples | Food Products

Innoviva (INVA) -- 7.4% weight

Health Care | Pharmaceuticals

Knoll (KNL) -- 7.4% weight

Consumer Discretionary | Household Durables

Liquidity Services (LQDT) -- 7.1% weight

Consumer Discretionary | Internet & Direct Marketing Retail

Ingles Markets (IMKTA) -- 6.3% weight

Consumer Staples | Food & Staples Retailing

Verastem (VSTM) -- 6.3% weight

Health Care | Biotechnology

Avid Technology (AVID) -- 4.2% weight

Information Technology | Technology Hardware, Storage & Peripherals

Joint (JYNT) -- 3.2% weight

Health Care | Health Care Providers & Services

CRA International (CRAI) -- 2.1% weight

Industrials | Professional Services

Community Health Systems (CYH) -- 2.1% weight

Health Care | Health Care Providers & Services

Humanigen (HGEN) -- 2.1% weight

Health Care | Biotechnology

Otter Tail (OTTR) -- 2.1% weight

Utilities | Electric Utilities

Schnitzer Steel Industries (SCHN) -- 2.1% weight

Materials | Metals & Mining

Q3 2021 Performance Summary:
NSCM US Small Cap net return: -8.35%
Russell 2000 Index return: -4.36%

NSCM US Small Cap net alpha: -3.99%

Q2 2021 Holdings:

Eli Lilly & Co. (LLY) -- 20.0% weight

Health Care | Pharmaceuticals

Generac (GNRC) -- 7.0% weight

Industrials | Electrical Equipment

AMERCO (UHAL) -- 7.0% weight

Industrials | Road & Rail

Penumbra (PEN) -- 6.2% weight

Health Care | Health Care Equipment & Supplies

Zynga (ZNGA) -- 6.0% weight

Communication Services | Entertainment

Cincinnati Financial (CINF) -- 5.8% weight

Financials | Insurance

HP (HPQ) -- 4.8% weight

Information Technology | Technology Hardware, Storage & Peripherals

United Therapeutics (UTHR) -- 4.7% weight

Health Care | Biotechnology

MicroStrategy (MSTR) -- 3.3% weight

Information Technology | Software

Interactive Brokers (IBKR) -- 3.2% weight

Financials | Capital Markets

Citrix Systems (CTXS) -- 3.0% weight

Information Technology | Software

Gilead Sciences (GILD) -- 2.9% weight

Health Care | Biotechnology

Burlington Stores (BURL) -- 2.5% weight

Consumer Discretionary | Specialty Retail

NortonLifeLock (NLOK) -- 2.4% weight

Information Technology | Software

Thomson Reuters (TRI) -- 2.4% weight

Industrials | Professional Services

Q2 2021 Performance Summary:
NSCM US Large Cap net return: +7.79%
S&P 500 Index return: +8.55%

NSCM US Large Cap net alpha: -0.76%

Q2 2021 Holdings:

Quotient Technology (QUOT) -- 13.4% weight

Consumer Discretionary | Internet & Direct Marketing Retail

Aclaris Therapeutics (ACRS) -- 12.4% weight

Health Care | Pharmaceuticals

Organigram Global (OGI) -- 9.3% weight

Health Care | Pharmaceuticals

ChromaDex (CDXC) -- 7.2% weight

Health Care | Life Sciences Tools & Services

Curis (CRIS) -- 6.2% weight

Health Care | Biotechnology

Weis Markets (WMK) -- 6.2% weight

Consumer Staples | Food & Staples Retailing

Cassava Sciences (SAVA) -- 4.1% weight

Health Care | Pharmaceuticals

Anavex Life Sciences (AVXL) -- 3.1% weight

Health Care | Biotechnology

Humanigen (HGEN) -- 3.1% weight

Health Care | Biotechnology

Joint (JYNT) -- 3.1% weight

Health Care | Health Care Providers & Services

Kopin (KOPN) -- 3.1% weight

Information Technology | Semiconductors & Semiconductor Equipment (

Vanda Pharmaceuticals (VNDA) -- 3.1% weight

Health Care | Biotechnology

Apollo Medical (AMEH) -- 2.1% weight

Health Care | Health Care Providers & Services

Cal-Maine Foods (CALM) -- 2.1% weight

Consumer Staples | Food Products

Lexicon Pharmaceuticals (LXRX) -- 2.1% weight

Health Care | Biotechnology

Q2 2021 Performance Summary:
NSCM US Small Cap net return: -2.57%
Russell 2000 Index return: +4.29%

NSCM US Small Cap net alpha: -6.86%

Q1 2021 Holdings:

Tapestry (TPR) -- 15.0% weight

Consumer Discretionary | Textiles, Apparel & Luxury Goods

Xilinx (XLNX) -- 14.1% weight

Information Technology | Semiconductors & Semiconductor Equipment

Tyler Technologies (TYL) -- 12.6% weight

Information Technology | Software

ResMed (RMD) -- 8.6% weight

Health Care | Health Care Equipment & Supplies

Automatic Data Processing (ADP) -- 6.0% weight

Industrials | Professional Services

Eaton Vance (EV) -- 4.8% weight

Financials | Capital Markets

Plug Power (PLUG) -- 4.5% weight

Industrials | Electrical Equipment

Toro (TTC) -- 4.0% weight

Industrials | Machinery

Verizon Communications (VZ) -- 4.0% weight

Communication Services | Diversified Telecommunication Services

Axon Enterprise (AAXN) -- 3.0% weight

Industrials | Aerospace & Defense

Take-Two Interactive Software (TTWO) -- 3.2% weight

Communication Services | Entertainment

T-Mobile US (TMUS) -- 3.0% weight

Communication Services | Wireless Telecommunication Services

Acceleron Pharma (XLRN) -- 2.8% weight

Health Care | Biotechnology

Enphase Energy (ENPH) -- 2.6% weight

Information Technology | Semiconductors & Semiconductor Equipment

Newell Brands (NWL) -- 2.6% weight

Consumer Discretionary | Household Durables

Q1 2021 Performance Summary:
NSCM US Large Cap net return: +5.89%
S&P 500 Index return: +6.17%

NSCM US Large Cap net alpha: -0.28%

Q1 2021 Holdings:

Northwest Biotherapeutics (NWBO) -- 15.5% weight

Health Care | Biotechnology

Five Prime Therapeutics (FPRX) -- 11.3% weight

Health Care | Biotechnology

Cal-Maine Foods (CALM) -- 8.2% weight

Consumer Staples | Food Products

Gogo (GOGO) -- 7.2% weight

Communication Services | Wireless Telecommunication Services

Plantronics (PLT) -- 7.2% weight

Information Technology | Communications Equipment

Andersons (ANDE) -- 6.2% weight

Consumer Staples | Food & Staples Retailing

Healthcare Services Group (HCSG) -- 6.2% weight

Health Care | Health Care Providers & Services

Avid Technology (AVID) -- 4.1% weight

Information Technology | Technology Hardware, Storage & Peripherals

Owens & Minor (OMI) -- 4.1% weight

Health Care | Health Care Providers & Services

Chesapeake Utilities (CPK) -- 3.1% weight

Utilities | Gas Utilities

Vanda Pharmaceuticals (VNDA) -- 3.1% weight

Health Care | Biotechnology

ICF International (ICFI) -- 2.1% weight

Industrials | Professional Services

ImmunoGen (IMGN) -- 2.1% weight

Health Care | Biotechnology

Interparfums (IPAR) -- 2.1% weight

Consumer Staples | Personal Products

SIGA Technologies (SIGA) -- 2.1% weight

Health Care | Pharmaceuticals

Q1 2021 Performance Summary:
NSCM US Small Cap net return: +44.99%
Russell 2000 Index return: +12.69%

NSCM US Small Cap net alpha: +32.30%

Q4 2020 Holdings:

Tesla (TSLA) -- 18.1% weight

Consumer Discretionary | Automobiles

Church & Dwight (CHD) -- 14.0% weight

Consumer Staples | Household Products

Cincinnati Financial (CINF) -- 9.0% weight

Financials | Insurance

Generac (GNRC) -- 7.0% weight

Industrials | Electrical Equipment

ResMed (RMD) -- 6.1% weight

Health Care | Health Care Equipment & Supplies

Take-Two Interactive Software (TTWO) -- 6.0% weight

Communication Services | Entertainment

First Solar (FSLR) -- 5.5% weight

Information Technology | Semiconductors & Semiconductor Equipment

Deere & Co. (DE) -- 4.0% weight

Industrials | Machinery

HP (HPQ) -- 4.0% weight

Information Technology | Technology Hardware, Storage & Peripherals

Boston Beer Company (SAM) -- 4.0% weight

Consumer Staples | Beverages

T-Mobile US (TMUS) -- 4.0% weight

Communication Services | Wireless Telecommunication Services

Rollins (ROL) -- 3.5% weight

Industrials | Commercial Services & Supplies

J.M. Smucker (SJM) -- 2.0% weight

Consumer Staples | Food Products

Watsco (WSO) -- 2.0% weight

Industrials | Trading Companies & Distributors

Apple (AAPL) -- 1.9% weight

Information Technology | Technology Hardware, Storage & Peripherals

Q4 2020 Performance Summary:
NSCM US Large Cap net return: +25.01%
S&P 500 Index return: +12.14%

NSCM US Large Cap net alpha: +12.87%

More about NSCM US Small Cap →

Q3 2020 Holdings:

Citrix Systems (CTXS) -- 17.4% weight

Information Technology | Software

Clorox (CLX) -- 14.0% weight

Consumer Staples | Household Products

Quidel (QDEL) -- 8.5% weight

Health Care | Health Care Equipment & Supplies

Eli Lilly & Co. (LLY) -- 7.3% weight

Health Care | Pharmaceuticals

Domino's Pizza (DPZ) -- 6.7% weight

Consumer Discretionary | Hotels, Restaurants & Leisure

Akamai Technologies (AKAM) -- 5.7% weight

Information Technology | IT Services

MarketAxess (MKTX) -- 5.0% weight

Financials | Capital Markets

Erie Indemnity (ERIE) -- 4.0% weight

Financials | Insurance

T-Mobile US (TMUS) -- 4.0% weight

Communication Services | Wireless Telecommunication Services

Zynga (ZNGA) -- 3.6% weight

Communication Services | Entertainment

Scotts Miracle-Gro (SMG) -- 3.1% weight

Materials | Chemicals

Marvell Technologies (MRVL) -- 2.7% weight

Information Technology | Semiconductors & Semiconductor Equipment

Barrick Gold (GOLD) -- 2.5% weight

Materials | Metals & Mining

Activision Blizzard (ATVI) -- 2.4% weight

Communication Services | Entertainment

Humana (HUM) -- 2.0% weight

Health Care | Health Care Providers & Services

Q3 2020 Performance Summary:
NSCM US Large Cap net return: +4.18%
S&P 500 Index return: +8.93%

NSCM US Large Cap net alpha: -4.75%

More about NSCM US Large Cap →

Past performance does not guarantee future results. The performance data quoted represents past performance from specific brokerage accounts used for the purposes of tracking the strategy’s live performance. Returns for less than one year are not annualized. Strategy performance is shown net of a 1% annual management fee, charged monthly. Market returns are based on the trade price at which shares are bought and sold using the last share trade. Market performance does not represent the returns you would receive if you traded shares at other times. Total Return reflects the reinvestment of dividends from the strategy’s holdings.

The logos and securities shown represent select publicly traded companies that were held in client portfolios or strategy accounts at various points in the past as a result of the output of Night Sky Capital
Management’s U.S. Large Cap strategy. Holdings are shown for illustrative purposes only and do not represent current holdings. Inclusion of any company does not imply endorsement, sponsorship, or affiliation with Night Sky Capital Management. Portfolio holdings should not be considered investment advice or a recommendation to buy, sell, or hold any particular security. The securities identified may not represent all securities purchased, sold, or recommended for client accounts, and it should not be assumed that any investment in the securities shown was or will be profitable.The “weight” shown for each holding reflects the initial target portfolio weight generated by the U.S. Large Cap strategy at the beginning of the applicable quarter. These target weights are produced by the strategy’s systematic, algorithmic process. Actual portfolio weights may differ due to market movements, cash flows, intra-quarter rebalancing, and other considerations. Sector and industry classifications are based on the Global Industry Classification Standard (GICS). Past holdings and past performance are not indicative of future results.

Index Descriptions: The S&P 500® Index is a widely recognized capitalization-weighted index that measures the performance of the large-capitalization segment of the U.S. stock market. The Russell 2000 Index® is a widely recognized capitalization-weighted index that measures the performance of the small-cap segment of the U.S. stock market. These indices do not reflect the deduction of fees or expenses. Index returns are shown for comparative purposes only and are not indicative of the performance of any specific investment. Investors cannot invest directly in an index. Index performance data is sourced from Bloomberg.