Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.90%
adds when stocks drop
when a holding falls −10%+
Middle response
-2.72%
baseline attrition
Rally response
-11.03%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BCBrunswick Corporation | $119M | 2.3% | +38.7% | 4.0 yr |
| WERNWerner Enterprises, Inc. | $90M | 1.7% | +2.3% | 2.8 yr |
| RYNRayonier Inc. | $86M | 1.6% | -17.8% | 4.0 yr |
| GBCIGlacier Bancorp, Inc. | $84M | 1.6% | +3.4% | 5.5 yr |
| CCitigroup Inc. | $78M | 1.5% | +63.9% | 10.3 yr |
| INDBIndependent Bank Corp. | $78M | 1.5% | +23.2% | 1.8 yr |
| WHWyndham Hotels & Resorts | $78M | 1.5% | -8.4% | 1.0 yr |
| FLSFlowserve Corporation | $77M | 1.5% | +52.2% | 5.3 yr |
| PRMBPrimo Brands Corporation | $72M | 1.4% | -45.9% | 0.8 yr |
| WFCWells Fargo & Company | $69M | 1.3% | +13.3% | 10.0 yr |
| SBCFSeacoast Banking Corpora | $68M | 1.3% | +20.7% | 2.8 yr |
| JPMJPMorgan Chase & Co. | $68M | 1.3% | +21.8% | 9.3 yr |
| — | $67M | 1.3% | — | 0.8 yr |
| IEXIDEX Corporation | $66M | 1.3% | +6.4% | 1.5 yr |
| SMGThe Scotts Miracle-Gro C | $66M | 1.2% | +15.8% | 2.8 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional13.1%+1.6pp$692M
Industrial - Machinery5.9%+1.5pp$314M
Banks - Diversified5.1%+0.5pp$271M
Chemicals - Specialty5.0%+1.3pp$266M
Trucking3.8%+1.3pp$199M
Auto - Recreational Vehicles3.2%+2.0pp$169M
Semiconductors3.0%-0.1pp$159M
Paper, Lumber & Forest Products2.8%+2.1pp$148M
Packaging & Containers2.5%-2.3pp$132M
Manufacturing - Tools & Accessories2.4%+2.0pp$125M
Country
US92.9%+1.1pp
Unknown1.3%+1.3pp
IE1.1%-2.0pp
TW1.0%+0.5pp
BM0.8%+0.1pp
DE0.5%
NL0.5%-0.1pp
PE0.4%+0.2pp
Top 5: 8.6% · Top 10: 15.7% · Top 25: 33.1%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| C | $50M | +0.03B | 63.9% |
| FLS | $57M | +0.03B | 52.2% |
| DLX | $33M | +0.03B | 85.1% |
| TSM | $25M | +0.03B | 105.6% |
| JNJ | $44M | +0.02B | 51.5% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NWL | $87M | -0.03B | -41.3% |
Top buys this quarter · 15
| RYN Rayonier Inc. | +$66M |
| PRMB Primo Brands Corporation | +$59M |
| WH Wyndham Hotels & Resorts, Inc. | +$54M |
| BOH Bank of Hawaii Corporationnew | +$34M |
| IPAR Inter Parfums, Inc.new | +$30M |
| MSFT Microsoft Corporationnew | +$30M |
| SAP SAP SEnew | +$28M |
| ICE Intercontinental Exchange, Incnew | +$28M |
| WHD Cactus, Inc. | +$27M |
| MKC McCormick & Company, Incorpora | +$27M |
Top sells this quarter · 15
| ENS EnerSysexit | −$96M |
| SNDK Sandisk Corporation | −$59M |
| BWA BorgWarner Inc.exit | −$55M |
| PZZA Papa John's International, Incexit | −$54M |
| WFRD Weatherford International plcexit | −$51M |
| OLED Universal Display Corporationexit | −$39M |
| FELE Franklin Electric Co., Inc. | −$36M |
| SON Sonoco Products Companyexit | −$35M |
| KMT Kennametal Inc. | −$31M |
| IDA IDACORP, Inc.exit | −$30M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $5.29B | 183 | +17.66% | +17.59% | +0.07% | -0.17B |
| 2025-12-31 | $5.22B | 182 | +8.57% | +17.72% | -9.15% | +0.02B |
| 2025-09-30 | $4.98B | 182 | +1.15% | +17.52% | -16.36% | -0.14B |
| 2025-06-30 | $4.81B | 182 | +1.59% | +14.94% | -13.35% | -0.06B |
| 2025-03-31 | $4.82B | 184 | -2.21% | +8.30% | -10.51% | -0.05B |
| 2024-12-31 | $5.05B | 183 | +7.03% | +24.89% | -17.85% | -0.04B |
| 2024-09-30 | $5.23B | 181 | +22.84% | +36.04% | -13.19% | +0.47B |
| 2024-06-30 | $4.45B | 174 | +12.04% | +24.49% | -12.45% | -0.00B |
| 2024-03-31 | $4.58B | 176 | +16.78% | +29.62% | -12.84% | -0.05B |
| 2023-12-31 | $4.38B | 176 | +12.10% | +26.18% | -14.07% | -0.15B |
| 2023-09-30 | $4.05B | 180 | +13.46% | +21.57% | -8.11% | -0.13B |
| 2023-06-30 | $4.29B | 189 | +9.37% | +19.42% | -10.05% | -0.03B |
| 2023-03-31 | $4.26B | 198 | -5.44% | -7.82% | +2.38% | -0.11B |
| 2022-12-31 | $4.31B | 198 | +13.06% | +7.56% | +5.50% | -0.06B |
| 2022-09-30 | $3.86B | 192 | -5.95% | -4.93% | -1.02% | -0.20B |
| 2022-06-30 | $4.32B | 191 | -12.40% | -16.11% | +3.71% | -0.18B |