Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.24%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.45%
baseline attrition
Rally response
-6.15%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| PBAMPrivate Bancorp of Ameri | $21M | 3.9% | +23.8% | 10.5 yr |
| OSBCOld Second Bancorp, Inc. | $21M | 3.9% | +23.0% | 10.5 yr |
| UNTYUnity Bancorp, Inc. | $19M | 3.6% | +28.9% | 10.5 yr |
| AVBHAvidbank Holdings, Inc. | $19M | 3.5% | — | 10.5 yr |
| AMBZAmerican Business Bank | $17M | 3.2% | +62.1% | 10.5 yr |
| BCALSouthern California Banc | $15M | 2.7% | +25.1% | 6.0 yr |
| FRBAFirst Bank | $14M | 2.6% | +9.9% | 10.5 yr |
| WCCBWest Coast Community Ban | $13M | 2.4% | +23.1% | 2.5 yr |
| MBINMerchants Bancorp | $12M | 2.2% | +17.3% | 8.5 yr |
| MCBMetropolitan Bank Holdin | $12M | 2.2% | +49.7% | 8.5 yr |
| MNSBMainStreet Bancshares, I | $12M | 2.2% | +35.5% | 10.0 yr |
| FRSTPrimis Financial Corp. | $12M | 2.2% | +41.0% | 5.3 yr |
| TCBITexas Capital Bancshares | $11M | 2.1% | +27.0% | 6.8 yr |
| ALPIBAlpine Banks of Colorado | $10M | 1.8% | — | 3.8 yr |
| PGCPeapack-Gladstone Financ | $10M | 1.8% | +24.9% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional98.1%+0.5pp$527M
Unknown1.9%-0.0pp$10M
Country
US98.1%+0.0pp
Unknown1.9%-0.0pp
Top 5: 18.2% · Top 10: 30.4% · Top 25: 56.3%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| AMBZ | $21M | +0.01B | 62.1% |
| UNTY | $25M | +0.01B | 28.9% |
| SFST | $10M | +0.01B | 65.6% |
| MCB | $13M | +0.01B | 49.7% |
| FRST | $16M | +0.01B | 41.0% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| BSFO Bank of San Francisconew | +$4M |
| CBSH Commerce Bancshares, Inc.new | +$4M |
| FRBA First Bank | +$3M |
| ALRS Alerus Financial Corporation | +$3M |
| OSBC Old Second Bancorp, Inc. | +$2M |
| MNSB MainStreet Bancshares, Inc. | +$2M |
| CNOB ConnectOne Bancorp, Inc. | +$2M |
| AVBH Avidbank Holdings, Inc. | +$2M |
| PBAM Private Bancorp of America, In | +$2M |
| CBNK Capital Bancorp, Inc. | +$2M |
Top sells this quarter · 15
| FBK FB Financial Corporation | −$5M |
| SMBK SmartFinancial, Inc. | −$2M |
| UBAB United Bancorporation of Alabaexit | −$2M |
| FNRN First Northern Community Banco | −$1M |
| AMBZ American Business Bank | −$17M |
| BCTF Bancorp 34, Inc. | −$1M |
| PGC Peapack-Gladstone Financial Co | −$8M |
| CZWI Citizens Community Bancorp, In | −$1M |
| BORT Bank of Botetourtexit | −$1M |
| FCCO First Community Corporation | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $537M | 97 | +25.86% | +17.59% | +8.27% | +0.01B |
| 2025-12-31 | $505M | 98 | +12.73% | +17.72% | -4.99% | -0.11B |
| 2025-09-30 | $572M | 111 | +12.78% | +17.52% | -4.73% | -0.14B |
| 2025-06-30 | $662M | 115 | +23.10% | +14.94% | +8.16% | -0.13B |
| 2025-03-31 | $758M | 118 | +17.98% | +8.30% | +9.68% | -0.09B |
| 2024-12-31 | $907M | 121 | +16.71% | +24.89% | -8.18% | -0.08B |
| 2024-09-30 | $921M | 125 | +32.84% | +36.04% | -3.20% | -0.06B |
| 2024-06-30 | $843M | 127 | +17.94% | +24.49% | -6.55% | -0.04B |
| 2024-03-31 | $885M | 134 | +10.34% | +29.62% | -19.29% | -0.06B |
| 2023-12-31 | $1.01B | 145 | +0.52% | +26.18% | -25.65% | -0.03B |
| 2023-09-30 | $853M | 149 | -13.58% | +21.57% | -35.15% | -0.03B |
| 2023-06-30 | $849M | 155 | -19.17% | +19.42% | -38.59% | -0.03B |
| 2023-03-31 | $936M | 158 | -25.03% | -7.82% | -17.21% | -0.02B |
| 2022-12-31 | $1.13B | 166 | +5.12% | +7.56% | -2.44% | -0.01B |
| 2022-09-30 | $1.09B | 175 | -2.93% | -4.93% | +1.99% | +0.01B |
| 2022-06-30 | $1.11B | 182 | -13.22% | -16.11% | +2.89% | +0.00B |