Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-9.05%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.04%
baseline attrition
Rally response
-7.93%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| WELLWelltower Inc. | $594M | 8.8% | +31.2% | 10.3 yr |
| EQIXEquinix, Inc. | $518M | 7.7% | +23.0% | 10.5 yr |
| PLDPrologis, Inc. | $289M | 4.3% | +22.3% | 10.5 yr |
| SPGSimon Property Group, In | $226M | 3.3% | +17.9% | 10.5 yr |
| XELXcel Energy Inc. | $206M | 3.1% | +15.8% | 5.8 yr |
| AMTAmerican Tower Corporati | $192M | 2.8% | -17.9% | 10.5 yr |
| PEGPublic Service Enterpris | $178M | 2.6% | +1.5% | 6.3 yr |
| PPLPPL Corporation | $176M | 2.6% | +9.1% | 4.3 yr |
| WECWEC Energy Group, Inc. | $159M | 2.4% | +9.8% | 4.8 yr |
| VTRVentas, Inc. | $155M | 2.3% | +21.4% | 10.3 yr |
| EGPEastGroup Properties, In | $146M | 2.2% | +7.9% | 2.0 yr |
| VICIVICI Properties Inc. | $146M | 2.2% | -11.1% | 7.3 yr |
| LNGCheniere Energy, Inc. | $145M | 2.1% | +23.8% | 8.5 yr |
| BRXBrixmor Property Group I | $142M | 2.1% | +12.2% | 9.8 yr |
| ATOAtmos Energy Corporation | $140M | 2.1% | +22.2% | 7.3 yr |
Portfolio composition (YoY)
Industry mix
Regulated Electric21.9%+8.6pp$1.48B
REIT - Specialty17.8%+4.5pp$1.20B
REIT - Healthcare Facilities13.7%+3.6pp$927M
REIT - Industrial13.7%-3.0pp$922M
REIT - Retail9.5%-6.8pp$643M
REIT - Residential7.7%-3.5pp$520M
Oil & Gas Midstream3.8%+0.0pp$257M
Regulated Gas3.0%+1.6pp$204M
Renewable Utilities1.7%+0.5pp$116M
REIT - Office1.6%-0.9pp$106M
Country
US99.8%+0.2pp
BM0.2%-0.2pp
Unknown0.0%-0.1pp
Top 5: 27.2% · Top 10: 39.9% · Top 25: 68.0%
Top buys this quarter · 15
| AEP American Electric Power Compan | +$94M |
| GLPI Gaming and Leisure Properties, | +$62M |
| AMT American Tower Corporation | +$55M |
| O Realty Income Corporation | +$55M |
| SO The Southern Company | +$54M |
| CEG Constellation Energy Corporati | +$53M |
| EQR Equity Residential | +$51M |
| CPT Camden Property Trust | +$49M |
| PPL PPL Corporation | +$44M |
| ATO Atmos Energy Corporation | +$42M |
Top sells this quarter · 15
| UNP Union Pacific Corporation | −$171M |
| NEE NextEra Energy, Inc. | −$80M |
| UDR UDR, Inc. | −$73M |
| TRGP Targa Resources Corp. | −$72M |
| LNG Cheniere Energy, Inc. | −$71M |
| WTRG Essential Utilities, Inc. | −$67M |
| ETR Entergy Corporation | −$60M |
| EQIX Equinix, Inc. | −$451M |
| ED Consolidated Edison, Inc.exit | −$57M |
| DOC Healthpeak Properties, Inc. | −$52M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $6.75B | 96 | +9.33% | +17.59% | -8.26% | -0.56B |
| 2025-12-31 | $6.81B | 97 | +4.38% | +17.72% | -13.33% | -0.10B |
| 2025-09-30 | $7.01B | 105 | -0.80% | +17.52% | -18.31% | +0.13B |
| 2025-06-30 | $6.60B | 107 | +12.04% | +14.94% | -2.91% | +0.12B |
| 2025-03-31 | $6.53B | 110 | +12.57% | +8.30% | +4.26% | +0.75B |
| 2024-12-31 | $5.65B | 113 | +10.42% | +24.89% | -14.46% | -0.25B |
| 2024-09-30 | $6.29B | 110 | +36.91% | +36.04% | +0.88% | -0.15B |
| 2024-06-30 | $5.46B | 110 | +7.01% | +24.49% | -17.48% | +0.09B |
| 2024-03-31 | $5.40B | 109 | +7.74% | +29.62% | -21.89% | -0.13B |
| 2023-12-31 | $5.51B | 110 | +7.81% | +26.18% | -18.37% | -0.27B |
| 2023-09-30 | $4.97B | 122 | -3.00% | +21.57% | -24.56% | -0.17B |
| 2023-06-30 | $5.58B | 119 | -3.71% | +19.42% | -23.14% | -0.11B |
| 2023-03-31 | $5.68B | 113 | -19.23% | -7.82% | -11.41% | -0.08B |
| 2022-12-31 | $5.73B | 116 | +4.55% | +7.56% | -3.01% | -0.01B |
| 2022-09-30 | $5.49B | 121 | -8.60% | -4.93% | -3.67% | -0.34B |
| 2022-06-30 | $6.38B | 121 | -15.96% | -16.11% | +0.15% | +0.33B |