Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.67%
trims when stocks drop
when a holding falls −10%+
Middle response
-8.07%
baseline attrition
Rally response
-12.22%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $19M | 3.6% | — | 0.8 yr |
| FFWMFirst Foundation Inc. | $13M | 2.6% | +13.7% | 2.8 yr |
| CCNECNB Financial Corporatio | $13M | 2.6% | +33.9% | 9.5 yr |
| CCitigroup Inc. | $13M | 2.5% | +63.9% | 10.5 yr |
| EQBKEquity Bancshares, Inc. | $13M | 2.5% | +14.1% | 4.0 yr |
| FRSTPrimis Financial Corp. | $13M | 2.5% | +41.0% | 5.3 yr |
| HBNCHorizon Bancorp, Inc. | $13M | 2.5% | +13.4% | 6.0 yr |
| BACBank of America Corporat | $12M | 2.4% | +19.4% | 7.8 yr |
| NBHCNational Bank Holdings C | $12M | 2.3% | +5.6% | 5.3 yr |
| AMTBAmerant Bancorp Inc. | $11M | 2.1% | +8.7% | 4.5 yr |
| MTBM&T Bank Corporation | $10M | 2.0% | +19.1% | 7.0 yr |
| QCRHQCR Holdings, Inc. | $10M | 2.0% | +20.2% | 10.0 yr |
| NPBNorthpointe Bancshares, | $10M | 1.9% | +20.2% | 1.3 yr |
| USBU.S. Bancorp | $10M | 1.9% | +27.1% | 6.8 yr |
| COLBColumbia Banking System, | $9M | 1.8% | +16.1% | 3.3 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional77.2%-4.1pp$392M
Banks - Diversified9.6%-2.3pp$49M
Unknown5.6%+5.6pp$29M
Asset Management3.5%-1.3pp$18M
Financial - Credit Services2.1%+1.6pp$10M
Financial - Capital Markets1.0%-0.2pp$5M
Banks0.7%$4M
Rental & Leasing Services0.3%+0.1pp$2M
Country
US94.0%-5.5pp
Unknown6.0%+5.5pp
Top 5: 13.8% · Top 10: 25.6% · Top 25: 51.5%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| C | $25M | +0.02B | 63.9% |
| ABCB | $14M | +0.00B | 36.6% |
| FRST | $9M | +0.00B | 41.0% |
| MTB | $17M | +0.00B | 19.1% |
| BAC | $15M | +0.00B | 19.4% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| NIC Nicolet Bankshares, Inc. | +$6M |
| USB U.S. Bancorp | +$5M |
| BAC Bank of America Corporation | +$5M |
| NPB Northpointe Bancshares, Inc. | +$3M |
| BOH Bank of Hawaii Corporationnew | +$3M |
| HBAN Huntington Bancshares Incorpor | +$3M |
| COLB Columbia Banking System, Inc. | +$3M |
| BUSE First Busey Corporation | +$2M |
| JCAP Jefferson Capital, Inc. Common | +$2M |
| MTB M&T Bank Corporation | +$2M |
Top sells this quarter · 15
| WBS Webster Financial Corporation | −$11M |
| AMG Affiliated Managers Group, Inc | −$8M |
| ZION Zions Bancorporation, Nationalexit | −$6M |
| WAL Western Alliance Bancorporatioexit | −$4M |
| WFC Wells Fargo & Company | −$4M |
| AVBH Avidbank Holdings, Inc. | −$4M |
| CIVB Civista Bancshares, Inc.exit | −$3M |
| IBCP Independent Bank Corporation | −$3M |
| ONB Old National Bancorpexit | −$3M |
| UMBF UMB Financial Corporation | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $508M | 104 | +21.96% | +17.59% | +4.37% | -0.07B |
| 2025-12-31 | $563M | 107 | +13.80% | +17.72% | -3.92% | -0.14B |
| 2025-09-30 | $660M | 124 | +16.20% | +17.52% | -1.32% | -0.10B |
| 2025-06-30 | $713M | 123 | +22.70% | +14.94% | +7.75% | +0.06B |
| 2025-03-31 | $615M | 116 | +15.20% | +8.30% | +6.90% | -0.01B |
| 2024-12-31 | $655M | 113 | +24.79% | +24.89% | -0.10% | -0.02B |
| 2024-09-30 | $618M | 101 | +41.03% | +36.04% | +4.99% | +0.01B |
| 2024-06-30 | $541M | 92 | +28.33% | +24.49% | +3.84% | +0.03B |
| 2024-03-31 | $519M | 89 | +25.51% | +29.62% | -4.11% | +0.15B |
| 2023-12-31 | $355M | 90 | +5.82% | +26.18% | -20.36% | +0.03B |
| 2023-09-30 | $263M | 93 | -8.99% | +21.57% | -30.56% | -0.03B |
| 2023-06-30 | $289M | 96 | -11.25% | +19.42% | -30.67% | +0.03B |
| 2023-03-31 | $265M | 91 | -22.33% | -7.82% | -14.52% | -0.05B |
| 2022-12-31 | $360M | 102 | +5.74% | +7.56% | -1.82% | -0.08B |
| 2022-09-30 | $420M | 117 | -0.43% | -4.93% | +4.50% | -0.04B |
| 2022-06-30 | $462M | 121 | -14.91% | -16.11% | +1.20% | +0.01B |