Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+4.89%
adds when stocks drop
when a holding falls −10%+
Middle response
+3.02%
steady accumulation
Rally response
-3.32%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ACWIiShares MSCI ACWI ETF | $116M | 16.4% | — | 9.3 yr |
| SPYState Street SPDR S&P 50 | $114M | 16.0% | +17.6% | 9.3 yr |
| GLDSPDR Gold Shares | $70M | 9.8% | — | 9.3 yr |
| BILState Street SPDR Bloomb | $41M | 5.8% | — | 1.5 yr |
| IJRiShares Core S&P Small-C | $28M | 4.0% | — | 2.8 yr |
| RSPInvesco S&P 500 Equal We | $25M | 3.5% | — | 2.8 yr |
| DJPiPath Bloomberg Commodit | $23M | 3.3% | — | 9.3 yr |
| LPRELong Pond Real Estate Se | $18M | 2.6% | — | 0.8 yr |
| IWMiShares Russell 2000 ETF | $18M | 2.5% | — | 9.3 yr |
| QQQInvesco QQQ Trust, Serie | $17M | 2.5% | — | 7.8 yr |
| IVViShares Core S&P 500 ETF | $15M | 2.2% | — | 9.3 yr |
| BCSFBain Capital Specialty F | $15M | 2.1% | -14.3% | 7.5 yr |
| EEMiShares MSCI Emerging Ma | $15M | 2.1% | — | 9.3 yr |
| EFAiShares MSCI EAFE ETF | $14M | 2.0% | — | 9.3 yr |
| VGKVanguard FTSE Europe ETF | $10M | 1.4% | — | 8.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management84.3%-2.0pp$600M
Asset Management - Bonds2.7%-0.8pp$19M
Specialty Retail1.5%+1.1pp$11M
Financial - Credit Services1.3%+0.1pp$9M
Insurance - Diversified1.2%-0.6pp$8M
Internet Content & Information1.2%+0.4pp$8M
Medical - Care Facilities0.9%-0.4pp$6M
Software - Infrastructure0.9%+0.1pp$6M
REIT - Mortgage0.8%+0.7pp$6M
Financial - Capital Markets0.6%+0.1pp$4M
Country
US98.4%-0.9pp
CA0.7%+0.6pp
IL0.4%
LU0.1%-0.1pp
NL0.1%+0.0pp
IE0.1%-0.0pp
GB0.1%+0.0pp
TW0.1%+0.0pp
Top 5: 51.9% · Top 10: 66.3% · Top 25: 86.3%
Top buys this quarter · 15
| BCSF Bain Capital Specialty Finance | +$5M |
| CLDT Chatham Lodging Trustnew | +$3M |
| SPY State Street SPDR S&P 500 ETF | +$114M |
| BBDC Barings BDC, Inc. | +$2M |
| SGRY Surgery Partners, Inc. | +$2M |
| WAY Waystar Holding Corp.new | +$1M |
| APO Apollo Global Management, Inc. | +$1M |
| TSLA Tesla, Inc. | +$0M |
| TRTX TPG RE Finance Trust, Inc. | +$6M |
| CPNG Coupang, Inc.new | +$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $712M | 121 | +10.42% | +17.59% | -7.18% | +0.05B |
| 2025-12-31 | $714M | 113 | +14.74% | +17.72% | -2.98% | +0.02B |
| 2025-09-30 | $688M | 113 | +16.50% | +17.52% | -1.02% | -0.00B |
| 2025-06-30 | $638M | 109 | +15.86% | +14.94% | +0.92% | +0.02B |
| 2025-03-31 | $564M | 99 | +10.58% | +8.30% | +2.28% | -0.03B |
| 2024-12-31 | $612M | 108 | +24.36% | +24.89% | -0.53% | +0.07B |
| 2024-09-30 | $530M | 97 | +31.18% | +36.04% | -4.86% | +0.00B |
| 2024-06-30 | $492M | 104 | +22.27% | +24.49% | -2.22% | -0.03B |
| 2024-03-31 | $501M | 113 | +30.40% | +29.62% | +0.78% | -0.02B |
| 2023-12-31 | $481M | 110 | +27.78% | +26.18% | +1.61% | +0.02B |
| 2023-09-30 | $428M | 91 | +24.26% | +21.57% | +2.69% | -0.04B |
| 2023-06-30 | $464M | 103 | +15.22% | +19.42% | -4.21% | -0.02B |
| 2023-03-31 | $437M | 103 | -13.99% | -7.82% | -6.17% | -0.02B |
| 2022-12-31 | $429M | 105 | -22.71% | -18.17% | -4.53% | -0.01B |
| 2022-09-30 | $413M | 98 | -18.64% | -15.51% | -3.13% | +0.00B |
| 2022-06-30 | $444M | 102 | -11.77% | -10.62% | -1.15% | -0.00B |