Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-12.03%
trims when stocks drop
when a holding falls −10%+
Middle response
-7.68%
baseline attrition
Rally response
-5.86%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| WELLWelltower Inc. | $210M | 15.3% | +31.2% | 10.3 yr |
| PLDPrologis, Inc. | $130M | 9.4% | +22.3% | 10.3 yr |
| EQIXEquinix, Inc. | $109M | 7.9% | +23.0% | 6.0 yr |
| AVBAvalonBay Communities, I | $86M | 6.2% | -21.8% | 10.3 yr |
| DLRDigital Realty Trust, In | $83M | 6.0% | +29.4% | 9.3 yr |
| CUBECubeSmart | $78M | 5.6% | -10.9% | 8.3 yr |
| ESSEssex Property Trust, In | $72M | 5.2% | -18.8% | 8.5 yr |
| SPGSimon Property Group, In | $72M | 5.2% | +17.9% | 9.0 yr |
| BRXBrixmor Property Group I | $64M | 4.6% | +12.2% | 6.5 yr |
| ORealty Income Corporatio | $62M | 4.5% | +11.5% | 4.0 yr |
| VICIVICI Properties Inc. | $61M | 4.4% | -11.1% | 7.5 yr |
| BNLBroadstone Net Lease, In | $55M | 4.0% | +12.8% | 3.5 yr |
| HIWHighwoods Properties, In | $48M | 3.5% | -22.3% | 1.5 yr |
| AMHAmerican Homes 4 Rent | $46M | 3.4% | -23.2% | 10.3 yr |
| CURBCurbline Properties Corp | $46M | 3.3% | +9.7% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
REIT - Residential18.7%-3.7pp$258M
REIT - Specialty18.3%-1.3pp$252M
REIT - Industrial18.3%-1.9pp$252M
REIT - Retail17.7%+3.7pp$244M
REIT - Healthcare Facilities15.6%+0.1pp$215M
REIT - Diversified4.0%+1.0pp$55M
REIT - Office3.5%-0.1pp$48M
Unknown2.4%+1.6pp$34M
REIT - Hotel & Motel1.5%+0.5pp$20M
Country
US97.6%-1.6pp
Unknown2.4%+1.6pp
Top 5: 44.8% · Top 10: 70.1% · Top 25: 98.9%
Top buys this quarter · 15
| CUBE CubeSmart | +$76M |
| ESS Essex Property Trust, Inc. | +$65M |
| VICI VICI Properties Inc. | +$56M |
| WELL Welltower Inc. | +$18M |
| REXR Rexford Industrial Realty, Inc | +$13M |
| CURB Curbline Properties Corp. | +$9M |
| PEB Pebblebrook Hotel Trust | +$6M |
| VTR Ventas, Inc. | +$2M |
| SUI Sun Communities, Inc. | +$2M |
| PLD Prologis, Inc. | +$1M |
Top sells this quarter · 15
| PSA Public Storage | −$60M |
| MAA Mid-America Apartment Communit | −$52M |
| O Realty Income Corporation | −$52M |
| CTRE CareTrust REIT, Inc.exit | −$26M |
| RHP Ryman Hospitality Properties, exit | −$19M |
| DLR Digital Realty Trust, Inc. | −$16M |
| AMT American Tower Corporation | −$16M |
| SPG Simon Property Group, Inc. | −$10M |
| EQIX Equinix, Inc. | −$92M |
| BNL Broadstone Net Lease, Inc. | −$7M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.38B | 40 | +6.84% | +17.59% | -10.75% | -0.06B |
| 2025-12-31 | $1.38B | 37 | +4.65% | +17.72% | -13.06% | -0.41B |
| 2025-09-30 | $1.80B | 43 | -1.53% | +17.52% | -19.05% | -0.18B |
| 2025-06-30 | $1.90B | 48 | +9.57% | +14.94% | -5.37% | -0.13B |
| 2025-03-31 | $2.05B | 48 | +10.96% | +8.30% | +2.66% | -0.06B |
| 2024-12-31 | $2.07B | 47 | +8.60% | +24.89% | -16.29% | -0.11B |
| 2024-09-30 | $2.32B | 48 | +34.34% | +36.04% | -1.70% | -0.08B |
| 2024-06-30 | $2.07B | 45 | +7.01% | +24.49% | -17.48% | +0.01B |
| 2024-03-31 | $2.05B | 46 | +11.18% | +29.62% | -18.44% | -0.68B |
| 2023-12-31 | $2.74B | 47 | +17.22% | +26.18% | -8.95% | -0.03B |
| 2023-09-30 | $2.39B | 44 | +4.72% | +21.57% | -16.85% | -0.01B |
| 2023-06-30 | $2.60B | 46 | +2.15% | +19.42% | -17.27% | -0.19B |
| 2023-03-31 | $2.68B | 47 | -19.05% | -7.82% | -11.23% | -0.00B |
| 2022-12-31 | $2.55B | 46 | +3.73% | +7.56% | -3.83% | -0.10B |
| 2022-09-30 | $2.56B | 40 | -9.87% | -4.93% | -4.95% | +0.16B |
| 2022-06-30 | $2.66B | 41 | -17.40% | -16.11% | -1.29% | -0.18B |