Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.36%
trims when stocks drop
when a holding falls −10%+
Middle response
-2.06%
baseline attrition
Rally response
+0.13%
adds into rallies
when a holding rises +10%+
Top positions · 10
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| JOEThe St. Joe Company | $1.21B | 79.7% | +35.3% | 10.5 yr |
| EPDEnterprise Products Part | $206M | 13.6% | +18.7% | 5.3 yr |
| OZKBank OZK | $42M | 2.8% | +9.8% | 2.8 yr |
| BRK-BBerkshire Hathaway Inc. | $24M | 1.6% | — | 7.8 yr |
| WRBW. R. Berkley Corporatio | $17M | 1.1% | -4.4% | 3.0 yr |
| PGRThe Progressive Corporat | $13M | 0.9% | -25.5% | 0.5 yr |
| KHCThe Kraft Heinz Company | $2M | 0.2% | -21.4% | 1.3 yr |
| BRK-ABerkshire Hathaway Inc. | $1M | 0.1% | — | 6.3 yr |
| AAPLApple Inc. | $1M | 0.0% | +14.7% | 5.8 yr |
| HOMBHome Bancshares, Inc. | $0M | 0.0% | -2.0% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Real Estate - Diversified79.7%+1.6pp$1.21B
Oil & Gas Midstream13.6%-1.9pp$206M
Banks - Regional2.8%+0.6pp$43M
Insurance - Property & Casualty2.0%+0.5pp$30M
Insurance - Diversified1.7%-0.5pp$26M
Packaged Foods0.2%$2M
Consumer Electronics0.0%-0.0pp$1M
Country
US100.0%+0.0pp
Top 5: 98.8% · Top 10: 100.0% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| JOE | $949M | +0.33B | 35.3% |
| EPD | $186M | +0.03B | 18.7% |
| OZK | $27M | +0.00B | 9.8% |
| AAPL | $1M | +0.00B | 14.7% |
| WRB | $19M | -0.00B | -4.4% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| WRB | $19M | -0.00B | -4.4% |
Top buys this quarter · 5
| BRK-A Berkshire Hathaway Inc. | +$0M |
| BRK-B Berkshire Hathaway Inc. | +$0M |
| PGR The Progressive Corporation | +$8M |
| OZK Bank OZK | +$0M |
| EPD Enterprise Products Partners L | +$0M |
Top sells this quarter · 11
| JOE The St. Joe Company | −$1.15B |
| CF CF Industries Holdings, Inc.exit | −$7M |
| OXY Occidental Petroleum Corporatiexit | −$4M |
| KHC The Kraft Heinz Company | −$4M |
| ET Energy Transfer LPexit | −$3M |
| TGT Target Corporationexit | −$3M |
| HOMB Home Bancshares, Inc. | −$2M |
| NRP Natural Resource Partners L.P.exit | −$1M |
| FANG Diamondback Energy, Inc.exit | −$1M |
| EOG EOG Resources, Inc.exit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.51B | 10 | +30.97% | +17.59% | +13.38% | -0.03B |
| 2025-12-31 | $1.43B | 15 | +28.52% | +17.72% | +10.80% | -0.01B |
| 2025-09-30 | $1.24B | 12 | -9.83% | +17.52% | -27.35% | -0.04B |
| 2025-06-30 | $1.23B | 12 | -7.81% | +14.94% | -22.76% | +0.00B |
| 2025-03-31 | $1.22B | 12 | -12.86% | +8.30% | -21.16% | -0.03B |
| 2024-12-31 | $1.18B | 10 | -19.13% | +24.89% | -44.02% | -0.01B |
| 2024-09-30 | $1.46B | 7 | +9.05% | +36.04% | -26.98% | -0.02B |
| 2024-06-30 | $1.39B | 7 | +14.69% | +24.49% | -9.81% | -0.05B |
| 2024-03-31 | $1.51B | 7 | +38.37% | +29.62% | +8.75% | -0.02B |
| 2023-12-31 | $1.56B | 7 | +51.89% | +26.18% | +25.71% | +0.01B |
| 2023-09-30 | $1.41B | 8 | +66.38% | +21.57% | +44.81% | -0.06B |
| 2023-06-30 | $1.32B | 11 | +25.18% | +19.42% | +5.75% | -0.07B |
| 2023-03-31 | $1.21B | 11 | -24.35% | -7.82% | -16.53% | -0.08B |
| 2022-12-31 | $1.20B | 12 | +20.49% | +7.56% | +12.93% | -0.04B |
| 2022-09-30 | $1.03B | 13 | -15.83% | -4.93% | -10.90% | +0.01B |
| 2022-06-30 | $1.21B | 15 | -30.63% | -16.11% | -14.52% | +0.01B |