Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.64%
trims when stocks drop
when a holding falls −10%+
Middle response
+3.19%
steady accumulation
Rally response
-1.58%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BACBank of America Corporat | $57M | 26.9% | +19.4% | 10.3 yr |
| CCitigroup Inc. | $29M | 13.9% | +63.9% | 10.0 yr |
| FRSTPrimis Financial Corp. | $9M | 4.3% | +41.0% | 5.3 yr |
| PGCPeapack-Gladstone Financ | $9M | 4.3% | +24.9% | 10.0 yr |
| SMBKSmartFinancial, Inc. | $8M | 3.9% | +26.9% | 8.5 yr |
| WFCWells Fargo & Company | $7M | 3.5% | +13.3% | 8.3 yr |
| BANCBanc of California, Inc. | $7M | 3.3% | +27.0% | 7.8 yr |
| SBCFSeacoast Banking Corpora | $6M | 2.8% | +20.7% | 10.5 yr |
| FSUNFirstSun Capital Bancorp | $5M | 2.4% | +0.9% | 1.5 yr |
| WALWestern Alliance Bancorp | $4M | 1.8% | -6.0% | 2.5 yr |
| HTBHomeTrust Bancshares, In | $3M | 1.6% | +26.0% | 9.0 yr |
| PFSProvident Financial Serv | $3M | 1.5% | +29.5% | 6.0 yr |
| FHNFirst Horizon Corporatio | $3M | 1.5% | +20.6% | 2.5 yr |
| — | $3M | 1.4% | — | 0.8 yr |
| FBKFB Financial Corporation | $3M | 1.4% | +13.7% | 5.8 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional49.4%-11.6pp$105M
Banks - Diversified44.7%+10.4pp$94M
Unknown1.9%+1.5pp$4M
Financial - Credit Services1.3%+0.3pp$3M
Insurance - Property & Casualty0.5%+0.0pp$1M
Telecommunications Services0.4%+0.2pp$1M
Consumer Electronics0.4%-0.1pp$1M
Financial - Capital Markets0.3%+0.0pp$1M
Drug Manufacturers - General0.3%+0.0pp$1M
Insurance - Life0.2%-0.1pp$0M
Country
US97.9%-1.5pp
Unknown1.9%+1.5pp
CH0.1%-0.0pp
AR0.1%
Top 5: 53.3% · Top 10: 67.1% · Top 25: 84.2%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| C | $7M | +0.02B | 63.9% |
| BAC | $38M | +0.02B | 19.4% |
| FRST | $7M | +0.00B | 41.0% |
| SMBK | $7M | +0.00B | 26.9% |
| WFC | $10M | +0.00B | 13.3% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| WAL | $2M | -0.00B | -6.0% |
Top buys this quarter · 15
| C Citigroup Inc. | +$74M |
| BAC Bank of America Corporation | +$57M |
| CFG Citizens Financial Group, Inc. | +$6M |
| WFC Wells Fargo & Company | +$7M |
| FHN First Horizon Corporation | +$4M |
| KEY KeyCorp | +$1M |
| BANC Banc of California, Inc. | +$7M |
| CBSH Commerce Bancshares, Inc.new | +$2M |
| TOWN TowneBank | +$1M |
| WAL Western Alliance Bancorporatio | +$4M |
Top sells this quarter · 15
| PNFP Pinnacle Financial Partners, Iexit | −$3M |
| WBS Webster Financial Corporationexit | −$3M |
| XOM Exxon Mobil Corporationexit | −$1M |
| FRST Primis Financial Corp. | −$1M |
| CARE Carter Bankshares, Inc.exit | −$1M |
| SMBK SmartFinancial, Inc. | −$1M |
| MCB Metropolitan Bank Holding Corp | −$1M |
| PGC Peapack-Gladstone Financial Co | −$7M |
| SCHL Scholastic Corporation | −$0M |
| AFBI Affinity Bancshares, Inc.exit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $212M | 72 | +24.04% | +17.59% | +6.45% | -0.00B |
| 2025-12-31 | $225M | 78 | +24.35% | +17.72% | +6.63% | +0.03B |
| 2025-09-30 | $181M | 65 | +24.62% | +17.52% | +7.10% | +0.01B |
| 2025-06-30 | $159M | 74 | +30.40% | +14.94% | +15.46% | -0.02B |
| 2025-03-31 | $164M | 77 | +16.69% | +8.30% | +8.38% | -0.02B |
| 2024-12-31 | $195M | 79 | +22.26% | +24.89% | -2.63% | +0.02B |
| 2024-09-30 | $157M | 78 | +41.96% | +36.04% | +5.93% | +0.02B |
| 2024-06-30 | $124M | 73 | +26.13% | +24.49% | +1.64% | +0.00B |
| 2024-03-31 | $125M | 79 | +21.62% | +29.62% | -8.00% | +0.01B |
| 2023-12-31 | $111M | 73 | +3.41% | +26.18% | -22.77% | -0.00B |
| 2023-09-30 | $92M | 66 | -12.21% | +21.57% | -33.78% | -0.00B |
| 2023-06-30 | $93M | 70 | -14.11% | +19.42% | -33.54% | -0.01B |
| 2023-03-31 | $110M | 87 | -27.14% | -7.82% | -19.32% | -0.03B |
| 2022-12-31 | $166M | 97 | +6.80% | +7.56% | -0.76% | -0.00B |
| 2022-09-30 | $158M | 94 | -2.09% | -4.93% | +2.84% | +0.00B |
| 2022-06-30 | $160M | 99 | -18.69% | -16.11% | -2.58% | -0.02B |