Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.49%
adds when stocks drop
when a holding falls −10%+
Middle response
-3.20%
baseline attrition
Rally response
-3.15%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| WELLWelltower Inc. | $203M | 14.1% | +31.2% | 9.5 yr |
| PLDPrologis, Inc. | $175M | 12.1% | +22.3% | 9.5 yr |
| EQIXEquinix, Inc. | $129M | 8.9% | +23.0% | 10.5 yr |
| DLRDigital Realty Trust, In | $86M | 6.0% | +29.4% | 6.0 yr |
| SPGSimon Property Group, In | $84M | 5.8% | +17.9% | 9.8 yr |
| ORealty Income Corporatio | $73M | 5.0% | +11.5% | 6.0 yr |
| AVBAvalonBay Communities, I | $53M | 3.7% | -21.8% | 6.3 yr |
| EQREquity Residential | $53M | 3.7% | -14.7% | 10.5 yr |
| VTRVentas, Inc. | $50M | 3.5% | +21.4% | 8.3 yr |
| BKDBrookdale Senior Living | $48M | 3.3% | +118.5% | 3.3 yr |
| KIMKimco Realty Corporation | $43M | 3.0% | +10.9% | 10.5 yr |
| IRMIron Mountain Incorporat | $36M | 2.5% | +22.9% | 3.3 yr |
| BRXBrixmor Property Group I | $36M | 2.5% | +12.2% | 3.5 yr |
| ELSEquity LifeStyle Propert | $35M | 2.4% | -4.0% | 6.3 yr |
| VICIVICI Properties Inc. | $34M | 2.3% | -11.1% | 5.5 yr |
Portfolio composition (YoY)
Industry mix
REIT - Specialty21.1%+1.6pp$306M
REIT - Retail19.9%+2.3pp$287M
REIT - Healthcare Facilities18.4%+1.9pp$267M
REIT - Industrial15.9%-1.1pp$230M
REIT - Residential14.2%-4.9pp$206M
Medical - Care Facilities3.3%+2.6pp$48M
REIT - Office3.1%-1.8pp$45M
REIT - Hotel & Motel1.4%-0.7pp$20M
REIT - Diversified1.4%-0.2pp$20M
Real Estate - Services1.2%+1.1pp$18M
Country
US100.0%+0.0pp
Top 5: 46.8% · Top 10: 66.0% · Top 25: 93.7%
Top buys this quarter · 15
| JAN Janus Living, Inc.new | +$7M |
| EPRT Essential Properties Realty Tr | +$7M |
| MRP Millrose Properties, Inc. | +$6M |
| MAA Mid-America Apartment Communit | +$5M |
| WELL Welltower Inc. | +$5M |
| FR First Industrial Realty Trust, | +$4M |
| VNO Vornado Realty Trust | +$21M |
| EQIX Equinix, Inc. | +$3M |
| RHP Ryman Hospitality Properties, | +$3M |
| CBRE CBRE Group, Inc. | +$3M |
Top sells this quarter · 15
| PSA Public Storageexit | −$65M |
| EXR Extra Space Storage Inc.exit | −$29M |
| HLT Hilton Worldwide Holdings Inc.exit | −$21M |
| SUI Sun Communities, Inc. | −$16M |
| VRE Veris Residential, Inc.exit | −$14M |
| AMH American Homes 4 Rent | −$11M |
| VICI VICI Properties Inc. | −$7M |
| VTR Ventas, Inc. | −$6M |
| CUZ Cousins Properties Incorporateexit | −$6M |
| SPG Simon Property Group, Inc. | −$6M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.45B | 39 | +7.07% | +17.59% | -10.52% | -0.11B |
| 2025-12-31 | $1.48B | 42 | +2.12% | +17.72% | -15.60% | +0.05B |
| 2025-09-30 | $1.44B | 41 | -1.56% | +17.52% | -19.08% | +0.12B |
| 2025-06-30 | $1.28B | 40 | +11.07% | +14.94% | -3.87% | -0.03B |
| 2025-03-31 | $1.32B | 40 | +10.77% | +8.30% | +2.47% | -0.11B |
| 2024-12-31 | $1.43B | 42 | +13.00% | +24.89% | -11.88% | -0.04B |
| 2024-09-30 | $1.55B | 41 | +36.27% | +36.04% | +0.24% | +0.08B |
| 2024-06-30 | $1.26B | 38 | +12.23% | +24.49% | -12.26% | -0.25B |
| 2024-03-31 | $1.52B | 41 | +18.99% | +29.62% | -10.63% | +0.05B |
| 2023-12-31 | $1.44B | 42 | +20.35% | +26.18% | -5.83% | +0.02B |
| 2023-09-30 | $1.24B | 41 | +5.65% | +21.57% | -15.92% | +0.14B |
| 2023-06-30 | $1.14B | 42 | -0.65% | +19.42% | -20.07% | -0.07B |
| 2023-03-31 | $1.14B | 41 | -23.48% | -7.82% | -15.66% | -0.08B |
| 2022-12-31 | $1.19B | 40 | +1.09% | +7.56% | -6.47% | -0.16B |
| 2022-09-30 | $1.33B | 41 | -9.44% | -4.93% | -4.51% | -0.21B |
| 2022-06-30 | $1.70B | 43 | -18.91% | -16.11% | -2.80% | +0.06B |