Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-17.77%
trims when stocks drop
when a holding falls −10%+
Middle response
-17.43%
baseline attrition
Rally response
-7.55%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| WELLWelltower Inc. | $161M | 11.6% | +31.2% | 10.5 yr |
| EQIXEquinix, Inc. | $135M | 9.7% | +23.0% | 8.0 yr |
| PLDPrologis, Inc. | $130M | 9.3% | +22.3% | 10.5 yr |
| ORealty Income Corporatio | $73M | 5.2% | +11.5% | 6.8 yr |
| SPGSimon Property Group, In | $62M | 4.4% | +17.9% | 10.3 yr |
| VTRVentas, Inc. | $59M | 4.2% | +21.4% | 6.5 yr |
| EQREquity Residential | $52M | 3.8% | -14.7% | 10.5 yr |
| DLRDigital Realty Trust, In | $51M | 3.7% | +29.4% | 6.8 yr |
| EXRExtra Space Storage Inc. | $42M | 3.0% | -7.6% | 7.3 yr |
| FRFirst Industrial Realty | $34M | 2.5% | +10.0% | 3.0 yr |
| ESSEssex Property Trust, In | $34M | 2.4% | -18.8% | 10.5 yr |
| NTSTNETSTREIT Corp. | $32M | 2.3% | +24.6% | 3.5 yr |
| PSAPublic Storage | $28M | 2.0% | -5.7% | 8.8 yr |
| MAAMid-America Apartment Co | $28M | 2.0% | -24.0% | 3.0 yr |
| IRMIron Mountain Incorporat | $27M | 1.9% | +22.9% | 2.8 yr |
Portfolio composition (YoY)
Industry mix
REIT - Industrial21.7%+0.7pp$302M
REIT - Healthcare Facilities19.2%+5.3pp$267M
REIT - Retail18.6%+5.1pp$259M
REIT - Specialty18.6%+0.8pp$259M
REIT - Residential12.8%-4.5pp$179M
REIT - Office3.2%-3.1pp$44M
REIT - Hotel & Motel2.7%+0.4pp$38M
REIT - Diversified1.8%-5.9pp$25M
Unknown1.1%$15M
Paper, Lumber & Forest Products0.3%+0.2pp$5M
Country
US98.9%-1.1pp
Unknown1.1%
Top 5: 40.3% · Top 10: 57.4% · Top 25: 84.2%
Top buys this quarter · 15
| O Realty Income Corporation | +$28M |
| EXR Extra Space Storage Inc. | +$22M |
| FRT Federal Realty Investment Trus | +$16M |
| JAN Janus Living, Inc.new | +$15M |
| DRH DiamondRock Hospitality Compan | +$13M |
| SUI Sun Communities, Inc. | +$13M |
| XHR Xenia Hotels & Resorts, Inc.new | +$12M |
| CURB Curbline Properties Corp. | +$11M |
| DLR Digital Realty Trust, Inc. | +$9M |
| EQR Equity Residential | +$7M |
Top sells this quarter · 15
| BRX Brixmor Property Group Inc.exit | −$53M |
| RHP Ryman Hospitality Properties, exit | −$34M |
| IRM Iron Mountain Incorporated | −$24M |
| BNL Broadstone Net Lease, Inc.exit | −$24M |
| GLPI Gaming and Leisure Properties, | −$19M |
| MAA Mid-America Apartment Communit | −$19M |
| PSA Public Storage | −$18M |
| MAC The Macerich Company | −$13M |
| WELL Welltower Inc. | −$15M |
| ADC Agree Realty Corporation | −$15M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.39B | 57 | +6.58% | +17.59% | -11.01% | -0.08B |
| 2025-12-31 | $1.42B | 54 | +3.64% | +17.72% | -14.08% | -0.03B |
| 2025-09-30 | $1.46B | 57 | -0.31% | +17.52% | -17.83% | +0.00B |
| 2025-06-30 | $1.41B | 56 | +11.57% | +14.94% | -3.37% | -0.14B |
| 2025-03-31 | $1.54B | 54 | +13.23% | +8.30% | +4.93% | -0.02B |
| 2024-12-31 | $1.55B | 54 | +9.90% | +24.89% | -14.98% | -0.19B |
| 2024-09-30 | $1.83B | 58 | +32.41% | +36.04% | -3.62% | +0.00B |
| 2024-06-30 | $1.58B | 54 | +6.69% | +24.49% | -17.80% | -0.21B |
| 2024-03-31 | $1.76B | 53 | +7.94% | +29.62% | -21.69% | -0.06B |
| 2023-12-31 | $1.85B | 53 | +12.79% | +26.18% | -13.39% | -0.05B |
| 2023-09-30 | $1.66B | 54 | +1.73% | +21.57% | -19.84% | -0.04B |
| 2023-06-30 | $1.82B | 54 | -3.87% | +19.42% | -23.29% | -0.23B |
| 2023-03-31 | $1.99B | 53 | -22.26% | -7.82% | -14.44% | +0.06B |
| 2022-12-31 | $1.88B | 46 | +3.46% | +7.56% | -4.10% | -0.03B |
| 2022-09-30 | $1.85B | 50 | -11.69% | -4.93% | -6.77% | -0.03B |
| 2022-06-30 | $2.13B | 50 | -16.78% | -16.11% | -0.67% | +0.03B |