Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.36%
trims when stocks drop
when a holding falls −10%+
Middle response
-6.09%
baseline attrition
Rally response
-7.03%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| JPMJPMorgan Chase & Co. | $138M | 7.0% | +21.8% | 10.5 yr |
| BACBank of America Corporat | $90M | 4.6% | +19.4% | 10.5 yr |
| WBSWebster Financial Corpor | $84M | 4.3% | +38.5% | 4.3 yr |
| USBU.S. Bancorp | $70M | 3.5% | +27.1% | 10.5 yr |
| DCOMDime Community Bancshare | $68M | 3.5% | +25.7% | 5.3 yr |
| MSMorgan Stanley | $61M | 3.1% | +44.8% | 8.3 yr |
| RKTRocket Companies, Inc. | $56M | 2.8% | +18.1% | 3.0 yr |
| OMFOneMain Holdings, Inc. | $47M | 2.4% | +18.1% | 10.5 yr |
| SCHWThe Charles Schwab Corpo | $44M | 2.2% | +21.5% | 4.3 yr |
| FCNCAFirst Citizens BancShare | $43M | 2.2% | — | 10.5 yr |
| BPOPPopular, Inc. | $43M | 2.2% | +48.9% | 9.8 yr |
| PFSIPennyMac Financial Servi | $40M | 2.1% | -11.7% | 7.5 yr |
| ONBOld National Bancorp | $40M | 2.0% | +6.9% | 10.5 yr |
| — | $39M | 2.0% | — | 0.3 yr |
| TOLToll Brothers, Inc. | $39M | 2.0% | +30.1% | 9.0 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional42.6%+1.1pp$836M
Banks - Diversified16.4%+1.7pp$323M
Financial - Capital Markets9.5%+1.8pp$186M
Financial - Credit Services8.7%+0.0pp$171M
Asset Management5.6%-1.7pp$110M
Residential Construction5.4%-3.9pp$107M
Financial - Mortgages5.0%-1.9pp$98M
Unknown3.3%+2.9pp$65M
Insurance - Specialty0.8%-0.4pp$15M
Financial - Conglomerates0.7%-0.1pp$14M
Country
US95.4%-3.5pp
Unknown3.3%+2.9pp
BM1.3%+0.8pp
GG0.0%-0.1pp
Top 5: 23.0% · Top 10: 35.7% · Top 25: 61.1%
Top buys this quarter · 15
| LAZ Lazard Ltd | +$12M |
| BANR Banner Corporation | +$12M |
| BAC Bank of America Corporation | +$12M |
| LPLA LPL Financial Holdings Inc.new | +$9M |
| BOH Bank of Hawaii Corporation | +$9M |
| FITB Fifth Third Bancorp | +$8M |
| KEY KeyCorp | +$7M |
| BPOP Popular, Inc. | +$7M |
| RJF Raymond James Financial, Inc. | +$7M |
| CRBG Corebridge Financial, Inc. | +$6M |
Top sells this quarter · 15
| RKT Rocket Companies, Inc. | −$22M |
| EVR Evercore Inc.exit | −$21M |
| APO Apollo Global Management, Inc. | −$20M |
| STT State Street Corporation | −$19M |
| WBS Webster Financial Corporation | −$18M |
| WFC Wells Fargo & Company | −$17M |
| USB U.S. Bancorp | −$15M |
| INDB Independent Bank Corp. | −$14M |
| SCHW The Charles Schwab Corporation | −$13M |
| UMBF UMB Financial Corporationexit | −$13M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.96B | 105 | +15.39% | +17.59% | -2.20% | -0.17B |
| 2025-12-31 | $2.27B | 107 | +14.94% | +17.72% | -2.78% | +0.02B |
| 2025-09-30 | $2.15B | 107 | +15.26% | +17.52% | -2.26% | -0.04B |
| 2025-06-30 | $2.01B | 112 | +22.29% | +14.94% | +7.35% | +0.09B |
| 2025-03-31 | $1.78B | 110 | +11.31% | +8.30% | +3.01% | +0.17B |
| 2024-12-31 | $1.72B | 105 | +25.87% | +24.89% | +0.98% | -0.31B |
| 2024-09-30 | $1.94B | 102 | +53.78% | +36.04% | +17.75% | +0.15B |
| 2024-06-30 | $1.54B | 87 | +33.06% | +24.49% | +8.57% | -0.14B |
| 2024-03-31 | $1.71B | 95 | +44.40% | +29.62% | +14.78% | +0.07B |
| 2023-12-31 | $1.55B | 98 | +23.66% | +26.18% | -2.52% | -0.13B |
| 2023-09-30 | $1.32B | 100 | +4.54% | +21.57% | -17.02% | -0.05B |
| 2023-06-30 | $1.36B | 99 | +2.06% | +19.42% | -17.36% | -0.17B |
| 2023-03-31 | $1.43B | 107 | -20.16% | -7.82% | -12.35% | +0.21B |
| 2022-12-31 | $1.35B | 116 | +7.79% | +7.56% | +0.23% | -0.11B |
| 2022-09-30 | $1.35B | 126 | -2.05% | -4.93% | +2.88% | -0.19B |
| 2022-06-30 | $1.58B | 132 | -16.70% | -16.11% | -0.59% | -0.13B |