Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+2.46%
adds when stocks drop
when a holding falls −10%+
Middle response
-3.21%
baseline attrition
Rally response
-9.94%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| EQIXEquinix, Inc. | $319M | 12.6% | +23.0% | 9.5 yr |
| WELLWelltower Inc. | $240M | 9.5% | +31.2% | 10.3 yr |
| PLDPrologis, Inc. | $167M | 6.6% | +22.3% | 10.3 yr |
| PSAPublic Storage | $131M | 5.2% | -5.7% | 10.3 yr |
| AMTAmerican Tower Corporati | $112M | 4.4% | -17.9% | 10.3 yr |
| SPGSimon Property Group, In | $106M | 4.2% | +17.9% | 10.3 yr |
| AMHAmerican Homes 4 Rent | $101M | 4.0% | -23.2% | 6.3 yr |
| GLPIGaming and Leisure Prope | $88M | 3.5% | -6.7% | 4.0 yr |
| EQREquity Residential | $85M | 3.4% | -14.7% | 10.3 yr |
| — | $85M | 3.3% | — | 0.5 yr |
| — | $83M | 3.3% | — | 1.5 yr |
| COLDAmericold Realty Trust, | $80M | 3.2% | -43.9% | 3.5 yr |
| VTRVentas, Inc. | $79M | 3.1% | +21.4% | 10.3 yr |
| SBRASabra Health Care REIT, | $74M | 2.9% | +17.4% | 4.5 yr |
| AREAlexandria Real Estate E | $70M | 2.8% | -47.3% | 8.0 yr |
Portfolio composition (YoY)
Industry mix
REIT - Specialty23.4%-1.3pp$591M
REIT - Industrial18.1%-3.3pp$459M
REIT - Healthcare Facilities15.8%+2.2pp$401M
REIT - Residential14.4%-1.9pp$364M
REIT - Retail14.4%-1.1pp$364M
Unknown6.6%+4.4pp$168M
REIT - Office3.8%-1.0pp$96M
REIT - Diversified1.9%$47M
REIT - Hotel & Motel1.5%+0.2pp$39M
Paper, Lumber & Forest Products0.0%-0.0pp$1M
Country
US93.4%-4.4pp
Unknown6.6%+4.4pp
Top 5: 38.3% · Top 10: 56.7% · Top 25: 91.6%
Top buys this quarter · 15
| REXR Rexford Industrial Realty, Inc | +$28M |
| FCPT Four Corners Property Trust, I | +$27M |
| AMT American Tower Corporation | +$21M |
| ESRT Empire State Realty Trust, Inc | +$18M |
| AMH American Homes 4 Rent | +$16M |
| WELL Welltower Inc. | +$14M |
| BXP BXP, Inc. | +$13M |
| HST Host Hotels & Resorts, Inc. | +$8M |
| CUBE CubeSmart | +$8M |
| EQIX Equinix, Inc. | +$6M |
Top sells this quarter · 15
| DLR Digital Realty Trust, Inc. | −$47M |
| FR First Industrial Realty Trust, | −$45M |
| O Realty Income Corporation | −$37M |
| VTR Ventas, Inc. | −$35M |
| KRG Kite Realty Group Trust | −$17M |
| CURB Curbline Properties Corp. | −$15M |
| DRH DiamondRock Hospitality Companexit | −$11M |
| ARE Alexandria Real Estate Equitie | −$9M |
| CUZ Cousins Properties Incorporate | −$7M |
| CDP COPT Defense Propertiesexit | −$6M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.53B | 48 | +5.29% | +17.59% | -12.30% | -0.06B |
| 2025-12-31 | $2.50B | 48 | +5.88% | +17.72% | -11.84% | -0.04B |
| 2025-09-30 | $2.55B | 44 | -0.58% | +17.52% | -18.10% | +0.00B |
| 2025-06-30 | $2.44B | 44 | +10.75% | +14.94% | -4.20% | +0.20B |
| 2025-03-31 | $2.28B | 47 | +12.85% | +8.30% | +4.55% | -0.18B |
| 2024-12-31 | $2.37B | 44 | +7.28% | +24.89% | -17.61% | -0.07B |
| 2024-09-30 | $2.61B | 44 | +34.86% | +36.04% | -1.17% | -0.09B |
| 2024-06-30 | $2.34B | 45 | +7.86% | +24.49% | -16.63% | -0.09B |
| 2024-03-31 | $2.42B | 47 | +11.03% | +29.62% | -18.60% | -0.08B |
| 2023-12-31 | $2.53B | 45 | +16.07% | +26.18% | -10.11% | -0.10B |
| 2023-09-30 | $2.24B | 46 | +3.00% | +21.57% | -18.57% | -0.10B |
| 2023-06-30 | $2.53B | 45 | +0.97% | +19.42% | -18.45% | -0.07B |
| 2023-03-31 | $2.52B | 47 | -15.80% | -7.82% | -7.99% | -0.00B |
| 2022-12-31 | $2.44B | 48 | +4.19% | +7.56% | -3.37% | +0.02B |
| 2022-09-30 | $2.32B | 49 | -9.11% | -4.93% | -4.18% | -0.11B |
| 2022-06-30 | $2.68B | 53 | -14.09% | -16.11% | +2.02% | -0.02B |