Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.79%
trims when stocks drop
when a holding falls −10%+
Middle response
-16.57%
baseline attrition
Rally response
-16.42%
trims into rallies
when a holding rises +10%+
Top positions · 24
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NSCNorfolk Southern Corpora | $33M | 18.5% | +23.6% | 1.5 yr |
| GLDSPDR Gold Shares | $22M | 12.0% | — | 10.3 yr |
| ALAir Lease Corporation | $19M | 10.9% | +36.3% | 6.8 yr |
| HONHoneywell International | $19M | 10.8% | +9.0% | 0.3 yr |
| LHLabcorp Holdings Inc. | $11M | 6.0% | +15.9% | 0.3 yr |
| MUMicron Technology, Inc. | $10M | 5.7% | +289.6% | 4.0 yr |
| EXEExpand Energy Corporatio | $10M | 5.5% | +1.7% | 2.8 yr |
| UALUnited Airlines Holdings | $8M | 4.4% | +33.3% | 6.8 yr |
| CICigna Corporation | $7M | 3.7% | -17.2% | 1.8 yr |
| FANGDiamondback Energy, Inc. | $6M | 3.3% | +27.1% | 1.8 yr |
| KKRKKR & Co. Inc. | $6M | 3.1% | -19.5% | 1.5 yr |
| BKDBrookdale Senior Living | $5M | 2.7% | +118.5% | 0.5 yr |
| DHTDHT Holdings, Inc. | $5M | 2.7% | +87.2% | 0.3 yr |
| LADLithia Motors, Inc. | $4M | 2.0% | -14.3% | 3.0 yr |
| OBDCBlue Owl Capital Corpora | $3M | 1.7% | -17.8% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Railroads18.5%$33M
Asset Management15.2%-3.3pp$27M
Rental & Leasing Services12.2%-9.0pp$22M
Conglomerates10.8%$19M
Oil & Gas Exploration & Production8.8%-6.0pp$16M
Medical - Diagnostics & Research6.0%$11M
Semiconductors5.7%$10M
Airlines, Airports & Air Services4.4%-1.2pp$8M
Medical - Healthcare Plans3.7%$7M
Medical - Care Facilities3.0%$5M
Country
US95.9%+2.5pp
BM2.7%
Unknown1.1%+0.9pp
IL0.4%
Top 5: 58.1% · Top 10: 80.8% · Top 25: 100.0%
Top buys this quarter · 12
| HON Honeywell International Inc.new | +$19M |
| LH Labcorp Holdings Inc.new | +$11M |
| DHT DHT Holdings, Inc.new | +$5M |
| NSC Norfolk Southern Corporation | +$4M |
| BKD Brookdale Senior Living Inc. | +$4M |
| FANG Diamondback Energy, Inc. | +$4M |
| KKR KKR & Co. Inc. | +$4M |
| UAL United Airlines Holdings, Inc. | +$3M |
| RKT Rocket Companies, Inc.new | +$3M |
| OBDC Blue Owl Capital Corporation | +$2M |
Top sells this quarter · 15
| APO Apollo Global Management, Inc.exit | −$18M |
| AMAT Applied Materials, Inc.exit | −$14M |
| AL Air Lease Corporation | −$10M |
| MPC Marathon Petroleum Corporationexit | −$10M |
| ALK Alaska Air Group, Inc.exit | −$10M |
| HUM Humana Inc.exit | −$7M |
| OWL Blue Owl Capital Inc.exit | −$6M |
| TOL Toll Brothers, Inc.exit | −$5M |
| VST Vistra Corp.exit | −$5M |
| VSAT Viasat, Inc. | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $179M | 24 | +30.92% | +17.59% | +13.33% | -0.05B |
| 2025-12-31 | $226M | 28 | +21.60% | +17.72% | +3.88% | -0.00B |
| 2025-09-30 | $218M | 22 | +32.68% | +17.52% | +15.16% | -0.01B |
| 2025-06-30 | $213M | 26 | +33.84% | +14.94% | +18.89% | -0.02B |
| 2025-03-31 | $203M | 22 | +19.44% | +8.30% | +11.14% | -0.02B |
| 2024-12-31 | $241M | 27 | +49.40% | +24.89% | +24.52% | -0.02B |
| 2024-09-30 | $225M | 26 | +36.92% | +36.04% | +0.88% | -0.02B |
| 2024-06-30 | $231M | 22 | +32.07% | +24.49% | +7.58% | -0.09B |
| 2024-03-31 | $310M | 24 | +42.68% | +29.62% | +13.05% | -0.03B |
| 2023-12-31 | $287M | 26 | +25.67% | +26.18% | -0.51% | +0.01B |
| 2023-09-30 | $262M | 25 | +25.06% | +21.57% | +3.49% | -0.01B |
| 2023-06-30 | $260M | 29 | +23.14% | +19.42% | +3.72% | -0.04B |
| 2023-03-31 | $275M | 27 | -2.48% | -7.82% | +5.34% | +0.03B |
| 2022-12-31 | $240M | 22 | -8.18% | -18.17% | +10.00% | -0.02B |
| 2022-09-30 | $247M | 28 | +5.47% | -15.51% | +20.97% | -0.06B |
| 2022-06-30 | $300M | 33 | -12.21% | -16.11% | +3.90% | +0.01B |