Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-8.52%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.53%
baseline attrition
Rally response
-15.95%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IBITiShares Bitcoin Trust ET | $120M | 61.9% | — | 1.0 yr |
| RITM-PDRithm Capital Corp. | $13M | 6.5% | — | 1.5 yr |
| FOURShift4 Payments, Inc. | $6M | 3.3% | -46.5% | 0.8 yr |
| SHYiShares 1-3 Year Treasur | $6M | 3.2% | — | 0.5 yr |
| CIMChimera Investment Corpo | $5M | 2.4% | +6.4% | 0.8 yr |
| ETREntergy Corporation | $4M | 2.3% | +35.0% | 1.5 yr |
| VCSHVanguard Short-Term Corp | $4M | 2.1% | — | 0.3 yr |
| WMBThe Williams Companies, | $3M | 1.7% | +25.8% | 1.3 yr |
| RWTRedwood Trust, Inc. | $3M | 1.6% | +1.6% | 1.3 yr |
| CATCaterpillar Inc. | $3M | 1.4% | +117.8% | 0.3 yr |
| — | $2M | 1.2% | — | 0.5 yr |
| PMTPennyMac Mortgage Invest | $2M | 1.1% | -12.6% | 0.3 yr |
| MFAMFA Financial, Inc. | $2M | 1.0% | +4.7% | 0.3 yr |
| MTZMasTec, Inc. | $2M | 1.0% | +175.7% | 1.0 yr |
| LECOLincoln Electric Holding | $1M | 0.8% | +33.0% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management66.1%+1.2pp$128M
REIT - Mortgage13.7%+13.4pp$27M
Software - Infrastructure3.8%$7M
Regulated Electric2.3%+1.6pp$4M
Asset Management - Bonds2.1%-4.4pp$4M
Oil & Gas Midstream1.7%+1.0pp$3M
Engineering & Construction1.4%+1.3pp$3M
Agricultural - Machinery1.4%$3M
Oil & Gas Exploration & Production1.4%-2.3pp$3M
Unknown1.2%+0.8pp$2M
Country
US98.4%-1.1pp
Unknown1.2%+0.8pp
IL0.4%
Top 5: 77.3% · Top 10: 86.4% · Top 25: 96.8%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| ETR | $2M | +0.00B | 35.0% |
| RRC | $3M | +0.00B | 14.2% |
| WMB | $2M | +0.00B | 25.8% |
| EQT | $2M | +0.00B | 20.5% |
| LUMN | $0M | +0.00B | 77.3% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| CAT Caterpillar Inc.new | +$3M |
| PMT PennyMac Mortgage Investment Tnew | +$2M |
| MFA MFA Financial, Inc.new | +$2M |
| SOLS Solstice Advanced Materials Innew | +$1M |
| CIM Chimera Investment Corporation | +$1M |
| DX Dynex Capital, Inc. | +$1M |
| FOUR Shift4 Payments, Inc. | +$6M |
| MCHP Microchip Technology Incorporanew | +$1M |
| WIX Wix.com Ltd.new | +$1M |
| MTSI MACOM Technology Solutions Holnew | +$1M |
Top sells this quarter · 15
| LRCX Lam Research Corporationexit | −$157M |
| MSFT Microsoft Corporationexit | −$127M |
| COST Costco Wholesale Corporationexit | −$125M |
| ASML ASML Holding N.V.exit | −$123M |
| TXN Texas Instruments Incorporatedexit | −$109M |
| CSCO Cisco Systems, Inc.exit | −$106M |
| GOOG Alphabet Inc.exit | −$100M |
| LIN Linde plcexit | −$99M |
| INTC Intel Corporationexit | −$97M |
| HON Honeywell International Inc.exit | −$89M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $194M | 44 | +26.44% | +17.59% | +8.84% | -1.44B |
| 2025-12-31 | $1.60B | 59 | +18.52% | +17.72% | +0.80% | +1.33B |
| 2025-09-30 | $257M | 38 | +18.18% | +17.52% | +0.66% | -0.03B |
| 2025-06-30 | $274M | 45 | +17.24% | +14.94% | +2.30% | -0.01B |
| 2025-03-31 | $252M | 26 | +9.50% | +8.30% | +1.19% | -0.23B |
| 2024-12-31 | $498M | 32 | +26.12% | +24.89% | +1.24% | +0.12B |
| 2024-09-30 | $364M | 22 | +27.23% | +36.04% | -8.81% | -0.13B |
| 2024-06-30 | $462M | 17 | +25.22% | +38.23% | -13.01% | +0.13B |
| 2024-03-31 | $320M | 18 | +15.49% | +42.44% | -26.96% | -0.09B |
| 2023-12-31 | $368M | 18 | +67.71% | +22.68% | +45.04% | +0.36B |
| 2023-03-31 | $3M | 20 | +12.47% | -7.82% | +20.29% | -0.03B |
| 2022-12-31 | $32M | 76 | +5.40% | -18.17% | +23.58% | -0.04B |
| 2022-09-30 | $70M | 173 | +102.44% | -15.51% | +117.95% | -0.05B |
| 2022-06-30 | $73M | 183 | -30.52% | -16.11% | -14.41% | +0.02B |
| 2022-03-31 | $75M | 156 | -2.31% | -4.62% | +2.31% | -0.15B |
| 2021-12-31 | $231M | 176 | +86.05% | +11.07% | +74.98% | +0.17B |