Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+5.29%
adds when stocks drop
when a holding falls −10%+
Middle response
+1.82%
steady accumulation
Rally response
-11.61%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPYState Street SPDR S&P 50 | $393M | 22.3% | +17.6% | 9.5 yr |
| IVViShares Core S&P 500 ETF | $282M | 16.0% | — | 9.8 yr |
| SNPEXtrackers S&P 500 Scored | $280M | 15.9% | — | 1.0 yr |
| VOOVanguard S&P 500 ETF | $280M | 15.9% | — | 9.8 yr |
| EWTiShares MSCI Taiwan ETF | $117M | 6.7% | — | 3.0 yr |
| QQQInvesco QQQ Trust, Serie | $62M | 3.5% | — | 8.0 yr |
| — | $50M | 2.9% | — | 1.5 yr |
| CLOCAAM Crescent CLO ETF | $50M | 2.8% | — | 0.5 yr |
| EWSiShares MSCI Singapore E | $49M | 2.8% | — | 2.3 yr |
| XVViShares ESG Select Scree | $41M | 2.3% | — | 5.3 yr |
| CCAPCrescent Capital BDC, In | $27M | 1.5% | -22.0% | 5.0 yr |
| SPMDState Street SPDR Portfo | $24M | 1.3% | — | 0.5 yr |
| INDAiShares MSCI India ETF | $18M | 1.0% | — | 3.0 yr |
| ASHRXtrackers Harvest CSI 30 | $17M | 1.0% | — | 1.0 yr |
| THDiShares MSCI Thailand ET | $15M | 0.9% | — | 1.8 yr |
Portfolio composition (YoY)
Industry mix
Asset Management96.4%+10.4pp$1.70B
Unknown2.9%-0.3pp$50M
REIT - Specialty0.2%-2.3pp$3M
REIT - Retail0.2%-0.5pp$3M
Internet Content & Information0.1%$2M
REIT - Industrial0.1%-2.4pp$2M
REIT - Healthcare Facilities0.1%$2M
REIT - Residential0.1%-3.2pp$1M
Country
US97.1%+0.3pp
Unknown2.9%-0.3pp
Top 5: 76.8% · Top 10: 91.1% · Top 25: 99.5%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| SPY | $357M | +0.06B | 17.6% |
| DLR | $31M | +0.01B | 29.4% |
| PLD | $25M | +0.01B | 22.3% |
| EQIX | $9M | +0.00B | 23.0% |
| SPG | $10M | +0.00B | 17.9% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| CCAP | $38M | -0.01B | -22.0% |
Top buys this quarter · 15
| WELL Welltower Inc. | +$1M |
| VTR Ventas, Inc. | +$0M |
| IVT InvenTrust Properties Corp.new | +$0M |
| PECO Phillips Edison & Company, Incnew | +$0M |
| EQR Equity Residential | +$0M |
| MAA Mid-America Apartment Communit | +$0M |
| KRG Kite Realty Group Trustnew | +$0M |
| SPG Simon Property Group, Inc. | +$0M |
| KIM Kimco Realty Corporation | +$0M |
| REG Regency Centers Corporation | +$0M |
Top sells this quarter · 15
| SPY State Street SPDR S&P 500 ETF | −$12M |
| BXP BXP, Inc.exit | −$1M |
| CPT Camden Property Trust | −$1M |
| AVB AvalonBay Communities, Inc. | −$1M |
| SEAT Vivid Seats Inc. | −$0M |
| QQQ Invesco QQQ Trust, Series 1 | −$0M |
| IVV iShares Core S&P 500 ETF | −$0M |
| EWT iShares MSCI Taiwan ETF | −$0M |
| EWJ iShares MSCI Japan ETF | −$0M |
| SPMD State Street SPDR Portfolio S& | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.76B | 45 | +8.50% | +17.59% | -9.09% | -0.05B |
| 2025-12-31 | $1.91B | 39 | +9.70% | +17.72% | -8.02% | -0.08B |
| 2025-09-30 | $1.96B | 36 | +10.77% | +17.52% | -6.75% | +0.01B |
| 2025-06-30 | $1.83B | 37 | +9.48% | +14.94% | -5.46% | +0.16B |
| 2025-03-31 | $1.58B | 33 | +5.44% | +8.30% | -2.86% | -0.14B |
| 2024-12-31 | $1.79B | 35 | +17.77% | +24.89% | -7.12% | -0.04B |
| 2024-09-30 | $1.79B | 33 | +31.36% | +36.04% | -4.67% | +0.03B |
| 2024-06-30 | $1.67B | 29 | +15.88% | +24.49% | -8.62% | +0.05B |
| 2024-03-31 | $1.59B | 32 | +23.04% | +29.62% | -6.58% | -0.19B |
| 2023-12-31 | $1.65B | 24 | +21.31% | +26.18% | -4.87% | +0.10B |
| 2023-09-30 | $1.36B | 24 | +13.44% | +21.57% | -8.13% | -0.16B |
| 2023-06-30 | $1.64B | 33 | +13.15% | +19.42% | -6.27% | +0.11B |
| 2023-03-31 | $1.41B | 69 | -14.35% | -7.82% | -6.54% | +0.03B |
| 2022-12-31 | $1.31B | 70 | -22.83% | -18.17% | -4.65% | -0.03B |
| 2022-09-30 | $1.25B | 70 | -19.69% | -15.51% | -4.19% | +0.02B |
| 2022-06-30 | $1.33B | 71 | -12.85% | -10.62% | -2.23% | -0.44B |