Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+3.56%
adds when stocks drop
when a holding falls −10%+
Middle response
-2.85%
baseline attrition
Rally response
-6.06%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TDWTidewater Inc. | $244M | 38.1% | +97.7% | 8.8 yr |
| BLDRBuilders FirstSource, In | $43M | 6.7% | -34.1% | 10.5 yr |
| FPHFive Point Holdings, LLC | $34M | 5.3% | -9.4% | 7.0 yr |
| LXULSB Industries, Inc. | $32M | 4.9% | +126.1% | 10.5 yr |
| WFGWest Fraser Timber Co. L | $19M | 3.0% | -13.5% | 5.3 yr |
| WLKWestlake Corporation | $17M | 2.6% | +20.0% | 10.5 yr |
| CNQCanadian Natural Resourc | $16M | 2.5% | +66.0% | 10.5 yr |
| CVCOCavco Industries, Inc. | $16M | 2.4% | -6.8% | 10.5 yr |
| AXRAMREP Corporation | $15M | 2.3% | +40.3% | 10.5 yr |
| AERAerCap Holdings N.V. | $15M | 2.3% | +35.6% | 6.3 yr |
| JEFJefferies Financial Grou | $14M | 2.1% | -20.7% | 8.0 yr |
| WDCWestern Digital Corporat | $13M | 2.0% | +571.9% | 10.0 yr |
| MTArcelorMittal S.A. | $12M | 1.9% | +83.0% | 2.3 yr |
| NVGSNavigator Holdings Ltd. | $10M | 1.6% | +46.8% | 2.0 yr |
| IIINInsteel Industries, Inc. | $10M | 1.6% | +32.4% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Equipment & Services38.5%+12.1pp$247M
Real Estate - Development7.5%-1.9pp$48M
Construction6.7%-3.7pp$43M
Chemicals4.9%-0.8pp$32M
Residential Construction4.1%-2.7pp$26M
Paper, Lumber & Forest Products3.9%-2.2pp$25M
Chemicals - Specialty2.6%-0.7pp$17M
Rental & Leasing Services2.6%+0.2pp$17M
Oil & Gas Exploration & Production2.5%+0.4pp$16M
Financial - Capital Markets2.3%-1.6pp$15M
Country
US84.2%+2.9pp
CA7.8%-1.4pp
LU2.5%-0.4pp
IE2.3%+0.0pp
GB1.6%-1.7pp
Unknown1.1%+0.9pp
SG0.3%-0.1pp
BR0.2%+0.0pp
Top 5: 58.0% · Top 10: 70.1% · Top 25: 90.2%
Top buys this quarter · 13
| BLDR Builders FirstSource, Inc. | +$43M |
| RYZ Ryerson Holding Corporation | +$4M |
| ABG Asbury Automotive Group, Inc. | +$3M |
| SKY Champion Homes, Inc. | +$2M |
| SE Sea Limited | +$1M |
| CSIQ Canadian Solar Inc. | +$6M |
| CVCO Cavco Industries, Inc. | +$16M |
| STRS Stratus Properties Inc.new | +$0M |
| UHAL-B U-Haul Holding Company | +$0M |
| — new | +$0M |
Top sells this quarter · 15
| LXU LSB Industries, Inc. | −$28M |
| WLK Westlake Corporation | −$13M |
| FTI TechnipFMC plcexit | −$11M |
| WDC Western Digital Corporation | −$10M |
| SNDK Sandisk Corporation | −$5M |
| MT ArcelorMittal S.A. | −$5M |
| VAL Valaris Limited | −$5M |
| LECO Lincoln Electric Holdings, Inc | −$4M |
| RDNT RadNet, Inc. | −$4M |
| TDW Tidewater Inc. | −$149M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $641M | 59 | +47.46% | +17.59% | +29.87% | -0.06B |
| 2025-12-31 | $556M | 59 | +5.50% | +17.72% | -12.22% | -0.02B |
| 2025-09-30 | $576M | 59 | -6.68% | +17.52% | -24.20% | -0.02B |
| 2025-06-30 | $531M | 59 | -18.40% | +14.94% | -33.34% | +0.01B |
| 2025-03-31 | $496M | 65 | -24.97% | +8.30% | -33.27% | -0.01B |
| 2024-12-31 | $566M | 63 | -0.55% | +24.89% | -25.44% | -0.01B |
| 2024-09-30 | $652M | 60 | +23.86% | +36.04% | -12.18% | +0.03B |
| 2024-06-30 | $633M | 59 | +34.78% | +24.49% | +10.29% | -0.07B |
| 2024-03-31 | $730M | 56 | +73.16% | +29.62% | +43.53% | -0.09B |
| 2023-12-31 | $688M | 57 | +72.00% | +26.18% | +45.83% | -0.05B |
| 2023-09-30 | $675M | 58 | +90.08% | +21.57% | +68.52% | +0.02B |
| 2023-06-30 | $613M | 62 | +80.42% | +19.42% | +60.99% | -0.08B |
| 2023-03-31 | $561M | 59 | +22.19% | -7.82% | +30.01% | -0.02B |
| 2022-12-31 | $496M | 64 | +21.17% | +7.56% | +13.61% | -0.01B |
| 2022-09-30 | $415M | 66 | +2.00% | -4.93% | +6.93% | +0.00B |
| 2022-06-30 | $403M | 69 | -16.31% | -16.11% | -0.20% | -0.01B |