Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.47%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.43%
baseline attrition
Rally response
-16.02%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NBRNabors Industries Ltd. | $38M | 10.0% | +106.3% | 6.0 yr |
| CRGYCrescent Energy Company | $27M | 7.1% | +26.2% | 0.3 yr |
| GTNGray Media, Inc. | $23M | 6.1% | +7.4% | 3.0 yr |
| LNCLincoln National Corpora | $20M | 5.3% | +2.5% | 2.3 yr |
| SPYState Street SPDR S&P 50 | $20M | 5.1% | +17.6% | 3.5 yr |
| QUADQuad/Graphics, Inc. | $18M | 4.6% | +27.9% | 7.3 yr |
| BFHBread Financial Holdings | $15M | 3.8% | +51.7% | 3.0 yr |
| TDAYUSA TODAY Co., Inc. | $14M | 3.6% | +143.9% | 6.3 yr |
| CNDTConduent Incorporated | $13M | 3.3% | -52.6% | 5.3 yr |
| UPSUnited Parcel Service, I | $12M | 3.1% | -4.4% | 0.8 yr |
| BLMNBloomin' Brands, Inc. | $11M | 2.9% | -21.7% | 0.3 yr |
| FOSLFossil Group, Inc. | $10M | 2.7% | +274.8% | 3.5 yr |
| CTOCTO Realty Growth, Inc. | $10M | 2.7% | +4.2% | 4.5 yr |
| ITRNIturan Location and Cont | $10M | 2.6% | +41.1% | 0.8 yr |
| VTRSViatris Inc. | $10M | 2.6% | +62.4% | 5.3 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Drilling10.0%+2.6pp$38M
Oil & Gas Exploration & Production9.6%+6.9pp$37M
Insurance - Life7.5%-5.6pp$29M
Broadcasting6.1%-1.0pp$23M
Asset Management5.6%+4.2pp$21M
Financial - Credit Services4.9%-5.4pp$19M
Specialty Business Services4.6%-1.8pp$18M
Publishing3.6%+0.1pp$14M
Information Technology Services3.3%+1.0pp$13M
Integrated Freight & Logistics3.1%$12M
Country
US86.0%-2.5pp
BM10.0%+2.6pp
IL2.6%
UY1.0%
KR0.3%
GB0.1%-0.1pp
Top 5: 33.5% · Top 10: 51.9% · Top 25: 83.5%
Top buys this quarter · 15
| CRGY Crescent Energy Companynew | +$27M |
| BLMN Bloomin' Brands, Inc.new | +$11M |
| SPY State Street SPDR S&P 500 ETF | +$6M |
| GTN Gray Media, Inc. | +$6M |
| CNDT Conduent Incorporated | +$6M |
| ABR Arbor Realty Trust, Inc.new | +$5M |
| MELI MercadoLibre, Inc.new | +$4M |
| MSTR Strategy Inc | +$3M |
| UPS United Parcel Service, Inc. | +$3M |
| FIGR Figure Technology Solutions, Inew | +$3M |
Top sells this quarter · 15
| NBR Nabors Industries Ltd. | −$33M |
| TDAY USA TODAY Co., Inc. | −$10M |
| UGI UGI Corporation | −$5M |
| FOSL Fossil Group, Inc. | −$3M |
| STLA Stellantis N.V.exit | −$3M |
| BMY Bristol-Myers Squibb Company | −$2M |
| VZ Verizon Communications Inc. | −$8M |
| WAL Western Alliance Bancorporatio | −$1M |
| JXN Jackson Financial Inc. | −$1M |
| BFH Bread Financial Holdings, Inc. | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $383M | 55 | +33.13% | +17.59% | +15.54% | +0.08B |
| 2025-12-31 | $284M | 34 | +14.09% | +17.72% | -3.63% | -0.01B |
| 2025-09-30 | $272M | 36 | +17.43% | +17.52% | -0.09% | +0.01B |
| 2025-06-30 | $236M | 33 | +12.51% | +14.94% | -2.43% | +0.01B |
| 2025-03-31 | $219M | 34 | +14.01% | +8.30% | +5.71% | +0.00B |
| 2024-12-31 | $234M | 33 | +32.22% | +24.89% | +7.33% | +0.04B |
| 2024-09-30 | $177M | 30 | +33.97% | +36.04% | -2.07% | +0.01B |
| 2024-06-30 | $150M | 28 | +30.22% | +24.49% | +5.72% | -0.00B |
| 2024-03-31 | $145M | 29 | +34.31% | +29.62% | +4.68% | -0.03B |
| 2023-12-31 | $163M | 41 | +37.50% | +26.18% | +11.32% | -0.01B |
| 2023-09-30 | $156M | 45 | +31.82% | +21.57% | +10.25% | -0.00B |
| 2023-06-30 | $149M | 45 | -33.11% | +19.42% | -52.54% | -1.56B |
| 2023-03-31 | $1.60B | 89 | -50.25% | -7.82% | -42.43% | -0.10B |
| 2022-12-31 | $1.55B | 78 | -55.81% | -18.17% | -37.63% | -0.20B |
| 2022-09-30 | $1.64B | 86 | -53.95% | -15.51% | -38.44% | +0.69B |
| 2022-06-30 | $1.79B | 82 | +55.04% | -10.62% | +65.66% | -0.31B |