Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+8.11%
adds when stocks drop
when a holding falls −10%+
Middle response
-2.60%
baseline attrition
Rally response
-5.91%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| — | $74M | 2.1% | — | 5.3 yr |
| BRK-BBerkshire Hathaway Inc. | $71M | 2.1% | — | 10.8 yr |
| COLDAmericold Realty Trust, | $55M | 1.6% | -43.9% | 1.3 yr |
| VLOValero Energy Corporatio | $54M | 1.6% | +92.6% | 10.8 yr |
| DARDarling Ingredients Inc. | $54M | 1.5% | +98.0% | 10.8 yr |
| VZVerizon Communications I | $50M | 1.4% | +16.5% | 10.8 yr |
| SONSonoco Products Company | $46M | 1.3% | +19.9% | 1.8 yr |
| GSBDGoldman Sachs BDC, Inc. | $44M | 1.3% | -12.6% | 0.3 yr |
| CRCCalifornia Resources Cor | $44M | 1.3% | +62.5% | 4.5 yr |
| OBDCBlue Owl Capital Corpora | $43M | 1.2% | -17.8% | 0.5 yr |
| SEBSeaboard Corporation | $43M | 1.2% | +110.2% | 10.8 yr |
| CMCSAComcast Corporation | $42M | 1.2% | — | 10.8 yr |
| — | $42M | 1.2% | — | 3.3 yr |
| STTState Street Corporation | $42M | 1.2% | +44.6% | 2.8 yr |
| ACIAlbertsons Companies, In | $41M | 1.2% | -20.1% | 6.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management9.3%+0.8pp$324M
Unknown7.0%-0.4pp$242M
Packaging & Containers4.2%-0.3pp$145M
Banks - Regional4.0%-1.4pp$139M
Financial - Credit Services3.7%+1.6pp$128M
Telecommunications Services3.6%-2.5pp$126M
REIT - Office3.0%-0.9pp$103M
Oil & Gas Refining & Marketing2.9%+0.4pp$101M
Insurance - Diversified2.7%-0.8pp$95M
Entertainment2.7%-1.1pp$94M
Country
US83.7%+0.7pp
Unknown7.0%-0.4pp
CA2.3%-0.3pp
IL1.5%+0.2pp
BR1.0%-0.3pp
UY0.8%-0.1pp
GB0.8%+0.4pp
KY0.7%+0.2pp
Top 5: 8.9% · Top 10: 15.4% · Top 25: 32.3%
Top buys this quarter · 15
| GSBD Goldman Sachs BDC, Inc.new | +$44M |
| PSEC Prospect Capital Corporation | +$27M |
| ENOV Enovis Corporation | +$21M |
| FOUR Shift4 Payments, Inc. | +$19M |
| OBDC Blue Owl Capital Corporation | +$18M |
| CXM Sprinklr, Inc. | +$15M |
| AAT American Assets Trust, Inc.new | +$15M |
| GPK Graphic Packaging Holding Compnew | +$13M |
| DRVN Driven Brands Holdings Inc.new | +$13M |
| MGPI MGP Ingredients, Inc. | +$12M |
Top sells this quarter · 15
| WBD Warner Bros. Discovery, Inc. | −$38M |
| PNFP Pinnacle Financial Partners, Iexit | −$25M |
| PBF PBF Energy Inc. | −$31M |
| VLO Valero Energy Corporation | −$49M |
| TDS Telephone and Data Systems, In | −$17M |
| NE Noble Corporation Plc | −$17M |
| CRC California Resources Corporati | −$39M |
| JNJ Johnson & Johnson | −$14M |
| SEB Seaboard Corporation | −$12M |
| INSW International Seaways, Inc. | −$11M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.47B | 307 | +11.89% | +17.59% | -5.71% | -0.00B |
| 2025-12-31 | $3.43B | 307 | +8.59% | +17.72% | -9.12% | +0.07B |
| 2025-09-30 | $3.36B | 293 | +8.77% | +17.52% | -8.75% | +0.03B |
| 2025-06-30 | $3.08B | 276 | +10.90% | +14.94% | -4.04% | +0.21B |
| 2025-03-31 | $2.81B | 214 | +4.77% | +8.30% | -3.53% | +0.09B |
| 2024-12-31 | $2.77B | 207 | +12.05% | +24.89% | -12.84% | -0.08B |
| 2024-09-30 | $2.84B | 207 | +24.77% | +36.04% | -11.27% | -0.01B |
| 2024-06-30 | $2.58B | 201 | +16.03% | +24.49% | -8.46% | +0.05B |
| 2024-03-31 | $2.62B | 198 | +25.22% | +29.62% | -4.40% | -0.09B |
| 2023-12-31 | $2.58B | 194 | +20.77% | +26.18% | -5.40% | -0.11B |
| 2023-09-30 | $2.41B | 182 | +19.57% | +21.57% | -2.00% | +0.04B |
| 2023-06-30 | $2.32B | 182 | +7.69% | +19.42% | -11.73% | +0.04B |
| 2023-03-31 | $2.19B | 177 | -7.43% | -7.82% | +0.38% | -0.06B |
| 2022-12-31 | $2.22B | 176 | -12.80% | -18.17% | +5.37% | -0.12B |
| 2022-09-30 | $2.12B | 171 | -12.45% | -15.51% | +3.06% | +0.05B |
| 2022-06-30 | $2.25B | 167 | -4.68% | -10.62% | +5.94% | +0.06B |