Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.22%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.74%
baseline attrition
Rally response
-3.79%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MTZMasTec, Inc. | $66M | 2.4% | +175.7% | 3.0 yr |
| CASYCasey's General Stores, | $64M | 2.3% | +68.4% | 5.5 yr |
| SNEXStoneX Group Inc. | $57M | 2.1% | +5.6% | 1.5 yr |
| SATSEchoStar Corporation | $56M | 2.0% | +357.7% | 0.8 yr |
| VSATViasat, Inc. | $55M | 2.0% | +339.5% | 1.8 yr |
| DYDycom Industries, Inc. | $49M | 1.8% | +122.4% | 2.5 yr |
| CHRWC.H. Robinson Worldwide, | $48M | 1.7% | +65.3% | 3.8 yr |
| PRIMPrimoris Services Corpor | $45M | 1.6% | +149.7% | 0.8 yr |
| SNXTD SYNNEX Corporation | $41M | 1.5% | +64.5% | 5.0 yr |
| COMMCommScope Holding Compan | $41M | 1.5% | — | 0.8 yr |
| GVAGranite Construction Inc | $40M | 1.5% | +59.6% | 2.3 yr |
| SANMSanmina Corporation | $40M | 1.4% | +70.2% | 1.8 yr |
| CCKCrown Holdings, Inc. | $39M | 1.4% | +13.6% | 2.0 yr |
| MMacy's, Inc. | $38M | 1.4% | +50.6% | 2.8 yr |
| OKEONEOK, Inc. | $36M | 1.3% | -3.8% | 4.5 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Midstream9.5%+2.1pp$263M
Engineering & Construction9.2%+2.2pp$256M
Regulated Electric5.8%+0.1pp$162M
Communication Equipment5.7%+5.4pp$159M
Specialty Retail3.9%+3.6pp$107M
Regulated Gas3.1%-1.7pp$87M
Telecommunications Services2.7%+1.0pp$76M
Financial - Capital Markets2.7%+2.4pp$76M
Drug Manufacturers - General2.6%+0.6pp$72M
Oil & Gas Integrated2.6%+0.6pp$72M
Country
US90.8%-2.0pp
CA3.3%+0.1pp
GB1.9%+0.0pp
SE1.1%
LU0.7%+0.7pp
NO0.4%+0.2pp
KY0.3%
BR0.3%-0.0pp
Top 5: 10.8% · Top 10: 18.8% · Top 25: 37.6%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| DY | $40M | +0.05B | 122.4% |
| GVA | $48M | +0.03B | 59.6% |
| TRP | $28M | +0.01B | 37.4% |
| SRE | $25M | +0.01B | 40.3% |
| CAKE | $59M | +0.01B | 14.8% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| OKE | $32M | -0.00B | -3.8% |
Top buys this quarter · 15
| SNEX StoneX Group Inc. | +$16M |
| TMUS T-Mobile US, Inc.new | +$7M |
| UNH UnitedHealth Group Incorporate | +$6M |
| JPM JPMorgan Chase & Co. | +$6M |
| PG The Procter & Gamble Company | +$4M |
| BMY Bristol-Myers Squibb Company | +$4M |
| CL Colgate-Palmolive Company | +$4M |
| UTHR United Therapeutics Corporationew | +$3M |
| QCOM QUALCOMM Incorporated | +$3M |
| HIG The Hartford Financial Servicenew | +$3M |
Top sells this quarter · 15
| LNG Cheniere Energy, Inc. | −$29M |
| RTX RTX Corporationexit | −$8M |
| TOTB.DE TotalEnergies SEexit | −$7M |
| MTZ MasTec, Inc. | −$49M |
| NEM Newmont Corporation | −$6M |
| SATS EchoStar Corporation | −$6M |
| MCD McDonald's Corporation | −$6M |
| VSAT Viasat, Inc. | −$46M |
| CASY Casey's General Stores, Inc. | −$53M |
| JNJ Johnson & Johnson | −$6M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.77B | 278 | +19.46% | +17.59% | +1.87% | -0.16B |
| 2025-12-31 | $2.82B | 283 | +10.70% | +17.72% | -7.02% | -0.11B |
| 2025-09-30 | $2.90B | 281 | +12.87% | +17.52% | -4.64% | -0.23B |
| 2025-06-30 | $3.00B | 340 | +19.33% | +14.94% | +4.39% | -0.27B |
| 2025-03-31 | $3.00B | 295 | +12.33% | +8.30% | +4.03% | -0.23B |
| 2024-12-31 | $3.36B | 306 | +30.44% | +24.89% | +5.55% | +0.13B |
| 2024-09-30 | $3.12B | 300 | +38.51% | +36.04% | +2.47% | +0.21B |
| 2024-06-30 | $2.64B | 300 | +23.83% | +24.49% | -0.66% | +0.21B |
| 2024-03-31 | $2.38B | 287 | +23.64% | +29.62% | -5.99% | +0.16B |
| 2023-12-31 | $1.98B | 302 | +12.30% | +26.18% | -13.88% | +0.42B |
| 2023-09-30 | $1.43B | 225 | +13.96% | +21.57% | -7.61% | +0.06B |
| 2023-06-30 | $1.39B | 225 | +11.39% | +19.42% | -8.03% | -0.00B |
| 2023-03-31 | $1.36B | 230 | -1.63% | -7.82% | +6.19% | -0.19B |
| 2022-12-31 | $1.52B | 263 | +11.33% | +7.56% | +3.77% | -0.09B |
| 2022-09-30 | $1.45B | 270 | -3.63% | -4.93% | +1.30% | -0.15B |
| 2022-06-30 | $1.66B | 281 | -9.65% | -16.11% | +6.46% | -0.05B |