Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+2.71%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.84%
baseline attrition
Rally response
-4.05%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BILState Street SPDR Bloomb | $47M | 4.8% | — | 3.3 yr |
| NATRNature's Sunshine Produc | $43M | 4.3% | +91.2% | 10.5 yr |
| APEIAmerican Public Educatio | $39M | 3.9% | +154.8% | 3.8 yr |
| — | $28M | 2.8% | — | 2.5 yr |
| SPYState Street SPDR S&P 50 | $26M | 2.6% | +17.6% | 2.3 yr |
| SGOViShares 0-3 Month Treasu | $25M | 2.6% | — | 0.5 yr |
| IWLiShares Russell Top 200 | $22M | 2.2% | — | 1.5 yr |
| TPCTutor Perini Corporation | $17M | 1.7% | +233.6% | 4.3 yr |
| FTITechnipFMC plc | $16M | 1.6% | +119.3% | 4.5 yr |
| REREATRenew Inc. | $15M | 1.5% | +55.8% | 4.5 yr |
| ENVAEnova International, Inc | $14M | 1.4% | +40.7% | 10.5 yr |
| XIFRXPLR Infrastructure, LP | $14M | 1.4% | +11.8% | 1.5 yr |
| FCFSFirstCash Holdings, Inc | $13M | 1.3% | +58.0% | 4.5 yr |
| NUSNu Skin Enterprises, Inc | $13M | 1.3% | +2.8% | 10.0 yr |
| HCAHCA Healthcare, Inc. | $13M | 1.3% | +37.9% | 8.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management12.0%+3.0pp$119M
Unknown5.7%-0.3pp$57M
Financial - Credit Services5.0%-0.8pp$49M
Engineering & Construction4.9%+1.5pp$48M
Packaged Foods4.3%+1.1pp$43M
Education & Training Services4.0%-0.2pp$39M
Specialty Retail3.8%-0.1pp$38M
Medical - Care Facilities3.5%+0.9pp$35M
Software - Application3.4%-0.7pp$34M
Software - Infrastructure3.1%-0.2pp$31M
Country
US85.0%-1.1pp
Unknown5.7%-0.3pp
GB2.6%+0.4pp
CN2.3%-0.3pp
CA1.6%+0.8pp
IE0.8%+0.3pp
SG0.6%+0.2pp
IL0.5%-0.4pp
Top 5: 18.4% · Top 10: 27.9% · Top 25: 44.9%
Top buys this quarter · 15
| PFSI PennyMac Financial Services, I | +$10M |
| SABR Sabre Corporation | +$6M |
| CRMT America's Car-Mart, Inc. | +$4M |
| HELE Helen of Troy Limited | +$4M |
| TYL Tyler Technologies, Inc. | +$3M |
| HZO MarineMax, Inc. | +$2M |
| INTA Intapp, Inc.new | +$2M |
| ICLR ICON Public Limited Company | +$2M |
| PD PagerDuty, Inc.new | +$2M |
| XPOF Xponential Fitness, Inc. | +$2M |
Top sells this quarter · 15
| APEI American Public Education, Inc | −$32M |
| VICR Vicor Corporation | −$7M |
| GEO The GEO Group, Inc.exit | −$5M |
| CDXS Codexis, Inc.exit | −$4M |
| KBR KBR, Inc. | −$4M |
| CORT Corcept Therapeutics Incorporaexit | −$4M |
| ACHC Acadia Healthcare Company, Inc | −$4M |
| CTAS Cintas Corporation | −$3M |
| RKT Rocket Companies, Inc.exit | −$3M |
| PEGA Pegasystems Inc.exit | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $993M | 261 | +27.43% | +17.59% | +9.84% | -0.08B |
| 2025-12-31 | $1.08B | 278 | +18.82% | +17.72% | +1.10% | +0.12B |
| 2025-09-30 | $949M | 238 | +20.81% | +17.52% | +3.29% | +0.01B |
| 2025-06-30 | $847M | 237 | +15.82% | +14.94% | +0.88% | +0.06B |
| 2025-03-31 | $689M | 249 | -3.81% | +8.30% | -12.11% | +0.00B |
| 2024-12-31 | $737M | 240 | +17.28% | +24.89% | -7.61% | +0.03B |
| 2024-09-30 | $689M | 219 | +26.03% | +36.04% | -10.01% | +0.01B |
| 2024-06-30 | $640M | 219 | +20.11% | +24.49% | -4.38% | +0.05B |
| 2024-03-31 | $623M | 206 | +39.96% | +29.62% | +10.33% | -0.02B |
| 2023-12-31 | $571M | 167 | +31.44% | +26.18% | +5.26% | +0.07B |
| 2023-09-30 | $451M | 159 | +28.64% | +21.57% | +7.07% | -0.01B |
| 2023-06-30 | $456M | 162 | +26.98% | +19.42% | +7.56% | -0.02B |
| 2023-03-31 | $428M | 165 | -11.48% | -7.82% | -3.66% | -0.06B |
| 2022-12-31 | $459M | 183 | +8.23% | +7.56% | +0.67% | +0.11B |
| 2022-09-30 | $324M | 142 | +0.01% | -4.93% | +4.94% | -0.05B |
| 2022-06-30 | $374M | 152 | -23.25% | -16.11% | -7.14% | +0.07B |