Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+7.14%
adds when stocks drop
when a holding falls −10%+
Middle response
-0.20%
baseline attrition
Rally response
-10.25%
trims into rallies
when a holding rises +10%+
Top positions · 15
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TRCTejon Ranch Co. | $72M | 46.8% | +18.9% | 10.5 yr |
| GASSStealthGas Inc. | $25M | 16.0% | +62.5% | 10.5 yr |
| SGASaga Communications, Inc | $14M | 8.8% | +1.5% | 10.5 yr |
| ACIAlbertsons Companies, In | $12M | 7.7% | -20.1% | 3.5 yr |
| SIRISirius XM Holdings Inc. | $8M | 5.0% | +7.6% | 1.8 yr |
| LELands' End, Inc. | $7M | 4.3% | +10.4% | 10.5 yr |
| ALMSAlumis Inc. Common Stock | $5M | 3.2% | +258.8% | 2.0 yr |
| ALCOAlico, Inc. | $4M | 2.3% | +38.7% | 10.5 yr |
| SRGSeritage Growth Properti | $3M | 1.9% | -13.0% | 4.3 yr |
| GYROGyrodyne, LLC | $3M | 1.6% | — | 10.5 yr |
| OABIOmniAb, Inc. | $2M | 1.0% | -34.6% | 3.0 yr |
| CRVSCorvus Pharmaceuticals, | $1M | 0.7% | +360.1% | 3.0 yr |
| — | $1M | 0.5% | — | 2.8 yr |
| — | $0M | 0.3% | — | 1.8 yr |
| WENThe Wendy's Company | $0M | 0.1% | -49.5% | 2.3 yr |
Portfolio composition (YoY)
Industry mix
Conglomerates46.8%+2.9pp$72M
Marine Shipping16.0%+4.7pp$25M
Broadcasting8.8%-1.6pp$14M
Grocery Stores7.7%-2.1pp$12M
Entertainment5.0%-1.2pp$8M
Biotechnology4.8%+0.7pp$7M
Specialty Retail4.3%+1.2pp$7M
Agricultural Farm Products2.3%-0.2pp$4M
REIT - Retail1.9%+0.3pp$3M
Real Estate - Services1.6%-0.4pp$3M
Country
US83.2%-4.3pp
GR16.0%+4.7pp
Unknown0.8%-0.4pp
Top 5: 84.2% · Top 10: 97.4% · Top 25: 100.0%
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $155M | 15 | +25.22% | +17.59% | +7.62% | -0.01B |
| 2025-12-31 | $138M | 15 | +5.51% | +17.72% | -12.21% | -0.00B |
| 2025-09-30 | $137M | 16 | -6.58% | +17.52% | -24.10% | -0.00B |
| 2025-06-30 | $140M | 20 | -3.80% | +14.94% | -18.74% | -0.01B |
| 2025-03-31 | $139M | 24 | -26.90% | +8.30% | -35.20% | -0.00B |
| 2024-12-31 | $139M | 23 | -51.11% | +24.89% | -75.99% | +0.00B |
| 2024-09-30 | $155M | 25 | -31.88% | +36.04% | -67.91% | -0.00B |
| 2024-06-30 | $153M | 26 | -39.08% | +24.49% | -63.57% | +0.03B |
| 2024-03-31 | $151M | 26 | -31.93% | +29.62% | -61.55% | +0.04B |
| 2023-12-31 | $163M | 24 | -7.55% | +26.18% | -33.73% | -0.02B |
| 2023-09-30 | $150M | 24 | -38.12% | +21.57% | -59.69% | +0.01B |
| 2023-06-30 | $153M | 24 | -42.67% | +19.42% | -62.10% | +0.02B |
| 2023-03-31 | $154M | 23 | -46.43% | -7.82% | -38.61% | +0.01B |
| 2022-12-31 | $155M | 26 | -16.53% | +7.56% | -24.09% | +0.01B |
| 2022-09-30 | $174M | 31 | -15.53% | -4.93% | -10.60% | +0.02B |
| 2022-06-30 | $187M | 34 | -16.75% | -16.11% | -0.64% | +0.02B |