Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+5.72%
adds when stocks drop
when a holding falls −10%+
Middle response
-6.84%
baseline attrition
Rally response
-6.28%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| EQBKEquity Bancshares, Inc. | $17M | 6.7% | +14.1% | 5.5 yr |
| FRSTPrimis Financial Corp. | $16M | 6.4% | +41.0% | 3.5 yr |
| ABXAbacus Global Management | $15M | 6.0% | +8.4% | 2.0 yr |
| VBNKVersaBank | $13M | 5.3% | +37.4% | 2.8 yr |
| NICNicolet Bankshares, Inc. | $11M | 4.4% | +37.7% | 3.0 yr |
| RNSTRenasant Corporation | $11M | 4.4% | +9.2% | 3.5 yr |
| USCBUSCB Financial Holdings, | $11M | 4.2% | +2.3% | 2.8 yr |
| FHNFirst Horizon Corporatio | $10M | 3.8% | +20.6% | 5.8 yr |
| OBKOrigin Bancorp, Inc. | $8M | 3.3% | +21.5% | 6.0 yr |
| CBKCommercial Bancgroup, In | $8M | 3.2% | — | 0.5 yr |
| COSOCoastalSouth Bancshares, | $8M | 3.2% | +16.0% | 0.8 yr |
| BCALSouthern California Banc | $7M | 2.8% | +25.1% | 2.3 yr |
| CIVBCivista Bancshares, Inc. | $7M | 2.8% | +20.4% | 7.3 yr |
| BFSTBusiness First Bancshare | $7M | 2.7% | +13.6% | 5.3 yr |
| AVBHAvidbank Holdings, Inc. | $6M | 2.5% | — | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional88.1%-5.4pp$224M
Insurance - Life6.0%+0.9pp$15M
Banks3.2%$8M
Asset Management2.4%+1.4pp$6M
Unknown0.2%$1M
Country
US94.5%-0.5pp
GB5.3%+0.2pp
Unknown0.2%
Top 5: 28.8% · Top 10: 47.6% · Top 25: 82.8%
Top buys this quarter · 15
| NIC Nicolet Bankshares, Inc. | +$8M |
| BBT Beacon Financial Corp. | +$3M |
| BCAL Southern California Bancorp | +$3M |
| NPB Northpointe Bancshares, Inc. | +$2M |
| CCB Coastal Financial Corporation | +$2M |
| CIVB Civista Bancshares, Inc. | +$2M |
| FFWM First Foundation Inc. | +$2M |
| USCB USCB Financial Holdings, Inc. | +$2M |
| COSO CoastalSouth Bancshares, Inc. | +$2M |
| RNST Renasant Corporation | +$1M |
Top sells this quarter · 15
| NBHC National Bank Holdings Corpora | −$16M |
| FLG Flagstar Financial, Inc.exit | −$4M |
| EBC Eastern Bankshares, Inc. | −$2M |
| LOB Live Oak Bancshares, Inc.exit | −$2M |
| VBNK VersaBank | −$2M |
| CBK Commercial Bancgroup, Inc. Com | −$2M |
| BUSE First Busey Corporationexit | −$1M |
| AMTB Amerant Bancorp Inc. | −$1M |
| ONB Old National Bancorpexit | −$1M |
| PGC Peapack-Gladstone Financial Co | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $254M | 49 | +19.26% | +17.59% | +1.67% | -0.00B |
| 2025-12-31 | $255M | 50 | +10.78% | +17.72% | -6.94% | +0.01B |
| 2025-09-30 | $220M | 54 | +4.64% | +17.52% | -12.88% | +0.01B |
| 2025-06-30 | $198M | 49 | +12.89% | +14.94% | -2.05% | -0.01B |
| 2025-03-31 | $208M | 52 | +10.87% | +8.30% | +2.56% | +0.04B |
| 2024-12-31 | $177M | 39 | +12.93% | +24.89% | -11.96% | +0.02B |
| 2024-09-30 | $149M | 39 | -1.32% | +36.04% | -37.36% | +0.02B |
| 2024-06-30 | $116M | 37 | +0.31% | +4.38% | -4.07% | -0.01B |
| 2024-03-31 | $122M | 39 | -4.99% | +10.39% | -15.39% | -0.08B |
| 2023-12-31 | $213M | 51 | -7.94% | +11.64% | -19.58% | -0.07B |
| 2022-03-31 | $302M | 59 | — | — | — | -0.05B |
| 2021-12-31 | $348M | 62 | — | — | — | +0.05B |
| 2021-09-30 | $293M | 62 | — | — | — | +0.02B |
| 2021-06-30 | $277M | 62 | — | — | — | +0.01B |
| 2021-03-31 | $271M | 54 | — | — | — | +0.06B |
| 2020-12-31 | $213M | 55 | — | — | — | +0.04B |