Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+6.50%
adds when stocks drop
when a holding falls −10%+
Middle response
-4.54%
baseline attrition
Rally response
-14.54%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| QCRHQCR Holdings, Inc. | $35M | 7.9% | +20.2% | 10.5 yr |
| SFSTSouthern First Bancshare | $33M | 7.5% | +65.6% | 6.8 yr |
| BCALSouthern California Banc | $32M | 7.3% | +25.1% | 3.0 yr |
| NBHCNational Bank Holdings C | $23M | 5.1% | +5.6% | 2.5 yr |
| ONBOld National Bancorp | $22M | 5.0% | +6.9% | 2.0 yr |
| CCBCoastal Financial Corpor | $21M | 4.7% | -15.8% | 7.8 yr |
| VLYPNValley National Bancorp | $20M | 4.6% | — | 6.3 yr |
| OCFCOceanFirst Financial Cor | $20M | 4.6% | +11.0% | 9.0 yr |
| AVBHAvidbank Holdings, Inc. | $20M | 4.6% | — | 0.8 yr |
| BHRBBurke & Herbert Financia | $19M | 4.3% | +15.1% | 1.3 yr |
| USCBUSCB Financial Holdings, | $19M | 4.3% | +2.3% | 4.5 yr |
| FVCBFVCBankcorp, Inc. | $19M | 4.3% | +45.7% | 7.8 yr |
| EFSCEnterprise Financial Ser | $15M | 3.5% | +3.0% | 6.0 yr |
| CIVBCivista Bancshares, Inc. | $14M | 3.2% | +20.4% | 0.8 yr |
| HBANHuntington Bancshares In | $14M | 3.1% | +8.2% | 2.5 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional96.9%-2.1pp$427M
Financial - Capital Markets2.9%$13M
Unknown0.2%$1M
Banks - Diversified0.1%-0.9pp$0M
Country
US99.8%-0.2pp
Unknown0.2%
Top 5: 32.9% · Top 10: 55.7% · Top 25: 93.7%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| SFST | $19M | +0.01B | 65.6% |
| BCAL | $35M | +0.01B | 25.1% |
| FVCB | $14M | +0.01B | 45.7% |
| QCRH | $16M | +0.00B | 20.2% |
| ALRS | $10M | +0.00B | 32.1% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| CCB | $30M | -0.00B | -15.8% |
Top buys this quarter · 15
| NBHC National Bank Holdings Corpora | +$16M |
| HBAN Huntington Bancshares Incorpor | +$13M |
| BHRB Burke & Herbert Financial Serv | +$11M |
| ONB Old National Bancorp | +$9M |
| CCB Coastal Financial Corporation | +$8M |
| QCRH QCR Holdings, Inc. | +$7M |
| OCFC OceanFirst Financial Corp. | +$6M |
| EFSC Enterprise Financial Services | +$5M |
| TOWN TowneBank | +$2M |
| CNOB ConnectOne Bancorp, Inc. | +$2M |
Top sells this quarter · 14
| FBK FB Financial Corporation | −$6M |
| UVSP Univest Financial Corporation | −$4M |
| COSO CoastalSouth Bancshares, Inc. | −$2M |
| EBC Eastern Bankshares, Inc. | −$2M |
| BANC Banc of California, Inc. | −$2M |
| FVCB FVCBankcorp, Inc. | −$18M |
| FMBH First Mid Bancshares, Inc. | −$1M |
| USCB USCB Financial Holdings, Inc. | −$1M |
| NFBK Northfield Bancorp, Inc.exit | −$1M |
| NBTB NBT Bancorp Inc. | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $441M | 37 | +22.58% | +17.59% | +4.98% | +0.08B |
| 2025-12-31 | $359M | 35 | +15.92% | +17.72% | -1.80% | +0.00B |
| 2025-09-30 | $331M | 35 | +22.42% | +17.52% | +4.91% | +0.02B |
| 2025-06-30 | $291M | 34 | +33.54% | +14.94% | +18.59% | +0.01B |
| 2025-03-31 | $269M | 34 | +27.67% | +8.30% | +19.37% | -0.03B |
| 2024-12-31 | $314M | 32 | +26.40% | +24.89% | +1.51% | -0.05B |
| 2024-09-30 | $319M | 29 | +29.97% | +36.04% | -6.06% | -0.02B |
| 2024-06-30 | $287M | 34 | +17.54% | +24.49% | -6.95% | -0.00B |
| 2024-03-31 | $289M | 35 | +13.89% | +29.62% | -15.73% | +0.01B |
| 2023-12-31 | $298M | 32 | -1.66% | +26.18% | -27.83% | +0.01B |
| 2023-09-30 | $249M | 33 | -13.67% | +21.57% | -35.24% | +0.01B |
| 2023-06-30 | $229M | 41 | -23.22% | +19.42% | -42.64% | +0.02B |
| 2023-03-31 | $218M | 37 | -37.25% | -7.82% | -29.43% | -0.08B |
| 2022-12-31 | $372M | 43 | +2.86% | +7.56% | -4.70% | -0.07B |
| 2022-09-30 | $432M | 48 | -5.26% | -4.93% | -0.33% | -0.06B |
| 2022-06-30 | $518M | 53 | -20.39% | -16.11% | -4.28% | +0.02B |