Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-7.55%
trims when stocks drop
when a holding falls −10%+
Middle response
-10.47%
baseline attrition
Rally response
-3.86%
trims into rallies
when a holding rises +10%+
Top positions · 11
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ARDTArdent Health Partners, | $661M | 56.0% | -37.7% | 1.8 yr |
| VTIVanguard Total Stock Mar | $174M | 14.7% | — | 8.5 yr |
| RSPInvesco S&P 500 Equal We | $84M | 7.1% | — | 7.5 yr |
| VEAVanguard FTSE Developed | $68M | 5.8% | — | 8.5 yr |
| VOOVanguard S&P 500 ETF | $45M | 3.8% | — | 0.8 yr |
| EQREquity Residential | $42M | 3.5% | -14.7% | 9.5 yr |
| IEMGiShares Core MSCI Emergi | $41M | 3.5% | — | 8.5 yr |
| ELSEquity LifeStyle Propert | $33M | 2.8% | -4.0% | 9.5 yr |
| VHTVanguard Health Care ETF | $17M | 1.5% | — | 6.5 yr |
| VFHVanguard Financials ETF | $9M | 0.8% | — | 4.0 yr |
| VWOVanguard FTSE Emerging M | $7M | 0.6% | — | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Medical - Care Facilities56.0%-12.7pp$661M
Asset Management37.7%+22.0pp$446M
REIT - Residential6.3%-7.8pp$74M
Country
US100.0%+0.0pp
Top 5: 87.3% · Top 10: 99.4% · Top 25: 100.0%
Top buys this quarter · 5
| EQR Equity Residential | +$42M |
| VEA Vanguard FTSE Developed Market | +$0M |
| VWO Vanguard FTSE Emerging Markets | +$0M |
| VOO Vanguard S&P 500 ETF | +$0M |
| VTI Vanguard Total Stock Market ET | +$174M |
Top sells this quarter · 0
No sells this quarter
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.18B | 11 | -34.27% | +17.59% | -51.86% | +0.06B |
| 2025-12-31 | $1.16B | 11 | -43.19% | +17.72% | -60.91% | +0.11B |
| 2025-09-30 | $1.51B | 11 | -23.96% | +17.52% | -41.48% | -0.08B |
| 2025-06-30 | $1.63B | 11 | -17.61% | +14.94% | -32.55% | +0.09B |
| 2025-03-31 | $1.55B | 11 | -17.20% | +8.30% | -25.51% | -0.07B |
| 2024-12-31 | $1.93B | 12 | -4.54% | +24.89% | -29.42% | -0.04B |
| 2024-09-30 | $2.11B | 12 | +9.00% | +36.04% | -27.04% | +1.42B |
| 2024-06-30 | $649M | 10 | -0.63% | +24.49% | -25.12% | -0.27B |
| 2024-03-31 | $922M | 13 | +2.17% | +29.62% | -27.46% | -0.23B |
| 2023-12-31 | $1.19B | 14 | +13.79% | +26.18% | -12.39% | -0.18B |
| 2023-09-30 | $1.29B | 12 | +13.58% | +21.57% | -7.99% | -0.14B |
| 2023-06-30 | $1.48B | 20 | +11.72% | +19.42% | -7.70% | +0.70B |
| 2023-03-31 | $760M | 20 | +4.85% | -7.82% | +12.67% | -0.03B |
| 2022-12-31 | $732M | 21 | +6.24% | +7.56% | -1.32% | +0.02B |
| 2022-09-30 | $672M | 25 | -5.07% | -4.93% | -0.14% | -0.04B |
| 2022-06-30 | $746M | 25 | -3.51% | -16.11% | +12.60% | -0.12B |