Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.51%
adds when stocks drop
when a holding falls −10%+
Middle response
-2.46%
baseline attrition
Rally response
+0.24%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SVVSavers Value Village, In | $874M | 59.7% | +7.8% | 3.0 yr |
| CCOClear Channel Outdoor Ho | $98M | 6.7% | +113.5% | 7.0 yr |
| GBTGGlobal Business Travel G | $77M | 5.3% | -23.1% | 4.0 yr |
| ARCCAres Capital Corporation | $47M | 3.2% | -10.7% | 10.0 yr |
| GBDCGolub Capital BDC, Inc. | $39M | 2.6% | -6.8% | 9.5 yr |
| OBDCBlue Owl Capital Corpora | $31M | 2.2% | -17.8% | 6.0 yr |
| CTEVClaritev Corporation | $30M | 2.1% | -20.8% | 1.8 yr |
| BBDCBarings BDC, Inc. | $30M | 2.0% | -2.3% | 7.8 yr |
| TSLXSixth Street Specialty L | $25M | 1.7% | -10.0% | 5.8 yr |
| — | $24M | 1.6% | — | 3.3 yr |
| GSBDGoldman Sachs BDC, Inc. | $19M | 1.3% | -12.6% | 3.8 yr |
| BXSLBlackstone Secured Lendi | $19M | 1.3% | — | 3.8 yr |
| OTFBlue Owl Technology Fina | $17M | 1.1% | — | 0.8 yr |
| FSKFS KKR Capital Corp. | $15M | 1.1% | -42.4% | 5.0 yr |
| ARKOArko Corp. | $12M | 0.8% | +44.4% | 5.5 yr |
Portfolio composition (YoY)
Industry mix
Specialty Retail60.5%+3.0pp$886M
Asset Management16.6%+2.1pp$243M
Advertising Agencies6.7%+2.9pp$98M
Software - Application5.3%+0.2pp$77M
Financial - Credit Services4.7%+0.2pp$69M
Medical - Healthcare Information Services2.6%-0.3pp$38M
Unknown1.7%-0.3pp$25M
Regulated Gas0.5%+0.2pp$8M
Conglomerates0.4%$6M
Financial - Conglomerates0.4%$6M
Country
US98.3%+0.3pp
Unknown1.7%-0.3pp
Top 5: 77.6% · Top 10: 87.2% · Top 25: 98.2%
Top buys this quarter · 15
| ECCU Eagle Point Credit Company Inc | +$19M |
| HTGC Hercules Capital, Inc. | +$8M |
| GSBD Goldman Sachs BDC, Inc. | +$7M |
| ARCC Ares Capital Corporation | +$7M |
| MSDL Morgan Stanley Direct Lending | +$4M |
| RWAY Runway Growth Finance Corp. | +$4M |
| GBDC Golub Capital BDC, Inc. | +$4M |
| MSIF MSC Income Fund, Inc. | +$3M |
| NCDL Nuveen Churchill Direct Lendin | +$3M |
| OTF Blue Owl Technology Finance Co | +$3M |
Top sells this quarter · 1
| NMFC New Mountain Finance Corporatiexit | −$5M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.46B | 35 | +5.30% | +17.59% | -12.29% | +0.05B |
| 2025-12-31 | $1.75B | 34 | -4.11% | +17.72% | -21.83% | +0.04B |
| 2025-09-30 | $2.18B | 32 | +21.17% | +17.52% | +3.66% | -0.24B |
| 2025-06-30 | $1.95B | 32 | -10.98% | +14.94% | -25.92% | -0.24B |
| 2025-03-31 | $1.63B | 33 | -53.34% | +8.30% | -61.65% | -0.46B |
| 2024-12-31 | $2.84B | 33 | -31.59% | +24.89% | -56.48% | -0.72B |
| 2024-09-30 | $3.60B | 34 | -34.55% | +36.04% | -70.59% | +0.55B |
| 2024-06-30 | $3.37B | 31 | -40.80% | +24.49% | -65.30% | +0.35B |
| 2024-03-31 | $4.27B | 31 | -17.78% | +29.62% | -47.40% | -0.09B |
| 2023-12-31 | $4.04B | 35 | -26.40% | +26.18% | -52.58% | +0.39B |
| 2023-09-30 | $3.86B | 38 | -12.54% | +21.57% | -34.11% | -0.12B |
| 2023-06-30 | $4.85B | 41 | -5.44% | +19.42% | -24.87% | +3.09B |
| 2023-03-31 | $1.80B | 37 | -36.29% | -7.82% | -28.47% | -0.13B |
| 2022-12-31 | $1.99B | 39 | +12.44% | +7.56% | +4.88% | -0.43B |
| 2022-09-30 | $2.15B | 41 | -11.22% | -4.93% | -6.29% | +0.42B |
| 2022-06-30 | $1.95B | 37 | -33.94% | -16.11% | -17.83% | +0.20B |