Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-10.34%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.23%
baseline attrition
Rally response
-2.23%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| WELLWelltower Inc. | $7.09B | 12.3% | +31.2% | 9.5 yr |
| DLRDigital Realty Trust, In | $5.08B | 8.8% | +29.4% | 10.5 yr |
| CCICrown Castle Inc. | $3.28B | 5.7% | -18.3% | 10.5 yr |
| PLDPrologis, Inc. | $3.08B | 5.3% | +22.3% | 10.5 yr |
| EQIXEquinix, Inc. | $2.78B | 4.8% | +23.0% | 10.5 yr |
| AMTAmerican Tower Corporati | $2.18B | 3.8% | -17.9% | 10.5 yr |
| EXRExtra Space Storage Inc. | $2.15B | 3.7% | -7.6% | 10.5 yr |
| IRMIron Mountain Incorporat | $1.65B | 2.9% | +22.9% | 7.3 yr |
| SUISun Communities, Inc. | $1.52B | 2.6% | +3.7% | 10.5 yr |
| ADCAgree Realty Corporation | $1.35B | 2.3% | +1.5% | 10.0 yr |
| KIMKimco Realty Corporation | $1.21B | 2.1% | +10.9% | 10.3 yr |
| PSAPublic Storage | $1.19B | 2.1% | -5.7% | 10.5 yr |
| ESSEssex Property Trust, In | $1.17B | 2.0% | -18.8% | 10.5 yr |
| SPGSimon Property Group, In | $1.10B | 1.9% | +17.9% | 10.5 yr |
| BXPBXP, Inc. | $1.08B | 1.9% | -20.1% | 7.3 yr |
Portfolio composition (YoY)
Industry mix
REIT - Specialty28.9%+0.4pp$16.65B
REIT - Healthcare Facilities16.4%+2.1pp$9.43B
REIT - Industrial12.9%-1.9pp$7.44B
REIT - Retail9.3%+0.6pp$5.38B
REIT - Residential9.3%-6.1pp$5.35B
Regulated Electric4.9%+0.2pp$2.84B
REIT - Office3.1%+1.4pp$1.76B
REIT - Hotel & Motel2.1%+0.4pp$1.23B
Oil & Gas Midstream2.0%+0.6pp$1.16B
REIT - Diversified1.7%+1.1pp$954M
Country
US98.4%-0.8pp
Unknown1.4%+0.9pp
CA0.2%-0.1pp
BR0.0%+0.0pp
GB0.0%+0.0pp
AR0.0%
BM0.0%
SG0.0%+0.0pp
Top 5: 37.0% · Top 10: 52.4% · Top 25: 75.6%
Top buys this quarter · 15
| WELL Welltower Inc. | +$461M |
| EPRT Essential Properties Realty Tr | +$334M |
| ADC Agree Realty Corporation | +$284M |
| BXP BXP, Inc. | +$284M |
| SUI Sun Communities, Inc. | +$252M |
| EQIX Equinix, Inc. | +$218M |
| NTST NETSTREIT Corp. | +$197M |
| RYN Rayonier Inc. | +$168M |
| KIM Kimco Realty Corporation | +$164M |
| BYD Boyd Gaming Corporation | +$126M |
Top sells this quarter · 15
| INVH Invitation Homes Inc. | −$534M |
| WY Weyerhaeuser Company | −$318M |
| HST Host Hotels & Resorts, Inc. | −$298M |
| ESS Essex Property Trust, Inc. | −$280M |
| IRM Iron Mountain Incorporated | −$1.57B |
| AMH American Homes 4 Rent | −$228M |
| O Realty Income Corporation | −$207M |
| CTRE CareTrust REIT, Inc. | −$165M |
| UDR UDR, Inc. | −$118M |
| COLD Americold Realty Trust, Inc.exit | −$115M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $57.57B | 440 | +5.64% | +17.59% | -11.95% | -0.30B |
| 2025-12-31 | $55.32B | 447 | +4.26% | +17.72% | -13.46% | +1.05B |
| 2025-09-30 | $55.44B | 444 | -1.02% | +17.52% | -18.53% | -0.43B |
| 2025-06-30 | $54.54B | 442 | +12.02% | +14.94% | -2.92% | +0.06B |
| 2025-03-31 | $54.10B | 444 | +12.40% | +8.30% | +4.10% | -0.42B |
| 2024-12-31 | $52.80B | 409 | +8.94% | +24.89% | -15.95% | +0.57B |
| 2024-09-30 | $56.20B | 412 | +36.27% | +36.04% | +0.23% | +0.90B |
| 2024-06-30 | $47.70B | 443 | +8.33% | +24.49% | -16.16% | -0.57B |
| 2024-03-31 | $47.78B | 386 | +10.74% | +29.62% | -18.89% | -1.69B |
| 2023-12-31 | $49.42B | 392 | +13.24% | +26.18% | -12.93% | -1.14B |
| 2023-09-30 | $43.50B | 393 | +1.82% | +21.57% | -19.74% | -0.25B |
| 2023-06-30 | $47.47B | 394 | -1.22% | +19.42% | -20.65% | -0.34B |
| 2023-03-31 | $46.28B | 400 | -17.73% | -7.82% | -9.91% | -0.09B |
| 2022-12-31 | $45.31B | 401 | -23.32% | -18.17% | -5.15% | -1.41B |
| 2022-09-30 | $44.69B | 402 | -18.53% | -15.51% | -3.02% | -0.82B |
| 2022-06-30 | $50.91B | 405 | -8.34% | -10.62% | +2.28% | -0.44B |