Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.45%
trims when stocks drop
when a holding falls −10%+
Middle response
-20.67%
baseline attrition
Rally response
-45.55%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| USALiberty All-Star Equity | $13M | 9.6% | — | 0.8 yr |
| BIGZBlackrock Innovation & G | $10M | 7.3% | — | 2.0 yr |
| HYTBlackRock Corporate High | $10M | 7.3% | — | 0.3 yr |
| JRINuveen Real Asset Income | $7M | 5.1% | — | 0.3 yr |
| SPXXNuveen S&P 500 Dynamic O | $7M | 4.9% | — | 0.3 yr |
| BRWSaba Capital Income & Op | $7M | 4.8% | — | 2.0 yr |
| MEGINYLI CBRE Global Infrast | $6M | 4.3% | — | 2.0 yr |
| JQCNuveen Credit Strategies | $6M | 4.0% | — | 1.0 yr |
| ACPAbrdn Income Credit Stra | $5M | 3.8% | — | 1.8 yr |
| VVRInvesco Senior Income Tr | $5M | 3.4% | — | 0.5 yr |
| SRVNXG Cushing Midstream En | $4M | 3.2% | — | 0.5 yr |
| NRONeuberger Real Estate Se | $4M | 2.9% | — | 1.0 yr |
| BGRBlackRock Energy and Res | $4M | 2.8% | — | 0.3 yr |
| UTFCohen & Steers Infrastru | $4M | 2.6% | — | 0.5 yr |
| MCNXAI Madison Equity Premi | $3M | 2.4% | — | 1.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management56.3%+2.8pp$79M
Asset Management - Income36.4%-3.5pp$51M
Asset Management - Global4.6%+0.2pp$6M
Asset Management - Bonds2.1%-0.2pp$3M
Unknown0.6%$1M
Country
US98.0%+10.3pp
AU1.3%-7.4pp
Unknown0.6%
GB0.1%-3.6pp
Top 5: 34.2% · Top 10: 54.4% · Top 25: 87.7%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| FSCO FS Credit Opportunities Corp. | +$1M |
| AWP abrdn Global Premier Propertienew | +$0M |
| AVK Advent Convertible and Income | +$0M |
| AWF AllianceBernstein Global High new | +$0M |
| BGT BlackRock Floating Rate Income | +$0M |
| BGR BlackRock Energy and Resourcesnew | +$0M |
| MUA BlackRock MuniAssets Fund, Incnew | +$0M |
| HYT BlackRock Corporate High Yieldnew | +$0M |
| FRA BlackRock Floating Rate Incomenew | +$0M |
| BGX Blackstone / GSO Long-Short Crnew | +$0M |
Top sells this quarter · 15
| HQL Tekla Life Sciences Investors | −$2M |
| TYG Tortoise Energy Infrastructureexit | −$0M |
| MRCC Monroe Capital Corporationexit | −$0M |
| AGD Abrdn Global Dynamic Dividend | −$0M |
| ACP Abrdn Income Credit Strategies | −$0M |
| UTF Cohen & Steers Infrastructure | −$0M |
| FTF Franklin Limited Duration Inco | −$0M |
| GRX The Gabelli Healthcare & Welln | −$0M |
| PCF High Income Securities Fund | −$0M |
| SCD LMP Capital and Income Fund In | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $140M | 47 | +12.60% | -4.37% | +16.97% | -0.00B |
| 2025-12-31 | $128M | 42 | -5.11% | +2.66% | -7.77% | +0.06B |
| 2025-09-30 | $74M | 28 | — | — | — | -0.05B |
| 2025-06-30 | $122M | 37 | +1.60% | +14.94% | -13.34% | +0.02B |
| 2025-03-31 | $102M | 39 | +5.71% | +8.30% | -2.60% | -0.01B |
| 2024-12-31 | $112M | 45 | -10.29% | +2.49% | -12.78% | +0.03B |
| 2024-09-30 | $88M | 44 | +9.88% | +5.75% | +4.13% | -0.00B |
| 2024-06-30 | $82M | 41 | +6.40% | +4.38% | +2.02% | -0.03B |
| 2024-03-31 | $104M | 45 | — | — | — | +0.10B |
| 2022-09-30 | $4M | 1 | — | — | — | — |