Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-9.13%
trims when stocks drop
when a holding falls −10%+
Middle response
-5.74%
baseline attrition
Rally response
+0.54%
adds into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AERAerCap Holdings N.V. | $137M | 4.9% | +35.6% | 5.8 yr |
| BTIBritish American Tobacco | $113M | 4.0% | +47.5% | 1.0 yr |
| SHELShell plc | $106M | 3.8% | +32.0% | 2.0 yr |
| MPCMarathon Petroleum Corpo | $97M | 3.4% | +71.2% | 6.0 yr |
| NSCNorfolk Southern Corpora | $91M | 3.2% | +23.6% | 0.8 yr |
| STZConstellation Brands, In | $91M | 3.2% | -16.1% | 0.8 yr |
| TXNMTXNM Energy, Inc. | $84M | 3.0% | +12.5% | 2.5 yr |
| AAMIAcadian Asset Management | $71M | 2.5% | +111.0% | 4.3 yr |
| WBDWarner Bros. Discovery, | $71M | 2.5% | +155.9% | 0.8 yr |
| COMMCommScope Holding Compan | $68M | 2.4% | — | 1.5 yr |
| NMRKNewmark Group, Inc. | $65M | 2.3% | +24.2% | 6.8 yr |
| UNPUnion Pacific Corporatio | $58M | 2.1% | +5.1% | 0.8 yr |
| AXTAAxalta Coating Systems L | $57M | 2.0% | -16.5% | 0.8 yr |
| VTOLBristow Group Inc. | $55M | 1.9% | +48.9% | 6.0 yr |
| ENVAEnova International, Inc | $54M | 1.9% | +40.7% | 10.0 yr |
Portfolio composition (YoY)
Industry mix
Unknown8.0%+1.1pp$227M
Telecommunications Services6.0%+0.5pp$169M
Oil & Gas Refining & Marketing5.3%+0.8pp$150M
Communication Equipment5.3%$149M
Railroads5.3%$149M
Entertainment5.1%+3.2pp$144M
Asset Management5.1%+2.0pp$144M
Rental & Leasing Services4.9%-3.4pp$137M
Oil & Gas Integrated4.1%-5.8pp$117M
Shell Companies4.1%+4.1pp$115M
Country
US75.8%+2.7pp
GB8.5%-1.4pp
Unknown7.0%+1.9pp
IE4.9%-3.4pp
CA2.0%-0.2pp
CH1.1%
LU0.6%-0.1pp
KY0.1%
Top 5: 19.3% · Top 10: 33.0% · Top 25: 58.4%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| AAMI | $49M | +0.05B | 111.0% |
| MPC | $76M | +0.05B | 71.2% |
| SHEL | $169M | +0.05B | 32.0% |
| AER | $141M | +0.05B | 35.6% |
| CAH | $52M | +0.03B | 54.9% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| EA Electronic Arts Inc.new | +$46M |
| APO Apollo Global Management, Inc.new | +$37M |
| FOXA Fox Corporationnew | +$36M |
| NSC Norfolk Southern Corporation | +$33M |
| RIG Transocean Ltd.new | +$30M |
| MCW Mister Car Wash, Inc.new | +$30M |
| PEN Penumbra, Inc.new | +$28M |
| WAT Waters Corporationnew | +$27M |
| SNAP Snap Inc.new | +$25M |
| FVAV Fortress Value Acquisition Cornew | +$25M |
Top sells this quarter · 15
| PCG PG&E Corporationexit | −$104M |
| CVS CVS Health Corporationexit | −$83M |
| UNH UnitedHealth Group Incorporateexit | −$52M |
| SHEL Shell plc | −$52M |
| COF Capital One Financial Corporat | −$52M |
| BCSS Bain Capital GSS Investment Coexit | −$40M |
| UNP Union Pacific Corporation | −$33M |
| APA APA Corporation | −$31M |
| MDLZ Mondelez International, Inc.exit | −$24M |
| LBRT Liberty Energy Inc. | −$23M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.82B | 115 | +42.97% | +17.59% | +25.38% | +0.03B |
| 2025-12-31 | $2.69B | 84 | +37.63% | +17.72% | +19.91% | +0.24B |
| 2025-09-30 | $2.23B | 76 | +23.64% | +17.52% | +6.13% | +0.12B |
| 2025-06-30 | $1.92B | 60 | +21.31% | +14.94% | +6.37% | -0.03B |
| 2025-03-31 | $1.70B | 47 | +3.40% | +8.30% | -4.90% | -0.08B |
| 2024-12-31 | $1.78B | 57 | +14.31% | +24.89% | -10.58% | +0.20B |
| 2024-09-30 | $1.61B | 55 | +25.36% | +36.04% | -10.67% | +0.04B |
| 2024-06-30 | $1.46B | 56 | +16.83% | +24.49% | -7.66% | -0.02B |
| 2024-03-31 | $1.51B | 48 | +22.13% | +29.62% | -7.50% | -0.08B |
| 2023-12-31 | $1.44B | 45 | +14.13% | +26.18% | -12.05% | -0.21B |
| 2023-09-30 | $1.53B | 62 | +22.81% | +21.57% | +1.25% | -0.24B |
| 2023-06-30 | $1.76B | 60 | +19.71% | +19.42% | +0.28% | -0.60B |
| 2023-03-31 | $2.31B | 76 | -2.22% | -7.82% | +5.59% | -0.16B |
| 2022-12-31 | $2.39B | 85 | +37.86% | -18.17% | +56.04% | -0.24B |
| 2022-09-30 | $2.26B | 100 | -2.10% | -4.93% | +2.83% | -0.48B |
| 2022-06-30 | $2.81B | 131 | -16.48% | -16.11% | -0.37% | -0.77B |