Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.05%
trims when stocks drop
when a holding falls −10%+
Middle response
-9.77%
baseline attrition
Rally response
-12.53%
trims into rallies
when a holding rises +10%+
Top positions · 26
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ETEnergy Transfer LP | $17M | 9.3% | +12.1% | 5.3 yr |
| GTXGarrett Motion Inc. | $15M | 7.8% | +121.3% | 3.8 yr |
| CECelanese Corporation | $13M | 7.1% | +16.1% | 0.5 yr |
| DHCDiversified Healthcare T | $11M | 5.7% | +180.2% | 3.3 yr |
| TLNTalen Energy Corporation | $10M | 5.1% | +59.9% | 0.5 yr |
| EXEExpand Energy Corporatio | $9M | 5.0% | +1.7% | 2.3 yr |
| BKDBrookdale Senior Living | $9M | 4.9% | +118.5% | 0.5 yr |
| AXLAmerican Axle & Manufact | $9M | 4.8% | — | 3.3 yr |
| NRGNRG Energy, Inc. | $9M | 4.7% | +55.0% | 2.0 yr |
| VSTVistra Corp. | $8M | 4.0% | +28.7% | 1.5 yr |
| DOWDow Inc. | $7M | 4.0% | +27.4% | 0.5 yr |
| GDXVanEck Gold Miners ETF | $7M | 3.9% | — | 3.0 yr |
| GDXJVanEck Junior Gold Miner | $7M | 3.9% | — | 2.8 yr |
| PCGPG&E Corporation | $7M | 3.6% | +2.9% | 1.5 yr |
| LINCLincoln Educational Serv | $6M | 3.3% | +156.3% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Chemicals14.7%$27M
Independent Power Producers13.9%+6.8pp$26M
Auto - Parts12.6%+0.2pp$23M
Oil & Gas Midstream9.3%-18.4pp$17M
Oil & Gas Exploration & Production8.1%-10.5pp$15M
Asset Management7.8%$15M
REIT - Healthcare Facilities5.7%-6.5pp$11M
Education & Training Services4.9%$9M
Medical - Care Facilities4.9%$9M
Regulated Electric3.6%$7M
Country
US82.3%-6.8pp
CH11.0%+1.1pp
GB3.2%
Unknown2.4%
BR1.0%
Top 5: 35.1% · Top 10: 58.5% · Top 25: 99.4%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| DHC | $10M | +0.02B | 180.2% |
| GTX | $8M | +0.01B | 121.3% |
| NRG | $6M | +0.00B | 55.0% |
| ET | $22M | +0.00B | 12.1% |
| EQT | $5M | +0.00B | 20.5% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 11
| LYB LyondellBasell Industries N.V.new | +$5M |
| TLN Talen Energy Corporation | +$4M |
| VST Vistra Corp. | +$4M |
| NRG NRG Energy, Inc. | +$3M |
| UTI Universal Technical Institute,new | +$3M |
| POOL Pool Corporationnew | +$3M |
| EQT EQT Corporation | +$2M |
| BAK Braskem S.A.new | +$2M |
| DOW Dow Inc. | +$1M |
| EXE Expand Energy Corporation | +$1M |
Top sells this quarter · 15
| DHC Diversified Healthcare Trust | −$9M |
| DRVN Driven Brands Holdings Inc.exit | −$7M |
| RIG Transocean Ltd. | −$6M |
| ADT ADT Inc.exit | −$3M |
| PCG PG&E Corporation | −$3M |
| CE Celanese Corporation | −$10M |
| LINC Lincoln Educational Services C | −$5M |
| COMP Compass, Inc.exit | −$2M |
| GTX Garrett Motion Inc. | −$2M |
| COTY Coty Inc.exit | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $186M | 26 | +47.54% | +17.59% | +29.95% | -0.03B |
| 2025-12-31 | $187M | 28 | +16.33% | +17.72% | -1.39% | +0.04B |
| 2025-09-30 | $144M | 23 | +16.23% | +17.52% | -1.29% | +0.03B |
| 2025-06-30 | $115M | 17 | +27.00% | +14.94% | +12.06% | +0.02B |
| 2025-03-31 | $80M | 15 | +6.86% | +8.30% | -1.45% | -0.03B |
| 2024-12-31 | $119M | 19 | +13.72% | +24.89% | -11.16% | +0.00B |
| 2024-09-30 | $114M | 13 | +23.90% | +36.04% | -12.14% | +0.02B |
| 2024-06-30 | $90M | 13 | +17.76% | +24.49% | -6.73% | -0.01B |
| 2024-03-31 | $97M | 13 | +34.08% | +29.62% | +4.46% | -0.04B |
| 2023-12-31 | $137M | 16 | +42.75% | +26.18% | +16.58% | -0.04B |
| 2023-09-30 | $153M | 19 | +30.96% | +21.57% | +9.39% | -0.05B |
| 2023-06-30 | $190M | 22 | +25.96% | +19.42% | +6.53% | -0.02B |
| 2023-03-31 | $185M | 21 | -6.88% | -7.82% | +0.94% | -0.01B |
| 2022-12-31 | $182M | 22 | +3.39% | +7.56% | -4.17% | -0.02B |
| 2022-09-30 | $193M | 21 | +0.55% | -4.93% | +5.48% | -0.04B |
| 2022-06-30 | $234M | 21 | -14.90% | -16.11% | +1.21% | -0.00B |