Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-10.94%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.67%
baseline attrition
Rally response
-9.18%
trims into rallies
when a holding rises +10%+
Top positions · 6
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BCSFBain Capital Specialty F | $147M | 48.4% | -14.3% | 6.3 yr |
| BKLNInvesco Senior Loan ETF | $75M | 24.6% | — | 6.8 yr |
| HYGiShares iBoxx $ High Yie | $71M | 23.3% | — | 6.5 yr |
| AMBCAmbac Financial Group, I | $5M | 1.7% | — | 1.8 yr |
| ASTLAlgoma Steel Group Inc. | $3M | 1.1% | -23.2% | 4.5 yr |
| SRLNState Street Blackstone | $2M | 0.8% | — | 3.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management73.8%+8.8pp$224M
Asset Management - Bonds23.3%$71M
Insurance - Specialty1.7%-0.4pp$5M
Steel1.1%+0.0pp$3M
Country
US98.9%-0.0pp
CA1.1%+0.0pp
Top 5: 99.2% · Top 10: 100.0% · Top 25: 100.0%
Top buys this quarter · 1
| HYG iShares iBoxx $ High Yield Cor | +$0M |
Top sells this quarter · 1
| BKLN Invesco Senior Loan ETF | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $303M | 6 | -14.76% | +17.59% | -32.35% | -0.05B |
| 2025-12-31 | $382M | 6 | -10.10% | +17.72% | -27.82% | +0.06B |
| 2025-09-30 | $317M | 6 | -10.95% | +17.52% | -28.47% | +0.05B |
| 2025-06-30 | $276M | 6 | -11.16% | +14.94% | -26.10% | -0.11B |
| 2025-03-31 | $409M | 6 | -10.14% | +8.30% | -18.44% | -0.03B |
| 2024-12-31 | $449M | 7 | -7.22% | +24.89% | -32.10% | -0.04B |
| 2024-09-30 | $484M | 8 | -13.12% | +36.04% | -49.15% | -0.00B |
| 2024-06-30 | $507M | 7 | +6.09% | +24.49% | -18.40% | +0.01B |
| 2024-03-31 | $519M | 6 | +10.80% | +29.62% | -18.82% | -0.06B |
| 2023-12-31 | $577M | 6 | +2.22% | +26.18% | -23.96% | -0.01B |
| 2023-09-30 | $615M | 9 | +5.75% | +21.57% | -15.82% | -0.05B |
| 2023-06-30 | $572M | 9 | -23.86% | +19.42% | -43.29% | +0.11B |
| 2023-03-31 | $461M | 7 | -36.03% | -7.82% | -28.22% | +0.23B |
| 2022-12-31 | $249M | 7 | -1.99% | +7.56% | -9.55% | -0.03B |
| 2022-09-30 | $281M | 7 | -15.72% | -4.93% | -10.79% | -0.16B |
| 2022-06-30 | $518M | 8 | -16.61% | -16.11% | -0.50% | -0.01B |