Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.20%
trims when stocks drop
when a holding falls −10%+
Middle response
-20.80%
baseline attrition
Rally response
-12.88%
trims into rallies
when a holding rises +10%+
Top positions · 13
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GPORGulfport Energy Corporat | $551M | 51.7% | +14.9% | 5.0 yr |
| — | $194M | 18.2% | — | 0.5 yr |
| DHCDiversified Healthcare T | $103M | 9.7% | +180.2% | 3.0 yr |
| SATSEchoStar Corporation | $83M | 7.8% | +357.7% | 2.3 yr |
| MSCStudio City Internationa | $70M | 6.5% | -32.9% | 7.5 yr |
| BLCOBausch + Lomb Corporatio | $36M | 3.3% | +9.7% | 0.8 yr |
| ULCCFrontier Group Holdings, | $13M | 1.2% | -18.7% | 1.3 yr |
| KLCKinderCare Learning Comp | $6M | 0.6% | -81.0% | 0.3 yr |
| SVCService Properties Trust | $3M | 0.3% | -47.1% | 0.8 yr |
| UNITUniti Group Inc. | $3M | 0.3% | — | 0.8 yr |
| — | $2M | 0.2% | — | 0.5 yr |
| SKINThe Beauty Health Compan | $1M | 0.1% | -33.6% | 2.8 yr |
| CEEThe Central and Eastern | $1M | 0.1% | — | 1.3 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Exploration & Production51.7%-2.3pp$551M
Unknown18.4%$196M
REIT - Healthcare Facilities9.7%+5.6pp$103M
Communication Equipment7.8%+4.5pp$83M
Gambling, Resorts & Casinos6.5%-4.8pp$70M
Medical - Instruments & Supplies3.3%$36M
Airlines, Airports & Air Services1.2%+0.8pp$13M
Education & Training Services0.6%$6M
REIT - Hotel & Motel0.3%$3M
Telecommunications Services0.3%-9.1pp$3M
Country
US71.7%-16.9pp
Unknown18.4%
HK6.5%-4.8pp
CA3.3%
DE0.1%+0.0pp
Top 5: 93.8% · Top 10: 99.6% · Top 25: 100.0%
Top buys this quarter · 3
| CEE The Central and Eastern Europe | +$0M |
| — | +$194M |
| KLC KinderCare Learning Companies,new | +$6M |
Top sells this quarter · 11
| — exit | −$0M |
| IAU iShares Gold Trustexit | −$0M |
| IWM iShares Russell 2000 ETFexit | −$0M |
| GPOR Gulfport Energy Corporation | −$179M |
| PCG PG&E Corporationexit | −$128M |
| LUV Southwest Airlines Co.exit | −$24M |
| EIX Edison Internationalexit | −$23M |
| BLCO Bausch + Lomb Corporation | −$5M |
| ULCC Frontier Group Holdings, Inc. | −$5M |
| SVC Service Properties Trust | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.07B | 13 | +59.68% | +17.59% | +42.09% | -0.66B |
| 2025-12-31 | $1.71B | 18 | +51.75% | +17.72% | +34.03% | +0.16B |
| 2025-09-30 | $1.38B | 19 | +42.15% | +17.52% | +24.63% | -0.10B |
| 2025-06-30 | $1.11B | 14 | +16.36% | +14.94% | +1.42% | +0.14B |
| 2025-03-31 | $914M | 10 | +3.06% | +8.30% | -5.24% | +0.03B |
| 2024-12-31 | $925M | 10 | +22.44% | +24.89% | -2.45% | -0.20B |
| 2024-09-30 | $1.07B | 8 | +33.06% | +36.04% | -2.98% | -0.22B |
| 2024-06-30 | $1.18B | 11 | +28.12% | +24.49% | +3.63% | +0.05B |
| 2024-03-31 | $1.20B | 9 | +69.17% | +29.62% | +39.55% | -0.07B |
| 2023-12-31 | $1.12B | 10 | +59.03% | +26.18% | +32.86% | -0.15B |
| 2023-09-30 | $1.11B | 13 | +37.33% | +21.57% | +15.76% | -0.10B |
| 2023-06-30 | $1.16B | 7 | +43.97% | +19.42% | +24.55% | -0.21B |
| 2023-03-31 | $1.11B | 6 | -2.00% | -7.82% | +5.81% | -0.17B |
| 2022-12-31 | $1.19B | 8 | -0.84% | +7.56% | -8.40% | -0.14B |
| 2022-09-30 | $1.34B | 9 | +9.63% | -4.93% | +14.56% | -0.13B |
| 2022-06-30 | $1.34B | 9 | -15.57% | -16.11% | +0.54% | -0.33B |