Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+20.40%
adds when stocks drop
when a holding falls −10%+
Middle response
-3.85%
baseline attrition
Rally response
-15.99%
trims into rallies
when a holding rises +10%+
Top positions · 28
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SIISprott Inc. | $23M | 13.7% | +224.0% | 5.5 yr |
| QNSTQuinStreet, Inc. | $14M | 8.2% | -32.7% | 4.3 yr |
| SFBSServisFirst Bancshares, | $11M | 6.5% | -10.7% | 6.8 yr |
| GOLDGold.com, Inc. | $10M | 6.2% | +62.6% | 5.3 yr |
| MAXMediaAlpha, Inc. | $9M | 5.1% | +0.6% | 4.5 yr |
| QCRHQCR Holdings, Inc. | $9M | 5.1% | +20.2% | 10.5 yr |
| NPBNorthpointe Bancshares, | $7M | 4.4% | +20.2% | 1.3 yr |
| CBKCommercial Bancgroup, In | $7M | 4.3% | — | 0.5 yr |
| TFINTriumph Financial, Inc. | $7M | 4.2% | +3.2% | 1.5 yr |
| CCBCoastal Financial Corpor | $7M | 4.1% | -15.8% | 4.3 yr |
| BPOPPopular, Inc. | $7M | 4.0% | +48.9% | 10.5 yr |
| MYFWFirst Western Financial, | $6M | 3.8% | +25.1% | 2.0 yr |
| EVEREverQuote, Inc. | $6M | 3.7% | -41.1% | 4.3 yr |
| COFSChoiceOne Financial Serv | $6M | 3.3% | +1.6% | 3.3 yr |
| NBHCNational Bank Holdings C | $5M | 2.8% | +5.6% | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional55.0%-7.0pp$92M
Asset Management13.7%+1.4pp$23M
Internet Content & Information8.9%+3.4pp$15M
Advertising Agencies8.2%+2.6pp$14M
Financial - Capital Markets6.2%+1.8pp$10M
Banks4.3%$7M
Financial - Credit Services1.9%$3M
REIT - Mortgage1.8%-0.2pp$3M
Country
US86.3%-5.5pp
CA13.7%+5.5pp
Top 5: 39.7% · Top 10: 61.8% · Top 25: 98.4%
Top buys this quarter · 14
| TFIN Triumph Financial, Inc. | +$6M |
| EVER EverQuote, Inc. | +$4M |
| SFBS ServisFirst Bancshares, Inc. | +$4M |
| CBSH Commerce Bancshares, Inc.new | +$3M |
| QNST QuinStreet, Inc. | +$2M |
| MAX MediaAlpha, Inc. | +$9M |
| GDOT Green Dot Corporation | +$1M |
| COFS ChoiceOne Financial Services, | +$1M |
| AOMR Angel Oak Mortgage, Inc. | +$1M |
| OFG OFG Bancorp | +$0M |
Top sells this quarter · 15
| ALL The Allstate Corporationexit | −$10M |
| TREE LendingTree, Inc. | −$4M |
| OSBC Old Second Bancorp, Inc. | −$3M |
| NBHC National Bank Holdings Corpora | −$3M |
| GOLD Gold.com, Inc. | −$10M |
| PGR The Progressive Corporationexit | −$1M |
| AVBH Avidbank Holdings, Inc. | −$1M |
| CBK Commercial Bancgroup, Inc. Com | −$1M |
| UWMC UWM Holdings Corporationexit | −$1M |
| NPB Northpointe Bancshares, Inc. | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $167M | 28 | +24.95% | +17.59% | +7.35% | -0.01B |
| 2025-12-31 | $180M | 32 | +22.59% | +17.72% | +4.87% | -0.02B |
| 2025-09-30 | $183M | 32 | +18.76% | +17.52% | +1.25% | -0.01B |
| 2025-06-30 | $175M | 29 | +26.13% | +14.94% | +11.19% | +0.01B |
| 2025-03-31 | $158M | 30 | +20.15% | +8.30% | +11.84% | +0.00B |
| 2024-12-31 | $156M | 29 | +32.93% | +24.89% | +8.05% | +0.00B |
| 2024-09-30 | $151M | 30 | +59.40% | +36.04% | +23.36% | -0.03B |
| 2024-06-30 | $157M | 35 | +38.21% | +24.49% | +13.72% | +0.02B |
| 2024-03-31 | $131M | 27 | +30.23% | +29.62% | +0.61% | -0.01B |
| 2023-12-31 | $128M | 29 | +8.80% | +26.18% | -17.38% | -0.03B |
| 2023-09-30 | $128M | 36 | -4.50% | +21.57% | -26.07% | +0.00B |
| 2023-06-30 | $127M | 26 | -6.38% | +19.42% | -25.80% | -0.04B |
| 2023-03-31 | $172M | 36 | -18.70% | -7.82% | -10.88% | -0.01B |
| 2022-12-31 | $205M | 38 | +8.71% | +7.56% | +1.15% | -0.01B |
| 2022-09-30 | $196M | 39 | -1.55% | -4.93% | +3.38% | -0.01B |
| 2022-06-30 | $213M | 37 | -16.75% | -16.11% | -0.64% | +0.01B |