Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+3.74%
adds when stocks drop
when a holding falls −10%+
Middle response
-10.74%
baseline attrition
Rally response
-22.84%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| AXSAXIS Capital Holdings Li | $15M | 4.8% | +2.5% | 3.8 yr |
| THTarget Hospitality Corp. | $15M | 4.8% | +41.0% | 1.5 yr |
| HCIHCI Group, Inc. | $15M | 4.8% | +4.6% | 2.3 yr |
| USAUU.S. Gold Corp. | $15M | 4.7% | +67.1% | 1.3 yr |
| BFHBread Financial Holdings | $13M | 4.1% | +51.7% | 0.8 yr |
| AIGAmerican International G | $12M | 4.0% | -11.5% | 2.8 yr |
| LNCLincoln National Corpora | $10M | 3.2% | +2.5% | 0.8 yr |
| — | $10M | 3.2% | — | 0.3 yr |
| EZPWEZCORP, Inc. | $9M | 3.0% | +72.4% | 1.5 yr |
| OPLNOPENLANE, Inc. | $9M | 3.0% | +51.2% | 1.3 yr |
| AONAon plc | $9M | 2.9% | -18.4% | 0.5 yr |
| AERAerCap Holdings N.V. | $9M | 2.8% | +35.6% | 2.8 yr |
| BOHBank of Hawaii Corporati | $9M | 2.8% | +12.1% | 0.3 yr |
| EWBCEast West Bancorp, Inc. | $9M | 2.8% | +22.1% | 1.8 yr |
| GATXGATX Corporation | $9M | 2.8% | +11.6% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional14.7%+1.8pp$46M
Financial - Credit Services11.8%+4.2pp$37M
Insurance - Property & Casualty11.2%+7.1pp$35M
Rental & Leasing Services5.6%$17M
Unknown5.4%+1.1pp$17M
Insurance - Brokers5.2%+2.8pp$16M
Residential Construction5.2%+4.0pp$16M
Insurance - Life4.9%+1.5pp$15M
Specialty Business Services4.8%+2.3pp$15M
Gold4.7%+4.2pp$15M
Country
US80.8%+3.4pp
BM6.7%-6.2pp
IE5.7%+3.3pp
Unknown5.4%+1.1pp
CA0.7%-2.3pp
HK0.7%
Top 5: 23.2% · Top 10: 39.7% · Top 25: 78.7%
Top buys this quarter · 15
| BOH Bank of Hawaii Corporationnew | +$9M |
| CVCO Cavco Industries, Inc.new | +$8M |
| AX Axos Financial, Inc.new | +$8M |
| TFIN Triumph Financial, Inc.new | +$7M |
| LNC Lincoln National Corporation | +$6M |
| BKV BKV Corporationnew | +$6M |
| LEGH Legacy Housing Corporation | +$6M |
| JXN Jackson Financial Inc.new | +$5M |
| AXS AXIS Capital Holdings Limited | +$2M |
| PFSI PennyMac Financial Services, I | +$2M |
Top sells this quarter · 15
| SLDE Slide Insurance Holdings, Inc. | −$25M |
| GM General Motors Companyexit | −$19M |
| GLNG Golar LNG Limited | −$19M |
| PNFP Pinnacle Financial Partners, Iexit | −$18M |
| TH Target Hospitality Corp. | −$16M |
| AJG Arthur J. Gallagher & Co. | −$14M |
| HIG The Hartford Financial Serviceexit | −$13M |
| DB Deutsche Bank AGexit | −$13M |
| AFG American Financial Group, Inc.exit | −$12M |
| SKY Champion Homes, Inc.exit | −$12M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $312M | 42 | +29.56% | +17.59% | +11.97% | -0.15B |
| 2025-12-31 | $484M | 46 | +30.57% | +17.72% | +12.85% | -0.05B |
| 2025-09-30 | $499M | 45 | +42.24% | +17.52% | +24.72% | -0.03B |
| 2025-06-30 | $451M | 43 | +38.42% | +14.94% | +23.48% | -0.04B |
| 2025-03-31 | $450M | 42 | +31.19% | +8.30% | +22.89% | -0.03B |
| 2024-12-31 | $497M | 35 | +58.54% | +24.89% | +33.65% | -0.05B |
| 2024-09-30 | $468M | 45 | +60.39% | +36.04% | +24.36% | -0.02B |
| 2024-06-30 | $430M | 36 | +50.49% | +24.49% | +26.00% | -0.06B |
| 2024-03-31 | $478M | 40 | +51.39% | +29.62% | +21.77% | +0.01B |
| 2023-12-31 | $404M | 32 | +22.45% | +26.18% | -3.73% | -0.00B |
| 2023-09-30 | $345M | 27 | +13.42% | +21.57% | -8.14% | -0.01B |
| 2023-06-30 | $337M | 34 | +2.48% | +19.42% | -16.94% | +0.06B |
| 2023-03-31 | $269M | 25 | -21.85% | -7.82% | -14.03% | -0.03B |
| 2022-12-31 | $313M | 29 | +8.82% | +7.56% | +1.26% | +0.00B |
| 2022-09-30 | $287M | 29 | -3.91% | -4.93% | +1.02% | -0.04B |
| 2022-06-30 | $340M | 36 | -20.81% | -16.11% | -4.70% | +0.09B |