Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-14.79%
trims when stocks drop
when a holding falls −10%+
Middle response
-14.62%
baseline attrition
Rally response
-13.81%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SFNCSimmons First National C | $5M | 3.4% | -0.9% | 0.8 yr |
| COSOCoastalSouth Bancshares, | $5M | 3.3% | +16.0% | 0.8 yr |
| BBTBeacon Financial Corp. | $4M | 3.1% | +19.3% | 4.3 yr |
| NPBNorthpointe Bancshares, | $4M | 3.0% | +20.2% | 1.3 yr |
| BANCBanc of California, Inc. | $4M | 3.0% | +27.0% | 7.5 yr |
| CBKCommercial Bancgroup, In | $4M | 2.9% | — | 0.5 yr |
| VLYPNValley National Bancorp | $4M | 2.8% | — | 3.3 yr |
| BUSEFirst Busey Corporation | $4M | 2.8% | +22.2% | 2.5 yr |
| WSBCWesBanco, Inc. | $4M | 2.7% | +16.6% | 3.0 yr |
| GNWGenworth Financial, Inc. | $4M | 2.7% | +14.5% | 3.5 yr |
| MCBMetropolitan Bank Holdin | $4M | 2.7% | +49.7% | 7.5 yr |
| FCNCAFirst Citizens BancShare | $3M | 2.4% | — | 7.5 yr |
| JCAPJefferson Capital, Inc. | $3M | 2.3% | — | 0.8 yr |
| FHNFirst Horizon Corporatio | $3M | 2.3% | +20.6% | 5.8 yr |
| CCNECNB Financial Corporatio | $3M | 2.3% | +33.9% | 3.5 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional66.6%-6.9pp$95M
Financial - Credit Services5.7%+2.5pp$8M
Asset Management4.8%-1.0pp$7M
Software - Infrastructure3.5%+1.3pp$5M
Banks2.9%$4M
Insurance - Life2.7%+0.4pp$4M
Financial - Mortgages2.2%+1.3pp$3M
Beverages - Non-Alcoholic1.7%+0.6pp$2M
Restaurants1.6%-1.1pp$2M
Banks - Diversified1.4%-1.7pp$2M
Country
US95.3%-2.3pp
IL1.5%
GB1.4%-0.4pp
Unknown1.3%
CA0.5%-0.0pp
Top 5: 15.8% · Top 10: 29.7% · Top 25: 62.5%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| ECPG | $2M | +0.00B | 104.6% |
| FHN | $6M | +0.00B | 20.6% |
| PFS | $4M | +0.00B | 29.5% |
| CARE | $2M | +0.00B | 44.1% |
| WSBC | $6M | +0.00B | 16.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| MCB Metropolitan Bank Holding Corp | +$3M |
| WIX Wix.com Ltd.new | +$2M |
| GDOT Green Dot Corporationnew | +$2M |
| RBB RBB Bancorp | +$2M |
| JCAP Jefferson Capital, Inc. Common | +$1M |
| FFBC First Financial Bancorp. | +$1M |
| CCNE CNB Financial Corporation | +$1M |
| BUSE First Busey Corporation | +$1M |
| CRBG Corebridge Financial, Inc. | +$1M |
| NPB Northpointe Bancshares, Inc. | +$1M |
Top sells this quarter · 15
| COSO CoastalSouth Bancshares, Inc. | −$18M |
| FFWM First Foundation Inc.exit | −$4M |
| NBBK NB Bancorp, Inc. Common Stock | −$3M |
| WBS Webster Financial Corporationexit | −$2M |
| BHRB Burke & Herbert Financial Servexit | −$2M |
| CARE Carter Bankshares, Inc. | −$1M |
| C Citigroup Inc.exit | −$1M |
| TMP Tompkins Financial Corporation | −$1M |
| WSBC WesBanco, Inc. | −$1M |
| PFS Provident Financial Services, | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $142M | 69 | +23.58% | +17.59% | +5.98% | -0.03B |
| 2025-12-31 | $176M | 76 | +19.02% | +17.72% | +1.30% | -0.01B |
| 2025-09-30 | $172M | 73 | +20.41% | +17.52% | +2.89% | +0.04B |
| 2025-06-30 | $126M | 71 | +26.99% | +14.94% | +12.05% | -0.04B |
| 2025-03-31 | $158M | 77 | +17.51% | +8.30% | +9.21% | +0.02B |
| 2024-12-31 | $146M | 90 | +12.22% | +24.89% | -12.67% | -0.02B |
| 2024-09-30 | $150M | 96 | +7.27% | +36.04% | -28.76% | -0.00B |
| 2024-06-30 | $135M | 99 | +5.67% | +24.49% | -18.82% | -0.01B |
| 2024-03-31 | $144M | 94 | +21.41% | +29.62% | -8.21% | -0.03B |
| 2023-12-31 | $191M | 93 | +11.99% | +26.18% | -14.19% | -0.04B |
| 2023-09-30 | $228M | 91 | -8.18% | +21.57% | -29.74% | -0.01B |
| 2023-06-30 | $217M | 96 | -51.10% | +19.42% | -70.53% | -0.09B |
| 2023-03-31 | $267M | 95 | -65.86% | -7.82% | -58.05% | -0.00B |
| 2022-12-31 | $319M | 95 | -15.30% | +7.56% | -22.86% | -0.11B |
| 2022-09-30 | $509M | 113 | -40.59% | -4.93% | -35.66% | +0.16B |
| 2022-06-30 | $592M | 117 | -20.38% | -16.11% | -4.27% | -0.15B |