Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.43%
adds when stocks drop
when a holding falls −10%+
Middle response
-3.98%
baseline attrition
Rally response
-11.78%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ARCMArrow Reserve Capital Ma | $41M | 43.6% | — | 8.3 yr |
| VLUEiShares MSCI USA Value F | $5M | 4.9% | — | 0.8 yr |
| EEMiShares MSCI Emerging Ma | $5M | 4.9% | — | 2.3 yr |
| XLIState Street Industrial | $4M | 4.7% | — | 4.5 yr |
| EZUiShares MSCI Eurozone ET | $4M | 4.6% | — | 2.5 yr |
| IVWiShares S&P 500 Growth E | $4M | 4.4% | — | 4.5 yr |
| IEViShares Europe ETF | $4M | 4.1% | — | 2.3 yr |
| MTUMiShares MSCI USA Momentu | $4M | 3.8% | — | 5.3 yr |
| — | $3M | 3.1% | — | 0.5 yr |
| DBCInvesco DB Commodity Ind | $1M | 1.5% | — | 2.3 yr |
| TIPiShares TIPS Bond ETF | $1M | 1.4% | — | 4.8 yr |
| TLTiShares 20+ Year Treasur | $1M | 1.3% | — | 6.0 yr |
| LQDiShares iBoxx $ Investme | $1M | 1.3% | — | 6.5 yr |
| CWBState Street SPDR Bloomb | $1M | 1.2% | — | 6.3 yr |
| HYGiShares iBoxx $ High Yie | $1M | 1.1% | — | 8.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management85.8%-2.1pp$81M
Asset Management - Bonds3.7%-0.4pp$3M
Unknown3.5%+3.4pp$3M
Oil & Gas Midstream2.1%+1.6pp$2M
Oil & Gas Exploration & Production0.9%$1M
Coal0.4%$0M
REIT - Healthcare Facilities0.4%-0.0pp$0M
Asset Management - Global0.4%-4.0pp$0M
Oil & Gas Equipment & Services0.3%$0M
Leisure0.3%$0M
Country
US96.0%-3.4pp
Unknown3.5%+3.4pp
CA0.3%+0.1pp
LU0.2%
Top 5: 62.7% · Top 10: 79.6% · Top 25: 91.8%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| LB LandBridge Company LLCnew | +$0M |
| KNTK Kinetik Holdings Inc.new | +$0M |
| CQP Cheniere Energy Partners, L.P.new | +$0M |
| TXO TXO Partners, L.P. | +$0M |
| BDN Brandywine Realty Trust | +$0M |
| KRP Kimbell Royalty Partners, LP | +$0M |
| GEL Genesis Energy, L.P. | +$0M |
| IEP Icahn Enterprises L.P. | +$0M |
| DMLP Dorchester Minerals, L.P. | +$0M |
| ET Energy Transfer LP | +$0M |
Top sells this quarter · 15
| NRP Natural Resource Partners L.P. | −$3M |
| XRN Chiron Real Estate Inc.exit | −$1M |
| DE Deere & Company | −$0M |
| FCX Freeport-McMoRan Inc. | −$0M |
| OHI Omega Healthcare Investors, Inexit | −$0M |
| BNL Broadstone Net Lease, Inc.exit | −$0M |
| IIPR Innovative Industrial Propertiexit | −$0M |
| UHT Universal Health Realty Incomeexit | −$0M |
| SPH Suburban Propane Partners, L.Pexit | −$0M |
| ARLP Alliance Resource Partners, L. | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $94M | 59 | +43.71% | +17.59% | +26.11% | -0.02B |
| 2025-12-31 | $90M | 49 | +24.64% | +17.72% | +6.92% | -0.00B |
| 2025-09-30 | $91M | 53 | +15.99% | +17.52% | -1.53% | -0.02B |
| 2025-06-30 | $103M | 52 | +16.62% | +14.94% | +1.67% | +0.00B |
| 2025-03-31 | $94M | 46 | +8.89% | +8.30% | +0.58% | -0.02B |
| 2024-12-31 | $107M | 47 | +6.37% | +24.89% | -18.51% | +0.01B |
| 2024-09-30 | $107M | 47 | +28.52% | +36.04% | -7.52% | -0.01B |
| 2024-06-30 | $110M | 47 | +23.88% | +24.49% | -0.61% | -0.01B |
| 2024-03-31 | $117M | 52 | +25.06% | +29.62% | -4.56% | -0.00B |
| 2023-12-31 | $116M | 48 | +21.34% | +26.18% | -4.84% | -0.03B |
| 2023-09-30 | $125M | 48 | +15.28% | +21.57% | -6.28% | -0.01B |
| 2023-06-30 | $127M | 61 | +7.06% | +19.42% | -12.37% | -0.01B |
| 2023-03-31 | $137M | 65 | -6.49% | -7.82% | +1.33% | -0.01B |
| 2022-12-31 | $142M | 69 | +7.32% | +7.56% | -0.24% | +0.00B |
| 2022-09-30 | $129M | 63 | -1.58% | -4.93% | +3.35% | +0.01B |
| 2022-06-30 | $125M | 65 | -11.93% | -16.11% | +4.18% | +0.01B |