Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+9.34%
adds when stocks drop
when a holding falls −10%+
Middle response
-10.65%
baseline attrition
Rally response
-34.98%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CHDNChurchill Downs Incorpor | $27M | 6.7% | -18.8% | 0.3 yr |
| MTNVail Resorts, Inc. | $27M | 6.6% | -16.1% | 2.3 yr |
| RKTRocket Companies, Inc. | $22M | 5.6% | +18.1% | 1.0 yr |
| BENFranklin Resources, Inc. | $22M | 5.5% | +27.8% | 1.5 yr |
| NXPINXP Semiconductors N.V. | $20M | 5.0% | +5.0% | 1.3 yr |
| IFFInternational Flavors & | $18M | 4.6% | -4.3% | 1.0 yr |
| HRHealthcare Realty Trust | $18M | 4.5% | +6.9% | 2.5 yr |
| PENNPENN Entertainment, Inc. | $17M | 4.3% | -7.8% | 2.5 yr |
| CCICrown Castle Inc. | $12M | 3.0% | -18.3% | 0.3 yr |
| GFSGLOBALFOUNDRIES Inc. | $11M | 2.8% | +20.5% | 0.3 yr |
| PRMBPrimo Brands Corporation | $11M | 2.8% | -45.9% | 0.5 yr |
| LULULululemon Athletica Inc. | $11M | 2.8% | -45.9% | 0.5 yr |
| ZIONZions Bancorporation, Na | $11M | 2.8% | +19.4% | 3.3 yr |
| TOLToll Brothers, Inc. | $11M | 2.7% | +30.1% | 0.5 yr |
| VSNTVVersant Media Group, Inc | $11M | 2.7% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Gambling, Resorts & Casinos20.2%+4.8pp$81M
Semiconductors13.6%+11.4pp$54M
Financial - Mortgages5.6%$22M
Asset Management5.5%-6.4pp$22M
REIT - Specialty4.6%$18M
Chemicals - Specialty4.6%$18M
REIT - Healthcare Facilities4.5%-1.8pp$18M
Oil & Gas Midstream4.3%+2.4pp$17M
Banks - Regional4.1%$17M
Financial - Capital Markets3.6%$14M
Country
US89.5%-6.7pp
NL5.0%+3.5pp
CA2.8%
BM2.2%+1.2pp
Unknown0.5%
GB0.0%
Top 5: 29.5% · Top 10: 48.6% · Top 25: 82.7%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| WYNN | $28M | +0.01B | 22.7% |
| BEN | $23M | +0.01B | 27.8% |
| HR | $23M | +0.00B | 6.9% |
| PEB | $3M | +0.00B | 25.0% |
| ALGM | $2M | +0.00B | 25.5% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| PENN | $28M | -0.00B | -7.8% |
Top buys this quarter · 15
| CHDN Churchill Downs Incorporatednew | +$27M |
| MTN Vail Resorts, Inc. | +$23M |
| BEN Franklin Resources, Inc. | +$13M |
| CCI Crown Castle Inc.new | +$12M |
| RKT Rocket Companies, Inc. | +$12M |
| NXPI NXP Semiconductors N.V. | +$11M |
| GFS GLOBALFOUNDRIES Inc.new | +$11M |
| UAA Under Armour, Inc.new | +$11M |
| MC Moelis & Companynew | +$9M |
| AVTR Avantor, Inc.new | +$9M |
Top sells this quarter · 15
| VZ Verizon Communications Inc. | −$23M |
| RH Rhexit | −$23M |
| S SentinelOne, Inc. | −$20M |
| RJF Raymond James Financial, Inc. | −$18M |
| BRZE Braze, Inc.exit | −$18M |
| ESTC Elastic N.V. | −$17M |
| AMT American Tower Corporation | −$16M |
| AKAM Akamai Technologies, Inc.exit | −$15M |
| U Unity Software Inc.exit | −$14M |
| PSN Parsons Corporationexit | −$14M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $399M | 45 | +14.13% | +17.59% | -3.46% | -0.03B |
| 2025-12-31 | $446M | 38 | +15.68% | +17.72% | -2.04% | -0.04B |
| 2025-09-30 | $444M | 36 | +12.35% | +17.52% | -5.17% | -0.03B |
| 2025-06-30 | $432M | 41 | +11.30% | +14.94% | -3.65% | +0.06B |
| 2025-03-31 | $364M | 41 | +9.21% | +8.30% | +0.91% | -0.08B |
| 2024-12-31 | $460M | 36 | +16.89% | +24.89% | -8.00% | +0.05B |
| 2024-09-30 | $390M | 35 | +28.59% | +36.04% | -7.45% | -0.04B |
| 2024-06-30 | $397M | 47 | +15.77% | +24.49% | -8.72% | -0.01B |
| 2024-03-31 | $411M | 39 | +18.24% | +29.62% | -11.38% | +0.01B |
| 2023-12-31 | $383M | 39 | +19.53% | +26.18% | -6.65% | -0.14B |
| 2023-09-30 | $449M | 37 | +11.26% | +21.57% | -10.31% | -0.04B |
| 2023-06-30 | $504M | 40 | +6.84% | +19.42% | -12.58% | +0.06B |
| 2023-03-31 | $435M | 54 | -11.47% | -7.82% | -3.65% | -0.10B |
| 2022-12-31 | $508M | 45 | -19.44% | -18.17% | -1.27% | +0.05B |
| 2022-09-30 | $423M | 67 | -17.16% | -15.51% | -1.65% | +0.05B |
| 2022-06-30 | $397M | 50 | -10.65% | -10.62% | -0.02% | -0.03B |