Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.37%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.62%
baseline attrition
Rally response
-5.76%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| COLBColumbia Banking System, | $33M | 6.9% | +16.1% | 3.5 yr |
| WALWestern Alliance Bancorp | $28M | 6.0% | -6.0% | 7.5 yr |
| AUBAtlantic Union Bankshare | $26M | 5.7% | +19.9% | 1.3 yr |
| UMBFUMB Financial Corporatio | $26M | 5.5% | +13.2% | 1.3 yr |
| — | $25M | 5.3% | — | 0.8 yr |
| CFGCitizens Financial Group | $22M | 4.8% | +51.7% | 9.8 yr |
| AXAxos Financial, Inc. | $20M | 4.4% | +31.9% | 7.8 yr |
| EWBCEast West Bancorp, Inc. | $20M | 4.3% | +22.1% | 10.5 yr |
| CNOBConnectOne Bancorp, Inc. | $19M | 4.1% | +13.4% | 3.3 yr |
| HWCHancock Whitney Corporat | $19M | 4.1% | +25.0% | 8.0 yr |
| ONBOld National Bancorp | $16M | 3.5% | +6.9% | 2.8 yr |
| OSBCOld Second Bancorp, Inc. | $16M | 3.3% | +23.0% | 10.5 yr |
| FITBFifth Third Bancorp | $15M | 3.2% | +21.7% | 4.5 yr |
| FNBF.N.B. Corporation | $15M | 3.1% | +28.2% | 9.3 yr |
| WTFCWintrust Financial Corpo | $13M | 2.9% | +25.5% | 8.0 yr |
Portfolio composition (YoY)
Industry mix
Banks - Regional88.2%-6.0pp$413M
Unknown6.4%$30M
Banks - Diversified5.3%+0.7pp$25M
Country
US93.6%-6.4pp
Unknown6.4%
Top 5: 29.4% · Top 10: 51.0% · Top 25: 88.8%
Top buys this quarter · 13
| ONB Old National Bancorp | +$4M |
| CCB Coastal Financial Corporation | +$3M |
| MCB Metropolitan Bank Holding Corp | +$3M |
| COLB Columbia Banking System, Inc. | +$2M |
| HBNC Horizon Bancorp, Inc. | +$2M |
| ALRS Alerus Financial Corporation | +$2M |
| NIC Nicolet Bankshares, Inc. | +$2M |
| FNB F.N.B. Corporation | +$1M |
| CNOB ConnectOne Bancorp, Inc. | +$1M |
| PFBC Preferred Bank | +$11M |
Top sells this quarter · 15
| WBS Webster Financial Corporationexit | −$39M |
| PB Prosperity Bancshares, Inc.exit | −$12M |
| DCOM Dime Community Bancshares, Incexit | −$11M |
| BUSE First Busey Corporationexit | −$8M |
| V Visa Inc.exit | −$5M |
| WTFC Wintrust Financial Corporation | −$4M |
| RNST Renasant Corporation | −$3M |
| BAC Bank of America Corporation | −$2M |
| BANR Banner Corporation | −$2M |
| EWBC East West Bancorp, Inc. | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $468M | 35 | +18.33% | +17.59% | +0.74% | -0.07B |
| 2025-12-31 | $539M | 38 | +11.24% | +17.72% | -6.48% | -0.01B |
| 2025-09-30 | $530M | 40 | +15.39% | +17.52% | -2.13% | -0.02B |
| 2025-06-30 | $512M | 41 | +23.20% | +14.94% | +8.26% | -0.03B |
| 2025-03-31 | $516M | 45 | +14.33% | +8.30% | +6.03% | -0.01B |
| 2024-12-31 | $562M | 49 | +22.82% | +24.89% | -2.06% | -0.01B |
| 2024-09-30 | $529M | 49 | +45.05% | +36.04% | +9.01% | +0.01B |
| 2024-06-30 | $451M | 45 | +32.25% | +24.49% | +7.75% | -0.02B |
| 2024-03-31 | $481M | 46 | +33.26% | +29.62% | +3.63% | +0.01B |
| 2023-12-31 | $466M | 44 | +6.72% | +26.18% | -19.46% | -0.03B |
| 2023-09-30 | $385M | 39 | -13.90% | +21.57% | -35.47% | -0.02B |
| 2023-06-30 | $386M | 37 | -18.35% | +19.42% | -37.78% | +0.01B |
| 2023-03-31 | $382M | 39 | -28.68% | -7.82% | -20.86% | -0.07B |
| 2022-12-31 | $556M | 46 | +2.84% | +7.56% | -4.72% | -0.07B |
| 2022-09-30 | $610M | 46 | -0.00% | -4.93% | +4.93% | -0.02B |
| 2022-06-30 | $633M | 48 | -14.46% | -16.11% | +1.65% | -0.01B |