Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.85%
trims when stocks drop
when a holding falls −10%+
Middle response
+4.50%
steady accumulation
Rally response
+10.80%
adds into rallies
when a holding rises +10%+
Top positions · 6
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CPTCamden Property Trust | $68M | 36.2% | -17.8% | 4.3 yr |
| FRFirst Industrial Realty | $34M | 17.9% | +10.0% | 2.3 yr |
| MAAMid-America Apartment Co | $27M | 14.3% | -24.0% | 1.8 yr |
| NXRTNexPoint Residential Tru | $25M | 13.2% | -32.2% | 2.3 yr |
| EQREquity Residential | $23M | 12.2% | -14.7% | 1.8 yr |
| JANJanus Living, Inc. | $12M | 6.3% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
REIT - Residential75.8%-3.3pp$142M
REIT - Industrial24.2%+5.5pp$45M
Country
US100.0%+0.0pp
Top 5: 93.7% · Top 10: 100.0% · Top 25: 100.0%
Top buys this quarter · 1
| JAN Janus Living, Inc.new | +$12M |
Top sells this quarter · 1
| VRE Veris Residential, Inc.exit | −$8M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $188M | 6 | -15.03% | +17.59% | -32.62% | +0.00B |
| 2025-12-31 | $201M | 6 | -4.06% | +17.72% | -21.78% | +0.02B |
| 2025-09-30 | $176M | 7 | -11.27% | +17.52% | -28.79% | +0.03B |
| 2025-06-30 | $151M | 8 | +4.06% | +14.94% | -10.88% | -0.00B |
| 2025-03-31 | $168M | 7 | +7.88% | +8.30% | -0.43% | -0.00B |
| 2024-12-31 | $164M | 7 | +1.20% | +24.89% | -23.68% | +0.03B |
| 2024-09-30 | $141M | 7 | +15.66% | +36.04% | -20.38% | +0.09B |
| 2024-06-30 | $40M | 3 | -16.98% | +24.49% | -41.47% | +0.03B |
| 2024-03-31 | $9M | 2 | -20.89% | +29.62% | -50.51% | -0.05B |
| 2023-12-31 | $57M | 2 | -22.52% | +26.18% | -48.69% | -0.00B |
| 2023-09-30 | $53M | 2 | -24.80% | +21.57% | -46.36% | -0.00B |
| 2023-06-30 | $63M | 2 | -19.66% | +19.42% | -39.09% | +0.04B |
| 2023-03-31 | $26M | 2 | -30.71% | -7.82% | -22.89% | -0.12B |
| 2022-12-31 | $154M | 4 | +5.44% | +7.56% | -2.12% | -0.00B |
| 2022-09-30 | $149M | 4 | -10.34% | -4.93% | -5.41% | -0.12B |
| 2022-06-30 | $302M | 6 | -23.00% | -16.11% | -6.89% | -0.09B |