Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.59%
trims when stocks drop
when a holding falls −10%+
Middle response
-17.00%
baseline attrition
Rally response
-9.88%
trims into rallies
when a holding rises +10%+
Top positions · 11
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VTOLBristow Group Inc. | $49M | 35.0% | +48.9% | 5.3 yr |
| CBLCBL & Associates Propert | $23M | 16.7% | +52.2% | 2.5 yr |
| HOLXHologic, Inc. | $20M | 14.5% | +22.4% | 1.0 yr |
| SATSEchoStar Corporation | $16M | 11.4% | +357.7% | 1.5 yr |
| GNLGlobal Net Lease, Inc. | $12M | 8.3% | +28.4% | 1.5 yr |
| OSOneStream, Inc. Class A | $8M | 5.9% | +12.5% | 0.3 yr |
| VSATViasat, Inc. | $6M | 4.4% | +339.5% | 1.3 yr |
| — | $2M | 1.1% | — | 0.3 yr |
| CODICompass Diversified | $1M | 1.0% | -57.3% | 0.5 yr |
| AXTAAxalta Coating Systems L | $1M | 1.0% | -16.5% | 0.3 yr |
| ATUSAltice USA, Inc. | $1M | 0.6% | — | 3.8 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Equipment & Services35.0%+26.1pp$49M
REIT - Retail16.7%+15.1pp$23M
Communication Equipment15.8%-2.2pp$22M
Medical - Instruments & Supplies14.5%$20M
REIT - Diversified8.3%+6.8pp$12M
Software - Application5.9%-10.7pp$8M
Unknown1.1%+1.1pp$2M
Conglomerates1.0%$1M
Chemicals - Specialty1.0%+0.9pp$1M
Telecommunications Services0.6%-4.8pp$1M
Country
US98.9%+0.7pp
Unknown1.1%+1.1pp
Top 5: 85.9% · Top 10: 99.4% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| VTOL | $40M | +0.02B | 48.9% |
| VSAT | $3M | +0.01B | 339.5% |
| CBL | $15M | +0.01B | 52.2% |
| GNL | $17M | +0.00B | 28.4% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 6
| OS OneStream, Inc. Class A Commonnew | +$8M |
| AXTA Axalta Coating Systems Ltd.new | +$1M |
| CODI Compass Diversified | +$1M |
| CBL CBL & Associates Properties, I | +$0M |
| ATUS Altice USA, Inc. | +$1M |
| — new | +$0M |
Top sells this quarter · 15
| EXAS Exact Sciences Corporationexit | −$36M |
| TGNA TEGNA Inc.exit | −$27M |
| CFLT Confluent, Inc.exit | −$22M |
| VTOL Bristow Group Inc. | −$48M |
| SUNC SunocoCorp LLCexit | −$7M |
| UNF UniFirst Corporationexit | −$4M |
| HOLX Hologic, Inc. | −$4M |
| EFX.TO Enerflex Ltd.exit | −$4M |
| SATS EchoStar Corporation | −$3M |
| QCOM QUALCOMM Incorporatedexit | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $140M | 11 | +89.90% | +17.59% | +72.31% | -0.16B |
| 2025-12-31 | $271M | 22 | +44.98% | +17.72% | +27.26% | -0.13B |
| 2025-09-30 | $338M | 27 | +23.60% | +17.52% | +6.09% | -0.68B |
| 2025-06-30 | $866M | 62 | +12.55% | +14.94% | -2.39% | -0.54B |
| 2025-03-31 | $1.13B | 63 | -14.30% | +8.30% | -22.60% | +0.06B |
| 2024-12-31 | $1.28B | 68 | +5.00% | +24.89% | -19.88% | +0.15B |
| 2024-09-30 | $1.12B | 86 | +8.47% | +36.04% | -27.57% | -0.17B |
| 2024-06-30 | $1.21B | 100 | +3.08% | +24.49% | -21.42% | +0.47B |
| 2024-03-31 | $782M | 104 | +13.03% | +29.62% | -16.59% | -0.50B |
| 2023-12-31 | $1.25B | 131 | +9.21% | +26.18% | -16.97% | -0.63B |
| 2023-09-30 | $1.80B | 155 | +12.75% | +21.57% | -8.82% | -0.03B |
| 2023-06-30 | $1.80B | 206 | +14.87% | +19.42% | -4.55% | +0.09B |
| 2023-03-31 | $1.64B | 272 | -6.65% | -7.82% | +1.16% | -1.05B |
| 2022-12-31 | $2.71B | 478 | +69.64% | -18.17% | +87.82% | -0.63B |
| 2022-09-30 | $3.10B | 641 | +3.40% | -4.93% | +8.32% | -0.40B |
| 2022-06-30 | $3.39B | 686 | -15.58% | -16.11% | +0.53% | +0.96B |