Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-3.10%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.63%
baseline attrition
Rally response
-4.46%
trims into rallies
when a holding rises +10%+
Top positions · 10
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ACHCAcadia Healthcare Compan | $42M | 19.8% | -22.9% | 9.0 yr |
| CBZCBIZ, Inc. | $31M | 14.6% | -64.6% | 10.5 yr |
| JBTMJBT Marel Corporation | $29M | 13.7% | +4.9% | 3.3 yr |
| HSICHenry Schein, Inc. | $22M | 10.5% | +7.6% | 1.5 yr |
| TNCTennant Company | $20M | 9.6% | -15.3% | 5.3 yr |
| BLKBBlackbaud, Inc. | $19M | 8.9% | -37.8% | 4.0 yr |
| MSAMSA Safety Incorporated | $17M | 8.1% | +13.2% | 1.0 yr |
| ZETAZeta Global Holdings Cor | $15M | 6.9% | +17.4% | 1.3 yr |
| LIVNLivaNova PLC | $9M | 4.4% | +61.8% | 4.5 yr |
| ENOVEnovis Corporation | $7M | 3.5% | -40.5% | 2.0 yr |
Portfolio composition (YoY)
Industry mix
Industrial - Machinery23.4%+1.3pp$49M
Medical - Care Facilities19.8%+7.2pp$42M
Software - Application15.8%+8.5pp$33M
Specialty Business Services14.6%-13.6pp$31M
Medical - Distribution10.5%+3.0pp$22M
Security & Protection Services8.1%$17M
Medical - Devices7.9%+1.2pp$17M
Country
US95.6%-0.2pp
GB4.4%+0.2pp
Top 5: 68.2% · Top 10: 100.0% · Top 25: 100.0%
Top buys this quarter · 0
No buys this quarter
Top sells this quarter · 11
| JBTM JBT Marel Corporation | −$29M |
| AVNT Avient Corporationexit | −$23M |
| LIVN LivaNova PLC | −$22M |
| CBZ CBIZ, Inc. | −$17M |
| MSA MSA Safety Incorporated | −$14M |
| ACHC Acadia Healthcare Company, Inc | −$13M |
| ZETA Zeta Global Holdings Corp. | −$12M |
| TNC Tennant Company | −$12M |
| ENOV Enovis Corporation | −$6M |
| BLKB Blackbaud, Inc. | −$6M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $210M | 10 | -25.12% | +17.59% | -42.72% | -0.11B |
| 2025-12-31 | $390M | 10 | -18.20% | +17.72% | -35.91% | -0.08B |
| 2025-09-30 | $487M | 12 | -19.52% | +17.52% | -37.04% | -0.00B |
| 2025-06-30 | $496M | 12 | -15.85% | +14.94% | -30.79% | +0.00B |
| 2025-03-31 | $515M | 12 | -19.26% | +8.30% | -27.56% | -0.01B |
| 2024-12-31 | $589M | 11 | -4.46% | +24.89% | -29.35% | -0.25B |
| 2024-09-30 | $876M | 15 | +15.75% | +36.04% | -20.29% | +0.01B |
| 2024-06-30 | $839M | 16 | +5.53% | +24.49% | -18.96% | +0.06B |
| 2024-03-31 | $846M | 15 | +24.74% | +29.62% | -4.89% | -0.12B |
| 2023-12-31 | $909M | 15 | +23.39% | +26.18% | -2.78% | +0.03B |
| 2023-09-30 | $758M | 13 | +16.52% | +21.57% | -5.05% | -0.05B |
| 2023-06-30 | $859M | 15 | +20.38% | +19.42% | +0.95% | +0.01B |
| 2023-03-31 | $780M | 15 | -9.07% | -7.82% | -1.25% | -0.01B |
| 2022-12-31 | $756M | 15 | +9.46% | +7.56% | +1.90% | -0.13B |
| 2022-09-30 | $810M | 19 | -3.04% | -4.93% | +1.89% | -0.05B |
| 2022-06-30 | $883M | 21 | -18.15% | -16.11% | -2.04% | +0.02B |