Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-2.42%
trims when stocks drop
when a holding falls −10%+
Middle response
-9.64%
baseline attrition
Rally response
-6.72%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| PXEDPhoenix Education Partne | $783M | 15.2% | — | 0.5 yr |
| HGVHilton Grand Vacations I | $714M | 13.8% | +4.6% | 4.8 yr |
| ADTADT Inc. | $670M | 13.0% | -16.9% | 8.3 yr |
| — | $385M | 7.5% | — | 0.5 yr |
| VOOVanguard S&P 500 ETF | $353M | 6.8% | — | 0.3 yr |
| SATSEchoStar Corporation | $221M | 4.3% | +357.7% | 1.8 yr |
| NVDANVIDIA Corporation | $174M | 3.4% | +60.9% | 0.8 yr |
| KMXCarMax, Inc. | $172M | 3.3% | -46.6% | 0.5 yr |
| GBTGGlobal Business Travel G | $128M | 2.5% | -23.1% | 4.0 yr |
| RXTRackspace Technology, In | $127M | 2.5% | -42.0% | 5.8 yr |
| CMCSAComcast Corporation | $124M | 2.4% | — | 0.5 yr |
| TPGTPG Inc. | $103M | 2.0% | -11.3% | 0.3 yr |
| UNITUniti Group Inc. | $87M | 1.7% | — | 0.8 yr |
| TDAYUSA TODAY Co., Inc. | $86M | 1.7% | +143.9% | 3.0 yr |
| INVHInvitation Homes Inc. | $50M | 1.0% | -26.5% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Education & Training Services15.2%$783M
Gambling, Resorts & Casinos14.7%-8.8pp$757M
Security & Protection Services13.0%-41.1pp$670M
Asset Management11.1%+10.2pp$574M
Unknown7.9%+7.3pp$410M
Communication Equipment4.3%+3.5pp$221M
Telecommunications Services4.3%+3.5pp$219M
Semiconductors3.4%+2.9pp$174M
REIT - Retail3.4%$174M
Auto - Dealerships3.3%$172M
Country
US92.1%-6.9pp
Unknown7.9%+7.3pp
Top 5: 56.3% · Top 10: 72.2% · Top 25: 88.2%
Top buys this quarter · 15
| TPG TPG Inc.new | +$103M |
| NVDA NVIDIA Corporation | +$87M |
| CHDN Churchill Downs Incorporatednew | +$43M |
| ARES Ares Management Corporationnew | +$36M |
| INVH Invitation Homes Inc. | +$36M |
| VICI VICI Properties Inc. | +$31M |
| OC Owens Corningnew | +$26M |
| MHK Mohawk Industries, Inc.new | +$24M |
| BLDR Builders FirstSource, Inc.new | +$24M |
| MBC MasterBrand, Inc.new | +$22M |
Top sells this quarter · 15
| WELL Welltower Inc.exit | −$102M |
| EQIX Equinix, Inc.exit | −$86M |
| PLD Prologis, Inc.exit | −$80M |
| SATS EchoStar Corporation | −$68M |
| DLR Digital Realty Trust, Inc.exit | −$56M |
| FIGR Figure Technology Solutions, Iexit | −$53M |
| KMT Kennametal Inc.exit | −$48M |
| KMX CarMax, Inc. | −$37M |
| IAC IAC InterActive Corp.exit | −$28M |
| WOLF Wolfspeed, Inc.exit | −$14M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $5.16B | 80 | +5.42% | +17.59% | -12.17% | -2.95B |
| 2025-12-31 | $8.50B | 99 | +16.36% | +17.72% | -1.36% | +2.73B |
| 2025-09-30 | $5.63B | 42 | +13.92% | +17.52% | -3.60% | -0.69B |
| 2025-06-30 | $6.05B | 42 | +3.86% | +14.94% | -11.08% | +1.72B |
| 2025-03-31 | $4.20B | 39 | +6.30% | +8.30% | -2.01% | -0.73B |
| 2024-12-31 | $4.68B | 38 | +4.08% | +24.89% | -20.80% | -0.72B |
| 2024-09-30 | $5.38B | 40 | +12.07% | +36.04% | -23.96% | +0.11B |
| 2024-06-30 | $5.55B | 45 | +16.43% | +24.49% | -8.06% | -2.01B |
| 2024-03-31 | $7.14B | 53 | +4.98% | +29.62% | -24.65% | -1.77B |
| 2023-12-31 | $8.64B | 57 | -3.94% | +26.18% | -30.12% | -0.90B |
| 2023-09-30 | $8.84B | 67 | +3.81% | +21.57% | -17.76% | -0.77B |
| 2023-06-30 | $9.73B | 117 | +2.36% | +19.42% | -17.06% | -0.03B |
| 2023-03-31 | $10.23B | 152 | -15.35% | -7.82% | -7.54% | -0.87B |
| 2022-12-31 | $11.76B | 174 | +16.75% | +7.56% | +9.19% | -1.61B |
| 2022-09-30 | $11.45B | 210 | -2.63% | -4.93% | +2.30% | -0.24B |
| 2022-06-30 | $12.01B | 221 | -21.09% | -16.11% | -4.98% | -0.22B |