Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+4.28%
adds when stocks drop
when a holding falls −10%+
Middle response
+0.24%
steady accumulation
Rally response
+3.32%
adds into rallies
when a holding rises +10%+
Top positions · 24
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| SPYState Street SPDR S&P 50 | $33M | 22.1% | +17.6% | 4.5 yr |
| UNFIUnited Natural Foods, In | $22M | 14.8% | +64.5% | 4.3 yr |
| FNFFidelity National Financ | $17M | 11.6% | -26.0% | 1.3 yr |
| HHHHoward Hughes Holdings I | $15M | 9.9% | -14.6% | 0.8 yr |
| SRESempra | $10M | 6.9% | +40.3% | 0.3 yr |
| KMIKinder Morgan, Inc. | $9M | 6.2% | +22.6% | 0.8 yr |
| GNRCGenerac Holdings Inc. | $8M | 5.0% | +54.2% | 1.3 yr |
| RRGBRed Robin Gourmet Burger | $5M | 3.6% | -17.7% | 1.8 yr |
| JYNTThe Joint Corp. | $5M | 3.5% | -29.1% | 2.0 yr |
| MCDMcDonald's Corporation | $4M | 2.4% | +1.8% | 0.3 yr |
| FCRSFutureCrest Acquisition | $3M | 2.2% | — | 0.8 yr |
| BRK-BBerkshire Hathaway Inc. | $3M | 2.1% | — | 4.0 yr |
| ALAir Lease Corporation | $3M | 1.7% | +36.3% | 0.3 yr |
| TLFTandy Leather Factory, I | $2M | 1.3% | +5.5% | 3.8 yr |
| BJRIBJ's Restaurants, Inc. | $2M | 1.1% | +2.5% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Asset Management25.7%+15.1pp$39M
Food Distribution14.8%+6.6pp$22M
Insurance - Specialty11.6%+4.4pp$17M
Real Estate - Diversified9.9%$15M
Restaurants7.2%-15.4pp$11M
Diversified Utilities6.9%$10M
Oil & Gas Midstream6.2%-1.6pp$9M
Industrial - Machinery5.0%-0.1pp$8M
Medical - Care Facilities3.5%$5M
Insurance - Diversified2.7%-5.7pp$4M
Country
US98.5%+13.3pp
GB1.0%
CA0.5%-9.4pp
Top 5: 65.3% · Top 10: 86.1% · Top 25: 100.0%
Top buys this quarter · 14
| VTI Vanguard Total Stock Market ETnew | +$0M |
| SPY State Street SPDR S&P 500 ETF | +$10M |
| SRE Sempranew | +$10M |
| MCD McDonald's Corporationnew | +$4M |
| HHH Howard Hughes Holdings Inc. | +$3M |
| GNRC Generac Holdings Inc. | +$3M |
| AL Air Lease Corporationnew | +$3M |
| KW Kennedy-Wilson Holdings, Inc.new | +$2M |
| FNF Fidelity National Financial, I | +$17M |
| JHG Janus Henderson Group plcnew | +$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $150M | 24 | +2.85% | +17.59% | -14.74% | +0.02B |
| 2025-12-31 | $127M | 18 | +1.44% | +17.72% | -16.27% | -0.01B |
| 2025-09-30 | $153M | 18 | +22.13% | +17.52% | +4.62% | -0.03B |
| 2025-06-30 | $173M | 20 | +17.69% | +14.94% | +2.75% | +0.00B |
| 2025-03-31 | $162M | 17 | +9.09% | +8.30% | +0.79% | -0.01B |
| 2024-12-31 | $170M | 17 | +12.09% | +24.89% | -12.80% | +0.04B |
| 2024-09-30 | $121M | 15 | +4.36% | +36.04% | -31.67% | +0.03B |
| 2024-06-30 | $89M | 13 | -5.11% | +24.49% | -29.60% | +0.03B |
| 2024-03-31 | $63M | 11 | -0.22% | +29.62% | -29.84% | -0.02B |
| 2023-12-31 | $80M | 10 | +1.54% | +26.18% | -24.64% | -0.02B |
| 2023-09-30 | $95M | 12 | +7.19% | +21.57% | -14.38% | -0.02B |
| 2023-06-30 | $120M | 15 | +10.02% | +19.42% | -9.41% | -0.03B |
| 2023-03-31 | $142M | 16 | -12.47% | -7.82% | -4.66% | +0.02B |
| 2022-12-31 | $119M | 15 | -19.67% | -18.17% | -1.49% | -0.03B |
| 2022-09-30 | $141M | 17 | -4.92% | -4.93% | +0.01% | +0.01B |
| 2022-06-30 | $141M | 13 | -18.65% | -16.11% | -2.54% | +0.03B |