Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-8.13%
trims when stocks drop
when a holding falls −10%+
Middle response
-9.66%
baseline attrition
Rally response
-9.32%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| WELLWelltower Inc. | $346M | 6.1% | +31.2% | 10.3 yr |
| PLDPrologis, Inc. | $302M | 5.3% | +22.3% | 10.3 yr |
| EQIXEquinix, Inc. | $299M | 5.2% | +23.0% | 7.0 yr |
| ALBAlbemarle Corporation | $163M | 2.9% | +153.7% | 4.0 yr |
| EXRExtra Space Storage Inc. | $157M | 2.8% | -7.6% | 10.3 yr |
| GOOGLAlphabet Inc. | $156M | 2.7% | — | 7.5 yr |
| MSFTMicrosoft Corporation | $156M | 2.7% | -0.6% | 10.3 yr |
| TMOThermo Fisher Scientific | $152M | 2.7% | -0.9% | 10.0 yr |
| LINLinde plc | $151M | 2.6% | +7.9% | 3.3 yr |
| IRMIron Mountain Incorporat | $140M | 2.5% | +22.9% | 5.5 yr |
| RUNSunrun Inc. | $129M | 2.3% | +131.4% | 4.3 yr |
| NVDANVIDIA Corporation | $127M | 2.2% | +60.9% | 4.0 yr |
| ILMNIllumina, Inc. | $122M | 2.1% | +55.4% | 8.8 yr |
| AVBAvalonBay Communities, I | $121M | 2.1% | -21.8% | 10.3 yr |
| LLYEli Lilly and Company | $121M | 2.1% | +12.2% | 9.0 yr |
Portfolio composition (YoY)
Industry mix
REIT - Industrial11.5%+1.1pp$656M
REIT - Healthcare Facilities10.8%+3.2pp$618M
REIT - Specialty8.8%+2.1pp$505M
REIT - Retail7.5%+0.9pp$427M
REIT - Residential7.2%-1.5pp$409M
Medical - Diagnostics & Research5.9%+3.4pp$338M
Chemicals - Specialty5.5%+3.7pp$314M
Drug Manufacturers - General3.8%+2.9pp$216M
Software - Infrastructure3.7%-0.1pp$212M
Semiconductors3.5%-0.5pp$200M
Country
US89.1%-4.4pp
GB4.3%+3.1pp
IN1.9%+1.2pp
IE1.4%-0.9pp
CA1.3%+1.2pp
NL0.9%+0.5pp
IL0.6%+0.4pp
Unknown0.3%-0.1pp
Top 5: 22.2% · Top 10: 35.5% · Top 25: 63.8%
Top buys this quarter · 11
| AZN AstraZeneca PLCnew | +$127M |
| VLTO Veralto Corporation | +$57M |
| RUN Sunrun Inc. | +$129M |
| IQV IQVIA Holdings Inc. | +$22M |
| AMH American Homes 4 Rent | +$17M |
| ARGX argenx SE | +$12M |
| HDB HDFC Bank Limited | +$106M |
| WCN Waste Connections, Inc. | +$74M |
| MSFT Microsoft Corporation | +$156M |
| LLY Eli Lilly and Company | +$121M |
Top sells this quarter · 15
| INVH Invitation Homes Inc. | −$77M |
| EQIX Equinix, Inc. | −$280M |
| WELL Welltower Inc. | −$57M |
| ALB Albemarle Corporation | −$50M |
| AGRO Adecoagro S.A. | −$45M |
| FR First Industrial Realty Trust, | −$36M |
| PLD Prologis, Inc. | −$34M |
| KRC Kilroy Realty Corporation | −$32M |
| IRM Iron Mountain Incorporated | −$137M |
| ELS Equity LifeStyle Properties, I | −$29M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $5.70B | 67 | +10.39% | +17.59% | -7.20% | -0.58B |
| 2025-12-31 | $6.32B | 66 | +9.70% | +17.72% | -8.02% | +0.00B |
| 2025-09-30 | $6.18B | 66 | +3.89% | +17.52% | -13.63% | +0.07B |
| 2025-06-30 | $5.77B | 68 | +9.24% | +14.94% | -5.70% | -1.84B |
| 2025-03-31 | $7.42B | 347 | +5.13% | +8.30% | -3.17% | -0.01B |
| 2024-12-31 | $7.52B | 345 | +10.26% | +24.89% | -14.62% | -0.04B |
| 2024-09-30 | $7.81B | 348 | +28.72% | +36.04% | -7.31% | +0.02B |
| 2024-06-30 | $6.99B | 344 | +9.10% | +24.49% | -15.39% | +0.18B |
| 2024-03-31 | $6.90B | 365 | +15.37% | +29.62% | -14.25% | +0.09B |
| 2023-12-31 | $6.57B | 351 | +14.74% | +26.18% | -11.43% | +0.02B |
| 2023-09-30 | $5.80B | 346 | +6.70% | +21.57% | -14.87% | -0.03B |
| 2023-06-30 | $6.17B | 359 | -11.36% | +19.42% | -30.78% | -0.04B |
| 2023-03-31 | $5.95B | 387 | +3.07% | +7.46% | -4.39% | +0.06B |
| 2022-12-31 | $5.71B | 378 | +5.04% | +7.56% | -2.52% | -0.26B |
| 2022-09-30 | $5.69B | 382 | -21.54% | -4.93% | -16.62% | -10.07B |
| 2022-03-31 | $20.09B | 366 | — | — | — | +0.00B |