Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+9.45%
adds when stocks drop
when a holding falls −10%+
Middle response
-3.80%
baseline attrition
Rally response
-13.54%
trims into rallies
when a holding rises +10%+
Top positions · 13
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GRFSGrifols, S.A. | $155M | 17.2% | +14.2% | 2.3 yr |
| TICTIC Solutions, Inc. | $144M | 16.0% | -40.8% | 1.3 yr |
| NRGNRG Energy, Inc. | $134M | 14.9% | +55.0% | 9.3 yr |
| MRPMillrose Properties, Inc | $109M | 12.0% | +12.1% | 1.3 yr |
| ARMKAramark | $100M | 11.0% | +18.8% | 3.8 yr |
| REZIResideo Technologies, In | $65M | 7.2% | +90.5% | 0.8 yr |
| — | $53M | 5.9% | — | 0.5 yr |
| TRSTriMas Corporation | $43M | 4.8% | +54.1% | 0.5 yr |
| AMTMAmentum Holdings, Inc. | $41M | 4.5% | +43.3% | 0.3 yr |
| CNHICNH Industrial N.V. | $40M | 4.4% | — | 0.3 yr |
| VGKVanguard FTSE Europe ETF | $18M | 1.9% | — | 1.0 yr |
| FBTCFidelity Wise Origin Bit | $2M | 0.2% | — | 0.5 yr |
| IBITiShares Bitcoin Trust ET | $1M | 0.1% | — | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Specialty Business Services27.0%+1.9pp$244M
Drug Manufacturers - General17.2%-2.1pp$155M
Independent Power Producers14.9%+0.3pp$134M
REIT - Residential12.0%+6.5pp$109M
Security & Protection Services7.2%$65M
Unknown5.9%$53M
Packaging & Containers4.8%$43M
Aerospace & Defense4.5%$41M
Agricultural - Machinery4.4%$40M
Asset Management2.1%-0.3pp$19M
Country
US72.6%-8.2pp
ES17.2%-2.1pp
Unknown5.9%
GB4.4%
Top 5: 71.0% · Top 10: 97.8% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| NRG | $97M | +0.05B | 55.0% |
| GRFS | $129M | +0.02B | 14.2% |
| ARMK | $72M | +0.01B | 18.8% |
| MRP | $37M | +0.00B | 12.1% |
| TIC | $95M | -0.04B | -40.8% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| TIC | $95M | -0.04B | -40.8% |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $905M | 13 | +7.19% | +17.59% | -10.40% | +0.13B |
| 2025-12-31 | $883M | 11 | +17.73% | +17.72% | +0.01% | +0.08B |
| 2025-09-30 | $886M | 9 | +21.95% | +17.52% | +4.43% | +0.12B |
| 2025-06-30 | $703M | 8 | +27.67% | +14.94% | +12.73% | -0.12B |
| 2025-03-31 | $668M | 8 | +8.21% | +8.30% | -0.09% | +0.13B |
| 2024-12-31 | $555M | 5 | +26.71% | +24.89% | +1.82% | -0.09B |
| 2024-09-30 | $682M | 6 | +53.92% | +36.04% | +17.89% | -0.12B |
| 2024-06-30 | $701M | 7 | +29.71% | +24.49% | +5.21% | -0.11B |
| 2024-03-31 | $775M | 8 | +37.10% | +29.62% | +7.48% | +0.00B |
| 2023-12-31 | $683M | 9 | +34.68% | +26.18% | +8.50% | -0.14B |
| 2023-09-30 | $722M | 8 | +28.77% | +21.57% | +7.20% | +0.02B |
| 2023-06-30 | $730M | 8 | +37.74% | +19.42% | +18.31% | +0.02B |
| 2023-03-31 | $637M | 8 | -1.10% | -7.82% | +6.72% | +0.01B |
| 2022-12-31 | $568M | 11 | +9.28% | +7.56% | +1.72% | -0.03B |
| 2022-09-30 | $552M | 16 | +2.71% | -4.93% | +7.64% | -0.07B |
| 2022-06-30 | $609M | 12 | -20.51% | -16.11% | -4.40% | -0.04B |