Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+5.62%
adds when stocks drop
when a holding falls −10%+
Middle response
-16.05%
baseline attrition
Rally response
-39.85%
trims into rallies
when a holding rises +10%+
Top positions · 18
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| EFC-PDEllington Financial Inc. | $11M | 16.7% | — | 4.8 yr |
| MFAMFA Financial, Inc. | $6M | 9.0% | +4.7% | 4.0 yr |
| MHOM/I Homes, Inc. | $6M | 8.6% | +7.2% | 1.3 yr |
| PFSIPennyMac Financial Servi | $6M | 8.4% | -11.7% | 3.3 yr |
| CPTCamden Property Trust | $5M | 7.9% | -17.8% | 0.5 yr |
| DXDynex Capital, Inc. | $4M | 6.5% | +13.2% | 1.0 yr |
| MAAMid-America Apartment Co | $4M | 6.2% | -24.0% | 0.5 yr |
| KBHKB Home | $4M | 5.9% | -9.4% | 0.5 yr |
| FBHSFortune Brands Home & Se | $4M | 5.7% | — | 0.3 yr |
| ESNTEssent Group Ltd. | $4M | 5.1% | +3.4% | 1.0 yr |
| CCSCentury Communities, Inc | $3M | 4.7% | -12.9% | 0.8 yr |
| RITM-PDRithm Capital Corp. | $3M | 4.2% | — | 1.3 yr |
| FNDFloor & Decor Holdings, | $2M | 3.0% | -36.9% | 0.5 yr |
| COMPCompass, Inc. | $2M | 2.8% | -16.3% | 1.8 yr |
| NVRNVR, Inc. | $2M | 2.6% | -9.0% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
REIT - Mortgage36.3%+13.0pp$25M
Residential Construction21.9%-5.6pp$15M
REIT - Residential14.2%$10M
Financial - Mortgages8.4%-16.4pp$6M
Construction5.7%+0.3pp$4M
Insurance - Specialty5.1%-1.6pp$4M
Home Improvement3.0%$2M
Software - Application2.8%$2M
Asset Management1.0%-0.0pp$1M
Financial - Credit Services0.9%+0.0pp$1M
Country
US94.9%-5.1pp
BM5.1%
Top 5: 50.6% · Top 10: 80.1% · Top 25: 100.0%
Top buys this quarter · 9
| FBHS Fortune Brands Home & Securitynew | +$0M |
| RITM-PD Rithm Capital Corp. | +$0M |
| KBH KB Home | +$4M |
| PFSI PennyMac Financial Services, I | +$4M |
| MHO M/I Homes, Inc. | +$2M |
| CCS Century Communities, Inc. | +$2M |
| CPT Camden Property Trust | +$2M |
| MAA Mid-America Apartment Communit | +$1M |
| NVR NVR, Inc. | +$2M |
Top sells this quarter · 14
| DX Dynex Capital, Inc. | −$4M |
| RDN Radian Group Inc.exit | −$4M |
| MAS Masco Corporationexit | −$3M |
| OC Owens Corningexit | −$3M |
| CVCO Cavco Industries, Inc.exit | −$2M |
| SKY Champion Homes, Inc.exit | −$2M |
| TREX Trex Company, Inc.exit | −$2M |
| TMHC Taylor Morrison Home Corporatiexit | −$2M |
| COMP Compass, Inc. | −$1M |
| FND Floor & Decor Holdings, Inc. | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $68M | 18 | +21.00% | +17.59% | +3.41% | +0.01B |
| 2025-12-31 | $62M | 21 | +22.75% | +17.72% | +5.03% | -0.03B |
| 2025-09-30 | $93M | 17 | +17.33% | +17.52% | -0.19% | +0.00B |
| 2025-06-30 | $77M | 16 | +15.90% | +14.94% | +0.95% | -0.01B |
| 2025-03-31 | $82M | 17 | +17.28% | +8.30% | +8.98% | +0.01B |
| 2024-12-31 | $72M | 19 | +28.64% | +24.89% | +3.76% | +0.00B |
| 2024-09-30 | $69M | 19 | +39.63% | +36.04% | +3.59% | -0.03B |
| 2024-06-30 | $85M | 22 | +18.82% | +24.49% | -5.67% | -0.01B |
| 2024-03-31 | $91M | 18 | +39.16% | +29.62% | +9.54% | -0.02B |
| 2023-12-31 | $107M | 38 | +36.73% | +26.18% | +10.55% | -0.02B |
| 2023-09-30 | $120M | 44 | +44.82% | +21.57% | +23.25% | -0.04B |
| 2023-06-30 | $158M | 46 | +33.41% | +19.42% | +13.99% | -0.02B |
| 2023-03-31 | $141M | 41 | -14.24% | -7.82% | -6.42% | +0.04B |
| 2022-12-31 | $97M | 63 | +10.86% | +7.56% | +3.30% | -0.00B |
| 2022-09-30 | $90M | 74 | -8.83% | -4.93% | -3.90% | -0.02B |
| 2022-06-30 | $116M | 148 | -19.42% | -16.11% | -3.31% | -0.05B |