Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+15.77%
adds when stocks drop
when a holding falls −10%+
Middle response
-2.84%
baseline attrition
Rally response
-18.60%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BFHBread Financial Holdings | $182M | 6.8% | +51.7% | 9.0 yr |
| CIGIColliers International G | $175M | 6.5% | -11.7% | 4.8 yr |
| CECelanese Corporation | $168M | 6.2% | +16.1% | 3.8 yr |
| FIFiserv, Inc. | $148M | 5.5% | — | 2.5 yr |
| SUNBSunbelt Rentals Holdings | $143M | 5.3% | — | 0.3 yr |
| KNSLKinsale Capital Group, I | $141M | 5.2% | -29.7% | 2.3 yr |
| FNDFloor & Decor Holdings, | $140M | 5.2% | -36.9% | 3.5 yr |
| — | $138M | 5.1% | — | 3.0 yr |
| WSCWillScot Holdings Corpor | $137M | 5.1% | -36.8% | 1.8 yr |
| MIDDThe Middleby Corporation | $125M | 4.6% | -12.8% | 8.8 yr |
| EEFTEuronet Worldwide, Inc. | $123M | 4.5% | -37.9% | 5.0 yr |
| TFIITFI International Inc. | $118M | 4.4% | +42.3% | 6.3 yr |
| IRIngersoll Rand Inc. | $104M | 3.9% | +0.2% | 6.3 yr |
| WEXWEX Inc. | $102M | 3.8% | -2.5% | 0.8 yr |
| SCIService Corporation Inte | $96M | 3.6% | +4.6% | 9.0 yr |
Portfolio composition (YoY)
Industry mix
Financial - Credit Services12.1%+6.5pp$327M
Industrial - Machinery8.8%-1.7pp$237M
Software - Infrastructure8.4%+6.1pp$225M
Real Estate - Services6.5%+2.1pp$176M
Chemicals6.2%-1.0pp$168M
Information Technology Services5.5%$148M
Insurance - Property & Casualty5.2%+1.6pp$141M
Home Improvement5.2%+1.2pp$140M
Unknown5.1%-0.7pp$138M
Rental & Leasing Services5.1%+1.8pp$137M
Country
US80.3%+6.9pp
CA14.5%-6.2pp
Unknown5.1%-0.7pp
Top 5: 30.2% · Top 10: 55.5% · Top 25: 96.6%
Top buys this quarter · 15
| SUNB Sunbelt Rentals Holdings Incnew | +$143M |
| CIGI Colliers International Group I | +$88M |
| MEDP Medpace Holdings, Inc. | +$64M |
| PNTG The Pennant Group, Inc. | +$48M |
| KNSL Kinsale Capital Group, Inc. | +$45M |
| FND Floor & Decor Holdings, Inc. | +$41M |
| EEFT Euronet Worldwide, Inc. | +$38M |
| WEX WEX Inc. | +$38M |
| WSC WillScot Holdings Corporation | +$29M |
| CE Celanese Corporation | +$26M |
Top sells this quarter · 15
| ECPG Encore Capital Group, Inc. | −$41M |
| TFII TFI International Inc. | −$32M |
| MGA Magna International Inc. | −$26M |
| MIDD The Middleby Corporation | −$23M |
| BC Brunswick Corporation | −$22M |
| IR Ingersoll Rand Inc. | −$18M |
| ENSG The Ensign Group, Inc. | −$16M |
| GIL Gildan Activewear Inc. | −$15M |
| BFH Bread Financial Holdings, Inc. | −$9M |
| BWA BorgWarner Inc. | −$19M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.69B | 40 | -1.99% | +17.59% | -19.58% | +0.49B |
| 2025-12-31 | $2.27B | 38 | -7.68% | +17.72% | -25.40% | -1.01B |
| 2025-09-30 | $3.31B | 41 | -13.91% | +17.52% | -31.43% | -0.13B |
| 2025-06-30 | $3.44B | 40 | -3.54% | +14.94% | -18.48% | -0.20B |
| 2025-03-31 | $3.56B | 38 | -19.00% | +8.30% | -27.30% | +0.05B |
| 2024-12-31 | $3.85B | 38 | -2.66% | +24.89% | -27.55% | +0.00B |
| 2024-09-30 | $4.17B | 38 | +22.21% | +36.04% | -13.83% | -0.18B |
| 2024-06-30 | $3.88B | 39 | +0.41% | +24.49% | -24.08% | +0.36B |
| 2024-03-31 | $4.10B | 40 | +26.64% | +29.62% | -2.98% | -0.05B |
| 2023-12-31 | $3.79B | 39 | +30.38% | +26.18% | +4.20% | -0.27B |
| 2023-09-30 | $3.50B | 39 | +26.27% | +21.57% | +4.70% | +0.30B |
| 2023-06-30 | $3.49B | 38 | +22.31% | +19.42% | +2.89% | -0.01B |
| 2023-03-31 | $3.23B | 37 | -8.76% | -7.82% | -0.94% | +0.03B |
| 2022-12-31 | $2.84B | 33 | +12.19% | +7.56% | +4.62% | +0.13B |
| 2022-09-30 | $2.41B | 31 | -10.97% | -4.93% | -6.05% | +0.11B |
| 2022-06-30 | $2.58B | 26 | -19.03% | -16.11% | -2.92% | +0.27B |