Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+9.29%
adds when stocks drop
when a holding falls −10%+
Middle response
-21.44%
baseline attrition
Rally response
-26.65%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| IRTIndependence Realty Trus | $85M | 8.7% | -27.8% | 4.5 yr |
| JANJanus Living, Inc. | $78M | 7.9% | — | 0.3 yr |
| JBGSJBG SMITH Properties | $64M | 6.6% | -5.6% | 8.8 yr |
| WHWyndham Hotels & Resorts | $57M | 5.8% | -8.4% | 5.0 yr |
| TRTXTPG RE Finance Trust, In | $55M | 5.6% | +4.3% | 2.3 yr |
| SEASSeaWorld Entertainment, | $55M | 5.6% | — | 0.8 yr |
| WYNNWynn Resorts, Limited | $54M | 5.5% | +22.7% | 1.3 yr |
| COLDAmericold Realty Trust, | $52M | 5.3% | -43.9% | 2.8 yr |
| INNSummit Hotel Properties, | $42M | 4.2% | -13.0% | 1.0 yr |
| DOCHealthpeak Properties, I | $41M | 4.2% | -12.8% | 2.0 yr |
| CPTCamden Property Trust | $39M | 4.0% | -17.8% | 5.8 yr |
| KREFKKR Real Estate Finance | $35M | 3.6% | -38.2% | 0.8 yr |
| NCLHNorwegian Cruise Line Ho | $32M | 3.3% | -1.4% | 0.3 yr |
| HHyatt Hotels Corporation | $32M | 3.3% | +17.9% | 7.0 yr |
| AMHAmerican Homes 4 Rent | $31M | 3.2% | -23.2% | 4.5 yr |
Portfolio composition (YoY)
Industry mix
REIT - Residential18.7%+13.8pp$183M
REIT - Industrial16.2%+11.7pp$159M
REIT - Office10.1%+0.2pp$99M
REIT - Mortgage9.2%+5.2pp$90M
Travel Lodging9.1%-10.4pp$89M
Gambling, Resorts & Casinos7.4%-13.1pp$73M
Leisure5.6%$55M
Unknown4.4%-1.6pp$43M
REIT - Hotel & Motel4.2%$42M
REIT - Healthcare Facilities4.2%$41M
Country
US95.6%+9.8pp
Unknown4.4%-1.6pp
Top 5: 34.7% · Top 10: 59.5% · Top 25: 94.8%
Top buys this quarter · 15
| JAN Janus Living, Inc.new | +$78M |
| IRT Independence Realty Trust, Inc | +$70M |
| CPT Camden Property Trust | +$34M |
| NCLH Norwegian Cruise Line Holdingsnew | +$32M |
| WH Wyndham Hotels & Resorts, Inc. | +$30M |
| KREF KKR Real Estate Finance Trust | +$26M |
| POOL Pool Corporationnew | +$22M |
| SMA Smartstop Self Storage REIT Innew | +$19M |
| LINE Lineage, Inc. | +$7M |
| KRC Kilroy Realty Corporation | +$7M |
Top sells this quarter · 15
| NSA National Storage Affiliates Trexit | −$98M |
| TMHC Taylor Morrison Home Corporati | −$70M |
| PLD Prologis, Inc.exit | −$46M |
| GLPI Gaming and Leisure Properties,exit | −$44M |
| CZR Caesars Entertainment, Inc.exit | −$39M |
| DOC Healthpeak Properties, Inc. | −$30M |
| COMP Compass, Inc. | −$28M |
| AVB AvalonBay Communities, Inc.exit | −$23M |
| ARE Alexandria Real Estate Equitieexit | −$22M |
| TREX Trex Company, Inc.exit | −$18M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $978M | 32 | -1.47% | +17.59% | -19.06% | +0.19B |
| 2025-12-31 | $851M | 30 | +8.91% | +17.72% | -8.81% | -0.52B |
| 2025-09-30 | $1.38B | 28 | +0.57% | +17.52% | -16.94% | -0.20B |
| 2025-06-30 | $1.52B | 28 | +7.10% | +14.94% | -7.84% | -0.02B |
| 2025-03-31 | $1.51B | 33 | +7.04% | +8.30% | -1.27% | -0.44B |
| 2024-12-31 | $1.90B | 26 | +6.41% | +24.89% | -18.48% | -0.15B |
| 2024-09-30 | $2.23B | 38 | +27.15% | +36.04% | -8.89% | +0.17B |
| 2024-06-30 | $1.85B | 35 | +6.60% | +24.49% | -17.89% | +0.08B |
| 2024-03-31 | $1.74B | 34 | +8.76% | +29.62% | -20.86% | +0.47B |
| 2023-12-31 | $1.24B | 31 | +7.32% | +26.18% | -18.85% | -0.41B |
| 2023-09-30 | $1.51B | 26 | +8.42% | +21.57% | -13.15% | -0.07B |
| 2023-06-30 | $1.70B | 29 | +6.70% | +19.42% | -12.73% | -0.24B |
| 2023-03-31 | $1.86B | 39 | -12.44% | -7.82% | -4.62% | +0.21B |
| 2022-12-31 | $1.63B | 38 | +10.94% | +7.56% | +3.38% | -0.23B |
| 2022-09-30 | $1.68B | 32 | -8.31% | -4.93% | -3.38% | -0.12B |
| 2022-06-30 | $1.96B | 39 | -14.67% | -16.11% | +1.44% | +0.06B |