Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+1.23%
adds when stocks drop
when a holding falls −10%+
Middle response
+1.55%
steady accumulation
Rally response
-2.80%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| STEWSRH Total Return Fund, I | $22M | 4.9% | — | 12.3 yr |
| DSMBNY Mellon Strategic Mun | $20M | 4.6% | — | 3.0 yr |
| CETCentral Securities Corp. | $20M | 4.4% | +16.6% | 12.0 yr |
| GAMGeneral American Investo | $17M | 3.9% | +29.1% | 11.8 yr |
| TPLTexas Pacific Land Corpo | $15M | 3.4% | +8.1% | 5.0 yr |
| NBXGNeuberger Next Generatio | $15M | 3.4% | — | 4.3 yr |
| TRCTejon Ranch Co. | $15M | 3.4% | +18.9% | 1.8 yr |
| CMUMFS High Yield Municipal | $13M | 2.8% | — | 4.3 yr |
| CIONCION Investment Corporat | $11M | 2.4% | -24.8% | 4.5 yr |
| LEOBNY Mellon Strategic Mun | $10M | 2.2% | +7.4% | 1.0 yr |
| CXHMFS Investment Grade Mun | $9M | 2.1% | — | 4.3 yr |
| OTFBlue Owl Technology Fina | $8M | 1.9% | — | 1.0 yr |
| RWAYRunway Growth Finance Co | $8M | 1.9% | -23.2% | 3.8 yr |
| GDVThe Gabelli Dividend & I | $8M | 1.8% | — | 2.5 yr |
| VLGEAVillage Super Market, In | $7M | 1.6% | — | 3.3 yr |
Portfolio composition (YoY)
Industry mix
Asset Management41.1%+3.3pp$183M
Unknown14.0%-14.1pp$62M
Shell Companies8.8%+3.1pp$39M
Asset Management - Income6.4%-5.1pp$29M
Asset Management - Bonds5.8%+0.5pp$26M
Oil & Gas Exploration & Production3.4%+0.5pp$15M
Conglomerates3.4%+1.1pp$15M
Financial - Credit Services3.3%+1.1pp$15M
Financial - Conglomerates3.0%+1.8pp$13M
Grocery Stores1.6%$7M
Country
US81.5%+11.0pp
Unknown14.0%-13.8pp
DE1.2%+0.0pp
KY1.1%+0.7pp
CH1.0%
GB0.7%
JP0.3%
HK0.2%
Top 5: 21.2% · Top 10: 35.4% · Top 25: 58.0%
Top buys this quarter · 15
| NWFL Norwood Financial Corp. | +$3M |
| OIM OneIM Acquisition Corp. Class new | +$2M |
| FVAV Fortress Value Acquisition Cornew | +$2M |
| EIC Eagle Point Income Company Incnew | +$2M |
| MEVO M Evo Global Acquisition Corp new | +$2M |
| BBCQ Bleichroeder Acquisition Corp.new | +$2M |
| SVIV Spring Valley Acquisition Corpnew | +$1M |
| SCII SC II Acquisition Corp. Class new | +$1M |
| OBDC Blue Owl Capital Corporation | +$1M |
| EVOX Evolution Global Acquisition Cnew | +$1M |
Top sells this quarter · 15
| OXLC Oxford Lane Capital Corp.exit | −$5M |
| BACC Blue Acquisition Corp.exit | −$3M |
| CNNE Cannae Holdings, Inc. | −$2M |
| XRPN Armada Acquisition Corp. IIexit | −$1M |
| CCIX Churchill Capital Corp IX Ordiexit | −$0M |
| IPEX Inflection Point Acquisition Cexit | −$0M |
| GAM General American Investors Com | −$0M |
| JACS Jackson Acquisition Company II | −$4M |
| CCAP Crescent Capital BDC, Inc. | −$0M |
| RWAY Runway Growth Finance Corp. | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $445M | 216 | +0.17% | +17.59% | -17.42% | +0.02B |
| 2025-12-31 | $449M | 221 | +3.07% | +17.72% | -14.65% | +0.02B |
| 2025-09-30 | $432M | 197 | +7.28% | +17.52% | -10.24% | +0.03B |
| 2025-06-30 | $396M | 171 | +12.85% | +14.94% | -2.09% | +0.01B |
| 2025-03-31 | $370M | 142 | +15.17% | +8.30% | +6.86% | -0.01B |
| 2024-12-31 | $383M | 142 | +23.92% | +24.89% | -0.96% | +0.08B |
| 2024-09-30 | $290M | 139 | +27.80% | +36.04% | -8.24% | +0.01B |
| 2024-06-30 | $268M | 140 | +25.16% | +24.49% | +0.67% | -0.05B |
| 2024-03-31 | $303M | 157 | +23.88% | +29.62% | -5.74% | -0.02B |
| 2023-12-31 | $304M | 159 | +22.69% | +26.18% | -3.49% | -0.01B |
| 2023-09-30 | $288M | 205 | +24.29% | +21.57% | +2.73% | -0.02B |
| 2023-06-30 | $302M | 217 | +10.91% | +19.42% | -8.51% | -0.03B |
| 2023-03-31 | $311M | 257 | -12.17% | -7.82% | -4.35% | -0.04B |
| 2022-12-31 | $332M | 274 | +8.91% | +7.56% | +1.35% | -0.04B |
| 2022-09-30 | $342M | 326 | -7.62% | -4.93% | -2.69% | +0.01B |
| 2022-06-30 | $362M | 334 | -16.53% | -16.11% | -0.42% | +0.04B |