Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+3.56%
adds when stocks drop
when a holding falls −10%+
Middle response
+1.51%
steady accumulation
Rally response
-7.97%
trims into rallies
when a holding rises +10%+
Top positions · 20
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MTRNMaterion Corporation | $69M | 8.6% | +78.2% | 6.8 yr |
| WMSAdvanced Drainage System | $53M | 6.7% | +26.9% | 5.5 yr |
| — | $52M | 6.5% | — | 3.5 yr |
| ROGRogers Corporation | $51M | 6.4% | +58.9% | 7.5 yr |
| HLIOHelios Technologies, Inc | $50M | 6.3% | +103.5% | 2.5 yr |
| LFUSLittelfuse, Inc. | $46M | 5.7% | +74.5% | 0.3 yr |
| CNMCore & Main, Inc. | $44M | 5.5% | +2.3% | 2.3 yr |
| NOVTNovanta Inc. | $44M | 5.5% | -7.6% | 0.5 yr |
| SITESiteOne Landscape Supply | $44M | 5.5% | +9.6% | 1.3 yr |
| ASTEAstec Industries, Inc. | $42M | 5.3% | +58.1% | 0.8 yr |
| — | $40M | 5.0% | — | 0.8 yr |
| DXPEDXP Enterprises, Inc. | $36M | 4.5% | +69.9% | 0.8 yr |
| CDNLCardinal Infrastructure | $35M | 4.3% | — | 0.5 yr |
| EXPEagle Materials Inc. | $31M | 3.9% | -14.2% | 2.3 yr |
| MBCMasterBrand, Inc. | $31M | 3.8% | -36.4% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Hardware, Equipment & Parts21.1%+15.4pp$169M
Industrial - Distribution15.6%+13.6pp$125M
Unknown14.8%+6.6pp$119M
Construction10.1%$81M
Industrial Materials8.6%+2.4pp$69M
Industrial - Machinery6.3%-5.0pp$50M
Agricultural - Machinery5.3%$42M
Industrial - Infrastructure Operations4.3%$35M
Construction Materials3.9%$31M
Furnishings, Fixtures & Appliances3.8%+1.0pp$31M
Country
US85.2%-3.8pp
Unknown14.8%+6.6pp
Top 5: 34.4% · Top 10: 62.0% · Top 25: 100.0%
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $801M | 20 | +56.15% | +17.59% | +38.56% | -0.05B |
| 2025-12-31 | $797M | 23 | +30.00% | +17.72% | +12.28% | -0.03B |
| 2025-09-30 | $799M | 20 | +26.30% | +17.52% | +8.78% | -0.06B |
| 2025-06-30 | $761M | 21 | +17.35% | +14.94% | +2.41% | +0.00B |
| 2025-03-31 | $609M | 20 | -7.66% | +8.30% | -15.96% | -0.06B |
| 2024-12-31 | $746M | 22 | +12.07% | +24.89% | -12.81% | -0.07B |
| 2024-09-30 | $809M | 18 | +19.11% | +36.04% | -16.92% | -0.04B |
| 2024-06-30 | $810M | 19 | +0.19% | +24.49% | -24.30% | -0.03B |
| 2024-03-31 | $858M | 20 | +18.04% | +29.62% | -11.59% | -0.04B |
| 2023-12-31 | $831M | 21 | +23.18% | +26.18% | -3.00% | +0.09B |
| 2023-09-30 | $688M | 21 | +34.73% | +21.57% | +13.16% | -0.10B |
| 2023-06-30 | $901M | 25 | +56.64% | +19.42% | +37.21% | +0.14B |
| 2023-03-31 | $655M | 23 | +11.80% | -7.82% | +19.62% | +0.04B |
| 2022-12-31 | $545M | 25 | +17.33% | +7.56% | +9.77% | +0.10B |
| 2022-09-30 | $378M | 23 | +2.02% | -4.93% | +6.95% | +0.01B |
| 2022-06-30 | $357M | 21 | -17.55% | -16.11% | -1.43% | -0.02B |