Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-4.09%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.50%
baseline attrition
Rally response
-3.03%
trims into rallies
when a holding rises +10%+
Top positions · 28
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| WLFCWillis Lease Finance Cor | $115M | 28.6% | +8.7% | 9.3 yr |
| PDLBPonce Financial Group, I | $33M | 8.3% | +31.9% | 4.3 yr |
| AERAerCap Holdings N.V. | $33M | 8.1% | +35.6% | 1.3 yr |
| PBFSPioneer Bancorp, Inc. | $29M | 7.1% | +18.9% | 6.8 yr |
| ASLEAerSale Corporation | $25M | 6.1% | -17.0% | 1.5 yr |
| NODKNI Holdings, Inc. | $21M | 5.3% | -9.6% | 9.3 yr |
| SNFCASecurity National Financ | $21M | 5.2% | — | 8.3 yr |
| SWKHSWK Holdings Corporation | $17M | 4.2% | +67.4% | 5.3 yr |
| BHFBrighthouse Financial, I | $17M | 4.2% | +3.3% | 0.3 yr |
| RBKBRhinebeck Bancorp, Inc. | $16M | 3.9% | +56.7% | 6.0 yr |
| NFBKNorthfield Bancorp, Inc. | $11M | 2.6% | +29.9% | 0.8 yr |
| ALRSAlerus Financial Corpora | $10M | 2.5% | +32.1% | 3.5 yr |
| PKBKParke Bancorp, Inc. | $9M | 2.3% | +56.0% | 4.5 yr |
| GDOTGreen Dot Corporation | $8M | 2.1% | +32.9% | 0.3 yr |
| CBFVCB Financial Services, I | $6M | 1.5% | +24.0% | 3.3 yr |
Portfolio composition (YoY)
Industry mix
Rental & Leasing Services37.3%+3.8pp$150M
Banks - Regional34.8%-7.1pp$141M
Airlines, Airports & Air Services6.1%-0.3pp$25M
Insurance - Property & Casualty5.3%-0.2pp$21M
Financial - Mortgages5.2%-1.5pp$21M
Asset Management4.2%+0.4pp$17M
Insurance - Life4.2%$17M
Financial - Credit Services2.1%$8M
Unknown0.9%-0.6pp$3M
Country
US91.1%-2.7pp
IE8.1%+3.2pp
Unknown0.9%-0.6pp
Top 5: 58.3% · Top 10: 80.9% · Top 25: 99.8%
Top buys this quarter · 15
| BHF Brighthouse Financial, Inc.new | +$17M |
| NFBK Northfield Bancorp, Inc. | +$9M |
| GDOT Green Dot Corporationnew | +$8M |
| ASLE AerSale Corporation | +$4M |
| AER AerCap Holdings N.V. | +$4M |
| PDLB Ponce Financial Group, Inc. | +$2M |
| SWKH SWK Holdings Corporation | +$2M |
| NODK NI Holdings, Inc. | +$2M |
| PBFS Pioneer Bancorp, Inc. | +$1M |
| CBFV CB Financial Services, Inc. | +$0M |
Top sells this quarter · 9
| AL Air Lease Corporation | −$27M |
| AVBC Avidia Bancorp, Inc.exit | −$4M |
| FBIZ First Business Financial Servi | −$2M |
| WSBK Winchester Bancorp, Inc. Commo | −$2M |
| PROV Provident Financial Holdings, | −$0M |
| PKBK Parke Bancorp, Inc. | −$9M |
| RBKB Rhinebeck Bancorp, Inc. | −$12M |
| SNFCA Security National Financial Co | −$20M |
| BFIN BankFinancial Corporationexit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $404M | 28 | +19.50% | +17.59% | +1.91% | +0.01B |
| 2025-12-31 | $364M | 25 | +1.38% | +17.72% | -16.34% | -0.00B |
| 2025-09-30 | $353M | 28 | +14.83% | +17.52% | -2.69% | -0.02B |
| 2025-06-30 | $354M | 30 | +48.84% | +14.94% | +33.90% | -0.02B |
| 2025-03-31 | $364M | 31 | +57.36% | +8.30% | +49.06% | +0.05B |
| 2024-12-31 | $346M | 29 | +69.42% | +24.89% | +44.54% | -0.03B |
| 2024-09-30 | $325M | 29 | +70.18% | +36.04% | +34.14% | -0.05B |
| 2024-06-30 | $270M | 34 | +23.04% | +24.49% | -1.45% | -0.03B |
| 2024-03-31 | $283M | 37 | +9.52% | +29.62% | -20.11% | -0.03B |
| 2023-12-31 | $315M | 37 | -3.07% | +26.18% | -29.25% | -0.04B |
| 2023-09-30 | $299M | 42 | -6.80% | +21.57% | -28.37% | -0.02B |
| 2023-06-30 | $318M | 42 | -7.48% | +19.42% | -26.90% | +0.03B |
| 2023-03-31 | $304M | 39 | -6.44% | -7.82% | +1.37% | +0.02B |
| 2022-12-31 | $327M | 39 | +13.01% | +7.56% | +5.45% | +0.00B |
| 2022-09-30 | $285M | 42 | -1.53% | -4.93% | +3.40% | -0.02B |
| 2022-06-30 | $308M | 43 | -3.24% | -16.11% | +12.87% | +0.02B |