Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.33%
trims when stocks drop
when a holding falls −10%+
Middle response
-8.48%
baseline attrition
Rally response
-16.61%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CSQCalamos Strategic Total | $10M | 3.7% | — | 8.0 yr |
| JCENuveen Core Equity Alpha | $9M | 3.2% | — | 9.3 yr |
| ASGLiberty All-Star Growth | $9M | 3.0% | — | 7.3 yr |
| ETGEaton Vance Tax-Advantag | $8M | 2.8% | — | 9.8 yr |
| FFAFirst Trust Enhanced Equ | $7M | 2.4% | — | 9.0 yr |
| ETBEaton Vance Tax-Managed | $7M | 2.4% | — | 4.0 yr |
| SPXXNuveen S&P 500 Dynamic O | $7M | 2.3% | — | 6.8 yr |
| EOSEaton Vance Enhanced Equ | $6M | 2.0% | — | 5.0 yr |
| USALiberty All-Star Equity | $5M | 1.8% | — | 7.8 yr |
| SPESpecial Opportunities Fu | $5M | 1.8% | — | 9.8 yr |
| ETYEaton Vance Tax-Managed | $5M | 1.8% | — | 4.8 yr |
| EEAThe European Equity Fund | $5M | 1.8% | — | 10.5 yr |
| STEWSRH Total Return Fund, I | $5M | 1.7% | — | 10.5 yr |
| SABASaba Capital Income & Op | $5M | 1.7% | — | 1.8 yr |
| RMTRoyce Micro-Cap Trust, I | $4M | 1.6% | — | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management45.1%-2.0pp$129M
Asset Management - Income42.9%-0.9pp$123M
Asset Management - Global9.3%+3.8pp$27M
Unknown2.5%-0.5pp$7M
Asset Management - Leveraged0.3%-0.5pp$1M
Asset Management - Bonds0.1%$0M
Country
US92.1%-0.6pp
Unknown2.5%-0.5pp
DE2.2%+0.7pp
HK1.0%+0.5pp
CA0.7%-0.2pp
SG0.7%+0.4pp
GB0.4%+0.0pp
JP0.3%+0.1pp
Top 5: 15.1% · Top 10: 25.3% · Top 25: 47.1%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| SPY | $3M | +0.00B | 17.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| TY Tri-Continental Corporation | +$1M |
| AEF Abrdn Emerging Markets Equity | +$0M |
| AOD Abrdn Total Dynamic Dividend F | +$0M |
| AVK Advent Convertible and Income | +$0M |
| ARDC Ares Dynamic Credit Allocation | +$0M |
| BGH Barings Global Short Duration | +$0M |
| BUI BlackRock Utilities, Infrastrunew | +$0M |
| BLW BlackRock Limited Duration Inc | +$0M |
| BOE BlackRock Enhanced Global Divi | +$0M |
| BTZ BlackRock Credit Allocation In | +$0M |
Top sells this quarter · 15
| CET Central Securities Corp. | −$4M |
| SPY State Street SPDR S&P 500 ETF | −$2M |
| GAM General American Investors Com | −$1M |
| HQL Tekla Life Sciences Investors | −$1M |
| HQH Abrdn Healthcare Investors | −$0M |
| ACP Abrdn Income Credit Strategies | −$0M |
| ASGI Abrdn Global Infrastructure In | −$0M |
| AWF AllianceBernstein Global High | −$0M |
| FINS Angel Oak Financial Strategies | −$0M |
| BCV Bancroft Fund Ltd. | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $287M | 145 | +23.99% | +17.59% | +6.40% | -0.02B |
| 2025-12-31 | $315M | 165 | +27.36% | +17.72% | +9.64% | -0.00B |
| 2025-09-30 | $292M | 148 | +18.63% | +17.52% | +1.11% | -0.00B |
| 2025-06-30 | $276M | 147 | +15.92% | +14.94% | +0.98% | -0.00B |
| 2025-03-31 | $257M | 153 | +12.12% | +8.30% | +3.82% | -0.00B |
| 2024-12-31 | $261M | 176 | +23.25% | +24.89% | -1.63% | -0.01B |
| 2024-09-30 | $265M | 157 | +33.94% | +36.04% | -2.10% | +0.01B |
| 2024-06-30 | $247M | 157 | +25.90% | +24.49% | +1.41% | -0.03B |
| 2024-03-31 | $258M | 157 | +31.94% | +29.62% | +2.31% | -0.01B |
| 2023-12-31 | $244M | 152 | +24.89% | +26.18% | -1.29% | +0.01B |
| 2023-09-30 | $215M | 155 | +20.14% | +21.57% | -1.43% | -0.01B |
| 2023-06-30 | $229M | 159 | +11.30% | +19.42% | -8.12% | -0.02B |
| 2023-03-31 | $229M | 152 | -8.13% | -7.82% | -0.31% | +0.01B |
| 2022-12-31 | $214M | 147 | -15.94% | -18.17% | +2.23% | -0.00B |
| 2022-09-30 | $202M | 154 | -11.45% | -15.51% | +4.05% | +0.02B |
| 2022-06-30 | $206M | 132 | -2.57% | -10.62% | +8.05% | -0.04B |