Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+4.96%
adds when stocks drop
when a holding falls −10%+
Middle response
-7.00%
baseline attrition
Rally response
-12.32%
trims into rallies
when a holding rises +10%+
Top positions · 17
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MCYMercury General Corporat | $52M | 26.5% | +60.2% | 1.3 yr |
| TLNTalen Energy Corporation | $36M | 18.1% | +59.9% | 1.5 yr |
| GDDYGoDaddy Inc. | $17M | 8.7% | -54.1% | 0.3 yr |
| GLNGGolar LNG Limited | $13M | 6.8% | +45.8% | 0.8 yr |
| CZRCaesars Entertainment, I | $12M | 6.1% | +5.7% | 5.8 yr |
| CAPRCapricor Therapeutics, I | $12M | 6.0% | +220.3% | 0.8 yr |
| MAGNMagnera Corp. | $11M | 5.8% | -47.6% | 1.5 yr |
| IGViShares Expanded Tech-So | $10M | 5.3% | — | 0.3 yr |
| OWLBlue Owl Capital Inc. | $9M | 4.7% | -51.8% | 0.3 yr |
| MSDLMorgan Stanley Direct Le | $8M | 4.1% | -23.7% | 0.3 yr |
| ATEXAnterix Inc. | $6M | 3.3% | +4.3% | 3.0 yr |
| UIHCUnited Insurance Holding | $5M | 2.7% | — | 1.5 yr |
| GELGenesis Energy, L.P. | $2M | 0.9% | +18.6% | 2.0 yr |
| — | $1M | 0.4% | — | 0.5 yr |
| DNOWDnow Inc. | $1M | 0.3% | -30.3% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Insurance - Property & Casualty29.2%+11.4pp$58M
Independent Power Producers18.1%+3.8pp$36M
Asset Management10.2%-1.4pp$20M
Software - Infrastructure8.7%$17M
Oil & Gas Midstream7.7%+5.9pp$15M
Biotechnology6.2%+5.9pp$12M
Gambling, Resorts & Casinos6.1%-6.8pp$12M
Manufacturing - Textiles5.8%-1.7pp$11M
Financial - Conglomerates4.1%$8M
Telecommunications Services3.3%-9.6pp$6M
Country
US92.6%+4.2pp
BM6.8%
Unknown0.4%+0.4pp
GG0.2%-11.4pp
Top 5: 66.2% · Top 10: 92.1% · Top 25: 100.0%
Top buys this quarter · 11
| TLN Talen Energy Corporation | +$35M |
| GDDY GoDaddy Inc.new | +$17M |
| GLNG Golar LNG Limited | +$13M |
| CZR Caesars Entertainment, Inc. | +$11M |
| MAGN Magnera Corp. | +$11M |
| OWL Blue Owl Capital Inc.new | +$9M |
| MSDL Morgan Stanley Direct Lending new | +$8M |
| ATEX Anterix Inc. | +$6M |
| DNOW Dnow Inc.new | +$1M |
| BUR Burford Capital Limited | +$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $197M | 17 | +15.42% | +17.59% | -2.17% | +0.12B |
| 2025-12-31 | $91M | 12 | +28.80% | +17.72% | +11.09% | -0.08B |
| 2025-09-30 | $154M | 12 | +9.64% | +17.52% | -7.88% | -0.07B |
| 2025-06-30 | $212M | 15 | +22.27% | +14.94% | +7.32% | +0.01B |
| 2025-03-31 | $184M | 14 | +2.51% | +8.30% | -5.80% | +0.04B |
| 2024-12-31 | $147M | 14 | +7.67% | +24.89% | -17.21% | -0.03B |
| 2024-09-30 | $193M | 14 | +22.94% | +36.04% | -13.10% | +0.02B |
| 2024-06-30 | $142M | 16 | -11.89% | +24.49% | -36.38% | -0.00B |
| 2024-03-31 | $154M | 19 | +7.24% | +29.62% | -22.38% | -0.00B |
| 2023-12-31 | $148M | 21 | +18.60% | +26.18% | -7.58% | -0.02B |
| 2023-09-30 | $159M | 20 | +30.97% | +21.57% | +9.41% | -0.00B |
| 2023-06-30 | $188M | 26 | +40.80% | +19.42% | +21.37% | -0.00B |
| 2023-03-31 | $172M | 26 | -12.03% | -7.82% | -4.21% | +0.01B |
| 2022-12-31 | $139M | 37 | +17.27% | +7.56% | +9.70% | -0.08B |
| 2022-09-30 | $190M | 54 | -7.87% | -4.93% | -2.94% | -0.03B |
| 2022-06-30 | $241M | 69 | -30.05% | -16.11% | -13.94% | -0.09B |