Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+2.44%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.14%
baseline attrition
Rally response
-6.74%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MTGMGIC Investment Corporat | $46M | 12.9% | +8.2% | 9.8 yr |
| APOApollo Global Management | $34M | 9.4% | -17.4% | 4.0 yr |
| DARDarling Ingredients Inc. | $28M | 7.7% | +98.0% | 10.0 yr |
| — | $26M | 7.2% | — | 7.3 yr |
| PGRThe Progressive Corporat | $26M | 7.2% | -25.5% | 6.3 yr |
| AZOAutoZone, Inc. | $19M | 5.3% | -11.4% | 8.8 yr |
| — | $18M | 4.9% | — | 1.5 yr |
| — | $17M | 4.6% | — | 0.8 yr |
| WESTWestrock Coffee Company, | $15M | 4.2% | -41.1% | 3.5 yr |
| RRCRange Resources Corporat | $12M | 3.3% | +14.2% | 1.5 yr |
| STWDStarwood Property Trust, | $12M | 3.2% | -6.2% | 10.3 yr |
| AXPAmerican Express Company | $12M | 3.2% | +13.3% | 6.0 yr |
| TOLToll Brothers, Inc. | $11M | 3.0% | +30.1% | 0.3 yr |
| REEverest Re Group, Ltd. | $10M | 2.7% | — | 10.3 yr |
| — | $9M | 2.6% | — | 2.0 yr |
Portfolio composition (YoY)
Industry mix
Unknown22.8%+8.5pp$82M
Insurance - Specialty13.9%-1.0pp$50M
Packaged Foods11.9%-0.9pp$43M
Asset Management9.5%-2.6pp$34M
Insurance - Property & Casualty8.5%+0.1pp$30M
Financial - Credit Services5.5%+2.2pp$20M
Specialty Retail5.3%-1.5pp$19M
REIT - Mortgage4.0%-0.5pp$14M
Oil & Gas Exploration & Production3.3%+0.2pp$12M
Residential Construction3.0%-0.8pp$11M
Country
US73.7%-7.8pp
Unknown22.8%+8.5pp
BM3.4%-0.7pp
Top 5: 44.5% · Top 10: 66.8% · Top 25: 97.3%
Top buys this quarter · 12
| TOL Toll Brothers, Inc.new | +$11M |
| PGR The Progressive Corporation | +$9M |
| FHN First Horizon Corporation | +$1M |
| APO Apollo Global Management, Inc. | +$34M |
| BAC Bank of America Corporationnew | +$0M |
| TFIN Triumph Financial, Inc. | +$8M |
| UHAL-B U-Haul Holding Company | +$0M |
| — | +$0M |
| — | +$0M |
| — | +$0M |
Top sells this quarter · 15
| COF Capital One Financial Corporat | −$17M |
| EQH Equitable Holdings, Inc.exit | −$3M |
| MRP Millrose Properties, Inc. | −$1M |
| WEST Westrock Coffee Company, LLC | −$1M |
| DAR Darling Ingredients Inc. | −$17M |
| MTG MGIC Investment Corporation | −$0M |
| NMIH NMI Holdings, Inc. | −$0M |
| HOMB Home Bancshares, Inc.exit | −$0M |
| VNOM Viper Energy, Inc. | −$5M |
| RRC Range Resources Corporation | −$10M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $359M | 41 | -0.69% | +17.59% | -18.28% | +0.01B |
| 2025-12-31 | $354M | 43 | +2.03% | +17.72% | -15.69% | +0.01B |
| 2025-09-30 | $345M | 43 | +6.92% | +17.52% | -10.60% | +0.00B |
| 2025-06-30 | $350M | 36 | +12.99% | +14.94% | -1.95% | +0.00B |
| 2025-03-31 | $336M | 36 | +8.14% | +8.30% | -0.16% | -0.03B |
| 2024-12-31 | $362M | 37 | +19.54% | +24.89% | -5.35% | -0.01B |
| 2024-09-30 | $348M | 35 | +24.86% | +36.04% | -11.18% | -0.01B |
| 2024-06-30 | $349M | 36 | +29.18% | +39.81% | -10.62% | +0.01B |
| 2024-03-31 | $348M | 32 | +30.07% | +43.93% | -13.85% | -0.01B |
| 2023-12-31 | $323M | 31 | +31.45% | +40.24% | -8.78% | -0.01B |
| 2023-06-30 | $304M | 32 | +17.19% | +19.42% | -2.23% | +0.02B |
| 2023-03-31 | $269M | 31 | -7.25% | -7.82% | +0.57% | -0.05B |
| 2022-12-31 | $323M | 34 | +12.75% | +7.56% | +5.19% | -0.10B |
| 2022-09-30 | $371M | 36 | -1.65% | -4.93% | +3.28% | +0.01B |
| 2022-06-30 | $369M | 35 | -15.40% | -16.11% | +0.71% | -0.01B |
| 2022-03-31 | $446M | 38 | — | — | — | -0.03B |