Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.21%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.91%
baseline attrition
Rally response
-3.58%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| EQIXEquinix, Inc. | $56M | 5.7% | +23.0% | 8.8 yr |
| WELLWelltower Inc. | $54M | 5.6% | +31.2% | 9.3 yr |
| AMTAmerican Tower Corporati | $38M | 3.9% | -17.9% | 10.3 yr |
| SPGSimon Property Group, In | $37M | 3.8% | +17.9% | 9.5 yr |
| USFRWisdomTree Floating Rate | $33M | 3.4% | — | 3.3 yr |
| PLDPrologis, Inc. | $33M | 3.3% | +22.3% | 2.5 yr |
| EGPEastGroup Properties, In | $28M | 2.9% | +7.9% | 10.3 yr |
| TRNOTerreno Realty Corporati | $28M | 2.9% | +0.0% | 10.3 yr |
| VTRVentas, Inc. | $27M | 2.8% | +21.4% | 6.5 yr |
| KRGKite Realty Group Trust | $27M | 2.7% | +14.8% | 8.3 yr |
| DLRDigital Realty Trust, In | $23M | 2.4% | +29.4% | 9.5 yr |
| ORealty Income Corporatio | $21M | 2.1% | +11.5% | 3.8 yr |
| SUISun Communities, Inc. | $16M | 1.6% | +3.7% | 2.5 yr |
| EXRExtra Space Storage Inc. | $15M | 1.6% | -7.6% | 8.5 yr |
| CCICrown Castle Inc. | $13M | 1.3% | -18.3% | 10.3 yr |
Portfolio composition (YoY)
Industry mix
REIT - Specialty16.7%-6.4pp$163M
REIT - Industrial13.5%+0.7pp$131M
REIT - Retail11.8%+1.4pp$115M
REIT - Healthcare Facilities11.7%+3.7pp$114M
REIT - Residential6.8%-3.9pp$66M
Asset Management4.8%+1.7pp$47M
Unknown2.8%-0.7pp$27M
Oil & Gas Equipment & Services2.0%+0.7pp$20M
Biotechnology2.0%+0.7pp$19M
Education & Training Services1.7%+0.4pp$17M
Country
US93.5%-0.9pp
Unknown2.8%-0.7pp
CA1.7%+1.1pp
PA0.8%+0.0pp
BM0.4%
GB0.3%
MX0.2%-0.2pp
AR0.2%
Top 5: 22.4% · Top 10: 37.0% · Top 25: 57.2%
Top buys this quarter · 15
| DLR Digital Realty Trust, Inc. | +$10M |
| SUI Sun Communities, Inc. | +$8M |
| O Realty Income Corporation | +$7M |
| FR First Industrial Realty Trust, | +$4M |
| XRN Chiron Real Estate Inc. | +$4M |
| WY Weyerhaeuser Company | +$3M |
| WPC W. P. Carey Inc. | +$3M |
| EQR Equity Residentialnew | +$3M |
| C Citigroup Inc.new | +$3M |
| ATEN A10 Networks, Inc.new | +$2M |
Top sells this quarter · 15
| LAMR Lamar Advertising Company | −$27M |
| GLPI Gaming and Leisure Properties, | −$13M |
| BXP BXP, Inc.exit | −$9M |
| LMAT LeMaitre Vascular, Inc. | −$9M |
| PSA Public Storage | −$9M |
| CCI Crown Castle Inc. | −$7M |
| VIRT Virtu Financial, Inc. | −$7M |
| INVH Invitation Homes Inc.exit | −$7M |
| PUMP ProPetro Holding Corp. | −$6M |
| SBAC SBA Communications Corporationexit | −$6M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $974M | 183 | +18.99% | +17.59% | +1.40% | -0.09B |
| 2025-12-31 | $996M | 186 | +13.38% | +17.72% | -4.34% | -0.04B |
| 2025-09-30 | $1.02B | 181 | +7.95% | +17.52% | -9.56% | -0.04B |
| 2025-06-30 | $989M | 175 | +14.41% | +14.94% | -0.53% | -0.07B |
| 2025-03-31 | $1.03B | 177 | +10.56% | +8.30% | +2.25% | -0.06B |
| 2024-12-31 | $1.07B | 128 | -3.44% | +24.89% | -28.32% | -0.03B |
| 2024-09-30 | $1.15B | 118 | +7.35% | +36.04% | -28.68% | -0.10B |
| 2024-06-30 | $1.10B | 117 | -6.22% | +24.49% | -30.71% | -0.17B |
| 2024-03-31 | $1.27B | 122 | -2.81% | +29.62% | -32.44% | +0.08B |
| 2023-12-31 | $1.35B | 118 | +12.95% | +26.18% | -13.23% | -0.05B |
| 2023-09-30 | $1.30B | 122 | +11.10% | +21.57% | -10.47% | -0.06B |
| 2023-06-30 | $1.38B | 118 | +3.76% | +19.42% | -15.67% | -0.09B |
| 2023-03-31 | $1.42B | 117 | -13.69% | -7.82% | -5.87% | -0.03B |
| 2022-12-31 | $1.41B | 120 | +5.49% | +7.56% | -2.07% | +0.03B |
| 2022-09-30 | $1.30B | 122 | -7.59% | -4.93% | -2.66% | -0.02B |
| 2022-06-30 | $1.44B | 121 | -14.10% | -16.11% | +2.01% | -0.02B |