Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.67%
trims when stocks drop
when a holding falls −10%+
Middle response
-8.15%
baseline attrition
Rally response
-18.39%
trims into rallies
when a holding rises +10%+
Top positions · 6
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| PENNPENN Entertainment, Inc. | $85M | 50.2% | -7.8% | 7.3 yr |
| FAFFirst American Financial | $41M | 24.0% | -4.9% | 5.3 yr |
| SEASSeaWorld Entertainment, | $20M | 11.5% | — | 3.0 yr |
| DRVNDriven Brands Holdings I | $12M | 7.1% | -26.4% | 2.5 yr |
| FOSLFossil Group, Inc. | $9M | 5.5% | +274.8% | 0.5 yr |
| ATUSAltice USA, Inc. | $3M | 1.8% | — | 2.8 yr |
Portfolio composition (YoY)
Industry mix
Gambling, Resorts & Casinos50.2%+10.0pp$85M
Insurance - Specialty24.0%+9.4pp$41M
Leisure11.5%+5.0pp$20M
Auto - Dealerships7.1%-3.9pp$12M
Luxury Goods5.5%$9M
Telecommunications Services1.8%+0.5pp$3M
Country
US100.0%+4.8pp
Top 5: 98.2% · Top 10: 100.0% · Top 25: 100.0%
Top buys this quarter · 1
| SEAS SeaWorld Entertainment, Inc. | +$20M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $170M | 6 | +2.29% | +17.59% | -15.30% | -0.08B |
| 2025-12-31 | $265M | 7 | -3.14% | +17.72% | -20.86% | -0.43B |
| 2025-09-30 | $738M | 14 | +5.90% | +17.52% | -11.62% | -0.20B |
| 2025-06-30 | $908M | 16 | +10.71% | +14.94% | -4.23% | -0.16B |
| 2025-03-31 | $978M | 13 | -1.79% | +8.30% | -10.09% | -0.23B |
| 2024-12-31 | $1.33B | 10 | +0.55% | +24.89% | -24.33% | -0.09B |
| 2024-09-30 | $1.36B | 10 | +6.49% | +36.04% | -29.55% | -0.30B |
| 2024-06-30 | $1.54B | 10 | +0.40% | +24.49% | -24.10% | -0.14B |
| 2024-03-31 | $1.74B | 12 | +1.48% | +29.62% | -28.14% | -0.08B |
| 2023-12-31 | $1.95B | 11 | +17.36% | +26.18% | -8.82% | -0.18B |
| 2023-09-30 | $1.94B | 13 | +21.38% | +21.57% | -0.19% | -0.36B |
| 2023-06-30 | $2.26B | 12 | +11.61% | +19.42% | -7.82% | -0.14B |
| 2023-03-31 | $2.46B | 13 | -10.58% | -7.82% | -2.76% | -0.06B |
| 2022-12-31 | $2.34B | 14 | +13.39% | +7.56% | +5.82% | -0.14B |
| 2022-09-30 | $2.18B | 16 | -6.28% | -4.93% | -1.35% | -0.13B |
| 2022-06-30 | $2.47B | 19 | -21.92% | -16.11% | -5.81% | -0.12B |