Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+2.95%
adds when stocks drop
when a holding falls −10%+
Middle response
-8.60%
baseline attrition
Rally response
-1.57%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MCDMcDonald's Corporation | $1.34B | 52.7% | +1.8% | 3.3 yr |
| PCGPG&E Corporation | $325M | 12.8% | +2.9% | 6.5 yr |
| DALDelta Air Lines, Inc. | $255M | 10.0% | +54.5% | 5.5 yr |
| CBRECBRE Group, Inc. | $120M | 4.7% | +3.6% | 8.8 yr |
| BENFranklin Resources, Inc. | $33M | 1.3% | +27.8% | 9.8 yr |
| KORPAmerican Century Diversi | $33M | 1.3% | — | 1.0 yr |
| IEFAiShares Core MSCI EAFE E | $20M | 0.8% | — | 3.3 yr |
| AVUVAvantis U.S. Small Cap V | $19M | 0.7% | — | 1.8 yr |
| IEMGiShares Core MSCI Emergi | $18M | 0.7% | — | 3.3 yr |
| VBKVanguard Small-Cap Growt | $18M | 0.7% | — | 3.3 yr |
| ISCGiShares Morningstar Smal | $18M | 0.7% | — | 3.3 yr |
| VBRVanguard Small-Cap Value | $17M | 0.7% | — | 3.3 yr |
| AVLVAvantis U.S. Large Cap V | $16M | 0.6% | — | 1.8 yr |
| VIOVVanguard S&P Small-Cap 6 | $15M | 0.6% | — | 3.3 yr |
| VTVVanguard Value ETF | $13M | 0.5% | — | 3.3 yr |
Portfolio composition (YoY)
Industry mix
Restaurants52.8%+3.0pp$1.34B
Asset Management13.2%-6.0pp$336M
Regulated Electric12.9%+1.0pp$329M
Airlines, Airports & Air Services10.0%+3.5pp$255M
Real Estate - Services4.7%+0.7pp$121M
Asset Management - Bonds1.8%-3.2pp$45M
Banks - Regional0.4%+0.1pp$9M
Semiconductors0.3%+0.1pp$7M
Steel0.2%+0.0pp$6M
Oil & Gas Integrated0.2%+0.0pp$6M
Country
US99.6%-0.2pp
Unknown0.2%+0.1pp
GB0.1%+0.0pp
BM0.0%
CA0.0%-0.0pp
IE0.0%+0.0pp
TW0.0%-0.0pp
CN0.0%-0.0pp
Top 5: 81.5% · Top 10: 85.8% · Top 25: 91.8%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| DAL | $198M | +0.11B | 54.5% |
| MCD | $1.51B | +0.03B | 1.8% |
| PCG | $356M | +0.01B | 2.9% |
| BEN | $29M | +0.01B | 27.8% |
| CBRE | $123M | +0.00B | 3.6% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 15
| SATS EchoStar Corporationnew | +$1M |
| TTMI TTM Technologies, Inc.new | +$0M |
| HL Hecla Mining Companynew | +$0M |
| DRI Darden Restaurants, Inc.new | +$0M |
| PBF PBF Energy Inc.new | +$0M |
| CDE Coeur Mining, Inc.new | +$0M |
| Q Qnity Electronics, Inc.new | +$0M |
| VSAT Viasat, Inc.new | +$0M |
| BXC BlueLinx Holdings Inc.new | +$0M |
| AMRC Ameresco, Inc. | +$0M |
Top sells this quarter · 15
| MCD McDonald's Corporation | −$31M |
| PCG PG&E Corporation | −$312M |
| SPY State Street SPDR S&P 500 ETF exit | −$14M |
| DAL Delta Air Lines, Inc. | −$13M |
| CBRE CBRE Group, Inc. | −$1M |
| WELL Welltower Inc. | −$1M |
| TSM Taiwan Semiconductor Manufactu | −$0M |
| CLF Cleveland-Cliffs Inc. | −$0M |
| UCTT Ultra Clean Holdings, Inc. | −$0M |
| SANM Sanmina Corporation | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.55B | 314 | +7.74% | +17.59% | -9.85% | -0.57B |
| 2025-12-31 | $3.09B | 325 | +6.29% | +17.72% | -11.42% | +0.24B |
| 2025-09-30 | $2.72B | 306 | +0.81% | +17.52% | -16.71% | -0.01B |
| 2025-06-30 | $2.55B | 300 | +5.09% | +14.94% | -9.85% | -0.35B |
| 2025-03-31 | $3.04B | 303 | +3.79% | +8.30% | -4.51% | +2.53B |
| 2024-12-31 | $511M | 298 | +1.95% | +24.89% | -22.94% | +0.02B |
| 2024-09-30 | $494M | 274 | +16.03% | +36.04% | -20.00% | -0.00B |
| 2024-06-30 | $446M | 256 | -7.99% | +24.49% | -32.48% | -2.21B |
| 2024-03-31 | $2.82B | 201 | +11.07% | +29.62% | -18.55% | -0.03B |
| 2023-12-31 | $2.91B | 181 | +14.75% | +26.18% | -11.43% | +1.63B |
| 2023-09-30 | $1.14B | 171 | +28.46% | +21.57% | +6.89% | -0.03B |
| 2023-06-30 | $1.32B | 213 | +57.58% | +19.42% | +38.15% | -0.06B |
| 2023-03-31 | $1.21B | 199 | +8.19% | -7.82% | +16.01% | +0.46B |
| 2022-12-31 | $743M | 5 | +26.29% | +7.56% | +18.73% | -0.49B |
| 2022-09-30 | $973M | 5 | +8.46% | -4.93% | +13.39% | +0.34B |
| 2022-06-30 | $586M | 6 | -21.95% | -16.11% | -5.84% | -0.01B |