Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-12.21%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.16%
baseline attrition
Rally response
-0.58%
trims into rallies
when a holding rises +10%+
Top positions · 26
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CRGYCrescent Energy Company | $498M | 39.8% | +26.2% | 2.5 yr |
| VOOVanguard S&P 500 ETF | $127M | 10.2% | — | 1.3 yr |
| SRLNState Street Blackstone | $121M | 9.7% | — | 1.0 yr |
| IEFiShares 7-10 Year Treasu | $113M | 9.0% | — | 0.5 yr |
| HYGiShares iBoxx $ High Yie | $85M | 6.8% | — | 5.0 yr |
| QXOQXO, Inc. | $79M | 6.3% | +43.4% | 1.8 yr |
| USHYiShares Broad USD High Y | $55M | 4.4% | — | 0.8 yr |
| USIGiShares Broad USD Invest | $37M | 2.9% | — | 0.3 yr |
| SPYState Street SPDR S&P 50 | $34M | 2.7% | +17.6% | 6.8 yr |
| OBDCBlue Owl Capital Corpora | $30M | 2.4% | -17.8% | 0.5 yr |
| BKLNInvesco Senior Loan ETF | $25M | 2.0% | — | 1.0 yr |
| EWYiShares MSCI South Korea | $12M | 1.0% | — | 0.3 yr |
| ARCCAres Capital Corporation | $5M | 0.4% | -10.7% | 1.8 yr |
| PLPlanet Labs PBC | $4M | 0.4% | +726.9% | 0.3 yr |
| CCLCarnival Corporation & p | $4M | 0.3% | +33.1% | 3.5 yr |
Portfolio composition (YoY)
Industry mix
Oil & Gas Exploration & Production39.8%+39.7pp$498M
Asset Management26.0%-47.3pp$325M
Asset Management - Bonds23.2%$289M
Industrial - Distribution6.3%-12.0pp$79M
Financial - Credit Services2.4%$30M
Aerospace & Defense0.4%$4M
Leisure0.3%$4M
Software - Infrastructure0.3%-1.1pp$3M
Software - Application0.3%-0.1pp$3M
Unknown0.2%-0.0pp$3M
Country
US99.8%+0.0pp
Unknown0.2%-0.0pp
Top 5: 75.5% · Top 10: 94.3% · Top 25: 100.0%
Top buys this quarter · 13
| BKLN Invesco Senior Loan ETF | +$0M |
| EWY iShares MSCI South Korea ETFnew | +$0M |
| IEF iShares 7-10 Year Treasury Bon | +$0M |
| USIG iShares Broad USD Investment Gnew | +$0M |
| USHY iShares Broad USD High Yield C | +$0M |
| SRLN State Street Blackstone Senior | +$0M |
| VOO Vanguard S&P 500 ETF | +$0M |
| OBDC Blue Owl Capital Corporation | +$20M |
| PL Planet Labs PBCnew | +$4M |
| NINE Nine Energy Service, Inc.new | +$2M |
Top sells this quarter · 12
| HYG iShares iBoxx $ High Yield Cor | −$0M |
| IGLB iShares 10+ Year Investment Grexit | −$0M |
| DXJ WisdomTree Japan Hedged Equityexit | −$0M |
| SPY State Street SPDR S&P 500 ETF | −$133M |
| DDOG Datadog, Inc.exit | −$3M |
| ARCC Ares Capital Corporation | −$2M |
| MSDL Morgan Stanley Direct Lending | −$2M |
| ABNB Airbnb, Inc.exit | −$2M |
| HOOD Robinhood Markets, Inc.exit | −$2M |
| BRZE Braze, Inc.exit | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.25B | 26 | +115.19% | +17.59% | +97.60% | -0.18B |
| 2025-12-31 | $1.05B | 27 | +35.58% | +17.72% | +17.87% | +0.69B |
| 2025-09-30 | $315M | 11 | +17.50% | +17.52% | -0.02% | -0.10B |
| 2025-06-30 | $461M | 18 | +29.81% | +14.94% | +14.87% | +0.00B |
| 2025-03-31 | $301M | 14 | -16.06% | +8.30% | -24.36% | -0.06B |
| 2024-12-31 | $420M | 13 | -5.31% | +24.89% | -30.19% | -0.24B |
| 2024-09-30 | $660M | 49 | +15.00% | +36.04% | -21.03% | +0.08B |
| 2024-06-30 | $586M | 48 | +3.97% | +24.49% | -20.53% | +0.34B |
| 2024-03-31 | $253M | 48 | +7.07% | +29.62% | -22.55% | +0.02B |
| 2023-12-31 | $246M | 44 | +13.33% | +26.18% | -12.85% | -0.07B |
| 2023-09-30 | $261M | 43 | -6.89% | +21.57% | -28.46% | +0.00B |
| 2023-06-30 | $285M | 45 | -5.44% | +19.42% | -24.87% | -0.06B |
| 2023-03-31 | $337M | 52 | -23.95% | -7.82% | -16.13% | +0.07B |
| 2022-12-31 | $261M | 54 | -28.87% | -18.17% | -10.70% | +0.04B |
| 2022-09-30 | $217M | 53 | -20.68% | -15.51% | -5.17% | -0.28B |
| 2022-06-30 | $541M | 64 | -12.96% | -10.62% | -2.34% | -1.66B |