Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.09%
trims when stocks drop
when a holding falls −10%+
Middle response
-1.13%
baseline attrition
Rally response
-6.33%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| KLCKinderCare Learning Comp | $179M | 13.3% | -81.0% | 1.5 yr |
| APOApollo Global Management | $69M | 5.1% | -17.4% | 4.3 yr |
| CLVTClarivate Plc | $65M | 4.8% | -35.6% | 5.8 yr |
| ARESAres Management Corporat | $56M | 4.2% | -23.1% | 7.5 yr |
| BNBrookfield Corporation | $56M | 4.2% | +16.5% | 3.5 yr |
| AMTAmerican Tower Corporati | $56M | 4.1% | -17.9% | 8.8 yr |
| NUNu Holdings Ltd. | $48M | 3.6% | +40.3% | 3.5 yr |
| RSGRepublic Services, Inc. | $48M | 3.5% | -8.9% | 10.5 yr |
| TRPTC Energy Corporation | $47M | 3.5% | +37.4% | 7.3 yr |
| WMBThe Williams Companies, | $46M | 3.4% | +25.8% | 10.5 yr |
| ATOAtmos Energy Corporation | $44M | 3.3% | +22.2% | 10.5 yr |
| EQIXEquinix, Inc. | $43M | 3.2% | +23.0% | 6.0 yr |
| BXBlackstone Inc. | $43M | 3.2% | -14.9% | 6.8 yr |
| KKRKKR & Co. Inc. | $42M | 3.1% | -19.5% | 8.0 yr |
| UNPUnion Pacific Corporatio | $41M | 3.0% | +5.1% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management22.6%+5.7pp$306M
Education & Training Services13.3%-26.2pp$179M
Oil & Gas Midstream9.5%+5.2pp$128M
REIT - Specialty9.1%+1.1pp$123M
Waste Management6.5%+2.2pp$88M
Unknown5.8%-0.8pp$78M
Railroads5.7%-0.2pp$77M
Information Technology Services4.9%$66M
Banks - Diversified3.6%+1.5pp$48M
Trucking3.4%+2.1pp$46M
Country
US75.4%-10.5pp
CA10.0%+4.5pp
Unknown5.8%-0.8pp
GB5.0%
BR3.6%+1.5pp
MX0.2%
JP0.1%
Top 5: 31.4% · Top 10: 49.6% · Top 25: 90.7%
Top buys this quarter · 15
| NU Nu Holdings Ltd. | +$46M |
| ARES Ares Management Corporation | +$56M |
| APO Apollo Global Management, Inc. | +$69M |
| BX Blackstone Inc. | +$43M |
| KKR KKR & Co. Inc. | +$42M |
| TPG TPG Inc. | +$20M |
| BN Brookfield Corporation | +$56M |
| SBAC SBA Communications Corporation | +$24M |
| QSR Restaurant Brands Internationa | +$2M |
| AMT American Tower Corporation | +$2M |
Top sells this quarter · 15
| OWL Blue Owl Capital Inc. | −$5M |
| TOST Toast, Inc.exit | −$5M |
| ARCB ArcBest Corporation | −$5M |
| WMB The Williams Companies, Inc. | −$41M |
| TRP TC Energy Corporation | −$24M |
| AWK American Water Works Company, | −$2M |
| XPO XPO Logistics, Inc. | −$6M |
| ODFL Old Dominion Freight Line, Inc | −$31M |
| ENB Enbridge Inc. | −$12M |
| KMI Kinder Morgan, Inc. | −$8M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $1.35B | 50 | -40.91% | +17.59% | -58.51% | +0.15B |
| 2025-12-31 | $1.48B | 49 | -40.92% | +17.72% | -58.64% | -0.11B |
| 2025-09-30 | $1.80B | 38 | -35.01% | +17.52% | -52.53% | -0.01B |
| 2025-06-30 | $2.13B | 40 | -13.45% | +14.94% | -28.39% | -0.20B |
| 2025-03-31 | $2.39B | 43 | -18.67% | +8.30% | -26.97% | +0.13B |
| 2024-12-31 | $2.79B | 44 | +4.53% | +24.89% | -20.36% | +1.29B |
| 2024-09-30 | $1.55B | 41 | +30.93% | +36.04% | -5.11% | +0.05B |
| 2024-06-30 | $1.33B | 46 | +3.25% | +24.49% | -21.24% | +0.32B |
| 2024-03-31 | $1.10B | 47 | +17.50% | +29.62% | -12.13% | -0.12B |
| 2023-12-31 | $1.17B | 48 | +17.90% | +26.18% | -8.28% | -0.12B |
| 2023-09-30 | $1.07B | 46 | -0.07% | +21.57% | -21.64% | -0.01B |
| 2023-06-30 | $1.20B | 45 | -3.95% | +19.42% | -23.37% | -0.09B |
| 2023-03-31 | $1.24B | 54 | -20.48% | -7.82% | -12.66% | -0.12B |
| 2022-12-31 | $1.31B | 87 | +3.00% | +7.56% | -4.56% | -0.15B |
| 2022-09-30 | $1.42B | 99 | -14.14% | -4.93% | -9.21% | -0.04B |
| 2022-06-30 | $1.70B | 110 | -13.73% | -16.11% | +2.39% | +0.05B |