Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.85%
trims when stocks drop
when a holding falls −10%+
Middle response
-9.42%
baseline attrition
Rally response
-10.31%
trims into rallies
when a holding rises +10%+
Top positions · 20
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| FRFirst Industrial Realty | $50M | 8.5% | +10.0% | 4.0 yr |
| INVHInvitation Homes Inc. | $49M | 8.3% | -26.5% | 3.8 yr |
| AHRAmerican Healthcare REIT | $48M | 8.1% | +58.5% | 2.3 yr |
| NHINational Health Investor | $47M | 8.0% | +13.6% | 2.8 yr |
| EQIXEquinix, Inc. | $46M | 7.8% | +23.0% | 4.5 yr |
| SPGSimon Property Group, In | $41M | 6.9% | +17.9% | 2.5 yr |
| SUISun Communities, Inc. | $35M | 5.9% | +3.7% | 4.5 yr |
| VTRVentas, Inc. | $30M | 5.1% | +21.4% | 5.8 yr |
| SKTTanger Inc. | $27M | 4.6% | +4.4% | 3.0 yr |
| RHPRyman Hospitality Proper | $27M | 4.5% | +4.7% | 2.5 yr |
| CBRECBRE Group, Inc. | $25M | 4.2% | +3.6% | 3.5 yr |
| CURBCurbline Properties Corp | $23M | 3.9% | +9.7% | 0.5 yr |
| — | $23M | 3.8% | — | 1.3 yr |
| PLDPrologis, Inc. | $22M | 3.8% | +22.3% | 3.5 yr |
| DLRDigital Realty Trust, In | $21M | 3.5% | +29.4% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
REIT - Healthcare Facilities21.2%-1.7pp$125M
REIT - Specialty19.3%+7.1pp$114M
REIT - Retail15.4%+2.8pp$91M
REIT - Residential14.1%-3.8pp$84M
REIT - Industrial12.2%-1.6pp$72M
Unknown5.8%-3.6pp$34M
REIT - Hotel & Motel4.5%$27M
Real Estate - Services4.2%+0.7pp$25M
Travel Lodging3.3%-1.3pp$20M
Country
US94.2%+3.6pp
Unknown5.8%-3.6pp
Top 5: 40.6% · Top 10: 67.5% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| AHR | $35M | +0.02B | 58.5% |
| MAR | $22M | +0.01B | 38.6% |
| VTR | $30M | +0.01B | 21.4% |
| NHI | $43M | +0.01B | 13.6% |
| EQIX | $24M | +0.01B | 23.0% |
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 8
| INVH Invitation Homes Inc. | +$37M |
| CURB Curbline Properties Corp. | +$18M |
| NHI National Health Investors, Inc | +$14M |
| DLR Digital Realty Trust, Inc. | +$11M |
| SPG Simon Property Group, Inc. | +$9M |
| CBRE CBRE Group, Inc. | +$8M |
| RHP Ryman Hospitality Properties, | +$8M |
| PLD Prologis, Inc. | +$5M |
Top sells this quarter · 15
| NSA National Storage Affiliates Trexit | −$50M |
| CSR Centerspaceexit | −$48M |
| AMH American Homes 4 Rentexit | −$30M |
| LAMR Lamar Advertising Company | −$23M |
| SBAC SBA Communications Corporation | −$16M |
| VTR Ventas, Inc. | −$11M |
| EQIX Equinix, Inc. | −$44M |
| GLPI Gaming and Leisure Properties, | −$6M |
| FR First Industrial Realty Trust, | −$3M |
| AHR American Healthcare REIT, Inc. | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $591M | 20 | +11.71% | +17.59% | -5.88% | -0.03B |
| 2025-12-31 | $602M | 19 | +9.26% | +17.72% | -8.46% | +0.03B |
| 2025-09-30 | $545M | 22 | +3.20% | +17.52% | -14.32% | +0.02B |
| 2025-06-30 | $501M | 21 | +17.87% | +14.94% | +2.93% | +0.03B |
| 2025-03-31 | $473M | 20 | +16.80% | +8.30% | +8.50% | -0.02B |
| 2024-12-31 | $494M | 20 | +14.42% | +24.89% | -10.47% | +0.01B |
| 2024-09-30 | $489M | 19 | +35.68% | +36.04% | -0.36% | -0.02B |
| 2024-06-30 | $425M | 19 | +6.75% | +24.49% | -17.74% | -0.03B |
| 2024-03-31 | $457M | 18 | +12.08% | +29.62% | -17.54% | +0.03B |
| 2023-12-31 | $435M | 16 | +19.36% | +26.18% | -6.82% | -0.10B |
| 2023-09-30 | $455M | 18 | +2.72% | +21.57% | -18.85% | +0.01B |
| 2023-06-30 | $475M | 18 | -1.26% | +19.42% | -20.68% | +0.03B |
| 2023-03-31 | $428M | 22 | -19.70% | -7.82% | -11.89% | -0.06B |
| 2022-12-31 | $464M | 19 | +0.42% | +7.56% | -7.14% | +0.01B |
| 2022-09-30 | $454M | 21 | -9.60% | -4.93% | -4.68% | +0.06B |
| 2022-06-30 | $438M | 18 | -15.62% | -16.11% | +0.49% | -0.09B |